After Liu's empty list was locked up, the leaders of the State Reserve Bureau stated that Liu was not from the unit, and his huge empty list in London was not authorized, but his personal behavior. The implication is that the State Reserve Bureau does not need to pay for Liu's loss at all. There is also a more optimistic statement: the State Reserve Bureau is a government agency and has not turned it over.
Yi's qualification is not the subject of the transaction, and Liu's transaction is likely to be an unauthorized personal act, so the State Reserve can not bear any responsibility at all, and the final loss can only be borne by the funds of Dragon International.
This joke is too big. Liu's 8000 empty hands were locked up, and no one actually paid the bill. What is even more bizarre is that some people think that international foundations bear the losses! Come on, is Liu fighting with a group of vegetarians? What worries me is that once this strange argument takes the lead, it will divert the public's attention and ignore the essence of the problem.
Where did Liu's short money come from Did it fall from the sky? Can he mobilize hundreds of millions of dollars to do whatever he wants in LME? To say the least, even if the short quilt cover is Liu's personal behavior, can his unit pass the buck to him alone? If so, then Liu will become a tragic symbol in this tragedy, and the public can only get farther and farther away from the truth. Similar tragedies will naturally continue to be staged in other departments.
There is also a tendency to be vigilant, that is, to downplay and cover up the losses caused by the short quilt cover. Let us give up an opportunity to learn from a painful experience and reflect deeply and take measures to avoid the recurrence of similar tragedies. According to media reports, the copper deposit incident in China has attracted the attention of the leaders of relevant ministries and commissions, and began to investigate and understand the relevant situation. The explanation given by the State Reserve Center to the superior is that the Center does not lose money due to speculation as rumored by the market.
It is not difficult to understand the good intentions of the National Reserve Center. However, as the largest copper importer, if it is hedging rather than speculation, why short orders instead of multiple orders? Banks know best whether enterprises lose money or not. On 12 12, Liu, chairman of the China Banking Regulatory Commission, pointed out that due to the lack of effective control over market risks, "all the incidents from Bahrain Bank and Enron abroad to China's" China Aviation Oil "and" China National Copper Reserve "have paid a painful price without exception." As a bank official who likes ink as gold, Liu used the word "pain", and the loss of the State Reserve Copper can be imagined.
In fact, the loss of the State Reserve Copper incident is far more than these:
First of all, it's not just the Liu family who are short-selling, but also many other domestic enterprises and some rat warehouses are trapped like Liu (that is, first use personal funds to open positions, and then use public funds to push the market to open positions in its own direction, and make money safely under the cover of public funds, which is called rat warehouses because it is too despicable). According to media reports, if the State Reserve has 20 tons of empty warehouses, there will be 300,000-400,000 tons of rat warehouses. So, how much should this loss be? As far as enterprises are concerned, Minmetals Nonferrous Metals Co., Ltd., a subsidiary of the state-owned Minmetals Group, lost more than 200 million yuan trading copper in London this year. What about other companies?
Secondly, the rise in copper futures prices has also driven the spot copper price to rise all the way. As the world's largest consumer and importer of copper, the losses suffered by our related enterprises will be astronomical. Strong market demand determines that our enterprises have no choice but to stop production and accept high-priced copper. The demand for copper is bound to push the price of copper up further, and there is no doubt that our enterprises will continue to be slaughtered.
More importantly, the national material reserve is a strategic reserve force directly established and mastered by the state and an important means to ensure the national military and economic security. Nowadays, to some extent, Liu's foolish trading behavior in the State Reserve Center has become a factor affecting national economic security: the soaring copper price has made domestic enterprises miserable. In fact, when the national reserve center changed from being responsible for the adjustment of the national strategic material reserve to making money by speculation, it began to break away from its inherent responsibilities. And this is the root cause of disastrous consequences.
In addition, according to the laws and regulations of the country, the State Reserve is not qualified to engage in copper futures trading in LME. However, according to media reports, it started trading very early, and all the money it earned was its own small treasury. If it weren't for this mistake, the money in the vault might still be increasing. When you make money, you get rich by silence. When a huge amount of state-owned assets are lost, who should pay for this loss?
It may be an urgent task to thoroughly investigate the copper incident in the State Reserve, bring those responsible to justice, hell to pay, and take corresponding measures to plug the regulatory loopholes, so as to avoid the recurrence of similar tragedies.