Here is a post by the Brewsker Doodle. He basically shows us how and why China sucks and how and why the Chinese bubble will burst and how and why the chinese will revisit the cultural revolution and how and why all the chicom duds are sending their less than masculine boys and less than beautiful girls off to civilization so that if and when this shit heap sinks, the junior rot can claim political asylum just like 70,000 of them did after the tianenman ‘incident’ that is still not addressed in China.
From the BrewMan
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Hey lets humiliate a family member to show our love for Mao, ok?
China’s full of shit but is constipated; let’s drive an A-bomb suppository up her gelatin butt, and “make it rain” as if a Chinese dam burst, and let a biblical fury of chemical- and waste-doused water purge the masses.
Uh oh, looks the Big Fours’ role model is Aurthur Andersen, the former accounting giant who smudged Enron’s erroneous numbers. Really… who woulda a guessed that from the SOEs’ best friends?
http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20120605000031&cid=1102
“New revelations of extensive financial and accounting irregularities at state enterprises directly administered by the Chinese central government have placed the world’s top four multinational public accounting and auditing companies under new criticism and scrutiny.
Many critics have questioned alleged serious breaches of ethical and professional integrity by international auditing firms, which they say failed to fulfill their responsibility as independent and objective auditors. Adding to the suspicion is the fact that these firms collect staggering annual service fees from China’s state-owned corporations. Critics blame auditors for insufficient and substandard checks of government-run mammoths, and for condoning their irregularities.
Problems with the financial books of state-owned corporate giants were identified by the National Audit Office of China. The problematic data, however, had cleared examinations by the “big four” auditors — Deloitte Touche Tohmatsu, Ernst & Young, KPMG and PriceWaterhouseCoopers (PwC) — that dominate the Chinese market. Irregularities were uncovered by the audit office at firms like China National Petroleum Corporation, Sinopec, China Southern Power Grid and SinoSteel.
Major accounting issues included misusing and misallocating corporate funds, inflating and misstating sales and earnings, offering excessive bonuses and tax evasion. Auditors even committed rudimentary errors such as failing to consolidate business groups’ financial statements and not verifying important figures as basic as revenues, according to the Beijing Business Today newspaper.
Based on final audits by the national office, China’s two oil giants underreported profits by more than 2.8 billion yuan (US$440 million). SinoSteel was found to have inflated sales revenue by nearly 2 billion yuan (US$314 million), while Baosteel Group padded profits by 1.615 billion yuan (US$253 million) from 1999 to 2010, including an inflated amount of 1.1 billion yuan (US$172 million) for 2010 alone.”
Crap, crap, crap: China Crap Watch does what the King does for death, Margaret Mak is for envioro, and Brewskie is for Playdoh bridges.
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