Auditing Chinese companies listed in the US.

This whole case (http://dealbook.nytimes.com/2014/06/19/judge-dismisses-suit-against-auditor-who-failed-to-detect-fraud/) is surreal. American shareholders suing a Hong Kong auditor of a Chinese company in American courts. Should we be surprised that the communist chinese government is stubborn when it comes to auditing? They know that with US it can get away with anything, and they have nothing to lose. Unfortunately, we US taxpayers are left holding the bag while China  gets all the benefits of American capital markets while suffering none of its handicaps.

I doubt this decision will stand on appeal, but with kind of freewheeling justices in the majority, who knows?

Furthermore the cases against the underwriters and the outside auditors are still pending. It is difficult to believe that SEC has problems serving papers on Puda's chairman and CEO. We must discover a commercial equivalent of extraordinary rendition to cover cases like this.

And yet most Americans think China is a great place to do business. Lenin was prophetic when he said they would sell the capitalists the rope to hang themselves with.