The South China Morning Post just published an interesting overview of some of the major corruption cases in China and who in the higher government went down with it. One notorious offender is (former, obviously) secretary general of Shanghai, Chen Liangyu. Happens I knew him rather well, played tennis with him, lobbied for my projects and certainly got some help. I had a high opinion of him as he … never asked for bribes and seemed to do a good job. He didn’t have to beg, as he had apparently other huge “reserves” to tap into.
Corruption unfortunately remains here a very serious problem. But when you see the scale of rot in Wall Street, hey guys, China is not so bad, right?!
For Bernard Madoff to run a huge ponzi fraud scheme, losses being estimated at US$ 50 billion, all under the clever and watchful eye of the so-called Wall Street geniuses: whaw.
Free market without supervision? Just imagine how many people he ruined.
For Madoff, good he ain’t over here – no danger of dying of cancer. No need to wait that long, see what happened to the guy with his ant breeding.