Did Wall Street drink San Lu milk?

Did Wall Street drink San Lu milk?
Sep 27, 2008 03:51
FRANKENSTEIN Points: Join Date: Nov 29, 2004 Status: offline	The following is just translated from an article on Wall Street Journal (Chinese version) website. Although Wall Street has been in trouble for about one year, people haven't lost their confidence yet. However, the fact that AIG was taken over by US government has told them that even the largest insurance corperation can collapse very easily. What's more horrible is that the government still doesn't know what's wrong with AIG. Therefore, the market confidence is gradually wavering. People don't konw whom they should believe, J.P. Morgan or Goldman Sachs? These two corporations seem not in trouble now. However, who did foresee what happened to AIG two days ago? The Wall Street Crisis is just like the tainted milk powder scandal in China. Chinese consumers have drunk tainted milk for a while. Before San Lu's scandal was exposed, not a Chinese has realized that their health has been menaced by melamine. The Wall Street is the same. Lehman Brothers and AIG just opened Pandora's box on Wall Street. Things are not gonna to be handled very soon. San Lu's scandal has made all Chinese consumers lose confidence to the dairy products made by Chinese dairy companies. Lehman Brother's collapse and AIG's nationalization have made people lose their confidence to Wall Street too. A food crisis and a financial crisis almost simultaneously happened in the eastern and western hemispheres. Maybe Paulson ( US Treasury Secretary) and Li Jiang (the head of China's General Administration of Quality Supervision,Inspection and Quarantine) should exchange experience. (Actually, Li Jiang has just resigned due to San Lu's tainted milk powder scandal).

Sep 27, 2008 03:51

FRANKENSTEIN
Points:
Join Date: Nov 29, 2004
Status: offline

The following is just translated from an article on Wall Street Journal (Chinese version) website.

Although Wall Street has been in trouble for about one year, people haven't lost their confidence yet. However, the fact that AIG was taken over by US government has told them that even the largest insurance corperation can collapse very easily. What's more horrible is that the government still doesn't know what's wrong with AIG.

Therefore, the market confidence is gradually wavering. People don't konw whom they should believe, J.P. Morgan or Goldman Sachs? These two corporations seem not in trouble now. However, who did foresee what happened to AIG two days ago?

The Wall Street Crisis is just like the tainted milk powder scandal in China. Chinese consumers have drunk tainted milk for a while. Before San Lu's scandal was exposed, not a Chinese has realized that their health has been menaced by melamine. The Wall Street is the same. Lehman Brothers and AIG just opened Pandora's box on Wall Street. Things are not gonna to be handled very soon. San Lu's scandal has made all Chinese consumers lose confidence to the dairy products made by Chinese dairy companies. Lehman Brother's collapse and AIG's nationalization have made people lose their confidence to Wall Street too.

A food crisis and a financial crisis almost simultaneously happened in the eastern and western hemispheres. Maybe Paulson ( US Treasury Secretary) and Li Jiang (the head of China's General Administration of Quality Supervision,Inspection and Quarantine) should exchange experience. (Actually, Li Jiang has just resigned due to San Lu's tainted milk powder scandal).

Sep 27, 2008 13:23

BITTERSWEET
Points:
Join Date: Sep 25, 2008
Status: Offline

Wall Street is being washed and restructured. Golden Sachs and Morgan Stanley are seeking to become bank holding corps for the investment souce from deposit.

FBI is launching wide investigations and need to send independent supervision professional staff in financial/accounting departments for long-term checks, which is common sense for the sake of cummulated frauds that result in crisis. After checking CEO or CFO's internal emails and Unfolding the books of those failing mortgage corps and investment brokerage, FBI will find lots of dirty transactions under the table. The same all to China.

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