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/biz/ - Business & Finance

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58371946 No.58371946 [Reply] [Original]

Realistically, what would happen if the west followed what Vietnam is doing with billionaires doing finance scams?

>> No.58371978

>>58371946
Oy vey

>> No.58371979

what was her problem? why did she fraud 2% of gdp, instead of only 10-20m usd?

>> No.58371994

>>58371946
Is it possible she didn't do it, and is simply a patsy?

>> No.58372010

>>58371994
no.

>> No.58372177

>>58371946
Truong My Lan was convicted of taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. The verdict requires her to return $27bn, a sum prosecutors said may never be recovered.

Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% of Saigon Commercial.

They accused her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% of all the bank's lending.

https://www.bbc.com/news/world-asia-68778636

>> No.58372190

>>58372177
btw, this is just another example of the rich getting their money from money printing rather than any sort of positive economic activity. Loans are money printing if you didn't already know.

>> No.58372346

>>58372177
SO which part of what she did was actually morally wrong? Did she literally steal money? It looks like she just obtained control of a company (morally ok in a free-market) and used her ownership to control the assets (morally ok since they're now under her control).

>> No.58372437

>>58372346
dude, she gave herself loans of 40 billion dollars
are you fuckign retarded?

>> No.58372456

>>58371946
If the west did this they'd have exceptions for g-ds chosen people and no one would bat an eye

>> No.58372473
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58372473

>>58371946
Imagine the kvetching. It would be anudah shoah!

>> No.58372509

>>58372177
so who gave this bank the 44 billion dollars... was it the vietnamese central bank who just hands out infinite money at 0% interest rates???

isn't that the real crime ???

>> No.58372528

>>58372437
>Bro if you own a bank you just literally can't give yourself loans.... just because!
As long as she was going to pay it back, what's the crime?

>> No.58372704

>>58372509
Banks aren't given money. They have balance sheets. The $44 bil loan is credit until it is paid back with interest. Money printing is also involved as everything is digital click of a button with numbers $44 bil.