Chinese Official Raps Foreign Banks on Derivatives.

[elleng]

A senior Chinese official criticized foreign banks for selling derivatives with ''fraudulent characteristics'' that led to heavy losses for state-owned airlines and other companies.

''Some international investment banks are the biggest villains,'' said Li Wei, deputy chairman of the agency that oversees China's biggest state companies, in a commentary in this week's edition of the Study Times, a newspaper published by the school of the Communist Party's Central Committee.

The comments were the Chinese government's most pointed public criticism yet of foreign institutions.


http://www.nytimes.com/aponline/2009/12/04/business/AP-AS-China-Foreign-Banks.html