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It is among several foreign pension funds investing through this legal loophole.
Foreign pension plans, for instance, are not considered tax-exempt under American law.
Belgian pension funds are required to invest in Belgian government debt, and the Dutch do not get tax relief on contributions to foreign pension funds.
In general, a foreign person is a nonresident alien individual, foreign corporation, foreign partnership, foreign trust, or foreign estate, but not a qualified foreign pension fund (as defined in section 897(l)) or an entity all of the interests of which are held by a qualified foreign pension fund.
Big institutions like foreign pension funds, which typically trade in blocks of 10,000 or more shares, did a preponderantly large amount of the buying yesterday in contrast to their recent tendency to be heavy sellers.
Jean-Louis Beffa, the chairman and chief executive of Compagnie de Saint-Gobain, the glass and building materials group, accused foreign pension funds of forcing on French corporations "a quickness of change that imposes considerable human problems".
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He also acquired a substantial fortune from foreign pensions and as a supplier of mercenaries to the pope.
Under the complicated law that governs how pension money is managed, investment funds that derive over a quarter of their assets from public, private and foreign pensions are held to strict standards of fiduciary duty, and fall under the oversight of the Department of Labour.
These might be direct investments into startups by a foreign corporation or individual, or indirect investments into a venture fund by institutional investors like foreign pensions, endowments or family offices.
Today's column addresses whether early benefits are available for spousal caregivers, the availability of divorced spousal benefits, maximizing total household benefits, foreign pensions couples with substantial work and the earnings test.
Goldman then sold the package to investors like foreign banks, pension funds and insurance companies, which would profit only if the bonds gained value.
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