Friday, June 17, 2011

Mid 1990s to 2008 Chinese Officials Looted $124 Billion

A report compiled in 2008 was accidentally posted to the China Central Bank website, then removed again after an outcry began.

Imagine, this was before the November 2008 massive stimulus in China, you know the one that started just a month before the markets in Australia and Canada suddenly jumped back into the black. Boggles the mind to imagine how much was looted in 2009 and 2010.

Corrupt Officials Took $124 Billion Out of China
Around 17,000 Communist party cadres, police, judicial officers and state-owned enterprise executives fled the country between the mid-1990s and 2008, the 67-page report said.

For higher-ranking officials who managed to abscond with large amounts of money, the US was the favourite destination, while Canada, Australia and the Netherlands were also popular. Those who could not immediately secure visas for western countries often chose to stay in small countries in eastern Europe, Latin America and Africa while they waited for a chance to move to their final intended destination.

Will Canada, U.S. et al help China track down this money if asked?

A presumption of guilt is going to fall upon recent immigrants, which is going to be very unfortunate for the honest majority. The rhetoric of presumed guilt is already showing up on Canadian blogs and forums.

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