“Text message solicitations began arriving on the mobile phones of many of China’s wealthy last month, promising access to lucrative wealth management products with yields far above the government’s benchmark savings rate. The offers are not coming from fly-by-night operators but some of China’s biggest banks. They are raising huge pools of cash to finance a relatively new and highly profitable sideline business: lending outside the scrutiny of bank regulators. The complex way they go about making off-the-balance-sheet loans is at the heart of China’s $6 trillion shadow banking industry, which the government is now trying to tame.”
Related posts:
Fifth of CIA applicants with suspect backgrounds have ‘significant terrorist’ connections
31 Orlando cops sued for doing nothing while nightclub patrons were massacred
States Ask Feds for Bigger Budgets to Fix Obamacare Exchanges
Big tobacco stubs out e-cigarette competitors
American anti-virus mogul McAfee warns Canadians about government spying
UN human rights chief slams failure to shut Guantanamo
European Union gives Latvia final OK to join eurozone
'Shadow Margin' Borrowing With Stock Soars as Market Rises
New nano-code ups the fight against counterfeiters
NHS introduces £1,500 talking plate which warns fat families [2011]
Ex-sheriff charged with drug distribution, selling guns from evidence
Are you part of the 'pay-as-you-live' generation?
Vladimir Putin defends the U.S. on spying programs, drones and Occupy Wall Street
‘Cannibal cop’ says torturing and eating women nothing more than his fantasy
Texas Police Chief Approves of Officer Dragging Elderly Woman Out of Car on Camera