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10:48AM

Paging China's muckrakers!

Great NYT piece that's filling in for the missing muckraking function within China (although it's emerging, it just doesn't manage stories like this because only sacrificial lambs [mid-level Party functionaries] may be sacrificed - officially):  investigative piece showing how the giant state-owned shipping company, Cosco, managed to sell off its stakes in Ping An Insurance in the period prior to its IPO to two companies essentially owned by the families of senior political elites (the third is owned by a HK magnate who, we can presume, is a good friend of the Party). The result is not all that different from the robber-baron phase of Yeltsin's reign in Russia: a few insiders go from rich to billionaires overnight.  One family was that of just departed PM Wen Jiabao, so"Uncle Wen," for all his platitudes and caring, takes care of his own and the masses be damned.  The other involved the family of the former central bank chief who oversaw the insurance industry.  Talk about brazen!

The "princelings' rationalize all this by saying the transition from state-ownership to private-ownership needs to be safe-guarded by the "party," but this is robber-baron, oligarch greed of the highest order.  If they took some, and let the rest go "free" into the market, they'd get away with it, but they want close to all of it.  Their greed knows no bounds.

This kind of behavior will create massive populist anger over time, as more and more of these stories are written. 

We will be reading this stuff for the next two decades...  

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