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Angry Chinese Investors Capture Head Of Metals Exchange In Predawn Hotel Raid
Meet Shan Jiuliang. He’s the head of Fanya Metals Exchange and he was captured in a daring predawn raid in Shanghai on Saturday. As FT notes, "Fanya is a forum for trading minor metals like indium and bismuth that has also functioned as a shadow banking conduit — not only leveraging metal deposited with the exchange as collateral for loans, but offering high interest investment products to retail investors." If that sounds familiar to you, it should. Just last week in "The 8 Trillion Black Swan: Is China's Shadow Banking System About To Collapse?," we took a fresh look at the dizzying array of wealth management ... (full story)
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