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The Story That Got Bloomberg News Blocked In China

Tyler Durden's picture




 

Bloomberg News may be the most read news source in the world, but as of today, it is no longer available in China. Why? According to Bloomberg TV News Editor Denise Pellegrini, all it takes is for some investigative reporting exposing the dirty laundry, or in this case the even dirtier assets of one Xi Jinping - "the man in line to be China’s next president." In "Xi Jinping Millionaire Relations Reveal Fortunes of Elite" Bloomberg writes: "Xi warned officials on a 2004 anti-graft conference call: “Rein in your spouses, children, relatives, friends and staff, and vow not to use power for personal gain.” As Xi climbed the Communist Party ranks, his extended family expanded their business interests to include minerals, real estate and mobile-phone equipment, according to public documents compiled by Bloomberg. Those interests include investments in companies with total assets of $376 million; an 18 percent indirect stake in a rare- earths company with $1.73 billion in assets; and a $20.2 million holding in a publicly traded technology company." That a country's will seek to block the internet when the wealth of its humble leaders is exposed is expected. However, what is unexpected is that the hidden assets of China's president in waiting are rather easily discovered is troubling: it means Goldman has still much work to do in China, and much more advisory work to the country's elite over how to best hide its assets in various non-extradition locations around the world under assorted HoldCos. Just like in the US. The good news, for GS shareholders, however, is that this indeed provides a huge new potential revenue stream.

More from Bloomberg:

Xi has risen through the party over the past three decades, holding leadership positions in several provinces and joining the ruling Politburo Standing Committee in 2007. Along the way, he built a reputation for clean government.

 

He led an anti-graft campaign in the rich coastal province of Zhejiang, where he issued the “rein in” warning to officials in 2004, according to a People’s Daily publication. In Shanghai, he was brought in as party chief after a 3.7 billion- yuan ($582 million) scandal.

 

A 2009 cable from the U.S. Embassy in Beijing cited an acquaintance of Xi’s saying he wasn’t corrupt or driven by money. Xi was “repulsed by the all-encompassing commercialization of Chinese society, with its attendant nouveau riche, official corruption, loss of values, dignity, and self- respect,” the cable disclosed by Wikileaks said, citing the friend. Wikileaks publishes secret government documents online.

 

A U.S. government spokesman declined to comment on the document.

 

...

 

While the investments are obscured from public view by multiple holding companies, government restrictions on access to company documents and in some cases online censorship, they are identified in thousands of pages of regulatory filings.

 

The trail also leads to a hillside villa overlooking the South China Sea in Hong Kong, with an estimated value of $31.5 million. The doorbell ringer dangles from its wires, and neighbors say the house has been empty for years. The family owns at least six other Hong Kong properties with a combined estimated value of $24.1 million.

Read the full article here.

 

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Fri, 06/29/2012 - 08:24 | 2572722 SheepRevolution
SheepRevolution's picture

Sam Ting Wong?

Fri, 06/29/2012 - 08:59 | 2572848 Richard Chesler
Richard Chesler's picture

That's a lot of muppets.

Fri, 06/29/2012 - 08:25 | 2572726 GeneMarchbanks
GeneMarchbanks's picture

However, what is unexpected is that the hidden assets of China's president in waiting are rather easily discovered is troubling: it means Goldman has still much work to do in China, and much more advisory work to the country's elite over how to best hide its assets in various non-extradition locations around the world under assorted HoldCos.

Can't imagine Goldman doing more work anywhere in the world really.

Fri, 06/29/2012 - 08:34 | 2572744 t_kAyk
t_kAyk's picture

But it is gods work.  China has god, right? 

Fri, 06/29/2012 - 08:49 | 2572788 CPL
CPL's picture

Which one?  There are many gods.

 

Anyone heard from ORI lately??  Just noticing that I haven't heard from any Anons or regular folks out of there in two weeks.

Fri, 06/29/2012 - 08:51 | 2572808 overmedicatedun...
overmedicatedundersexed's picture

the elites hate sun shine, too bad it has lost the power to disinfect.

