[color=red]Note: This thread has been split off from the [url=http://tw.forumosa.com/t/why-long-term-residents-tend-to-support-independence/27918/1 foreigners want Taiwan independence"[/url] thread. Some of the posts here relate to that thread so a bit of to-ing and fro-ing may be necessary[/color]
Listen, I don’t want to get off-point because I actually appreciate most of your extended discourse. I’ll just close out this mini sub-thread by saying your comments about the BOC IPO reeks of unsubstantiated exaggeration. If the WSJ coverage of China is truly pathetic, then I’d respectfully encourage you to present some other papers in the “financial press” (Financial Times? Economist?) which called the BOC IPO a form of “international aid”, and/or suggested that there would be loss of investor confidence if the BOC listing had been elsewhere.
The BOC IPO has specific risks that are greater than the industry standard for a bank of this size, but the BOC IPO was courted by exchanges and welcomed by institutional investors worldwide. It was a good business deal, period.[/quote]
Just two points on this: I don’t see why my comments should only be valid if the Economist or FT or, God forbid, Bloomberg (most of whose stories are written by illiterate teenagers, to save money) agree.
The Bank of China is an appallingly risky buy. No-one has even the slightest clue how much, if anything, it might be worth. You and I disagree. Fine. We will see what returns the BoC brings to shareholders.
In the end it doesn’t matter to the CCP where the BoC lists, as the money will roll in regardless, and HK is under its control anyway. Yes, any bourse will eagerly list any Chinese government stock regardless of how dodgy it is.
Foreign “talent”: My point is that in all things Taiwan should enlist the help of experts regardless of where they come from and pay them the going rate. It will not do that, either because of xenophobia, or because in the end the difference between any contracts priced for the good stuff (Volvo buses, for example) and the cost of the cheapest internationally available alternative (crap polluting buses from Eastern Europe) goes in some corrupt official’s back pocket.
First thing is to set up an ICAC with a non-Chinese/Taiwanese foreigner *in charge from who reports directly to the president. Obviously, er, the quality of the president would have to be improved, but it would be a start.
*To forestall a Taiwanese version with the president’s brother in charge etc etc