Lax Accounting Standards in China

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
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Number Six
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Lax Accounting Standards in China

Postby Number Six » Sat Dec 08, 2012 8:19 pm

http://www.nytimes.com/2012/12/07/busin ... Nj1T9e9gUw

For me the take away line in this article by Floyd Norris came at the end:

"One can only imagine the conversations of Chinese corporate officials as they discuss how gullible Americans turned out to be."
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)

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Arthur Rubin
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Re: Lax Accounting Standards in China

Postby Arthur Rubin » Sat Dec 08, 2012 11:44 pm

Number Six wrote:http://www.nytimes.com/2012/12/07/business/sorting-out-a-chinese-puzzle-in-auditing.html?_r=0&adxnnl=1&ref=floydnorris&adxnnlx=1354994207-6SMWXLovPmOuNj1T9e9gUw

For me the take away line in this article by Floyd Norris came at the end:

"One can only imagine the conversations of Chinese corporate officials as they discuss how gullible Americans turned out to be."
There's a simple solution. Make US audited statements subject to export controls, allowing only paper-audited statements to be given to Chinese investors.

However, I seem to recall a case in the US where essentially all the assets of a company were trade secrets, which turned out not to exist. I could be wrong, though.
Arthur Rubin, unemployed tax preparer and aerospace engineer
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