Protecting China's Red Princes

When it comes to protecting the well-connected from their own incompetence, greed and worse, few institutions rival the Communist Party of China. Minor corrupt officials are routinely executed, big fish very seldom. So it should perhaps come as no surprise that following the rescue of Hong Kong-listed Citic Pacific by its Beijing former parent and now guardian, it has left unchanged the top management that oversaw the loss of US$2 billion – yes, US$2 billion – in currency speculation little connected with any of its core businesses.

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