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Financial Blog Corliss Group Lenders Fear Spread of Chinese Commodities Fraud Case - 2 views

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    Large banks and trading firms are frantically trying to determine whether they have fallen victim to a suspected commodities fraud emanating from the giant Qingdao Port in northeast China. Citigroup and several other large Western banks are concerned that their loans may lack the appropriate collateral, big stockpiles of copper and aluminum at the port. The banks have inspectors on the ground who are trying to assess whether enough of the metals are there. The worry stems from suspicions that a Chinese companies pledged the same collateral for multiple loans. Chinese authorities are investigating the matter. The case could have broad repercussions for the commodities market and the Chinese economy. Banks have funneled billions of dollars into the Chinese economy through these murky transactions, and commodities prices have been falling over concerns that such lending will dry up. Western banks, including Citigroup, are bracing for any potential fallout. Just months ago, Citigroup fell victim to a multimillion-dollar fraud in Mexico. If the Qingdao developments harm the bank, regulators and shareholders are likely to press it to explain why its controls had failed again. Chinese companies are at risk, too.
Gerald Hussen

Corliss Group Online Financial Mag Hong Kong World's first physical bitcoin store opens... - 1 views

Corliss Group Online Financial Mag Hong Kong World's first physical bitcoin store opens in HK The world's first physical retail store selling the controversial virtual currency bitcoin h...

Corliss Group Online Financial Mag Hong Kong World's first physical bitcoin store opens in HK

started by Gerald Hussen on 04 Mar 14 no follow-up yet
Gerald Hussen

Corliss Online Financial Mag: 5 investment tips for beginners - 1 views

We're all taught that it's good to save some for a rainy day but simply setting a side a portion of our income is not going to cut it nowadays, what with the inflation always rising. According to...

Corliss Online Financial Mag: 5 investment tips for beginners

started by Gerald Hussen on 16 Dec 14 no follow-up yet
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