In James Clavell’s Noble House, there is a scene where a fictional Scottish trading house operating in colonial Hong Kong ends either a run on its bank or a run on its stock (or maybe both – I forget) by obtaining an emergency loan from China’s communist government. The loan didn’t come directly from China’s government – it came though the Hong Kong branch of Bank of China – but it clearly required Beijing’s approval.
Clavell's novel was set in a time when China’s government was still really communist. 1949 wasn’t a distant memory in the 1960s.>>>MORE
Or, as Econospeak put it:
Does Wall Street Lead to Socialism?
"It wasn’t all that long ago that Wall Street -- Citi bankers included -- were scouring the emerging world for state-owned companies that could be sold to private investors in the