Canny Chinese Securities Firms
The WantWant Communist People's Republic of China Times simply published a curt article nether the title Canny securities firms shower fund companies amongst treats.
What is amazing almost the article is how they depict an utterly contemptuous organisation then blandly.
The article reveals that Chinese securities firms routinely deliver fund managers gifts including "envelopes containing cash" so "undermining the rigorous research-based approach."
The article is coy almost what it is maxim - but hither is my interpretation. Fund managers purchase securities from brokers without due diligence together with those securities may last worthless or dramatically overpriced. The brokers are so looting the funds. To brand this operate they are kicking dorsum "envelopes of cash" to the fund managers who are so participants inwards the system to loot their ain funds.
Losers of course of written report are clients.
But it is non simply cash that is existence delivered to fund managers. The article talks about "attractive saleswomen" delivering "breakfast" to "the director of a fund company".
Euphemisms abound. To quote the article:
Are yous a customer or express partner inwards an Communist People's Republic of China based investment partnership or mortal equity fund?
Are yous uncomfortable yet?
John
What is amazing almost the article is how they depict an utterly contemptuous organisation then blandly.
The article reveals that Chinese securities firms routinely deliver fund managers gifts including "envelopes containing cash" so "undermining the rigorous research-based approach."
The article is coy almost what it is maxim - but hither is my interpretation. Fund managers purchase securities from brokers without due diligence together with those securities may last worthless or dramatically overpriced. The brokers are so looting the funds. To brand this operate they are kicking dorsum "envelopes of cash" to the fund managers who are so participants inwards the system to loot their ain funds.
Losers of course of written report are clients.
But it is non simply cash that is existence delivered to fund managers. The article talks about "attractive saleswomen" delivering "breakfast" to "the director of a fund company".
Euphemisms abound. To quote the article:
Influenza A virus subtype H5N1 recent recruitment advertizing placed yesteryear a securities theater inwards Shenzhen besides spelt out clearly that it was looking to recruit attractive together with "open-minded" women equally sales representatives.The organisation they depict is where "attractive together with opened upwards minded women" deliver "breakfast" to men responsible for allocating other peoples coin together with where this volition undermine research-based investment.
Are yous a customer or express partner inwards an Communist People's Republic of China based investment partnership or mortal equity fund?
Are yous uncomfortable yet?
John
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