just out from send tray
believe all #1 and #2 (party boss and governor) of all chinese provinces have been summoned to beijing for powwow on directed spending and how their lives depend on what they do not phuck up and waste
rather an unusual meeting
i would not characterize the prc spending as bailouts, as vast majority were projects planned for, approved, phased / held back, awaiting opportune moment for execution
they are of significantly different mode than what is happening at aig, fannie, freddie, gm, etc
at the end, with any luck, a new port or a new train line or a new city would be in place, as opposed to yet another round of bailouts of the same dead companies walking.
got a call from a fund last night, asking about opportunities from distressed investors and funds wanting to sell china projects at all stages. i did the right thing, told the man that most projects on ask were done within the last three years, and they are the wrong projects, with the wrong partners, doing the wrong biz, in the wrong way, and structured wrong. so, at whatever price, it would be the wrong price, and should he buy them, he will be calling on me w/i 6-18 months, wishing to dial 1.800.get.me.out
i concluded with a chinese saying, "do not catch lice from other people's head and place in your own hair"
that diddy did it for him, thanked me profusely, and laughed heartily
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