Arctic Slope Regional Corp., an Alaska Native regional corporation, is investing in a finance program that is designed to help recover the American economy.
ASRC and partner Oaktree Capital Management are investing more than $10 million in the Public-Private Investment Program. The firms will buy toxic assets from banks and financial institutions.
"We were born in the oil patch but knew we should diversify," Richard Glenn, who serves as Arctic Slope's vice president of lands, told The Wall Street Journal. "Not too many eggs in one basket."
PPIP encourages minority and women owned businesses to enter the finance market.
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Inupiat Eskimos Jump Into PPIP
(The Wall Street Journal 8/10)
DealBook: Inuit Tribe and Oaktree Said to Warm to PPIP Fund (The New York Times 8/10)
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