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Jill on Money with Jill Schlesinger

The China Hustle Part One

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.61.8K Ratings

🗓️ 26 December 2020

⏱️ 19 minutes

🧾️ Download transcript

Summary

Next up on the list of films to stream this holiday weekend is The China Hustle. The documentary begins amid the depths of the 2008 financial crisis, when we meet protagonist Dan David and a band of Wall Street outsiders. These detective-like investors operate on the fringes of the financial world, scouring global markets for money making opportunities. With the U.S. economy and markets in a tailspin, they turn to China, where there is what seems like a modern day gold rush. Chinese stock market indexes are doubling every year and the potential seems endless. There’s one problem, though: U.S. investors can’t participate because they are barred from investing directly in Chinese markets. But this is America, and people always find a way. A few Wall Street operators create a novel solution by bringing hundreds of promising Chinese companies directly to U.S. stock markets. All of the sudden, US investors can get in on the Chinese miracle, without leaving the comforting confines of the NYSE and the NASDAQ. It all seems to be going well, until detectives discover that most of the companies they’re investing in are frauds, producing phony balance sheets, claiming sham inventory levels and celebrating non-existent profits. The investors flip their strategy on its head and begin to master the art of short selling, essentially, betting that a company will fail. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0

Are you ready for a Monzo Business Bank Account?

0:03.3

Heather from the Accountant's Growth Club was,

0:05.3

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0:09.8

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0:14.0

When it's time to pay your VAT, I always know the money's there.

0:17.0

If you're ready for a Monzo business account, apply today.

0:20.0

Just search Monzo Business. Only sole traders or limited company directors in the UK can apply.

0:25.0

Get tax pots with Monzo Business Pro for £5 a month.

0:28.1

Te's and sees apply.

0:29.3

Welcome to the Jill on Money Podcast. It is Saturday, December 26th. It's Boxing Day, so

0:40.6

happy Boxing Day. Well this is our effort to help you with your

0:44.1

binging and choices so today we are re-erring an interview that we had

0:49.4

conducted about a documentary called The China Hustle.

0:53.4

We've got the director Jed Rothstein

0:55.9

and his main character Dan David.

0:59.0

You know, essentially, this is kind of like

1:01.0

the big short of China.

1:02.6

So in the first part of our interview,

1:04.8

you'll hear about the whole story,

1:06.5

how they uncovered these shady, phony companies.

1:09.5

We'll give you a little taste of it with a trailer

1:11.3

and then we'll go straight into the interview.

...

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