New Moves on Wealth Funds (National Journal, subscription only)

. . . Some analysts suggest that the likely ineffectual nature of the forthcoming IMF code of conduct and the reluctance of the Bush administration to take a tougher line reflect the impotence of the United States -- the world's largest debtor nation -- in regulating sovereign wealth funds.

"The leverage is not with us," said Doug Rediker, co-director of the New America Foundation's Global Strategic Finance Initiative. "What happens if the Abu Dhabi Investment Authority says it won't change its ways? What are we going to do? Tell them to keep their money?" . . .