The truth about Asian investment banking
China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

February 2005

The end of the Wolfensohn era

by Felix Salmon


Ever since George W Bush was first elected president in 2000, one of Washington's favourite guessing games has been who will be the next president of the World Bank. For the past five years, the correct answer has been ?James Wolfensohn?, the man now in his tenth year at the helm who would dearly have loved to see a fifteenth there as well. Wolfensohn is the subject of a fascinating new book, The World's Banker. The author, Sebastian Mallaby, is not shy about expressing his opinions: former US Treasury secretary Paul O'Neill and World Bank economist Joseph Stiglitz are...


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