Really helpful film about what to look out for with your retirement accounts
If a company only has a ticker symbol on a US stock exchange but no US business, if that company maintains its accounting records in that country, if that country has very little accounting oversight, should we be scared that those companies accounting is true and accurate? If it is not accurate what happens to the stock once the deception is found out? What happens to the retirement accounts for US citizens that have it in their portfolio? Important film to say the least! Enjoy and learn!
Recommended if stocks, China, and investigative stories are your thing.
Thank you Alex Gibney
Another eye opening piece of work.
Among the worst documentaries on financial frauds that I've seen
This was overly simplistic, the "protagonists" seem shockingly uninformed and basic, and the magnitude of the problem is never clearly defined. You expect to hear from intelligent, sophisticated people when watching a documentary on a topic like this. I don't want to hear joe the plummer tell me about derivatives trading and international securities fraud.
This entire film could be distilled into 5-10 minutes or a one-page article explaining that lax securities regulation in the US and China allowed unvetted Chinese firms to list on public US stock exchanges and fabricate their performance. There, I just did it in a SENTENCE.
Furthermore, as an American who owns and operates a company in China, let me just say that the characterization of the Chinese business culture was about as nuanced and accurate as saying that American culture can be encapsulated by the love of the flag, guns, jesus, and Pabst Blue Ribbon. That is to say, what is portrayed is generally accurate but only a tiny fraction of the total picture.