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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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To: Bert who wrote (42255)	11/4/2008 12:01:48 PM
From: Snowshoe	1 Recommendation Read Replies (1) of 217835

As China's Losses Mount, Confidence Turns to Fear - Officials Use Bailouts to Forestall Unrest By Ariana Eunjung Cha Washington Post Foreign Service Tuesday, November 4, 2008; Page A01 SHENZHEN, China -- When Chong Yik Toy Co. went bankrupt, the bosses fled without meeting their payroll and angry workers took to the streets in protest. Less than 72 hours later, the local government came to the rescue. Armed with bags full of cash totaling half a million dollars, accountants began distributing the money so the 900 former employees would have something to get by on. The Chinese officials who made the emergency payments on Oct. 21 called it an "advance," part of a "back-pay insurance fund." But the reality was obvious to everyone: It was a government bailout. more: washingtonpost.com

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