Apropos, James Grants says in his newest newsletter:
<quote>
Recently, the Chinese government disowned any responsibility for the debts of failed "international trust and investment corporations," or "Itics," claiming -- as _The New York Times_ reported -- that "gone are the days when foreign bankers could rely on political connections as a substitute for proper credit-risk analysis." It's a funny old world when the communists stand up for the integrity of credit analysis while the capitalist continue to socialize the risk of loss.
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__________________________________________________________________________ Michael Pollak................New York City..............mpollak at panix.com