Cui Bono?

The Wall Street Journal reports this morning that the China Investment Corporation - China's Sovereign Wealth Fund - has selected Morgan Stanley and Blackrock (with which it has a colorful, if not depressing history) to manage a portion of its $200 billion portfolio.

Elsewhere, Bloomberg reports that Warren Buffett made two lucrative decisions last September. First was Berkshire Hathaway's investment in Chinese carmaker BYD Co., whose Hong Kong-listed stock has increased five-fold since Buffett's investment. Paper profits to Berkshire: $1 billion.

As if that wasn't sweet enough, Buffett's capital injections for Goldman Sachs - for which he received favorable warrant terms - have netted Berkshire $2 billion in paper profits.

Not bad for a week's work.

And if you're one of the countless Americans who snagged a new car through the Cash for Clunkers program, congratulations! It turns out that the $1 billion program ran out of money after six days. Assuming each participant received the maximum $4500 subsidy to purchase a new car, that means auto inventories shrunk by more than 200,000 cars. Chalk up a "W" for the American auto industry and the 200,000+ Americans who bought new SUV's with taxpayer money. The American taxpayer continues its losing streak - a trendline that looks set to continue through the next decade.