The story originally had this key passage:
Mr Luo, speaking at the Global Association of Risk Management’s 10th Annual Risk Management Convention, said: “Except for US Treasuries, what can you hold?” he asked. “Gold? You don’t hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.”
Mr Luo, whose English tends toward the colloquial, added: “We hate you guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . . .we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.”
However, Mr Luo said Chinese officials would encourage its banks to finance domestic mergers and acquisitions rather than provide rescue finance to distressed financial companies in other countries: “There will be no bottom-fishing of financial institutions, particularly in the US, because there is a lot of uncertainty about the quality of the books.”
The bolded paragraph, particularly, was removed. Completely. I know because a copy was originally emailed to me. Note: Reuters did not disclose that this was an updated version of the release, nor did they change the timestamp on it from Thu Feb 12, 2009 8:22am EST, yet I can confirm the story has changed since 6:56pm on the 13th.
It seems like Reuters couldn't take the heat on how touchy this barely-balanced standoff between the US and China is, and how the runaway deficit spending threatens devaluation or hyperinflation.
Or maybe someone told them this part had to go.
LINK
Almost 700 Merrill executives paid $1m-plus bonuses
By Greg Farrell in New York
Nearly 700 Merrill Lynch executives had cash bonuses of more than $1m each for last year, New York’s top law enforcement official disclosed on Wednesday.
Andrew Cuomo, New York’s attorney-general, called the bank’s decision to bring forward nearly $4bn of pay-outs a “surprising fit of corporate irresponsibility” that raised “serious and disturbing questions”.
Cuomo said the bonuses for 2008 were “disproportionately distributed to a small number of individuals”, with the top four recipients taking in a combined $121m.
Get rid of Husssein Obama before he gets to big of a foothold, his Communist ideals have never worked anywhere in the world and they certainly won't work in the USA, he certainly has no experience to run a government let alone a company he just hss the gift of gab, he is going to put the USA into worse debt thsn they already are and a debt they will never be able to pay back never mind the interest, a lot of this borrowd money comming from Communist country's who would like to see the USA go bankrupt which I believe they are not far from, look at the financial position of many states in the US right now on the verge of bankruptsy. First thing Obama did when elected President was to announce the closing of Guantonomo Bay, was he sympathizing with the Terrorists, what's he going to do with them,many who are resonsible for the killing of many US servicemen, come on wake up before its to late!!!!!
ReplyDeleteIt's the global association of risk professionals, not management.
ReplyDeleteCapitalism or Communism consolidates wealth and power into few hands. Whether it be the government or multinational corporations. Neither meet the needs of the masses so just get off your soapbox. Obama is part of the machine. You really think McCain would be any different. Capitalist Japan is your biggest debt loaner by the way followed by China. Capitalism in the form of Globization has displaced your well paying US maufacturing jobs to communist China's cheap labour in exchange for cheap goods that kept corporate profits up and allowed cheap goods for that phony low paying US service sector economy that workers could afford. Lastly, US capitalism got your country $65 trillion dollars in debt before Obama was even swarn in.
ReplyDelete"Capitalism or Communism consolidates wealth and power into few hands. Whether it be the government or multinational corporations. Neither meet the needs of the masses so just get off your soapbox. Obama is part of the machine. You really think McCain would be any different. Capitalist Japan is your biggest debt loaner by the way followed by China. Capitalism in the form of Globization has displaced your well paying US maufacturing jobs to communist China's cheap labour in exchange for cheap goods that kept corporate profits up and allowed cheap goods for that phony low paying US service sector economy that workers could afford. Lastly, US capitalism got your country $65 trillion dollars in debt..."
ReplyDeleteBRILLIANTLY SUCCINCT!
Obama to China: Yes I hate America too
ReplyDelete