Al Qaeda Plays the Market

May 29, 2006

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Because Saudis are allowed to buy on margin (they can use half the value of their stocks as collateral to buy more stocks), the crash has wiped out, financially, over a million families in Saudi Arabia, and nearly as many elsewhere in the Gulf, where other markets suffered similar losses. In Saudi Arabia, banks are allowed to recover the stock loans via deductions from the borrowers salary. Thus, a lot of Saudis have gone from rich to “just-getting-by” in the space of a few months. One indicator of this is weddings, which tend to be spectacular affairs. Some 50 percent of the weddings planned for the next few months, have been cancelled.

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