28.05.2013 - Nobody wants to be in charge of spending $500 bln in Chinaís sovereign wealth fund
Running Chinaís main sovereign wealth fund is a powerful job that a series of powerful leaders and executives donít seem to want. The chairmanís position has been left open at the China Investment Corporation since Lou Jiwei left in March to become Chinaís finance minister. ďThose with the right qualifications donít want the job. Those who want the job donít have the right qualifications,Ē one CIC executive told the Financial Times (paywall). Several candidates seem to think the job is cursed, in part because CICís hasty investments in its first few years of operation from 2007 may include some potential disastersóand that doesnít include well-known debacles like the fundís investments in Morgan Stanley and Blackstone. Potential CIC bosses are worried that the blame for additional losses will be pinned on them............................................Full Article: Source