What Incentive Do They Have To Perform Well?
A quick update to my SWF piece today. As it was written a month ago the numbers have unsurprisingly not changed at all in favor of their ability to profitably perform (though, not that a good performance would change their ethical existence: they are still living off the backs of the taxpayer and private enterprise). Paul Kedrosky recently put together a quick fund performance chart comparing the past year. And guess which SWF said they weren't going to dump any more money into Citi, to save them from collapse? And who is burdened with the loses?