Chinese banks just as greedy, dumb and deceptive as US banks - and heading for an identical disaster
Gillian Noero stashed this in Bad News Banks
US banks didn't want the American public to know they are stupid as well as greedy. They developed fake financial instruments to hide the scale of the disaster they were bringing on the US economy. Of course, the disaster happened anyway. Now that Chinese banks realize most of their loans are worthless, they are setting up their own fake, crazy financial instruments to hide their bad loans. There are no good outcomes in this scenario.
Agreed. There are no good outcomes.