Wall Street in Crisis/Asian American Voters Keeping Virginia Red?
External Podcast: Visit Digging-to-China.com to listen
Wall Street is in crisis. It drove Lehman Brothers into bankruptcy and forced American International Group into the hands of the U.S. government. Merrill Lynch sold itself to Bank of America. Goldman and Morgan Stanley are to become commercial banks. China has resisted years of pressure from U.S. Treasury Secretary Henry Paulson to open its financial system more quickly and add new products. Those barriers helped the nation limit its losses and write-downs from the credit-market crisis to less than 1 percent of the $516 billion global total. Chinese officials warned that the U.S. had set off a financial tsunami by allowing Wall Street lenders to trade in subprime debts and unstable financial derivatives.
Guest: Robert Sherretta, President of International Investor, Inc.
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