Vikings versus Wolfs of Wall Streeet
 
Lehman Brothers went bancrupt at 01.45 AM Monday 15 September 2008 -- the biggest bancruptcy in US’ history, and the start of the global financial crisis. On Sunday night The Norwegian Petroleum Fund gathered its top people in Oslo. They worried something could happen to Lehman, and had hundreds of millions of dollars of Lehman exposure. During the night, when the markets opened in Asia, they completely turned their portfolio, getting rid of everything just before Lehman filed for bancruptcy.
During the financial crisis, the fund continued to buy stocks that were plummeting. They were one of very few buyers. When the market bounced back after 2009, they made billons. The fund today is extremely sceptical to US investment banks, and have come up with a number of counter measures towards so called high frequency traders in New York
How did it happen that ordinary Norwegian citizens ended up as the world’s leading investor through the state owned Petroleum Fund? Together the people of Norway own approximately one per cent of the world’s total share holding. Early in the 1990s the Norwegian Petroleum Fund was empty. Today it is worth 1000 billion USD. Many Americans dislike Chinese companies buying US real estate. However, in the past two years Norway has been the biggest buyer of New York real estate, for instance at Times Square.
Many countries have found natural resources which have made them immensely rich. But no other nation can show a similar method of administrating their wealth as this Norwegian model of “conscentious capitalism” does. An economic model that has helped finance the Norwegian welfare system.


Utländska förlag:
Kagge Forlag