Anthony, do you have any observations about this post from TM: #reply-7450450 ?
China ..
Another so called Regional Investment Trust (RIT).. has gone belly up ,, and Beijing stunned the foreign banks by saying ,, What guarantee ? We never guaranteed that we will bail out RIT !!!
This second one in less than 2 weeks from the first one to hit the out side world,, Guandong Province RIT , went under to the tune of 2.15 bill ,, caught were Japan ,,430 mill ,, Korea ,, 330 milll ,, Hong Kong , 190 mill ,, Germany 140 mill , Singapore 110 mill ,, China 60 mill ,, US 50 mill ,, France 48 mill Britain 40 mill Holland ,, 25 mill ..
They will basically lose all their money on this deal. Rememebr the US savings and loan debacle ??? Well there are 240 such RITs in China !!! From remote Fujian to you name it some dinky village RIT in outer Mogolia where foreigners were eager to hop on the slow boat to China or Orient Express ..
People like Merril Lynch to Goldman to Deutche Bank Sanwa Bank to Seoul National will lose their butts from Chinal this year in effect govt of China is reducing the number of RIT from 240 to 40 money well spent ? Yes these RITS spent the foreign money from hotels to silk fatories , to only golf course in China .. again excess that we have seen in Japan and Korea is now hitting China. We are talking about something that will out do the Long Term Capital fiasco and make it look like a petty burglary by two Bronx teenagers...
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