… got about some State Owned Banks

Bosses disappear as debts mount – Published on english.EASTDAY.com (Source: Shanghai Daily), Sept. 26, 2011 … Wenzhou in eastern Zhejiang Province is battling its own subprime lending crisis after seven company bosses fled the city in the past 10 days, leaving thousands of employees in a state of shock and up to hundreds of millions of yuan in loans unpaid. Most of the bosses who have disappeared were in the manufacturing industry, according to yesterday’s National Business Daily. Each had borrowed hundreds of millions of yuan from banks as well as private creditors, the newspaper said. Private lending in Wenzhou, the cradle of China’s private sector, has been booming since the country started monetary tightening late last year to fight inflation. State-owned banks, under orders to maintain a stable loan-to-deposit ratio, are reluctant to offer loans to small firms like those in Wenzhou over default concerns. The difficulty of borrowing money from banks has forced some small business owners to turn to private lending, mostly illegal, for help despite the high cost. However, when business doesn’t run well as expected, small business owners find themselves unable to pay their debts … (full text).  

other typical links:

Hungary banks need capital to lend-cbank economists, Sept. 23, 2011;

Chinese Banks Face Crisis As Deposits Plunge, Sept. 22, 2011;

CALIFORNIA LEGISLATURE PASSES BILL TO STUDY STATE-OWNED BANK, by Ellen Brown, Sept. 12, 2011;

Banks tell ‘at risk’ borrowers to spend less or lose their homes, Sept. 4, 2011;

RESTORING ECONOMIC SOVEREIGNTY: THE PUSH FOR STATE-OWNED BANKS, on Web of Dept, by Ellen Brown, February 15, 2011;

Rebuilding UBS – Ossie’s casino /(Marcel Ospel’s): UBS wants to grow, but its supervisors want it to shrink, Nov. 19, 2009;

other economic links:

Former Chicago aldermen now lobbying City Hall, Sept. 26, 2011;

India: Can you afford to own a car? Sept. 26, 2011;

Bail-outs? Nein, danke: Some Free Democrats want to scupper Angela Merkel’s euro policy, on The Economist, Sep 24, 2011;

CAPTURED BY THE DEBT SPIDER, not dated;

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