Mish/ Mike Shedlock – Ponzi Bank Financing Of “Wealth Management Products”In China Backed By Dubious Real Estate Projects; “Golden Elephants”, Poway, And Pay Option Arms –

Top Chinese banks are involved in Ponzi financing of investment deals, offering interest rates over 7% to depositors, to finance real estate projects gone bust and other projects whose assets are not even disclosed.

Banks label these schemes “Wealth Management Products” (WMPs) but any individuls foolish enough to invest in them are going to lose money, perhaps all of it.

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