“Fraudulent Chinese corporations are nothing new – we have been warning about them since late 2010.  One company, however, which apparently was completely unaware of the now pervasive and proven for the past two years Chinese corporate fraud, is US industrial titan Caterpillar. This was made clear when, after hours on Friday night naturally, the company revealed that it had been misled by ‘deliberate, multi-year, coordinated accounting misconduct’ at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal.”

http://www.zerohedge.com/news/2013-01-19/caterpillar-punked-chinese-fraud-write-half-q4-earnings

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