Chinese officials stole $120 billion, fled mainly to US (BBC)

[eppur_se_muova]

Thousands of corrupt Chinese government officials have stolen more than $120bn (£74bn) and fled overseas, mainly to the US, according to a report released by China's central bank.

Between 16,000 and 18,000 officials and employees of state-owned companies left China with the funds from the mid-1990s up until 2008.

The officials used offshore bank accounts to smuggle the funds, according to the study posted on the People's Bank of China website this week but which has since been removed.

It said the officials smuggled about 800 billion yuan into the US, Australia, Canada and Holland through offshore bank accounts or investments, like property or collectables.

The stolen funds were covered up by disguising them as business transactions by establishing private companies to receive the money transfers.
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more: http://www.bbc.co.uk/news/world-asia-pacific-13813688




Nice to see *someone* is injecting a little cash into the US economy! Call it the "shadow stimulus".

[RKP5637]

1. Well, with $2B of they they could buy the US in the next election since all that

counts anymore is how much money you throw to get elected to whatever wherever.

[KurtNYC]

3. no - you have to own cable news networks too

I'm serious. Networks reject ads all the time so even with $2 bil we couldn't elect say Dennis Kucinich to POTUS. And the network owners use the non-ad time (the programs) to push their policy preferences also.

[RKP5637]

5. Excellent point!!! n/t

[BOG PERSON]

2. looks like somebody owes somebody an apology

by the first "somebody" i am referring to the PRC's leadership. by the second "somebody" i am of course referring to Gang of Four.

[KurtNYC]

4. Hard to know what kind of theft this is composed of since it

is illegal for Chinese citizens to take their own money out of China. In a totalitarian world freedom is "stolen."