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  • Chinese PM's Family Worth Billions

    NYT website now blocked in China, after story on Wen Jiabao's family billions; Bloomberg, too, blocked.
    Not surprising those publications were blocked when you read the NYT article:

    From: http://www.nytimes.com/2012/10/26/bu...anted=all&_r=0

    October 25, 2012

    BEIJING — The mother of China’s prime minister was a schoolteacher in northern China. His father was ordered to tend pigs in one of Mao’s political campaigns. And during childhood, “my family was extremely poor,” the prime minister, Wen Jiabao, said in a speech last year.

    But now 90, the prime minister’s mother, Yang Zhiyun, not only left poverty behind — she became outright rich, at least on paper, according to corporate and regulatory records. Just one investment in her name, in a large Chinese financial services company, had a value of $120 million five years ago, the records show. The details of how Ms. Yang, a widow, accumulated such wealth are not known, or even if she was aware of the holdings in her name. But it happened after her son was elevated to China’s ruling elite, first in 1998 as vice prime minister and then five years later as prime minister.

    Many relatives of Wen Jiabao, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the prime minister’s relatives, some of whom have a knack for aggressive deal-making, including his wife, have controlled assets worth at least $2.7 billion.

    Read more at: http://www.nytimes.com/2012/10/26/bu...anted=all&_r=0
    "The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts."— Bertrand Russell

  • #2
    So much for the 99%.
    Any metaphor will tear if stretched over too much reality.

    Questions about our site? See the FAQ.

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    • #3
      There's nothing wrong with being rich, the question is, HOW did his family become so rich?

      Granted, power opens doors. it's bad when there's hypocrisy, worse when power is abused. Was there abuse? I'd think there must've been, but is there proof?
      "We have no white flag."

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      • #4
        Perhaps not blatant corruption, probably more like cronyism, nepotism, etc.

        Like the old, "It's not what you know, but who you know" phenomenon.

        But either way, those new super-rich Chinese would likely say, "I will not apologize for being successful."

        Actually, I don't have much of a problem with that. It's the way the world works after all, and has done for most of our history.


        Philip
        "The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts."— Bertrand Russell

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        • #5
          Dirty money cost China $3.8 trillion 2000-2011: report

          An interesting sub-plot on the impact of corruption on the Chinese economy.

          WASHINGTON, Oct 25 (TrustLaw) - China has lost $3.79 trillion over the past decade in money smuggled out of the country, a massive amount that could weaken its economy and create instability, according to a new report.

          And the outflow - much of it from corruption, crime or tax evasion - is accelerating. China lost $472 billion in 2011, equivalent to 8.3 percent of its gross domestic product, up from $204.7 billion in 2000, Global Financial Integrity, a research and advocacy group that campaigns to limit illegal flows, said in a report on Thursday. "The magnitude of illicit money flowing out of China is astonishing," said GFI director Raymond Baker. "There is no other developing or emerging country that comes even close to suffering as much in illicit financial flows."

          The lost funds between 2000 and 2011 significantly exceeded the amount of money flowing into China as foreign direct investment. The International Monetary Fund calculated FDI inflows at roughly $310 billion between 1998 and 2011. Illicit capital flows rob a government of tax revenues and potential investment funds. Capital flight on this scale can be politically destabilizing by allowing the rich to get richer through tax evasion, GFI said.

          China has a low level of tax collection given the size of its economy, according to the IMF. Beijing has recognized that corruption and bribery is a significant problem, an issue brought into sharp focus recently by the Bo Xilai scandal. The country has announced a major crackdown as it prepares for its once in a decade leadership transition.
          LINK

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          • #6
            Communist style state control combined with rampant capitalism must be a winning combo.

            Think about it - all of the advantages of the free-market and no pesky democracy to hold you back - every entrepreneur's wet dream
            Lambert of Montaigu - Crusader.

            Bolgios - Mercenary Game.

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            • #7
              I wonder if Wen Jiabao would decline to meet with a newly elected Mitt Romney. If Jiabao's worth is several times over that of Mitt's, would not Mitt be simply dismissed as a slacker incapable of taking responsibility for himself?

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              • #8
                Chinese foreign ministry: Report in @nytimes about wealth of PM's family "smears China's name and has ulterior motives" http://t.co/ZLmUkMye
                "The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts."— Bertrand Russell

                Comment


                • #9
                  Explains why they buy so much gold, hard to trace when you have to skip town.
                  Any metaphor will tear if stretched over too much reality.

                  Questions about our site? See the FAQ.

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                  • #10
                    Originally posted by PhilipLaos View Post
                    Perhaps not blatant corruption, probably more like cronyism, nepotism, etc.

                    Like the old, "It's not what you know, but who you know" phenomenon.

                    But either way, those new super-rich Chinese would likely say, "I will not apologize for being successful."

                    Actually, I don't have much of a problem with that. It's the way the world works after all, and has done for most of our history.


                    Philip
                    Hi Philip,

                    I have nothing against them (politicians) being rich, nor their names opening doors... it's when there's abuse that there's a problem (ie, extortion to force a company to cough up "consultancy" fees or forcing companies to buy from selected suppliers). I think corruption is everywhere, but I still think grave abuse (in general, not that there was grave abuse by china's PM) must be exposed and the people held accountable.

                    I like this quote, "I will not apologize for being successful."
                    "We have no white flag."

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                    • #11
                      Originally posted by Snowygerry View Post
                      Communist style state control combined with rampant capitalism must be a winning combo.

                      Think about it - all of the advantages of the free-market and no pesky democracy to hold you back - every entrepreneur's wet dream
                      From each according to his ability, to each according to his need.

                      Obviously the party bosses need billions of dollars and have the ability to make it happen.
                      Matthew 5:9 Blessed are the cheesemakers

                      That's right bitches. I'm blessed!

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                      • #12
                        ...and halfway across the globe...

                        http://www.scotsman.com/news/interna...list-1-2604604
                        "We have no white flag."

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                        • #13
                          This is a insult to all those who died thinking a communist china would be better than an imperial one. What would you do with all that money? I mean, if he's 'ugly' nothing will change that, you don't get better genes, a better personality, or become cooler with it. You just basically take away from others by stealing like that.

                          It's why systems that let the weak rise always end up with fools fighting for scraps. All empires fall, because except for the initial one or two rulers the ones after that are complete a**-hats.

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