@nytimes reporter covering China and Asia, but mostly China. Got a tip? alexandra.stevenson@nytimes.com GPG
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We've seen this movie: It's pitched as a sure bet. Investors learn it's not. They lose their shirts & complain, the police clamp down hard. They plan legal action. Authorities apply more pressure. The difference is that this time it's China's top bank. https://nyti.ms/36hJ8wt 1/
Top officials took note -- it could have been a catalyst for reform and better investor protections. But the fallout risked embarrassing China's leadership at a critical time with people raw about the economy and as officials gather for delayed annual legislative meetings 2/
Just days ago, groups of investors still talked online of suing Bank of China, accusing it of "pure gangster logic." One said he felt like the bank was “bullying its customers because it is a big organization.” Experts agreed that it was too aggressive. Regulators watched on. 3/
Days ahead of the National People's Congress, regulators said the bank settled w/ most investors. For at least some, that's bc police visited their workplace to talk to their bosses. Under pressure, these investors settled. “We did not want to get entangled in this incident.” 4/
It could have been a learning experience and a chance to strengthen investor protections in a financial system that is still fragile. Instead it's been swept under the rug. Read more here https://nyti.ms/36hJ8wt w/ @caocli and @albeezh
China being very bad again.
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