Word: sovereigns
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Dates: during 2000-2009
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...Gulf neighbors. As the region's premier business, transportation and tourism hub, it is by definition more entwined with the global economy. And in tight times, Dubai lacks the windfall oil profits that have enabled sister emirate Abu Dhabi, for example, to amass a financial cushion in sovereign wealth funds totaling hundreds of billions of dollars...
...Today, China, the gulf nations and other state capitalists have amassed the largest sovereign wealth funds in the world. The world's state oil companies control some 90% of global energy resources. (Many of these companies invited in private investors in the 1990s only to throw them out later.) And by protecting parts of their economy at a time of massive global business consolidation, the state capitalists have built companies capable of competing, and winning, in industries that require scale. According to a study by the American Enterprise Institute research organization, unfree states have grown faster than politically free ones...
...next steps, the researchers are analyzing the asset allocation and subsequent performance of sovereign wealth funds, which Lerner noted are basically as “endowments for entire countries...
None of that is to say that the bailout bill won't help at all. Paulson and Co. have a lot of flexibility under the legislation, and could ultimately act as a kind of sovereign wealth fund, injecting cash for equity, as famed investor Warren Buffett recently did with Goldman Sachs. Or the Feds could avoid carrying equity by lending money to financial institutions willing to buy up questionable bank assets at discounted rates. But first the Treasury seems ready to dip into its $700 billion to establish a reverse auction set-up to ensure that the government doesn...
...That doesn't mean China hasn't been nicked already by the crisis. It has. Its banks have an estimated $12 billion in exposure to subprime debt in the U.S., a figure some analysts believe is understated. Its sovereign wealth funds have lost tens of millions of dollars on poorly timed investments in Blackstone, a private-equity group, and Morgan Stanley. And Ping An Insurance, China's second largest insurer, lost 70% on its $2.7 billion investment in Fortis, the Dutch-Belgian financial-services company that collapsed last week...