Skip to comments.China port probe into metal financing rattles banks
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 ...
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.
I thought this was old news. The last time it surfaced, it disappeared fast. Some banks upon investigation found no inventory.
So now the Chinese are following not the teachings of Mao, but of Billy Sol Estes? LBJ would be so happy to know this.
that’s why they want to run all the ports and canals
China will crash