4 ms·
"Synthetic" shares seems like a bit of a misnomer, these are actual shares of Toshiba stock bought overseas and then held by a US entity that sells receipts on
by yborg 7y ago
"Synthetic" shares seems like a bit of a misnomer, these are actual shares of Toshiba stock bought overseas and then held by a US entity that sells receipts on them.
This seems to be a cautionary tale for anyone thinking of buying such things, since theoretically you are just screwed if something like foreign accounting fraud tanks the value. But since this is the US and you can file a lawsuit against anything under the sun, these investors tried, and apparently succeeded in bringing a suit against a Japanese company for Japanese crimes in US court.
- solotronics 7y agoThe Chinese version of this is super sketchy and I am surprised it has lasted this long. Chinese companies are under no obligation to follow our securities and accounting laws. I am sure they are doing all kinds of illegal things such as not setting the shares aside in China and lying about their accounting. A big mess.
- miohtama 7y agoHere is a documentary about it on Netflix. Though not vouching in for the quality as a film, it tells how these frauds were structured https://www.netflix.com/title/80221646 https://www.netflix.com/title/80221646
- tartinipaolo 7y agoThank for sharing it! Looks interesting!
- aspenmayer 7y agoWhat's the title? If you aren't logged in to Netflix, that link just shows an error.
- miohtama 7y agoChina Hustle
- noja 7y agoI'm not logged into Netflix and I see no error
- nkurz 7y agoAccessing from the US, I get an error as well. This Netflix link seems to work though: https://dvd.netflix.com/Movie/The-China-Hustle/80221646 https://dvd.netflix.com/Movie/The-China-Hustle/80221646 Or on Rotten Tomatoes: https://www.rottentomatoes.com/m/the_china_hustle https://www.rottentomatoes.com/m/the_china_hustle
- SahAssar 7y agoSeems like it's not available in the US: https://netflixable.com/uk/en-US/movie/the-china-hustle-2017 https://netflixable.com/uk/en-US/movie/the-china-hustle-2017
- miguelmota 7y ago404 error when visiting page https://imgur.com/a/nttO8EP https://imgur.com/a/nttO8EP
- Arbalest 7y agoSo, is this film available in China itself? That would tell us interesting stuff. If it is on Netflix, not officially, but I mean, is it something you can get hold of a pirated version of without attracting the attention of censors.
- sjg007 7y agoPresumably US law applies because a US company / citizen can buy Japanese shares.
- simonh 7y agoSo if I live in Russia and but a US company's shares, I can sue the US company under Russian law? Or the same for China? Or Saudi Arabia? Cool!
- jtbayly 7y agoIf you live in Europe you can sue a US company because you visited their website. GDPR
- simonh 7y agoOnly if the US company chooses to provide goods and services to customers in the EU and collects their personal data. The case in point is like a US web company only providing services to US customers, but some Europeans who VPN'd into the US web site and pretended to be Americans sued it under the GDPR anyway. In this case the proxy company holding the Toyota shares takes the role of the VPN.
- jtbayly 7y ago> Only if the US company chooses to provide goods and services to customers in the EU and collects their personal data. That’s what I said. Visit their website.
- Retric 7y agoCompanies chose to respond to HTTP get requests from Europe, they don’t have control over who buys their shares. Similarly, if I only sell food outside the US I am not beholden to US food labeling laws even when someone imports my product into the US.
- deleted 7y ago