Caterpillar Punked By Chinese Fraud, To Write Off Half Of Q4 Earnings

Zerhedge ^ | January 19, 2013 | Tyler Durden

[indthkr]

chicom bump for later......

[RedWhiteBlue]

Fraud and corruption in China? Who knew?

“Paging Jackie Chan ... paging Jackie Chan ....”

http://www.freerepublic.com/focus/f-news/2977382/posts

[Mr. Jeeves]

Chinese companies range from efficient, well-run producers of top-quality goods all the way down to the lyingest scam artists on Earth. China produces great stuff, and China produces utter crap.

Everything you have heard about China - good and bad - is true. China is so huge that both realities exist simultaneously.

Joint ventures with Chinse firms obviously involve much more risk than merely buying finished products, and therefore require much more due diligence. Many American companies have built successful new venture in partnership with Chinese firms. But it sounds like Caterpillar - like HP - got a little lazy with the research in their zeal to make some easy money.

[houeto]

But it sounds like Caterpillar - like HP - got a little lazy with the research in their zeal to make some easy money.

Several somebodys in the Legal Dept. are in deep doo methinks.

[SeminoleCounty]

I am sure the Free Trade Communists who routinely shill and support Free Trade with Communist China...will have some spin on this

StupidNomics rears its head again...getting burned by the Communist Chinese

The Commie Chinese know they can roll any American concern because of Free Trade stupidity. This nonsense will end once the US starts slapping tariffs on the Commie Chinese

[hinckley buzzard]

I agree. Some of us have been watching this develop for years. The worst is yet to come.