Fri, 06/29/2012 - 08:39 | 2572760 saturn
saturn's picture

Zero bonuses in gs this year.

Fri, 06/29/2012 - 08:57 | 2572838 cherry picker
cherry picker's picture

Whover took out building #7 should have taken out GS too.

Fri, 06/29/2012 - 11:33 | 2573384 Buckaroo Banzai
Buckaroo Banzai's picture

Why would GS take themselves out??

Fri, 06/29/2012 - 08:25 | 2572728 Jason T
Jason T's picture

absulute power corrupts ..something like that

Fri, 06/29/2012 - 08:52 | 2572807 ITrustMyGut
ITrustMyGut's picture

but...but... "Most favoured " Trading status....

Fri, 06/29/2012 - 08:28 | 2572733 Shizzmoney
Shizzmoney's picture

Wait there's a politican in China, who says he's a Communist, but who really isn't a Communist and just acts like one on TV?

Ya fuckin' kidding me!

"Are you a Communist?"

"No, but I did stay at a Holiday Express Inn last night!"

Fri, 06/29/2012 - 08:29 | 2572737 LULZBank
LULZBank's picture

I want to make an Empire too

Fri, 06/29/2012 - 08:31 | 2572740 LeisureSmith
LeisureSmith's picture

Wonder If this guy is State Dept. certified, smells like a smear job.

Fri, 06/29/2012 - 08:45 | 2572776 spanish inquisition
spanish inquisition's picture

Bingo, stinks of hit piece trying to influence Chineses politics. He is not corrupt enough for the US by US political standards and will be difficult to deal with.

Fri, 06/29/2012 - 08:33 | 2572743 gold-is-not-dead
gold-is-not-dead's picture

bloomberg got into possession of this video from Xi Jinping http://youtu.be/7G46YMyQjBY

Fri, 06/29/2012 - 08:36 | 2572749 midgetrannyporn
midgetrannyporn's picture

wall street steals more than that every day before breakfast.

http://www.youtube.com/watch?v=IfdOXzbpAiU&feature=related

Fri, 06/29/2012 - 08:37 | 2572756 LoneStarHog
LoneStarHog's picture

Hey, Bloomturd, why don't you try doing the same thing here in the USSA and see what happens, instead of your daily government-controlled BULLSHIT!

Fri, 06/29/2012 - 08:39 | 2572762 azzhatter
azzhatter's picture

Funny how they turn a blind eye to the same thing going on in America

Fri, 06/29/2012 - 08:46 | 2572784 LULZBank
LULZBank's picture

No such thing goes on in America otherwise they would have reported on it.

They have no such report, which again proves no such thing goes on in America.

Fri, 06/29/2012 - 08:43 | 2572773 Jim in MN
Jim in MN's picture

Bullish for lies.  And liars. 

"We need better liars!  Call Wall Street!"

Fri, 06/29/2012 - 08:44 | 2572774 LeisureSmith
LeisureSmith's picture

OT. But pm's are taking off.

Fri, 06/29/2012 - 08:44 | 2572777 LULZBank
LULZBank's picture

Must be going to the moon this time.

Fri, 06/29/2012 - 08:54 | 2572829 t_kAyk
t_kAyk's picture

To the MOON, Aurum!! 

Fri, 06/29/2012 - 08:45 | 2572780 Silvertrader
Silvertrader's picture

The Chinese like gold: beleggen in goud

Fri, 06/29/2012 - 08:59 | 2572849 q99x2
q99x2's picture

China does have equal rights. They hang bankers.

Fri, 06/29/2012 - 09:01 | 2572853 BlackholeDivestment
BlackholeDivestment's picture

To hell with the Chinese government and anyone that continues to buy sell and trade the Suicide Vampire Squid of the Great Wal Mart of China New Borderless World Market of Contempt for freedom and life. May everyone standing in agreement with the gains so defined by China perish. 

