The Chinese dragon is growing impatient
After China's sovereign wealth fund flushed $8 billion down Morgan Stanley and Blackstone earlier this year, the fund may have lost an additional $5.4 billion to the American deflationary vortex in the money markets via Reserve Primary Fund, which went belly up the day after Lehman's failure.
Oct. 13 (Bloomberg) -- China Investment Corp., the sovereign wealth fund that bought stakes in Morgan Stanley and Blackstone Group LP before their stocks plunged, may have as much as $5.4 billion frozen in a U.S. money-market account.
http://www.bloomberg.com/apps/news?pid=20601087&sid=ancX7qXx0kXk&refer=home
Global Tinfoil has obtained this exclusive photograph of the Reserve Primary Fund, dated September 16th 2008, shortly before its demise:
The Reserve Primary Fund, pictured above, flees for safe harbor after it froze $5.4 billion in Chinese cash
What are the implications? Well it depends on whether the Chinese get their money back. Will Goldman Sachs, I mean uh, the US Treasury Department, insure the Chinese against deflationary losses in the American money markets?
2 comments:
dragon washed down toilet
love and kisses,
maggotH8R
I love the name of the blog...and I'd hate to own something to the Chinese without being able to pay it back.
Haven't these people ever watched Kill Bill?
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