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What the World Says about Wen Jiabao's Hidden Treasure
- Selected Comments on NYT's Report
"Lobbying, a Windfall and a Leader’s Family"

27 November 2012

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 of corruption.


Rybrend CA

Perfect example of why the United States should not fear competition form China, but should fear it's economic collapse.


outsider USA

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 the U.S.


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 NYT Pick

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.



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