Middle East oil money starts chasing the subprime mortgage back hole - Kuwaiti fund gets sucked in
Kara Zeilig
Jan. 1, 2008

The subprime mortgage crisis is like a black hole. It is not only sucking in the central bank resources but also country specific resources like Kuwait. Many investors in the world will be sucked into this virtual mortgage back hole over the next several years.

The $220 billion sovereign wealth fund is unique in the Middle East because its inflows are governed by law and subject to parliamentary oversight. The Kuwaiti fund is the last victim of getting sucked into subprime mortgage black hole.

The fund managers look at the subprime mortgage trouble at the peak and want to cash in, as they perceive little trouble. That is exactly what happens to investors in a serious bear market in free fall. Like a black hole, subprime mortgage fiasco is sucking in all resources like a massive vacuum cleaner. All those getting sucked in believe this is their once in a lifetime opportunity.

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