“The Chinese have even nationalized the once western run accounting firms who do the audits.”
We’ve basically nationalized our banks, and already have government oversight of our auditors. We’re not enemies of Red China; we’re kindred spirits (at least our governments are).
No......we ain’t even on the same page.
And the bank nationalization has yet to occur. The regulators of the banks are supposedly independent as they reside in the Federal Reserve. they are also inspected by the FDIC. The FDIC is subject to Congress.
The PCAOB, and SEC regulate public companies and set rules for accounting practices but they are subject to congressional oversight.
The problems occur when Congress does not do it’s job or is in one party hands.
In China, the CCP or the Communist Party controls everything from soup to nuts...and they outright own the banks.