History
The term "sovereign wealth fund" was first used in 2005 by Andrew Rozanov in an article entitled, "Who holds the wealth of nations?" in the Central Banking Journal. The previous edition of the journal described the shift from traditional reserve management to sovereign wealth management; subsequently the term gained widespread use as the spending power of global officialdom has rocketed upward.
Some of them have grabbed attention making bad investments in several Wall Street financial firms such as Citigroup, Morgan Stanley, and Merrill Lynch. These firms needed a cash infusion due to losses resulting from mismanagement and the subprime mortgage crisis.
Read more about this topic: Sovereign Wealth Fund
Famous quotes containing the word history:
“The history of all countries shows that the working class exclusively by its own effort is able to develop only trade-union consciousness.”
—Vladimir Ilyich Lenin (1870–1924)
“Culture, the acquainting ourselves with the best that has been known and said in the world, and thus with the history of the human spirit.”
—Matthew Arnold (1822–1888)
“This above all makes history useful and desirable: it unfolds before our eyes a glorious record of exemplary actions.”
—Titus Livius (Livy)