Posted on 06/25/2014 3:28:10 PM PDT by dynachrome
The head of a US$2 billion Chinese copper producer fell to his death from a building, the firm announced on Wednesday, with a state-run newspaper claiming he committed suicide following corruption allegations.
The chairman of state-owned Tongling Nonferrous Metals Group, Wei Jianghong, died on Tuesday after falling off a building, the company said in a statement.
A string of officials have killed themselves in recent months, with speculation linking some to a crackdown on graft launched by President Xi Jinping after he took office last year.
State-run media said Wei jumped from a hotel owned by the company in Tongling, the city in the eastern province of Anhui where it has its headquarters.
(Excerpt) Read more at scmp.com ...
Related?
http://www.freerepublic.com/focus/f-news/3171724/posts
“China Scrambling After “Discovering” Thousands Of Tons Of Rehypothecated Copper, Aluminum Missing”
Reminds me of the bankers ...
The fact that such a word exists and actually means something ... and something quite nefarious ... tells me that absolutely nothing has been done to counteract all the bad crap that led to the housing bubble.
Too many people are spending too much time coming up with ever more creative forms of financing, i.e. theft.
Though I am no fan of the Chinese as a country, it occurs to me that it's good that someone out there still retains a sense of shame.
There was a time in this country when having your corporate ill deeds found out might drive a man to suicide. Nobody does that here any more; the theft is too acceptable for that.
Of course, he may have had a little push to help him along.
Right - he would have been executed.
Our entire economy has been Rehypothecate by the politicians.
At least twice.
Hypothecate: GOOD.
Rehypothecate: EVIL.
What it means is that someone has pledged something as collateral on more than one loan.
The thing is, no one will loan you money if the collateral you pledge to him has also been pledged to someone else.
For that reason, lenders demand that you promise that you own the collateral you pledge to them, and that you own it free and clear.
Therefore, an asset can only be "rehypothecated" if someone has signed a loan document that contains a bald-faced lie.
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