Word: investors
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Creating the illusion of fantastic success, of course, is Chapter 1 in the Scammer's Handbook. But many among the most egregious alleged billionaire bamboozlers, like R. Allen Stanford and Bernie Madoff, are taking the art of thievery to the next level. Some don't even bother opening an investor account when new monies come in; they just go shopping. It's enough to make Gordon ("Greed is good") Gecko blush. (See 25 people to blame for the financial crisis...
China now allows most of it major companies to be privatized and traded on public stock exchanges. It is the largest owner of U.S. Treasuries in the world and a major investor in private businesses through its sovereign wealth fund. The Chinese banking system has clearly been developed by the government to encourage the creation of private enterprise. Parts of the financial and commercial structure of China are still owned by the state, but the government's once-famous totalitarian grip on the economy appears to be loosening some each year...
...This rankles some of Rio's shareholders. One institutional investor told TIME that it's "up to Rio to convince us that this does not transfer key pricing power over a key commodity to a big customer. They need to make that case, or I'm not inclined to vote for the deal" when it comes up for approval in May or June. The investment also must be cleared by the Australian Foreign Investment Review Board...
...decision before investors, many badly battered, is not an easy one. Stocks are cheaper, but their investment portfolios are likely thinner. Eric Bjorgen, an analyst at Leuthold Group in Minneapolis, notes that in face of low prices but a very uncertain near-term future, an investor's patience should be the determining factor: "This is a market only for those with a multiyear time horizon...
...instinct of individual governments will be to look to their own backyards first, only thinking of the European dimension as an afterthought. Without any clear direction, there is also a risk that instability in the east could infect everyone else and drag down the euro. Last week, Moody's Investor Services, a credit-rating agency, warned of default risks for banks in six western European states that are overextended in the east. If that occurs, it could jeopardize one of the E.U.'s finest achievements, the embrace and revival of Eastern Europe...