handling white-collar crime

[bishop]

article

BEIJING (Reuters) - China executed four people, including employees of two of its Big Four state-owned banks, for fraud totaling $15 million, the state Xinhua news agency said Tuesday. The executions occurred in the midst a high-profile government campaign against financial crime. They followed a string of arrests in white-collar crime as China prepares to sell shares publicly in its big banks. The latest cases involved China Construction Bank, due to raise up to $10 billion in an IPO next year; and Bank of China, which is moving towards an IPO worth up to $4 billion. One of those executed was Wang Liming, a former accounting officer at China Construction Bank in the central province of Henan, who worked with others to steal 20 million yuan ($2.4 million) from the bank using fraudulent papers, Xinhua said in a report on its Web site: (www.xinhuanet.com). An accomplice, Miao Ping, was also executed. Another Construction Bank employee, Wang Xiang, was executed for taking 20 million yuan from the bank in an unrelated case. Liang Shihan, an official at the Bank of China's branch in the southern city of Zhuhai, was executed for helping cheat his bank out of $10.3 million, Xinhua said.

[Compugasm]

After Stewart and Lay get out of jail, they'll write a book about the whole ordeal, sell the story to E!, make the talkshow rounds detailing how they were abused, and make more money as victems. Looks like someone in China was made an example of.

[bishop]

personally, i like their approach. comparatively at least.

[castille]

The irony is that someone in government probably used them as scapegoats. Standard procedure - if you're a government official caught for corruption, you blame a business (its easier and cheaper than bribing the judge).