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Is This Man Responsible For China's Stock Market Crash?
Authored by Shannon Tiezzi, originally posted at TheDiplomat.com,
If Chinese authorities are to be believed, we finally know the cause of the country’s stock market woes: a single reporter. In a video segment aired by China’s state television broadcaster, journalist Wang Xiaolu confessed to fabricating a “sensationalized” story about the stock market and claimed responsibility for having “caused panic and disorder” among China’s investors.
At issue is a story Wang wrote for Caijing on July 20, in which he reported that China Securities Regulatory Commission was looking to end interventions designed to prop up share prices. CSRC denied the report, which was removed from Caijing’s website last week. CSRC blamed Wang’s piece for a massive drop in the stock market in late July, which sparked market woes that continue today.
Caijing, a financial and business newspaper in China, often pushes the envelope of state-sanctioned media coverage. It has been particularly active in publishing investigations into the finances and business connections of officials suspected of corruption.
Wang was arrested on August 25 for “fabricating and spreading false information about securities and futures trading.” A Xinhua report said that Wang had confessed to writing a false report on China’s stock market. According to Xinhua, Wang admitted that his story “caused panics and disorder at stock market, seriously undermined the market confidence, and inflicted huge losses on the country and investors [sic].”
On Monday, CCTV aired a video confession from Wang, in which he said he was “deeply sorry” for his actions. “At such a sensitive time, I should not have published a report that negatively affected the market,” Wang said, saying he had “caused great losses to the country and to investors” all for the sake of “sensationalism.”
Reporters Without Borders condemned Wang’s arrest in a statement issued on August 28. “Suggesting that a business journalist was responsible for the spectacular fall in share prices is a denial of reality,” the international non-profit’s secretary general Christophe Deloire said in the statement. “Blaming the stock market crisis on a lone reporter is beyond absurd.”
Chinese authorities have warned media outlets not to speculate on (or devote too much coverage to) the stock market troubles. The high-profile scapegoating of Wang is likely designed to send a stern message to other journalists thinking about following in his footsteps. And journalists aren’t the only ones being encouraged to keep quiet: China’s Ministry of Public Security also said that it had punished 197 people for spreading online rumors about the stock market crash, the deadly explosions in Tianjin, and China’s upcoming military parade.
Meanwhile, Xinhua also reported that a CSRC official, Liu Shufan, is under investigation for insider trading and accepting bribes. Four senior executives at Citic Securities, China’s largest brokerage firm, are also under investigation for insider trading. All five men have confessed, Xinhua said.
Chinese markets endured another roller-coaster-ride of a day on Monday, with both the CSI300 index and the Shanghai Composite Index dropped more than four percent before rising again in the afternoon. Both indexes fell by around 12 percent over the month of August, Reuters reported, and have lost almost 40 percent of their value compared to mid-June 2015.
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Long Duck Dong did it!!
Yes, looks guilty to me.
He doesn't look black though.
it was my fault...I'm in a silver phyzz war w/ China......they just can't keep up. Sorry, bitchez. ;-)
Wang is going down
To me, it's looking more like China is going down - Why would I want to be invested in a country that comes up with this kind of show trial?
AnAnonymous’s first mistake was clicking on one of those links...so common these days...offering incredible rewards from working just a few hours at home on the Internet!*
*I always wondered what happened to that guy
Oxford-Chinese translation,
He tu fuk.
I'll invest in China again once they give up the chopsticks and switch to forks.
It wuz George Busch, Dick Chainy an the Helliburdon whether machine their two blame four evrything
Agreed. Not at the present time.
On the best of days, figuring out the ebb and flow of China is a challenging task, even for the Chinese.
A Chinese journalist and an Indian trader in his parents basement brought down the worlds largest markets. Well I'm glad we got to the bottom of that
If he was a Black America, the police would have killed him by now. Good thing he's in China, where he might actually be safer.
Chinese lifes matter.
#Chineseliesmatter
not to the socialist jew media they don't, not like the black lies do.....
The only thing that is 'safe' about a political prisoner is China is the supply of their organs to the black market
Free Jon Corzine!
I'm trying to make some sense out of that.
How safe can you be when you know that your government is going to kill you whenever it serves their purpose?
If he was a "black America" he wouldn't be accused of committing a work related crime because he would be unemployed.
Castigate the whipping boy. Ancient Chinese secret. And you thought it was Calgon. Wang wishes it would take him away.
I guess it's time to strap him to a canon. That should bring the markets back.
He's a witch! Burn him!
Sadly, it is very likely that he is simply a scape goat, who knows what they are threatening him with.
http://jimrickards.blogspot.ca/
He has face of a dirty guilty Dong.
