Banksters

SAY THAT AGAIN PLEASE? CHINESE COMPANIES PULLING OUT OF US STOCK ...

August 20, 2012 By Joseph P. Farrell

This one was sent to me by a regular reader here on this website (Mr. V.T.) and I thought it really deserved some comment. It seems that Chinese companies are now gradually withdrawing their shares from American stock exchanges, and with the help, in some cases, of the Chinese government to buy back shares.

Before I get to what really just made me guffaw out loud, the article itself:

Chinese companies pull out of US stock markets Chinese firms leave US stock markets amid complaints about price, accounting scrutiny

Now, in case you missed it, read that one paragraph yet again:

"'Probably all these companies have some questionable accounting, so they may prefer to move out of the U.S., not to come under too much scrutiny,' said Marc Faber, managing director of Hong Kong fund management company Marc Faber Ltd"

Oh those nasty, naughty, inscrutably Oriental, double-dealing, book-cooking, double-accounting, re-hypothecating, data-dressing Chinese! Oh, and I forgot these paragraphs (honestly folks, I laughed so hard I nearly turned purple):

"The group proposing to take the company private includes its chairman, Jason Nanchun Jiang, and private equity firms Carlyle Group, CITIC Capital Partners, CDH Investments and China Everbright Ltd.

"The status of Chinese companies in the United States could be complicated by a dispute between U.S. and Chinese regulators over whether American inspectors will be allowed to examine the work of their China-based audit firms.

"Washington wants auditors to hand over documentation on companies that are under investigation but Chinese authorities have barred the release of some information. If a settlement is not reached, the SEC could reject audits by China-based firms, forcing companies to find new auditors."

Yea....you read that correctly: the Carlyle Group(among others...think King George the First and King George the Second here...and I don't mean of the House of Hannover, but of the House of Prescott) is concerned over the internal auditing procedures of those nasty, naughty, inscrutably Oriental, double-dealing, book-cooking, double-accounting, re-hypothecating, data-dressing Chinese, so our ever-vigilant SEC (remember them? well, if not, we'll get to them in a minute) "could reject audits by Chinese firms" because apparently those nasty, naughty, inscrutably Oriental, double-dealing, book-cooking, double-accounting, re-hypothecating, data-dressing Chinese cannot count.

All the better to have our upright, vigilant, ever-virtuous-and-concerned-for-the-public-good home grown Mom, Amurrika and apple-pieĀ  accounting companies do the auditing. They'll be much better at watching out for fraud, after all, they caught all the robo-signing, re-hypothecating and reselling of mortgages in all those derivatives and default swaps, right? After all, our own corporate and banking culture is so much more sophisticated and much less corrupt than the authoritarian Chi-coms, right?

On the serious side, what does this mean? Quite simply, I think this: as the geopolitical situation deteriorates, China will increasingly seek to open markets in Asia, and increase its pressure on the USA's already crumbling network of "friends" in South America and Africa, and it will do so by consistently beating the deals that the USA's shills - the World Monetary Fund and the IMF - have to offer, and Russia won't be far behind. The worm has turned, and the fact that the House of Prescott via the Carlyle group is leading the way, means that at least some in the West know it.

See you on the flip side.