19.08.2008 - Rogoff: SWFs failed to take into account financial system bloat
From Reuters.com: Former IMF chief economist Kenneth Rogoff said at a conference in Singapore that, “There was this view early on in the crisis that sovereign wealth funds could save everybody. Investment banks did something stupid, they lost money in the sub-prime, they’re great buys, sovereign wealth funds come in and make a lot of money by buying them. That view neglects the point that the financial system has become very bloated in size and needed to shrink.”... Full article: Source