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In the Chinese reverse merger fraud of the late 2000s/early 2010s there were hundreds of bogus companies that walked off with at least half a trillion dollars.
by ralph84 5y ago
In the Chinese reverse merger fraud of the late 2000s/early 2010s there were hundreds of bogus companies that walked off with at least half a trillion dollars. Roughly 10X the size of the Madoff fraud.
https://en.wikipedia.org/wiki/The_China_Hustle https://en.wikipedia.org/wiki/The_China_Hustle
- xapata 5y agoIs hundreds significant? It's hard to get a sense of scale without knowing the total number of listed companies.
- ralph84 5y agoNasdaq currently has 4,826 listed companies and NYSE has 3,163. So yes, I would say it's significant when the frauds are within one order of magnitude of the total.