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We Disappeared Some Folks: Details Emerge In China’s Sweeping Probe Of Stock Market Rescue
zerohedge.com / by Tyler Durden on 12/17/2015 20:40
It was exactly one week ago today when we reported that Guo Guangchang, a self-styled Chinese Warren Buffett worth some $7 billion, had disappeared.
For those who follow developments in China’s capital markets, it was obvious what had happened. Guo was swept up in Xi’s campaign to root out misconduct tied to the country’s equity market meltdown and subsequent government-engineered rescue effort.
Dubbed “kill the chicken to scare the monkey,” the witch hunt has ensnared a number of high profile government officials and bankers tied to Beijing’s plunge protection “national” team, which poured in excess of CNY1.5 trillion into Chinese stocks in Q3 in a desperate attempt to push back against an epic unwind in the half dozen backdoor margin lending channels that helped push stocks to nosebleed valuations earlier this year.
The post We Disappeared Some Folks: Details Emerge In China’s Sweeping Probe Of Stock Market Rescue appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/12/17/we-disappeared-some-folks-details-emerge-in-chinas-sweeping-probe-of-stock-market-rescue-2/
