By DAVID BARBOZA and AZAM AHMED
Dalian, China
IT was the hot new thing on Wall Street — one of those exotic investments that seem to promise untold riches for the lucky few.
And, like so many hot new things, it went cold fast.
Such was the fabulous stock-market flameout of a company called Rino International, an untested enterprise that, until recently, would have raised nary an eyebrow in the United States.
But over the last few years, Rino International and scores of other young Chinese companies slipped into the United States stock market through the back door. Rino’s American stockholders later lost hundreds of millions of dollars when accusations surfaced that the company had fudged its books. All told, investors’ losses on these Chinese ventures have stretched into the billions.
IT was the hot new thing on Wall Street — one of those exotic investments that seem to promise untold riches for the lucky few.
And, like so many hot new things, it went cold fast.
Such was the fabulous stock-market flameout of a company called Rino International, an untested enterprise that, until recently, would have raised nary an eyebrow in the United States.
But over the last few years, Rino International and scores of other young Chinese companies slipped into the United States stock market through the back door. Rino’s American stockholders later lost hundreds of millions of dollars when accusations surfaced that the company had fudged its books. All told, investors’ losses on these Chinese ventures have stretched into the billions.
"All told, investors’ losses on these Chinese ventures have stretched into the billions."
ReplyDeleteOn the scale of things ,this is just the usual penny stock frauds,small scale stuff.
Now the Americans, the world champions of fraud ,deal in ripping of the rest of the world for trillions ,not simply billions of dollars in fake fictitiously valued investment scams .
just think Enron, the dot com bubble ,the AAA rated , sub prime bonds frauds or the TARP ,TBTF bailouts costing trillions for taxpayers and their future debt enslaved grandchildren.
Its as easy as Stealing money from babies!
Like dumbed down americans they only cry and whine a bit but do nothing to fight back.
The US banksters and corporations pay little, or even no taxes on the profits on free, or ulra cheap low interest money from the Fed.
The "carry trade" exporting this free $ paper to invest at higher interest in the rest of the world is money for jam!
Bankster handouts from America!
Courtesy of uncles Ben and Tim and the american babies..
What a lurk!
Or the good old
ig ones by the fed and treasury , inflationary money printing of fiat dollars. First property bubbles are created then the desruction of the bubble value of peoples savings in pension funds and housing assets.
Tens of trillions more in dollar values go up in smoke!
And the american cry baby debt slaves simply whine in impotence at their constitution and do nothing.
Or ,the The dollar hegemony system whereby the US was able to exchange paper for oil and other
commodities and then con the world into re-investing their dollar paper back treasury bills and other "AAA" US debt paper.
These US debts have reached Ponzi levels that cannot possibly be repaid in a strong dollar as government tax revenues fall.
so the money press is running full bore ahead. More trillions of value goes up in inflationary smoke!
Not to mention fractional reserve bankers system creating credit /loans merely by book entries!
The USA and its bankers are the world champions of international fraud.
The Chinese are late, but are learning how to find american suckers for their penny stocks from experts !
For a US agent tithe on the profits of course for doing gods work.