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Skip Navigation LinksHome :: Money and mystery: Adia unveils its secrets

April 2006

Money and mystery: Adia unveils its secrets

Abu Dhabi Investment Authority is one of the world’s biggest institutional investors. It is also one of the most guarded. It publishes no numbers. It seldom makes any public statements. In a rare interview, two of its most senior officials lift the lid on the organization, revealing the reasons for its success. Sudip Roy reports from Abu Dhabi.




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Greenspan dismissed worries about credit-related losses in the insurance and pension sectors by suggesting parties who assume credit risk using credit derivatives are better able to bear risk than banks. But only banks are in a position to monitor borrowers. The strength of banks as lenders is their ability to police the extension of credit. CDSs distort global investment by shifting monitoring incentives away from banks to parties that are less able to evaluate credit risk. Credit derivatives might help banks, but they are creating hidden dangers elsewhere in the financial system. Shame on Greenspan for not understanding this.

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