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Jill on Money with Jill Schlesinger

The China Hustle

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 5 April 2018

⏱️ 42 minutes

🧾️ Download transcript

Summary

The new documentary film The China Hustle 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. MOVIE TRAILER: https://www.youtube.com/watch?v=55892jT06aI 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. With the help of a team of Chinese researchers who risk their freedom to uncover the truth behind these fake companies, the investors discover the frauds and bet against them in the market. There are no good guys in this story. But there are a few people who are sick of a financial system built on lies. The China Hustle follows their story through Wall Street, China and your retirement savings to uncover the biggest heist you’ve never heard of, and to challenge all of us to wake up and demand accountability and transparency in our markets before it’s too late. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in Apple Podcasts. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/  https://twitter.com/jillonmoney  https://www.facebook.com/JillonMoney  https://www.instagram.com/jillonmoney/  https://www.youtube.com/c/JillSchlesinger  https://www.linkedin.com/in/jillonmoney/  http://www.stitcher.com/podcast/jill-on-money  https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Transcript

Click on a timestamp to play from that location

0:00.0

Hi, it's Jill Schlesinger hosted the Better Off Podcast. On today's show, we've got the guys behind

0:08.9

the new documentary movie, The China Hustle. This is the biggest

0:14.0

heist you've never heard of.

0:16.0

If we think that the hundreds of billions of dollars that have been stolen from

0:19.3

American investors went to China and just sat idle in bank accounts, we are sadly mistaken.

0:25.6

It came back here through a different investment vehicle to buy our companies and control our jobs.

0:32.4

Welcome to the Better Off Podcast.

0:34.0

We're sponsored by Betterment, the largest independent online financial advisor.

0:39.0

Now, we've got a great show today.

0:41.0

I'm so psyched about this because we have two people involved in a brand new movie

0:47.0

The China Hustle. This is a film by Jed Rothstein and we also are going to have not just Jed but Dan David who was one of the

0:56.4

characters in this. I want you to think about this movie as essentially the big short of China.

1:05.0

Okay, it's not exactly like that, but it is compelling.

1:08.0

It is a documentary. It does not feel like a documentary.

1:12.0

I watched it, Mark watched it, it was so compelling, we were

1:16.1

so into it. It is a great story about what happens when you let Chinese companies essentially come to the US and pretend to be legitimate companies?

1:30.0

Our public can invest in those companies? what happens when we find out that it is essentially a house of cards.

1:38.4

China is this exploding market. We're making a profit.

1:41.9

$22 million. A hundred million. 20 billion making a profit. 22 million dollars.

1:43.0

100 million.

1:43.6

20 billion.

1:44.6

50 billion.

...

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