10.10.2008 - Norway’s sovereign “oil fund” takes heavy hit
From Icenews.is: In a crippling ripple effect of the Wall Street market meltdown, Norway’s special “oil fund” may have lost nearly all of its profits garnered over the last 10 years in the space of a few months. A decade ago, the government invested around NOK 1,000 billion in the stock market. Steep drops in the market this year have potentially wiped out all of the wealth fund’s gains. Economists suggest that the sovereign wealth fund would have more money in it today had the government simply placed the cash in the bank. ..... Full Article: Source