Friday, January 19, 2007

what's wrong with this picture?

Albright invests in emerging markets - InvestmentNews--I don't know, maybe I'm just overly sensitive today, but there seems to be something wrong with this picture of the revolving door, where prior high-level political contacts lead so many so quickly to new jobs moving money around.

Madeleine Albright, who served as U.S. secretary of state, now manages private funds.

Ms. Albright chairs Albright Capital Management LLC in Washington and has raised $329 million to invest in emerging markets, according to Bloomberg News.

All of the money comes from PGGM, a Zeist, the Netherlands-based pension fund that manages more than $104 billion for health-care employees and social workers, according to the report.

PGGM wants to join in the investing in emerging markets trend, but named fraud and political instability as key issues.
"That's why there's value in political-risk management and the involvement of Secretary Albright is a valuable one,'' Jelle Beenen, a portfolio manager at PGGM, told Bloomberg News in an interview.

Other former high-ranking government officials involved in fund management include former Treasury secretaries Lawrence Summers and John Snow, and former presidents Bill Clinton and George H.W. Bush.

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