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7 months, Obama signed the U.S. financial reform program. U.S. financial reform bill simply divided into two, one is for financial institutions supervision, supervision in this regard we have over-estimated, and for the protection of investors, our media is far too undervalued. In fact, the spirit of this bill is the second most important point - for the protection of investors, small and medium investors, the reform of the United States on this point is unprecedented harsh, but I think for the regulation of financial institutions is not available, but also vulnerability abound.
regulation bill is not in place
me give some examples to prove that this is not in place the regulatory bill, or even completely solve the problems of the past. First is how the Greek crisis occur? That is, Greece would like to join the EU in 2001. According to EU rules, the deficit ratio can not exceed 3% of GDP, while Greece has long been over 5.7%, so Goldman Sachs to help it issued 100 billion in bonds. The exchange rate was 1 euro for $ 1.35. So 100 billion of bonds divided by 1.35, exactly equal to 7.4 billion euros, Greece can be a logical back then a 74 billion euros. But this time, Goldman has made a hands and feet, the exchange rate changed 1.19,100 1.35 billion divided by 119 is just 8.4 billion euros, Greece to the logical back 8.4 billion euros. 84 minus 74, just more of the one billion euros in cash, the extra one billion euros would be tantamount to Goldman Sachs lent Greece. And in order not to prevent the Greek for Goldman again dragged into the water the Germans to the Germans a sum of one billion euros to buy the insurance. Giving rise to today's European debt crisis.
blowing hot and cold
such as Goldman Sachs, now the Finance Act is still not resolved! Goldman Sachs issued 10 billion U.S. dollars in bonds or buy one billion euros to the German insurance, which is very complicated. The bill is just that: the transaction in accordance with customer demand in overseas markets can be. That the 100 billion euros, one billion euros of bonds do not all custom? That does not mean that anything not done nothing to change it? Then later the same thing or will it still happen! So the financial regulations and supervision to the Goldman Sachs did not, then what is the meaning of this regulatory act it!
Second, John Paulson of Goldman Sachs $ 15,000,000 to the design fees, and Goldman Sachs, Paulson allowed bonds to be a combination of their own choosing, and Paulson to pick the greatest risk of real estate mortgage bonds. ACA then find a marketing company as collateral and sell them everywhere to Paulson, Goldman Sachs sold a combined 63 which will be after the collapse of the real estate mortgage bonds, short selling! The result, is that Paulson and Goldman Sachs are making money, but the financial crisis broke out. German industrial bank deceived them, and the Dutch commercial banks cheated, and revisit the recent re-investigation the Commission, Goldman Sachs, Goldman has to lose money settlement of the matter.
a series of moves which Goldman Sachs, we had to prevent it? The answer is no! Goldman Sachs is now provided only 3% of assets in accordance with their short, but 3% is how much? Goldman's capital is 680 million, 3% is 21 million. Assets of other banks such as Bank of America is 155 billion, 131 billion JP Morgan Chase, Citigroup 119 billion, 68 billion Goldman Sachs, Morgan Stanley 49 billion, a simple calculation, then you can go short 4.7 billion in U.S. banks, 39 billion JP Morgan Chase, Citigroup 36 billion, 2.1 billion of Goldman Sachs, Morgan Stanley 15 billion, such a large figure, I can see the door, though 3%, that is an incredible numbers! They still short backhand, can not prevent! And even more exasperating is, even if the 3% proposal, it should take effect after 7 years! This is equivalent to nothing has changed!
Third, there is no limit offshore. Goldman Sachs, the two before that happens Companies in overseas financial operations are not subject to U.S. regulation. Goldman Sachs overseas companies operating in Greece, the foreign companies to sell bonds to the German industrial bank, the United States can not control, and this gold to make this reform has not changed!
the past, the assets of more than 50 billion dollars in banks and more than 100 billion dollars in hedge funds, etc. should receive special tax, a total of 19 billion U.S. dollars to be collected to facilitate such financial reform bill. The financial reform has decided to cancel, any money that is not even out of Goldman Sachs, all the rest are the same as before.
should learn from the United States, We completely underestimated the
Obama regulation for the protection of investors, in fact, he is very focused on this area, because this relates to the issue of his votes. The first quarter of this year, more than 3,000 investors holding a banner protesting the greed on Wall Street even be seen as represented by Goldman Sachs on Wall Street has inspired the common people against the common enemy the United States. So he's small and medium investors in these issues, is not ambiguous. Obama called out the Consumer Financial Protection Agency, in addition to a Protection Agency can not do outside of the United States Court of some of the decisions, he can do whatever you can imagine doing. In the Finance Act, so that a small Consumer Financial Protection Agency not yet been granted the right, which is unprecedented. Can see that Obama is determined to protect consumers not to be derivative financial instruments Wall Street deception.
derivative financial instruments is very complex, China also has a lot of derivative financial instruments, and this year these derivative financial products, even over tens of thousands. So many financial products, our people can read a few!
2007 年 2 月 Shenzhen Development Bank launched a to us and ICBC, China Construction Bank and Bank of China H Shares of RMB investment products linked to, called %. At that time with this product linked to stock the bank was 3.58 yuan, China Construction Bank was 4.7 yuan, Bank of China is 3.9 yuan, to the second year of the February 1, 2008, the financial products due on the closing price of the bank from 4.58 yuan to the 5.08 yuan, China Construction Bank rose 4.70 yuan from 5.85 yuan, only the Bank of China fell 3.9 yuan from 3.26 yuan. Three linked bank, rose 1 or 2, or 1.65 decrease 0.64, then 1.01 in accordance with common sense should be given in return. 2008 February 2 to go joy when the bank withdraw money, the bank said that this financial product yield 0 on the grounds that the Bank of China lost money. This is simply ridiculous! This is our wealth management products! Such financial products in the United States today is unacceptable, since once the encounter of consumer complaints, the U.S. Consumer Protection Agency will finance the deep development of the so-called strict punishment!
our experts should be called after the U.S. regulatory laws in China see the establishment of a Consumer Financial Protection Agency as the United States as strong and powerful against units that do not understand the financial instruments to be severely punished!
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