Fri, 06/29/2012 - 09:05 | 2572865 Peter Pan
Peter Pan's picture

So now we all know that leaders everywhere only really care about their own pockets regardless of whether they are communists, socialists or capitalists. Nothing new. Just a confirmation.

Fri, 06/29/2012 - 09:10 | 2572868 Yellowhoard
Yellowhoard's picture

OK Chinese politicians gather round.

Listen up. When you go about looting a country you need to first establish charitable trusts. Come up with a super friendly name for them like The Happy Puppy Trust or The Trust For A Proud China. OK?

Set up all of your relatives as board members of the trust.

Throw all of your cash into the trust and use the trust to buy up all of the assets that you desire to own as your buddies in the military make an offer that your acquisition target can't refuse.

Pay your family members modest salaries for their philanthropic work and make sure the press knows just how damn charitable they are.

Finally, use the expense account from your trust as your own private, tax free, piggy bank. Private jets, spas, Ritz Carltons, your limousines, the sky is the limit.

Got it. That's how we do it here in the West. Now get out there and loot your population, you big loveable palookas!

Fri, 06/29/2012 - 12:32 | 2573636 Apostate2
Apostate2's picture

They have them. Called SOEs.

Fri, 06/29/2012 - 09:19 | 2572930 Cosimo de Medici
Cosimo de Medici's picture

When it comes to corruption, US politicians are two dollars whores in a Gentlemen's Club for the Wall Street elite the day after bonuses are doled out.  Mere poseurs.  Even Bill Gross said he was surprised at how affordable US Congresspeople are.  Most are more interested in fame and perceived power than money.

Asians know how to rob the national kitty, and money is everything.  Wealth creates "face", because nobody cares how the money was obtained.  The citizenry respects wealth without worrying about its source.  Bloomberg's error was rubbing it in the Chinese' face. 

Former Japanese Kingmaker Shin Kanemaru got caught with $60 million of gold bars under his living room floor, and that was back when gold was about $400/oz.  One former South Korean President left office with $750 million, which was roughly $749 million more than he had when elected.  The Suharto family produced a few billionaires, and the monarchy of Singapore has made many Lee's and their spouses incredibly wealthy.  Taksin Shinawatra entered office with a few billion, and left a few billion richer, then avoided taxes when he liquidated part of his telecom company, passing a good deal of the money to his daughter, the current PM.  During the so-called Economic Miracle years, the West was lectured by the likes of Mohammed Mahathir and Shintaro Ishihara about Asian Family Values.  Some were fooled into thinking that phrase referred to some sort of morality, when in reality it means how much loot Dad and Mom and big brother and little sister have socked away.

 

Fri, 06/29/2012 - 10:39 | 2573207 CheapBastard
CheapBastard's picture

Cosimo speaketh with silver tongue. Refreshing.

Fri, 06/29/2012 - 09:59 | 2573073 Shizzmoney
Shizzmoney's picture

I think there should be a new form of government that should be constructed to reflect what is going on around the world.  Communists don't even practice their craft anymore; just as "Capitalists" that work on Wall St here in America actually are more "Facsist"

The world I'd use to describe 90% of the governments today?

Corruptionism

Fri, 06/29/2012 - 11:17 | 2573314 prains
prains's picture

Craptologists

Fri, 06/29/2012 - 11:47 | 2573424 Cisco Kid
Cisco Kid's picture

Maybe Bloomberg News should also do an article investigating ALL of Mayor Bloomberg's (NYC) financial situation. Explain how "The World's Mayor" as he,s billed himself has MORE THAN TRIPLED his personal wealth in a Depression, since forcing a third term on the peasants here. He's worth we'll over 20 Billion now...all on the up and up I'm sure...The Chinese numbers pale in comparison to those of this great being we have exploiting us over here... He makes Boss Tweed look like BambI...

Fri, 06/29/2012 - 11:52 | 2573445 reader2010
reader2010's picture

Bloomberg forgot to mention Xi's kids and wife all live in the US.  Just like ther other Chinese ruling elite's families that live in the US, they get $685K monthly living assistance from the Party. 

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