America Say Goodbye To Your Pensions-20% of Chinese Companies Listed in USA Stock Market Accused of Fraud
Posted by w_thames_the_d on December 14, 2010
Many Americans are betting their retirement and pensions on the stock market. China now has companies listed in the American Stock Market and being Chinese, they may do things different-they have a different definition of morals, ethics and cheating. More than 20% of all Chinese companies listed in the USA stock exchange have been accused of fraud.
I say kudos to them, we dont really need our hard earned money do we? This is pretty scary and if we allow it, then we are fools and deserve it.
China does not play by the same rules, check your portfolio, talk to your brokers….
excerpt:
“More than 20 of the Chinese companies listed on the United State’s exchanges have been accused of fraud, China Business News reported Monday.
About 80 percent of Chinese companies listed on the US market meet the nation’s standards, but 10-20 percent of the firms provided false information, the report said, citing Stephen Paul Monticelli, president of Mosaic Investments LLC, a San Francisco-based company that has invested in Chinese firms over the past five years.”
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Lloyd Lofthouse said
Sort of like Enron and those other huge American companies that lied about profits and ruined many lives when they crashed. I read that the 2008 financial crises caused by Wall Street and US bank greed with subprime mortgages and other bad loans and investments cost about 64 trillion dollars globally leading to tens of millions of lost jobs.
Who is learning from whom?
wtdevflnt said
Thanks for the comment. Yeah the US fouled that one up, but I shudder to think of what the Chinese are capable of.