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Daily Digest 7/9 - True Confessions Of A Chinese Shadow Banker, Will Detroit Go Bankrupt?

Tuesday, July 9, 2013, 2:56 PM


Detroit bankruptcy decision could come as early as Wednesday (Phil H.)

As we've been reporting, the next few days will be key concerning whether Detroit goes into Chapter 9 bankruptcy. We could learn as early as Wednesday if Detroit will be headed into bankruptcy.

The city employee pension boards and retirees will meet on Wednesday.

Tom Walsh: Will Detroit go bankrupt? Orr says the answer may already be in the cards (Phil H.)

“I don’t really see the value in spending a whole lot of time going back and forth. The situation is dire,” he said. “Our obligations continue to increase ... That’s why I keep saying I’m running out of time. I’ve got to start calculating even now an exit strategy and a calendar for what it’s going to take for me to get this done if I do have to have a (bankruptcy filing). I can’t afford to waste another 30, 60, 90 days — so yes, this week is pretty crucial.”

The true confessions of a Chinese shadow banker (westcoastjan)

In the fall of 2010, as deputy head of China investment banking at UBS AG, I spoke to a group of wealthy investors in Beijing about the outlook for Chinese stocks. A rumpled, 50-something man from Hangzhou named Wang Zhigang pulled me aside afterward and asked for my advice about investing. Until then, he had made his money through curbside lending, not stocks. But, he lamented, his returns had dropped from more than 30% a year to a mere 23%. He worried about his personal fortune, which he had built up from nothing to almost 3 billion yuan (about $445 million back then).

Border agents in Ottawa International Airport ‘highly rude,’ numerous complaints say (westcoastjan)

Copies of 45 complaints, all received since 2010, were released through the Access to Information Act, but heavily redacted, with names, dates and other information that could identify the travellers removed.

One in 4 admit to paying bribes in last year, global survey shows (westcoastjan)

The public opinion survey, conducted on behalf of Transparency International, revealed that corruption remains wide spread, with 27% of respondents among the 114,000 people questioned in 107 countries reported they paid a bribe for public services and access to public institutions.


An End to Eight Years of The Oil Drum (Arthur Robey)

Because of this and the high expense of running the site, the board has unanimously decided that the best course of action is to convert the site to a static archive of previously published material as of 31st July 2013. We will continue to post articles up to this date. Afterwards any articles will be held as a public archive into the foreseeable future, so that others can continue to learn from the breadth and depth of knowledge published by our many authors, over the 8+ history of this remarkable volunteer effort.

Total Acquitted of Corruption Charges in Iraqi Oil-for-Food Scandal (James S.)

The charges were dropped after prosecutors were unable to identify which executives may have been aware and which weren’t, making it impossible to determine who was merely following orders, and who was giving them.


Video: How Liberal Govt is Bankrupting BC Hydro, Province (Tana F.)

On the eve of Premier Christy Clark's by-election in Kelowna - home of the late premier and BC Hydro founder, WAC Bennett - Damien Gillis exposes the Liberal party's true economic track record, including the $100 Billion in secret taxpayer liabilities they've hidden from the public. Foremost among these debts are $55 Billion worth of sweetheart private power contracts which are driving up power bills and putting BC's venerable public power utility on the path to financial ruin.

Toronto floods leave hydro system 'hanging by a thread' (westcoastjan)

Crews racing to get lights back on for about 20,000 customers earlier this morning in the west end are facing more than triple that workload ahead. Toronto Hydro has confirmed that 70,000 customers are now in the dark due to Liberty Village and the surrounding area being affected by a lack of supply from the Hydro One station.

Gold & Silver

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An End to Eight Years of The Oil Drum (Arthur Robey)

Is this Peak Oil Side Effect? Yes it is!

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