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As well as making it hard to determine which managers have won what, it is also unclear exactly how much is earmarked for loans, and how much for high-yield, with several managers saying they typically encourage investors to opt for a more diverse approach in order to improve returns.
FORBES: European leveraged loans see inflow of new money via managed accounts
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Such an arrangement also lends itself to another, potentially even more troublesome form of abuse: the use of the same earmarked funds to collateralize loans from other Western institutions.
CENTERFORSECURITYPOLICY: Center for Security Policy | How Not to Lend To A Bankrupt Russia: Eximbank Energy Deal Should Be Iced, Reworked
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In short, utilization of institutions like Moscow Narodny and even more so IMB as trustees or agents for the Eximbank loans would appreciably reduce the confidence the United States government could have that funds ostensibly earmarked for repayment of U.S. loans would actually be retained by such institutions let alone accessible if the loans have to be called.
CENTERFORSECURITYPOLICY: Center for Security Policy | How Not to Lend To A Bankrupt Russia: Eximbank Energy Deal Should Be Iced, Reworked
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But aerial photographs show that over half the earmarked forest is unoccupied, much of it immature plantation paid for with World Bank loans.
ECONOMIST: The Kenyan regime��s destructive policies
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Of course, if you owe the feds money (for student loans or back taxes, for example) or if your refund is otherwise earmarked for seizure (such as child support obligations), your refund will be offset by the amounts owed.
FORBES: IRS Claims Nearly $1 Billion Owed to Taxpayers for 2008