Hi Ron, The story had been developing for a few months before it hit the headlines in the US, and the amount involved is actually, at least not so far, the largest compared to at least two other corruption cases, one involving the Three Gorges Dam and another involving smuggling.
Mr Wang probably prefers the American justice system, at this juncture, I believe, but, alas, he is in China. My guess is that he does not need to make any long term financial plans for this life time, and his family will be needing to pay the proverbial RMB 0.5 for the dispatching lead projectile.
I wonder if Enron sells 'justice system swap' derivative alongside their interest rate swaps and such. Mr Wang has (actually he does not) 999.9 million cash available to deal.
Will such incidents happen again? Yes, definitely.
Have lessons been learned. Probably, for a while.
Does it make a difference to the bank? Probably not.
And to Mr Wang? In a manner of speaking, yes.
Chugs, Jay |
