China Starting To Resemble Bernie Madoff

Aubible.com just released a new show on Bernie Madoff (Ponzi Supernova, available for free to subscribers) that explains how the world’s biggest financial scam was enabled by banks and hedge funds who were making so much money that they chose to ignore obvious red flags. Which sounds a lot like today’s China, Inc. Here, for instance, is a sequence of events involving China Huishan Dairy Holdings, an apparently too-big-to-fail chain of dairy farms:
The Market Oracle

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