Remarkable confession - right in line with the official party line. That's uncanny.
So...now that the slimy culprit has been captured, all of China's problems are over, right?
a few knots on the noggin and he sung like a bird. What else did he "confess" to? massive explosions? floods? food shortages, Foxconn jumpers?
Good thing someone confessed, could start getting expensive if the PBOC had to get involved........
I hereby give the Thomas Friedman award for Seven Year Chi-Com Central Planning Is Superior To Every-Fucking-Thing-On-The-Planet to...(drum roll please)...Vice Public Security Minister Meng Qingfeng!!!
Come on out here Meng and take a bow, you've earned it! ;-)
Have you ever read the confessions at the Nuremburg Trials?
Nein!
Yes they had to crush their testacles and beat and torture them and threaten their families -but they finally got a few of them damned nazis to confess -It worked with sheik Khalid mohammed - after being waterborded a hundred times over a period of a few weeks -he finally came clean. Confessed to 911, the 1993 WTC bombings, falsely planting rumors of WMDs in Iraq, the Kennedy assasination, Oklahoma City, Waco, the rigging of the 2000 US Presidential election, Watergate, mena Arkansas -you name it. he was involved with everything. Torture was essential. Hoess confessed to gassing 9 million Jews at Auschwitz alone. Stalin demanded the Nurembug trials -beleived in due process, just as the famous show trials of the 1930's where thousands confessed and were executed after torture and threats to the confessor's families. Kill one of your kids in front of you with the others next in line and you will pretty much confess to anything. Most Nuremburg defendants were in custody of the Russians and jeswish interrogators. These guys were good -very good -that's how we established the 6 million figure without any solid corroboating, documentary evidence. Of course there were dozens of Jewish death camp detainees who testified - but then again, over 50 lying Holocaust survivors testified under oath in the Israeli trial of John Demjunjik that he was the infamous Ivan the terrible. They all lied under oath as a few years later after the fall of the Soviet Union, irrefutable evidence released proved this to be false and Demjujik was acquiitted on appeal by the Israeli Supreme Court before the bloodthirsty mZionists could carry out their fraudulent death sentence.
Are you serious? If this is what you believe, then the reality of facts have never had a chance to penetrate your mind. Sad.
I wish Zerohedge would reinstate the old Captcha regime. At least then a poster had to exhibit a fifth grade level of intelligence before he could post.
Rather than attack the person with your ad hominems how about taking each assertion made above, providing your own counter assertion and links to any evidence to support your view? Shooting the messenger was never a successful model.
Edit:
It must be because of the influence of this site I have become so cynical in my old age but is it not more than a coincidence that Savyindallas and Neilhorn have been members of the Hedge for 5 years and 11 weeks?
Sorry, were running an old version of the SockPuPPet™ here at Langley sector 7G.
Thanks for the link. Not a day goes buy that I don't get turned on to something or another going on around me that makes me want to throw up a little in my mouth. Now where is that bottle of Listerine?
I know what you mean. If that link made you feel a little queezy, here's another of those "special projects" that will bring on a projectile vomit, TOR:
Almost everyone involved in developing Tor was (or is) funded by the US governmentHe really dosen't look like a good escape goat to me.
His hair is too short, and his teeth ... something ain't right here.
Bet this story will continue....
So finally they got the crook. It's over now, buy stocks!
Tonight, a few lucky peasants enjoy Sweet And Sour Wang.
Yes, that's him. That's Macau Sarao.
Or Satoshi....ie.ponestar:-)
Kiser Sosa
I feel better, like when they got that Bengazi YouTube video guy...
The authorities haven't realized that it's more embarrassing and damaging to the China markets to suggest one man, a reporter no less, has more influence than the trillions used to keep it proped.
I fear for ths guy. To make an example out of him the Chinese government could execute him for his "crimes".
Apparently they haven't heard of the story on the Eight Chinese Ruling Familes that control more than half of the wealth in China reported by Bloomberg.
Hush yo mouf, we be talkin bout Wang...lmao!
The names Krammer, Wang Krammer, 007. Licensed to steal.
lol...fucking Chi-Coms, man this is getting good ;-)
China is a fabrication. When the people rise up because they are fed up or not fed....just like here in Americas.....all hell will be felt by the incumbent sucks.
They need to spend a few weeks with BidenHillaryBigO to learn how to lie....oh yes, Bill and that Junker jackass too.
A good show trial will fix everything. Damned cournter-revolutionaries! Running dog lackies of the captialist oppressors!
God, I getting a nostaligic hard on for the 80s.
It would be laughable if it was not so fucking pathetic.
Poor fuck in the photo must have drawn the short straw.
