Just a few months ago, sovereign funds could not get enough stock and debt in financial firms like Citigroup (NYSE: C) and Merrill Lynch (NYSE: MER).
When the time came to bail-out Bear Stearns (NYSE: BSC) or put money up to finance a buy-out deal for the brokerage by JP Morgan (NYSE: JPM), the sovereigns were out of sight.
Several other financial companies may need capital quickly. At the top of that list is Lehman Brothers (NYSE: LEH). Washington Mutual (NYSE: WM) may need assistance, too.
It no longer matters if sovereign funds have a political agenda for their investments. They have left the building. The Fed is, in effect, alone. It political agenda is to save the economy starting with Wall St.
Douglas A. McIntyre
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