Malcolm Moore blogs at Telegraph.co.uk about the role the Chinese Investment Corp (CIC) will play in the U.S.’s financial crisis — for now all they’ve done is put up a job ad to hire more than 30 financiers:
Perhaps CIC is getting tired of the dismal advice it has been getting from seconded American bankers (buy Blackstone! buy Morgan Stanley!)
One important side effect of Wall Street’s meltdown is that the Chinese have been disabused of the supposed superiority of the American financial system.
Even in the less panicky stages of the credit crunch, one senior Chinese regulator had only one word to describe big Western banks to the Economist: “s**t”.
