Finance capital, concentrated in a few hands and exercising a virtual monopoly, exacts enormous and ever-increasing profits from the floating of companies, issue of stock, state loans, etc., strengthens the domination of the financial oligarchy and levies tribute upon the whole of society for the benefit of monopolists.
China Citic Group, the overseas investment arm of the Chinese cabinet, may buy a stake in Bear Stearns Cos., the U.S. securities firm hit the hardest by the collapse of the subprime mortgage market.
Citic Group President Chang Zhenming said his company is interested in Bear Stearns, confirming comments by Jiang Dingzhi, vice chairman of China's banking regulator, at the Communist Party congress in Beijing today.
My, how things have changed.
I wonder if they learned about CDOs, marked-to-market, tier 3 assets, leverage, etc., etc. in Marxism 101?
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