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lot to unpack here but what i been told by my vietnamese coworkers is that this is "vietnamese pig butchering" (not like the one you hear about involving Tether
by spxneo 3y ago
lot to unpack here but what i been told by my vietnamese coworkers is that this is "vietnamese pig butchering" (not like the one you hear about involving Tether).
They let fraudsters (pigs) accumulate capital by any means. Then they butcher it for political and financial capital. Government looks like a hero and they are able to keep the lights on.
In China, this has been going on for a while (ex. evergrande, HNA, Silicon Valley Bank, Tether) and online sleuths have uncovered crypto projects/funding from China are also another "western pig butchering".
SBF, Do Kwon are similar to Truong My Lan in that they are also "useful pigs" with many smaller "pigs" below them pulling capital into a "jurisdiction tor network". Some pigs are on the spectrum and do not require greed as motivation, simply the fame and recognition from having created "something" for other pigs is enough.
- alephnerd 3y ago> They let fraudsters (pigs) accumulate capital by any means. Then they butcher it for political and financial capital. Government looks like a hero and they are able to keep the lights on. Pretty much. This makes To Lam and Nguyen Phu Trong's faction look like saviors. Nguyen Phu Trong is too old to take the top seat, so this is basically paving the way to make To Lam the leader of VN by gaining public sympathy AND destroying any potential opposition from the Southern VCP and their affiliated oligarchs. This is literally Xi's corruption crackdown in 2016 all over again, except Vietnam in the 2020s is nowhere near as rich as China was in the 2010s, so all this backstabbing bs has scared foreign investors away (even I backed out of funding an interesting VN product because of this - ik how China and India use the CCDI and ED, VN ain't worth that level of headache).
- spxneo 3y agoAre these northerners or southerners? Who are the "ruling elite" of Vietnam? In South Korea, one particular region has produced 20 out of 22 presidents.
- alephnerd 3y ago> ruling elite There are 4 main factions: Northern VCP - the original VCP founded by Ho Chi Minh, and ruled Hanoi since 1956. The current GenSec of the Vietnamese Politburo is from this faction and from that era. Southern VCP - the more business minded and ethnic Chinese/Hoa cadre of the VCP. The last president and most of the purged cadre are from this group. PAVN - the Vietnamese Army. they have been mollified by being given control of all the key sectors of the Vietnamese economy. Viettel (Vietnam's Telco) is owned by them and VinGroup's founder and CEO is the son of PAVN royalty MPS - Vietnam's KGB. they hold the actual cards in Vietnam. whenever you go to any town, village, or city in Vietnam the biggest building is always the MPS building (even the local VCP's building is smaller). The SCB chick was close with the Southern VCP faction, as was most of the leadership in Vietnam from 2012ish-2022. Due to the COVID slowdown and public anger against corruption, the Northern VCP decided to step in and cut the oligarchs and business minded types back to the ground. The PAVN kept out of this fray because they're making a lot of money, and the MPS backed the Northern faction.
- spxneo 3y agoi would definitely watch netflix series on this, its fascinating!
- deleted 3y ago[deleted]
- refurb 3y ago> MPS - Vietnam's KGB. they hold the actual cards in Vietnam. whenever you go to any town, village, or city in Vietnam the biggest building is always the MPS building (even the local VCP's building is smaller) I noticed this when visiting. Go through a smaller town and you'll see old beat up buildings from decades ago, beat to crap roads or just unpaved, a bunch of small stores and restaurants, then suddenly a massive property (10-20x the side of a typical home lot) with a massive parking lot, fancy imaculate building that looks like it's pressure washed every morning and look up and it's the MPS. You can pretty clearly see who has the money.
- pokepim 3y ago[dead]
- charlieyu1 3y agoWhen I see pig butchering I thought of Cambodia/Myanmar. Mostly doing telephone/electronic scams while also kidnapping people to work for them and sell underperforming employees to human traffickers.
- seo-speedwagon 3y agoWho's "they" in this context?
- pphysch 3y agoThis sounds wildly conspiratorial: If governments don't crack down on corruption, they are enabling corruption. If they do crack down on corruption, they are "pig butchering".