Libya's shadow on sovereign wealth funds

The National Transitional Council is debating who should take over Libya's Central Bank and the LIA's assets - an especially important decision, given that oil production is not expected to return to pre-war levels for several years.

Regardless of how the Libyan government eventually handles the LIA, all sovereign wealth funds - and their advisers and fundraisers - can learn several important lessons. Of course, no one should infer from the Libyan case that other SWFs across the board are riddled with corruption and conflicts of interest.