WASHINGTON - U.S. Secretary of State Mike Pompeo on Thursday warned American investors against fraudulent accounting practices at China-based companies and said the Nasdaq’s recent decision to tighten listing rules for such players should be “a model” for all other exchanges around the world.
“We must take firm, orderly action to end the Chinese practice of flouting American transparency requirements without negatively affecting American investors and financial markets,” Trump wrote. Nasdaq Inc took action last month and tightened listing rules, in a bid to curb initial public offerings of Chinese companies closely held by insiders and with opaque accounting.
He also said he was instructing a presidential working group to study the differing practices of Chinese companies listed on the U.S. financial markets, with the goal of protecting American investors.
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Good idea. Another good idea: enforcing the laws already on the books, rather than ignore abd weaken them, as the GOP is wont to do.
There’s probably something in it for him!
Does Pompeo have leprosy?
Obama allowed Chinese companies using Chinese accounting reports and audits. As you can imagine, that became a systemic fraud on US small investors.
“Shady.” He ought to know.
Tighter rules? You mean like the rules that are in place now which does nothing?
short the stock GSX. FRAUD !!
Pompeii is the one who is shady!
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