Between corrupt mortgage brokers, feckless lenders and risk-happy hedge funds, there’s plenty to keep investors and policymakers up at night. But recently a new item has appeared on the list of things to worry about
: so-called sovereign wealth funds, which are investment funds controlled by foreign governments.
While these funds are not new — they first rose to prominence in the seventies, as a way for Arab states to reinvest their oil money — of late they’ve become major players in global markets, thanks to the precipitous rise in oil prices and the booming Chinese economy. China’s new sovereign fund alone has $200 billion to invest, while sovereign wealth funds all together control more than $2.5 trillion — and could control as much as $12 trillion by 2015.
U.S. businesses for sale ... overseas - The New Yorker - MSNBC.com
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News, Should we worry about foreign governments running U.S. businesses?
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