VP Biden Gave China Easy Access to US Markets Then Hunter Received $1 Billion, Now China’s Economy Is Failing and US Investors Are Stuck
Vice President Joe Biden gave China a sweetheart deal in 2013 that allowed China’s companies access to US markets.
Joe Biden’s deal gave Chinese companies a special benefit. They didn’t have to fully comply with key US regulations surrounding financial reporting.
A few months later Hunter received $1.5 billion from China. This is open lawlessness.
China’s economy is now failing. Will US investors pay for it?
In 2013, Vice President Joe Biden brokered a deal with China that gave the country access to US markets without having to comply with US compliance regulations that US companies had to comply with. John Solomon at Just the News reported:
Since 2013, Chinese companies have been allowed to participate in U.S. stock and bond exchanges without having to fully comply with the same Sarbanes-Oxley Act accounting practices and risk disclosure required of American companies.
The concession was made in a little-noticed Memorandum of Understanding executed seven years ago by the Public Company Accounting Oversight Board (PCAOB), a nonprofit regulator empowered by the Sarbanes-Oxley law to ensure U.S. investors are protected from making bad investments because of faulty audits or financial information.
The agreement was reached in May 2013 after Chinese leaders pleaded for improved access to American capital markets in multiple meetings with then-Vice President Joe Biden, transcripts from the Obama administration’s archives show.
The Sarbanes-Oxley legislation cost US companies millions, if not billions, in compliance costs since put in place after the Enron collapse. For some reason, Biden thought Chinese companies should not have to comply with these requirements that are required of American companies to ensure accurate financials and key controls throughout company operations worldwide. These controls are audited at least annually and at a significant cost to the entity. There are also significant costs to prepare for these audits.
Rather than ensure China’s companies were at least as accurate in their reporting and as well-controlled, Biden gave Chinese companies a pass on the same requirements mandated of US companies. This deal allowed Chinese companies to obtain billions, if not trillions, in capital not available in China.
https://www.thegatewaypundit.com/2021/10/breaking-exclusive-vp-biden-gave-china-easy-access-us-markets-hunter-received-1-billion-now-china-economy-failing-us-investors-stuck/