In These New Times

A new paradigm for a post-imperial world

Chinese official slams Western banks

Posted by seumasach on December 8, 2009

FT

A senior Chinese official who oversees China’s largest state-owned enterprises has publicly slammed western investment banks for “maliciously” peddling complicated derivative products that caused huge losses for Chinese companies. In Beijing’s strongest criticism on the matter to date, Li Wei, vice director of the state-owned Assets Supervision and Administration Commission, singled out Goldman Sachs, Morgan Stanley, Merrill Lynch and Citigroup in a critical article in the official Communist party newspaper.

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