13.11.2013 - The politics of sovereign wealth
It is a question that has long been asked in America, particularly after the handling of firms after the 2008 crisis, and most pressingly after 2010ís Citizenís United Supreme Court ruling: are corporations people? The answer, for innumerable reasons, seems to me to be a resounding no. But that is beside the point, for I believe there is another question that soon must be debated around the world, particularly with the growth of state-owned investment vehicles known as sovereign wealth funds. Corporations are certainly not people Ė but can states be corporations? A cash-laden Kuwait created the first national sovereign wealth fund (SWF) in 1953. Kuwait was awash with money from their oil productions, and, seeking to invest rather hold unprofitable bills and bonds, founded the Kuwait Investment Authority. Today, the fund holds assets valued at $386 billion...............................................Full Article: Source
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