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EDITORIAL: Permanent Fund should divest from a bad investment bet

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Once again, Alaska Permanent Fund Corp. trustee Gabrielle Rubenstein is making headlines for all the wrong reasons.

After a disastrous turn promoting a private-equity investment plan that other members of the APFC board of trustees declined to back (and, while doing so,supplied to the Alaska Landmine political news website revealed further misbehavior by Rubenstein behind the scenes at the state corporation charged with managing the state’s nest egg.

In fairness to Rubenstein, it would be difficult for her to avoid conversations with some of the people involved — one is her father David Rubenstein, co-founder of the massive Carlyle Group private equity firm. In addition, her experience with her own private equity firm, Manna Tree, brings her into regular contact with other financiers and investors, especially those with whom she has financial relationships.

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Letter: Permanent Fund earningsPermanent Fund money is required because Alaska, alone among the 50 states, has no general tax. Or maybe because Alaska has an excessively expensive state government. Or maybe both.
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