Friday, October 26, 2012

Momma's got a whole lotta $$$


Money? What Money?
Not the most startling news. A lot of Mommas have a lotta $$$. But, this particular Momma is the Momma of the Leader of the People's Republic of China! You know, the nation of over a billion folks. The majority of whom live in poverty. Even more than in the US.

A little background...

The mother of China’s prime minister was a school teacher in northern China. His father was ordered to tend pigs in one of Mao’s political campaigns. And during childhood, “my family was extremely poor,” the prime minister, Wen Jiabao, said in a speech last year.”

School teacher? (and not even a Chicao school teacher at that) Pig farmer during Mao Tse Tung's reign of terror? A lot of questions come to mind. A lot.

Just one investment in her name, in a large Chinese financial services company, had a value of $120 million five years ago, the records show.

The details of how Ms. Yang, a widow, accumulated such wealth are not known, or even if she was aware of the holdings in her name. But it happened after her son was elevated to China’s ruling elite, first in 1998 as vice prime minister and then five years later as prime minister.

The story goes on about most of Wen's family tree becoming wealthy, hidden funds, offshore manipulaions, etc. And this $$$ doesn't seem to be the kind made “the old fashioned way – earning it.” No, “They didn't build it,” they stole, syphoned, kick-backed, loop-holed, and generally used whatever Mafia-like techniques required to pile it up.

There's a long, long list of behind the scenes financial doings in the country we're shipping boatloads of our cash to every day. I liked the ending...

The prime minister’s supporters say he has not personally benefited from his extended family’s business dealings, and may not even be knowledgeable about the extent of them.

Last March, the prime minister hinted that he was at least aware of the persistent rumors about his relatives. During a nationally televised news conference in Beijing, he insisted that he had “never pursued personal gain” in public office.

I have the courage to face the people and to face history,” he said in an emotional session. “There are people who will appreciate what I have done, but there are also people who will criticize me. Ultimately, history will have the final say.”

Sounds like something you'd hear from one our own politicians PR reps.



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