BEIJING, Dec 29 (Reuters) - A small Chinese power generator on Tuesday rejected demands from a Goldman Sachs unit to pay for nearly $80 million lost on two oil hedging contracts, part of a long-running dispute over how China deals with derivatives losses.
Goldman Sachs (GS.N) was one of the foreign banks, along with Citigroup (C.N), Merrill Lynch and Morgan Stanley (MS.N), blamed by the state assets watchdog for providing "extremely complicated" and difficult to understand derivatives products.
Shenzhen Nanshan Power (000037.SZ) (200037.SZ) said in a statement that it received several notices from J. Aron & Company, a trading subsidiary of Goldman Sachs (GS.N), for at least $79.96 million as compensation for terminating oil option contracts.
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The Chinese see Goldman for what it really is,,, just a group of swindlers,,, Goldman has swindled the US Taxpayer and got away with it,,, I cant help but to root for the Chinese on this one!
ReplyDeleteAhhhhh, what the heck... have uncle sam print another $80M to cover the Chinese. It's on the US taxpayer. Cheers!
ReplyDeleteI am routing for the Chinese too! Screw those criminals.
ReplyDeleteWhat is it called in Goldman Sacks language-High Friquency Thucking? Well, somebody has balls to to thuck back. Cheers to that!
ReplyDeleteChina 1 GS 0
ReplyDeleteGo China!