China has companies that list stock in the USA. Most , if not of these, imho, are as full of liars and cheats as the communist party itself. For some odd reason, however, Americans are lapping up this garbage.
So, rather than bemoan chinese fiscal malfeasance, I applaud it. All of you suckers who actually trusted the chinese , or worse yet, American money men, who invest in them, deserve a good ass whoppin….
Excerpt
New Oriental tumbled to $9.50, the lowest price since March 6, 2007. The American depositary receipt has lost 57 percent in two days.
The schools are “part of a substantial fraud in EDU’s accounts,” Carson Block, the founder of Muddy Waters, wrote in a report yesterday on the short seller’s website. “We believe that as a result of our exposure of these problems with EDU’s reporting, EDU will restate historical results and that its auditor will resign.”
http://www.businessweek.com/news/2012-07-18/internet-adrs-rebound-on-bets-selloff-overdone-china-overnight