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Those loaned funds could instead have been used to finance new ventures at home.
It also said that "the shares purchased with these loaned funds were previously owned by senior employees of Kaupthing who were selling down their positions".
"The shares purchased with these loaned funds were previously owned by senior employees of Kaupthing who were selling down their positions," the letter said.
In the meantime, the house was built using loaned funds, with the total project cost coming to $400,000.
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stopped releasing loan funds to Russia last summer.
Various city and state loan funds provide $46 million.
Most loan funds accept redemptions only once a quarter.
Loan funds end up with Chinese firms bidding for government contracts.
Issuance of structured-loan funds, which a few months back looked dead, is booming.
That is especially true of "CDFI loan funds", which lend to small businesses.
Investors in loan funds take comfort in the strong historical performance of bank loans.
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