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?

The money network:

The money network:

Why crowdfunding threatens traditional bank lending

April 1996

A bouncy castle in Osaka, lollipops all round


Jean-Claude Komarovsky, to get Black Knight's major shareholder off his back, goes to the fountainhead of retail distribution - Mrs Watanabe's playschool in deepest Japan.


Our president, David Komountainy, has called a Eurobond strategy meeting in Foothills, Virginia, with our biggest shareholder, Warren Peace. He sits perched amid a takeaway order from Doughnuts 'R' Us, which Mr Peace says looks a good buy. Yes, I say, but you don't need to run Berky Anne-Hathaway, the world's most successful investment fund, to know that 10 for a dollar is great value.

Our group-head of everything, Herby Montecarlo, wonders how America's wisest investor will take my incisive remark. Mr Peace adjusts his glasses. "I said in 1987 I knew nothing about investment banking and I'm glad you guys have proved me right."

Komountainy senses the gathering storm on the west side of his body and swiftly tosses a half-finished vanilla pastry to one side. "Warren, can I introduce you to the team? You know Herby, of course, but we've made some changes. Herby would you like to...


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