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Mikhail Liebenstein

£5.3Bn Chinese Ponzi Busted

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Oh dear, and so it goes on: http://www.telegraph.co.uk/finance/china-business/12133514/Almost-one-million-investors-lose-5.3bn-in-massive-China-Ponzi-scam.html

They used a picture of Bernie Madoff, but I prefer the father of it all.

MTE5NTU2MzE2NTIxOTg5NjQz.jpg

Of course the Chinese haven't seen anything yet, the biggest Ponzi they are invested in hasn't imploded yet!!!!!!!!!!

Edited by Mikhail Liebenstein

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5.3 Bn - massive??!! Draghi prints that before he gets up in the morning.

I understand your cynicism but I suspect fraud in the Chinese shadow banking system will be this decade's sub prime.

This Ponzi was in effect a peer to peer lender like Zopa.This apparently affected 1 million members of Joe Public and will do little to bring the retail investors back into the stock market.

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