OTOH maybe he's just a 'crisis actor'
Who the fuck knows what's going on in this insane asylum?
Fuck, that guy is screwed. They will probably shoot him and charge his family 25 cents for the bullet. Journalism is a dangerous occupation in China.
Seems to be in the US too ;-)
Hey! At least he didn't flee to the House of Saud ~ They choppin' heads off of 'bad guys' faster than homies in Chiraq off little girls in drive- (bye bye) shootings in the "Community"
<crickets>
Yeah he's screwed but no way they waste a bullet on him?
Since his name is 'Wang', I fear he'll be...Hung Too Lo. And that's just wong.
Dup
If he has the power to crash the market, why don't they put him back on tv and have him pump it back up? I smell a stinker and a set up.
So your in China and you read this article what do you learn?
1 the stock market crashed.
2 Journalists are being Muzzled.
3 The government is grasping at Straws.
So you Buy More stocks of Course /s
Organ donor.
I thought they blamed it on Aran Gleenspan.
Reporters Without Borders condemned Wang’s arrest in a statement issued on August 28. “Suggesting that a business journalist was responsible for the spectacular fall in share prices is a denial of reality,” the international non-profit’s secretary general Christophe Deloire said in the statement. “Blaming the stock market crisis on a lone reporter is beyond absurd.”
And Reporters Without Borders... You should know something about being unmoored from reality!!!
Lotsa luv from the butt ugliest of liitle Zionist trolls Georgy "Schwartz" Soros
And the chinese population is so brainwashed, the man who stands accused probably believes it lol...
Chinese government to the military "Round up the usual suspects."
Great way to clear out any political enemies or rabble rousers going after government corruption.
"It's The Gun's Fault!!"
Yep.
When I was a kid, It was 'nobody's' fault. Shit just 'happened'.
Now I have a better idea concerning who ( or what ) is perhaps the most likely culprit.
What came first?
<the criminal?
>the gun?
He was known as The Anti-Cramer.
And he will pay
It's the notorious Fat Finger. No stock market is safe.
The Chinese Phrase is: Kill a chicken to scare the monkeys
No. Now they have trained monkeys that are killing the birds' nests to ensure that those nasty migrating chickens don't spoil the parade on the 3rd.
Thank God they caught the bastard. All in!
If the Chinese Government Communists say he is guilty it must be true because they are the arbiters of reality in China.
just like that Kim guy in NK--Gov'ts all over the globe are becoming more like NK every day--
Stock market prices arent dangeous.
It's the people who pull the trigger on the Buy and Sell orders who kill the economy.
Not to mention ... all those reporters who feed alternate viewpoints to the PUBLIC!!!
TAKE NOTE, ZEROHEDGE!!!
Hahahahahahahaha!!!
Those 400 companies who had their stock frozen are technically bankrupt.
0 + 0 = 1
zh, can you prove this? I guess not. Give it to the chinese govt. and they will do the job.
I think you've been spending too much time in the Beijing smog.
11weeks and 4days. Hows work at the Chinese Ministry of Truthisms working out for you?
Will investors buy this shit, though?
I mean, will their greedy passions outweigh their intellect? Prolly!
Chinese leaders are prolly viewing this whole thing as a blessing in disguise - they are getting the chance to put 'measures' in place to deal with and counteract financial/economic warfare and to come out the winners. I think they can come out the winners, too, in spite of the damage being done.
I have been wondering if Wang Chuck Duck has been operating as a lone wolf, or as a C.I.A. operative? I'm pretty sure the C.I.A. has been nudging and nurturing some people in China, aimed at conducting a very sly and destructive financial/economic/social warfare against the ChiComs. We can't have Russia or China rise to become real competition to the US hegemon, now can we?
I'd put their chances at winning at 1% to 10%. Our Jews have a thousand years of experience. Theirs? Maybe 30. And they are infected with that communist shite worse than we are.
Right now in the West communism is an overlay on capitalism. In China capitalism is an overlay oncommunism. Despite the disadvantage of communism we have a stronger foundation. And more cycles of experience.
The Russians have the same problem. If I was to guess who might beat us I'd say India. If they could clean up their act enough.
Circumstances beyond his control
The phone, tv and news of the world
Back to the chain gang, Wang
The powers that force is to live like we do
Bring me to me knees when I see what they've done to you
Back to the chain gang, Wang
https://www.youtube.com/watch?v=radFwHzD-PM
It is quite clear he fabricated that report. Like lighting a match in a gas storage tank.
Reporter with border is one of those NGO front of the CIA.
The trillion-dollar man.
Not many people can brag they have such influence.
