SWF Radar

The Telegraph appears to be the first newspaper to fall victim to the weird name the IMF International Working Group of Sovereign Wealth Funds (IWG) has given the code of conduct it is preparing.

I wrote in June that, “I'm not sure it's a great choice, seeing that it is very similar to GAAP and expands into something that contains nothing intrinsically SWF-related.” And, sure enough, The Telegraph now writes that, “The group, organised by the International Monetary Fund, was formed in May and given the task of producing a set of self-regulating industry guidelines, dubbed the Generally Accepted Accounting Principles (GAAP).”