Chinese Takeover Of Anbang Symptomatic of Larger Deleveraging, Fraud Crackdown

You know the deleveraging, and anti-corruption crackdown in China is getting serious when highly connected politicos such as Wu Xiaohui, founder of Anbang Insurance Group Co., is prosecuted for “economic crimes.” In what the BBC categorizes as “an unusual move,” the financial services company was taken over by the government. The highly leveraged firm is a…