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It is one thing to allow foreigners to invest in U.S. companies. But what about foreign governments? You're going to be hearing a lot more about "sovereign wealth funds"--investment funds owned by governments--over the next few years. They are growing fast, both abroad and at home. (The governments of Alaska, Texas, and California have sizable investment holdings.) Chris Cox, the chairman of the Securities and Exchange Commission, points out some of the dangers. Foreign governments generally cooperate with us when their citizens break our securities laws. If they break those laws themselves, they won't. Another danger is that governments, foreign and domestic, will ...