Archive for the ‘bank-lehman’ Category

Financial crisis: not only Americans are robbed

Lagret under: bank-lehman, brothers-pension, fund, norges on september 24, 2008 at 3:07 pm

In case anybody think the financial storm will only impact Americans, I can tell you more and more people here too fear whats ahead.

According to the Financial Times, the Norwegian Pension Fund bought an additional 15 million shares of Lehman Brothers, just before they collapsed and now face a loss of $238 million on just this stupid move. The central bank, Norges Bank, refuse to comment on this or any other investment until their next quarterly report. This situation has received a lot of mainstream media coverage and the opposition now demand that the finance minister, Kristin Halvorsen, come to Parliament and explain this and to what extent the fund is in risky investments abroad. 

Theres very little transparency in how the pension fund is managed outside the quarterly reports. It is supposed to be the savings of the nations population and is now valued at $346 billion. The central bank got a mandate from the politicians no more than a couple of years ago I think, to increase their investments in stocks from 40 to 60% and the bank has said that they already have past 50%. If my understanding is correct in that foreign investments in Wall Street is protected as far as bonds go but not as far as stocks is concerned, certainly this policy must contribute to even greater losses. According to the central banks own report, around 30 % of the fund is invested in USA. How much will we eventually lose? It seems nobody knows and its very scary.


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