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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: donald sew who wrote (33509)	11/11/1998 12:35:00 PM
From: Haim R. Branisteanu	Respond to of 94695

Mob of angry investors protest futures swindle in China Copyright © 1998 Nando Media Copyright © 1998 The Associated Press BEIJING (November 11, 1998 08:51 a.m. EST nandotimes.com) -- More than 200 investors swindled in a futures scam mobbed China's official news agency Wednesday, demanding that the government take responsibility and help them retrieve their losses. The protesters marched to the front gate of the Xinhua News Agency in central Beijing, where they were held back by up to 30 police officers. Another 50 people looked on. After about four hours, the number of protesters dwindled and police ordered the crowd to disperse, which they did. The protesters, investors in the failed Xinguoda Futures Brokerage Co. Ltd., were upset with a Xinhua report on the company's collapse because they said it evaded official responsibility. They demanded a new account to pressure the government. A leaflet distributed by the protesters noted that Xinhua made no mention of alleged investments by the People's Armed Police and Xinguoda's regulatory approval by the China's Securities Regulatory Commission, the central bank and other agencies. "Who ought to take responsibility for these consequences?" the leaflet said. "We believe this report was a prelude to allowing these agencies to skillfully escape -- like a cicada sloughing off its skin -- and ultimately put the responsibility on the investors," the leaflet said. The protesters requested a meeting with Premier Zhu Rongji and the regulatory agencies to resolve their claims. "The relevant departments are dealing with the matter," said Xinhua spokeswoman, Xie Dan. Xinguoda's collapse underscores the problems the Chinese government has in policing its fledgling, freewheeling free markets. Unscrupulous operators have moved into everything from financial securities to door-to-door sales, often preying on China's struggling working class. Police have arrested the once-missing chairman, Ni Wenliang -- a 41-year-old native of central China who lives in Taiwan and carries a Belize passport -- and two other accomplices, according to the Xinhua report. The report said the three lured investors with promises of high returns and conducted trades on a "fake exchange" in eastern Shandong province. As of Nov. 5, Xinguoda had taken in $64 million from 4,121 investors and paid out $20 million in profits and interest. Police have traced $19.6 million, some of it invested in cash, cars and property and the rest spirited abroad or hidden inside China. That left more than $24 million still unaccounted for.

To: donald sew who wrote (33509)	11/11/1998 2:45:00 PM
From: GROUND ZERO™	Respond to of 94695

donald, Wow, what got you out of the wrong side of the bed this morning? Excuse me, I asked a simple question for clarification from your earlier post. I was hoping that you could point out something I may have missed. Instead, I find an angry reply from you. Was the question offensive? It was asked in the sincerest way possible. I am truly bewildered and dismayed at your overly stated and apparently hostile reaction to my benign quiery. Is there a problem? If so, kindly let me know. I always go out of my way to answer everyone's question in as much detail as possible, and I never take offense. What's wrong? I don't know what makes you so upset when the simplest of questions is asked. (shrugged shoulders, scratches head) Stop posting to you? Don, with all due respect, I don't take orders from you. If you have some kind of peculiar misunderstanding about me which provokes such anger in you, then just don't read my posts. In the meantime, I'll post to whomever I please and without your permission. Is that okay? My Best Regards. GZ