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Latest Chinese Fraud May Cost Maverick Capital Nearly $200 Million

Tyler Durden's picture

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Mon, 05/23/2011 - 16:41 | 1302972 TooBearish
TooBearish's picture

Who is on the other side of these trades?  Chanos?

Mon, 05/23/2011 - 20:09 | 1303574 asheylarry
asheylarry's picture

I've been trying to cherry pick a few good apples from the bunch. Serious mine field.

I can tell you that naked shorting is alive and well in this space.

there is a fine line between "research" firms doing their investigations and scumbag short price manipulators

Mon, 05/23/2011 - 16:39 | 1302975 tickhound
tickhound's picture

eh... $200 mil a drop in the bucket in bennie-bucks.

Mon, 05/23/2011 - 16:45 | 1302989 plocequ1
plocequ1's picture


Mon, 05/23/2011 - 16:49 | 1302993 buzzsaw99
buzzsaw99's picture

No surprise that the Chinese are smarter than Wall Street fund managers. Laughable.

Mon, 05/23/2011 - 16:48 | 1302997 dracos_ghost
dracos_ghost's picture

Jesus, are there any f&*ked up deals that Goldman isn't part of.

Mon, 05/23/2011 - 16:54 | 1303015 LawsofPhysics
LawsofPhysics's picture

Why these wall street "pros" don't simply set massive amounts of paper on fire is beyond me.  Seem like it would at least be more entertaining.

Mon, 05/23/2011 - 17:06 | 1303038 exaengr
exaengr's picture

Incorrect ticker of LFC in first paragraph, a 100B (?!?!) China Life Insurance outfit?  Hmmm, also a short/fraud candidate?

Mon, 05/23/2011 - 17:07 | 1303043 I am a Man I am...
I am a Man I am Forty's picture

what a bunch of punk ass dumb shit investors, LMAO at Fidelity, Maverick, JPM, and all the other fools and crooks involved in this shit stock

Goldman is slowly getting what is coming to them, starting to see it in their stock price, prison will come, but it will take a while

Mon, 05/23/2011 - 17:11 | 1303048 The Fonz
The Fonz's picture

The ZH short basket? I wonder where or how one could see what ZH recomends? I would be very interested :P

Also what is this program that Mr. Durden uses for all his chart work? I think it might be time for me to improve my resources if someone would be so kind :)

Mon, 05/23/2011 - 17:34 | 1303106 SolidSnake961
SolidSnake961's picture

there was a big post a while back where zerohedge created a basket of a bunch of chinese stocks that should have been shorted

Tue, 05/24/2011 - 02:11 | 1304285 ProdigyofZen
ProdigyofZen's picture

Uh? its called Bloomberg. it will set you back about 1850 a month. Well at least i know thats the group price. I couldn't imagine what the individual price would be.

Mon, 05/23/2011 - 17:09 | 1303049 topcallingtroll
topcallingtroll's picture

You would think maverick and fidelity would "do deligence" on their investments.

How can the little guys with virtually no resources uncover these things and the big sophisticated players cant?

Mon, 05/23/2011 - 18:29 | 1303238 Quantum Nucleonics
Quantum Nucleonics's picture

Though it makes me sick to do so, in defense of some of these managers (e.g., Fidelity) some of these investments are probably for index funds.

Mon, 05/23/2011 - 18:01 | 1303177 ml8ml8
ml8ml8's picture

"This company had Goldman at their IPO, Deloitte as their auditor, and major firms as their investors. You couldn’t ask for a better structure.”

You also couldn't ask for a more rich basket of future defendants in the securities fraud litigation sure to ensue.

Mon, 05/23/2011 - 18:40 | 1303272 DNB-sore
DNB-sore's picture

congrats Tyler!

Mon, 05/23/2011 - 18:51 | 1303312 monopoly
monopoly's picture

Partly because of Zero Hedge I have not bought 1 Chinese stock in the last 2 years. Did not know enough about the fraud companies to short but did not get hurt, not even once.

Thank you Zero Hedge.

Mon, 05/23/2011 - 20:06 | 1303556 Hephasteus
Hephasteus's picture

Should have gone to market watch. They would have hooked you up with 10 of them.

But to be fair. Zerohedge does have Leo "Buy Chinese solar stocks."

Mon, 05/23/2011 - 18:52 | 1303315 Stanley Lord
Stanley Lord's picture

What a minute, I did not see this LTF listed on any web site that touts what the hedge funds are buying (Market Folly, Guru Focus) you mean that hedge funds buy other thnigs without telling us? They buy other stocks besides Microsoft and P&G?



Mon, 05/23/2011 - 19:01 | 1303342 Dan The Man
Dan The Man's picture


Speculative Shorters... Power to the People !


Go get them all, you rock !

Mon, 05/23/2011 - 19:49 | 1303498 steve.stuart
steve.stuart's picture

Chinese fraud ... are they joking. How about the investment banks cheating the public by offering Linkedin IPO at more than 200 times PE

Mon, 05/23/2011 - 20:45 | 1303682 Ted K
Ted K's picture

You're not supposed to notice that Steve, or the fact that the exchanges and FINRA do nothing under the sun, except protect broker/dealers from real regulation from the SEC.  Before Mary Schapiro gets up from her desk to urinate she calls FINRA for permission.

Mon, 05/23/2011 - 23:34 | 1304120 PulauHantu29
PulauHantu29's picture

China is competing with Wall Street for the Biggest Fraud.

Is there a Nobel Prize for Fraud?

Tue, 05/24/2011 - 07:15 | 1304439 Hexus
Hexus's picture

Would be praised if they weren't Chinese for sound business idealism or some junk.

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