SEC's Cox warns on SWF state ownership

The fundamental question on sovereign wealth funds does not concern the advisability of foreign ownership, but rather of government ownership, says Christopher Cox, the head of the Securities and Exchanges Commission (SEC).

Speaking in Washington, Cox said: "Precisely because the rise of sovereign wealth funds portends a greater degree of state ownership in the economy, their new prominence raises many of the same questions that any program of state ownership."

The rise of sovereign business ra