Bob Forest Left Coast
The Chinese leaders are demonstrating their ability to adopt
the highly profitable techniques of the United States Congress
such as "legal" insider trading and other forms
Perfect example of why the United States should not fear
competition form China, but should fear it's economic collapse.
Look at the following passage from NYT article. This is
a typical "insider trading" in Communist China
today. Cases like this, if exposed, would be criminal in
Excerpts from NYT, 2012 NOV 25 （扭腰时报十一月２５日文章摘录）:
"While Ping An was preparing for its listing in Hong
Kong, a group of investors with close ties to senior officials
in Beijing, including Wen Jiabao, were quietly accumulating
large blocks of Ping An stock. （就在平安正准备香港上市之际，一些和温家宝等北京高层官员关系紧密的投资人团体正不声不响地积累平安大量股份。）
Dec. 26, 2002, a company run by Duan Weihong, a Wen family
friend from the prime minister’s hometown, acquired Ping
An stock through a company called Taihong. Soon after, the
relatives of Mr. Wen and colleagues of his wife took control
of that investment vehicle....ahead of its Hong Kong listing,
Taihong acquired 77.7 million shares of Ping An from the
China Ocean Shipping Company known as Cosco, and 2.2 million
more shares from Cosco’s Dalian subsidiary. A two-for-one
stock split doubled the number of shares Taihong owned. So
in June 2004, just before Ping An’s Hong Kong offering, Taihong
held 159.8 million shares, or about 3.2 percent of Ping An’s
stock. " （2002年12月26日平安文档显示，温家宝一位故乡朋友段伟红段伟红经营的一家名叫泰鸿的公司收购了大量平安股份。记录显示，温家宝家人和温家宝妻子同事很快便控制了这一投资工具 ．．．在平安在香港上市前，泰鸿从中国远洋运输集团（Cosco）购得平安7,770万股份，从中国远洋运输集团在大连的子公司购得2,200平安股份。所一股股票分割使得泰鸿拥有的股份数量加倍。以在2004年6月，就在平安香港股票发行之前，泰鸿握有1.598亿股份，根据公开募股数据，这一数额大约是平安股份的3.2%。）
richard schumacher united states
Aren't the Chinese supposed to be smarter than we are? It
sure doesn't look like it.
Pat Patterson Orinda, California
Am I missing something here? How is it the Times reaching
the conclusion of something untoward about purchasing shares
of Ping EIGHT MONTHS AFTER THE WAIVER?? This seems to me
a very unsupportable suggestion of corruption.
SCB Virginia USA
Yeah, you're missing quite a bit. In sum, Wen chairs a very
important committee that grants Ping An a waiver that paves
the way for it to become one of China's most valuable financial
conglomerates. Not long afterwards, Ping An is preparing
an IPO and sells hundreds of millions of dollars of its shares
to a shell company controlled （by）Wen's relatives and associates
at a very steep discount.
Of course it's impossible to PROVE that anything illegal
happened here. But apart from corruption, can you explain
why these shares were sold to Mr. Wen's associates at a discount
worth hundreds of millions, perhaps billions, of dollars?
jeroen Middelburg, NL
CCP, the Crony Capitalist Party...
Justice Holmes Charleston SC
China is no more a communist state than the US is a free
market. The only thing "communist" about China
is the way the people get crushed on the wheel of a ruling
party that gets all the goodies. The rulers of China are
capitalist when it come to them and their families. You see
them in NY at the best restaurants, the best hotels driving
or being driven in the best cars. They learned well from
our robber barrons and went one better. Now our corporate
leaders want the same for themselves, control of the government,
the regulators and all the money in the world.
muezzin Salt Lake City
If the Wen family's wheeling and dealing was legal and above
board, as claimed by some of the apologists here, why then
are Chinese censors so paranoid about letting their own people
hear about it and form their own opinion?
Robert New York City
Wen Jiabao and his family have stolen billions of dollars
of assets from the chinese citizens and this could deserve
the death sentence in china. Imagine, in a communist country,
that the leader is arranging a mechanism to grab shares of
valuable companies that are bailed out by the government,
at the expense of the citizens, and then hide these stock
holdings using the names of other people and companies? I
believe the citizens will feel helpless when they discover
this has been happening, and they will revolt and imprison
or simply kill the Wen Jiabao family and other government
workers who served to help these assets transfer over to
Wen Jiabao and his family. People aren't stupid, and they
have long memories and they will be just as ruthless to Wen
Jiabao as he has been to them. Wen Jiabao should run for
his life to a far-away place.
scidem New York City
I am a citizen of China. I just want to thank the press
of NY Times for providing such in-depth investigation and
report. This is what separates NY Times from other news agencies!
I am an avid reader of Times and I will always be.