Friday, October 26, 2012

NYT Web Site Blocked in China

Reports indicate that the below NYT article has caused China to block internet access to NY in that country. It should be noted that news stories are not blocked on the internet here in the US. However, the political elite here in the US are rarely ever scrutinized by MSM about the sources of their accumulated wealth. The last time that was done here was partially with regard to Hillary Clinton, when her commodity account showed incredible gains from $1,000 to $99,5540 in 10 months, at which point she, ahem, stopped trading, never to use her magical skills ever again.-RW

By David Barboza

The mother of China’s prime minister was a schoolteacher in northern China. His father was ordered to tend pigs in one of Mao’s political campaigns. And during childhood, “my family was extremely poor,” the prime minister, Wen Jiabao, said in a speech last year.

But now 90, the prime minister’s mother, Yang Zhiyun, not only left poverty behind — she became outright rich, at least on paper, according to corporate and regulatory records. Just one investment in her name, in a large Chinese financial services company, had a value of $120 million five years ago, the records show.

The details of how Ms. Yang, a widow, accumulated such wealth are not known, or even if she was aware of the holdings in her name. But it happened after her son was elevated to China’s ruling elite, first in 1998 as vice prime minister and then five years later as prime minister.

Many relatives of Wen Jiabao, including his son, daughter, younger brother and brother-in-law, have become extraordinarily wealthy during his leadership, an investigation by The New York Times shows. A review of corporate and regulatory records indicates that the prime minister’s relatives, some of whom have a knack for aggressive deal-making, including his wife, have controlled assets worth at least $2.7 billion.

In many cases, the names of the relatives have been hidden behind layers of partnerships and investment vehicles involving friends, work colleagues and business partners. Untangling their financial holdings provides an unusually detailed look at how politically connected people have profited from being at the intersection of government and business as state influence and private wealth converge in China’s fast-growing economy.

Read the rest here.

1 comment:

  1. Great in depth report--- but nothing shocking. I'm sure a close audit of our political elites would reveal similar crony deals.