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China port probe into metal financing rattles banks
CNBC/Reuters ^ | 05 June 2014

Posted on 06/07/2014 7:47:53 AM PDT by Lorianne

Global trading houses and banks are scrambling to check on their exposure to a probe into metal financing at China's Qingdao port, as concerns intensify that a crackdown on commodity financing could hit trade in the world's top metal buyer.

The investigation at the world's seventh-largest port is looking into whether single cargoes of metal were used multiple times to obtain financing, according to industry sources.

This means different banks and trading houses were holding separate titles for the same metal, they said.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Crime/Corruption; Foreign Affairs
KEYWORDS: china

1 posted on 06/07/2014 7:47:53 AM PDT by Lorianne
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To: Lorianne
Ruh-Roh............

Investment bank firms too big to fail alert! Hold onto your wallets folks. Be careful when walking on the pavements outside the high rises. Falling witnesses may start testing gravity.

2 posted on 06/07/2014 7:51:18 AM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: Lorianne

I thought this was old news. The last time it surfaced, it disappeared fast. Some banks upon investigation found no inventory.


3 posted on 06/07/2014 8:00:30 AM PDT by meatloaf (Impeach Obama. That's my New Year's resolution.)
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To: Lorianne
single cargoes of metal were used multiple times to obtain financing,

So now the Chinese are following not the teachings of Mao, but of Billy Sol Estes? LBJ would be so happy to know this.

4 posted on 06/07/2014 8:12:20 AM PDT by PAR35
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To: Lorianne

that’s why they want to run all the ports and canals


5 posted on 06/07/2014 10:32:15 AM PDT by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: Lorianne

China will crash
http://www.freerepublic.com/focus/news/3164502/posts?page=21#21


6 posted on 06/10/2014 11:03:38 AM PDT by AdmSmith (GCTGATATGTCTATGATTACTCAT)
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