DW: Turkey's Erdogan names himself head of state wealth fund
Turkish President Recep Tayyip Erdogan has put himself in charge of a $40-billion state wealth fund that he said failed to reach the "desired" goals. His son-in-law, Finance Minister Berat Albayrak, serves as deputy.
Turkey Wealth Fund, the state-backed financial entity which owns nearly half of Turkish Airlines and other stakes in over a dozen large companies, is now headed by President Recep Tayyip Erdogan, according to the country's Official Gazette.
The value of the fund is estimated at $40 billion (€34.4 billion), and can be used to maintain pensions and welfare systems in times of crisis or to finance major projects.
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WNU Editor: Here is an easy prediction. They are going to use it as their slush fund to loot.
5 comments:
That's what people like Erdogan do. Sad!
People do not like to see $40 billion become $39 billion, which always a risk even if you are honest and good at your job.
But if you skim off the top and maybe you are not so good at your job?
WSJ has been reporting on this cad for 2 full decades ever since he was mayor of Istanbul.
People are clueless in DC or bend over backward (when they are not bowing down). Trump is different.
Still trump is too late. This will not end well.
And doesn't even hide it!
Trump is not too late; however we have a lot of work to do. Basic problem is that state employees like their pensions and will do what is required of them to obtain it. Different from real competitiveness type industry where progress is measured in dollars.
I like Erdogan: he deserve the gold medal for doing stupid things. He really is the clown of the world.
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