China’s Bailout — Who Funded it?
NEW YORK – A Chinese lender that had threatened to default on a $500 million trust product has arranged for repayment to investors, easing concerns about China’s shadow-banking sector that added to investor fears of emerging-markets, according to news reports Monday that cited a statement from the lender.
Arranged eh?
Uh, who arranged it? And who’s making good on the obligation that isn’t good?
That’s a problem, you see, because it’s far worse to bail people out if you don’t identify where it came from.
As I noted at the time the amount of money in that particular issue wasn’t very large.
I also said this:
Yes, I expect China will try to cover this one up.
Uh huh.
Who’s funding the bailout?
Get away from the markets folks. This is how it started in 2000 — and 2008 — as well.
Little things that were, on a dollars basis, not all that important. It was not the amount of money that mattered, it was the lack of transparency and the fact that everything was being hidden to avoid anyone having to answer for what they had done.
Eventually someone sticks up their hand and calls .
I don’t know when that will happen this time around, but what I do know is that when people start hiding defaults and providing “bailouts” without any identifiable source of funding it’s time to get nervous.
Go to responses (registration required to post)
Source: http://www.fedupusa.org/2014/01/chinas-bailout-who-funded-it/
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