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China's Goldman Sachs Knockoff Is Scarier Than Original Version

Even Lloyd and Gary might want to just let bygones be bygones on this one.

Everyone knows that you don't mess with the bad boys of 200 West Street because Goldman Sachs will "cut a firm" if provoked.

But what if Bloomberg told you that in China there is an alternate version of Goldman?

Goldman Sachs (Shenzhen) Financial Leasing Co. has been operating in the city just across the border from Hong Kong using a nearly identical English and Chinese name as the New York-based financial institution, Goldman Sachs Group Inc. It claims on its website to be one of the city’s largest financial leasing firms.

Now what if Bloomberg told you that the guys behind Goldman Sachs (Shenzen) are the kind of guys that even Lloyd and Gary would not be interested in rumbling with?

Shenzhen’s Goldman Sachs came to light through a letter sent by a U.S. casino workers union to Chinese officials. The International Union of Operating Engineers said it sent a letter to Wang Qishan, head of the Chinese Communist Party’s Central Commission for Discipline Inspection, which is spearheading the biggest anti-corruption crackdown in decades.
The letter called on China’s government to investigate Goldman Sachs (Shenzhen), which it said is a financial services company linked to a group of gambling companies controlled by the family of Cheung Chi-tai. Prosecutors in at least two other court cases alleged he has ties to Chinese organized crime gangs, known as triads. Cheung is awaiting trial and his next court appearance is scheduled for September.

Because of China's very lax copyright laws, the Chinese Goldman - which looks to be essentially a money laundering organization for Macau casino interests - has a name, logo and online persona designed to replicate that of its American "muse," and it is all totally legal.

If executives at the Goldman Sachs of China really are members of an organized crime syndicate, we cannot wait to meet the Chinese knockoff version of Brian Moynihan.

Heard of China’s Fake Rolexes? Now There’s a Fake Goldman Sachs [Bloomberg]



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