Quote:
Originally Posted by valo403
Wait, what?? Source?
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I read it in Bloomberg a couple of months ago (I think).
The article was about the faslsified profits and assets of Chinese companies who go the route of the reverse merger (because of the exorbitant costs of being listed on the NYSE).
Often, the numbers they report are to the americans are not the same numbers that are reported to the chinese central government, and the auditing firms in charge of authenticating these numbers either incompetently miss this, or are in on the fraud.
The article speculated up to 25 percent.