Understanding China, One Blog at a Time

An American in China

America Doesn’t Allow Chinese Bond Company into US- No Shit

Posted by w_thames_the_d on September 25, 2010


File this under “no-brainer”. Some Chinese company wants to register with the US to trade and rate bonds. The job, as it sounds, is to rate the quality of bonds. The US , making what anyone would consider to be a smart move, told the Chinese to fk off and they would not allow this chicom company to be registered in the USA. The chicoms call fall, the USA calls it logical.
Lets just think about it. Its one thing to buy shitty Chinese trinkets laden with lead and cadmium but quite another to actually allow these Chinese companies into the USA to peer into our books and rate bonds. The problems are a-corruption b- lack of transparency c- lack of trust d- lack of ability in the current world environment. As for item ‘A’, this is obvious, the Chinese are corrupt and expecting them to do anything by the books is wishful thinking , at least for the next thousand years or so. ‘B’ lack of transparency, same thing. The official word from the USA was that they do not trust the chicoms to comply with reporting rules, no shit…’C’ lack of trust. This comes from all of the above and what China has taught us. From a country that poisons its own all in order to make another 0.05 U$, who really believes these guys. ‘D’ lack of maturity on the world stage. Just like the ‘Olympic torch thugs’ who followed the torch back in 2008, this is Chinese diplomacy. They have shown their thuggish nature again in the most recent spat with Japan. The Japanese pimp slapped a ‘fishing boat’ and locked up the captain . The Thugs in Beijing proceeded to lock up 4 Japanese for ‘spying’, think about it. This is how the Chinese role. Why are we surprised, the same guys who did the dead in Tian.an.me.n are still in power here in China, so what has really changed. Anyway, good one for the States… a wise move…imho
excerpt:
“BEIJING – China’s largest rating firm reaffirmed Saturday its bid for registration in the United States is justifiable and legal and said the US regulator’s rejection of its application is discriminatory. The Securities and Exchange Commission (SEC) of the US on Thursday declined the application by Dagong Global Credit Rating Co Ltd to become an officially recognized bond rater in the United States.

The SEC said it refused the registration because it could not ensure the Beijing-based company would comply with US reporting rules.

“On the record before us, it appears that Dagong would not control what information would be produced to commission staff,” SEC said. “We are unable to conclude that Dagong can comply with the record-keeping, production, and inspection requirements of the Exchange Act.”

2 Responses to “America Doesn’t Allow Chinese Bond Company into US- No Shit”

  1. Daniel Bos said

    Yeah, like the American rating companies can be trusted… If a multi-billion company can go from Triple-A to Crap in a day, don’t you think they got the Triple-A rating because those rating companies are dependent on the companies they rate for their business?

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