There but by the grace of God goes every ZH participant if we were there. (With the exception of MDB)
Sum Ting Wong
Wi Tu Lo
He was carrying a gun. Wallstreet hid under their cubicle farming desks.
Tropic Of Cancer - A Color (at Room 205) http://m.youtube.com/watch?v=jeB3-x_zAyYRound up the usual suspects, Mr. Chung.
looks like this poor guy has been beaten into submission -
by some hired Macau thug with a rolled up newspaper.
All the high rollers are getting cold feet,
while all the low rollers are getting hot feet.
meanwhile the chinese communist regime might be out of a job...
since their job was "to prop up and manipulate" the stockmarket.
WR;)
You killed Kenny, you bastards.
Can anyone comprehend the devestation that this news has brought upon Mr. Wang's family, friends, neighbors, accomplices, and sources. I predict the state will exterminate everyone who came in contact with the truthtelling disease. A bullet in the back of the head will stop such outbreaks.
Hmmm
What if Wang was working for the PBOC and they arranged for him to write the story.
Now who do you think read that first, the Chinese analysts at Goldman Sachs, and JP Morgan or Joe Six PuPu Platter?
And who do you think went flying to the Shexit (Shanghai Stock Market) first? The analysts or Joe?
The market crashed. Half the stocks suspended trading.
And millions of Chinese Stock Brokers, called all their clients to reassure them that in a couple of months, after Blankfein and the foreigners went home, everything would be coming up Sesame Chicken again.
I like sesame chicken as much as I like gen. tso chicken. Different taste, but just as good.
me too. if the general isn't too spicy
The spicier the better. Very strong antacids are over the counter and cheap.
He's a very naughty reporter too, he even pumped up the stawks and RE bubbles!
bastard!
Politicians IQ: Lets shoot the messenger and all problems are sorted.
Does he live in his parents basement somewhere near the airport also?
if one person can do that, it by definition means your financial system is unstable
Well, he is a large company of over 197 reporters who have been rounded up and charged for 'spreading rumours'. Expect more 'self-criticism' before the third of Sept. big day parade extravaganza.
The head of China's Central Bank is a member of BIS in Switzerland.
The orders have gone out to find a single scapegoat for all the problems.
1) US stock market problems are due to a single rogue trader operating out of a small house in the UK
2) UK stock market problems are due to a single person in the City that didn't go to a UK private school.
3) This is the Chinese scapegoat, a reporter.
One may note how the scapegoats exists outside of the pool where the problem lies.
ROLF another China farce. Yes those rich "smart" money listen to a random journalist and act on his opinion for sure, lol ;)).
I'm glad we don't have journalists spreading false information
I'm glad we don't have journalists spreading false information
What - you guys never heard the story about the little dutch boy who sank dutchland? Wang gave china the finger - he did!
China’s stock market is not China’s economy:
Small investors were creating new credit money through bank loans, and then levering that in stock market. Please note: A money supply, if it were real “saved” money that was not hypothecated into existence, would dampen this sort of human monkey business.
From Hudson
“Well, what happened in China doesn’t have very much to do at all with what happened in the United States. Wall Street would love to blame China, and the Obama administration would love to blame China, and Europe would love to blame China. But most of the Chinese stocks went down because small Chinese investors were borrowing from, let’s say, the equivalent of payday loan lenders to buy stocks. There was a lot of small speculation in Chinese stocks pushing it up. But this was an internal Chinese phenomenon. And China, as a whole, doesn’t really have problems.
In China, it’s largely small borrowers who borrowed from intermediate lenders, who have borrowed from the big banks. So a lot of individuals in China that tried to get rich fast by riding the stockmarket, and all of a sudden find out that they have a lot of debt to intermediate, you know, non-bank lenders, insiders, people who banks will lend to. It’s like the British banks lending to real estate speculators to lend out to homebuyers. So this is essentially the attempt to get rich by riding the stock market in China, which went way overboard. Chinese stocks are still above what they were at the beginning of the year. This is not a crisis. This is not very much. It’s just that the artificial increase in the market has now ended some of the artificial push-up. It’s still artificial, and it will still go down some more.”
People who banks will lend to is the hypothecation event and operative statement.
I’m addressing this to you neoclassical economists out there, who might read this, but probably are not: YOU STILL INSIST THAT MONEY IS A NEUTRAL VEIL? You insist private credit formation has no bearing on prices? Are you retarded, or is your degree proof of being brainwashed? It is pretty clear that usury money funnels out of banking, to then fund economic departments at university. Toe the party line, or you will not get your degree, and most likely you will not find a job.
sovereignmoney.eu
"Is This Man Responsible For China's Stock Market Crash?"
Not unless he built the bubble.