Wednesday, January 19, 2011

Straws in the Wind: PRChina

A most unusual story.

Today, Qilu Bank is being investigated over a scandal allegedly involving $227m of forged commercial bank bills, used to provide short-term loans to business, and other forged commercial paper.

The lender, which is 20 per cent owned by Australia's Commonwealth Bank, is based in Jinan, the capital of Shandong province, in northeast China.

The only thing that's good for is collateral--so someone's out $200++ million, someplace.

The real question: is this an outlier, or is it part of a pattern?

HT: Ticker

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