CNN's Selina Wang reports on a massive banking scandal in China that started in April 2022 that has robbed nearly half a million people of their life's savings. #CNN #News
Chinese couple says they were illegally detained and bank cards confiscated
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I’m happy to see the Chinese people identify the evils of there own government as we are recognizing ours! It’s not left vs right, or this or that. It’s the people vs centralized power
Maybe just go protest in NY and tear up other people’s businesses…right?
在我们国内没有新闻自由，视频上的这件事情我都是靠爬梯子上youtube才知道的，这件事我们国内都没有半点新闻，因为新闻都要经过我们共产党的审核。。。。
She is an American but keeps blind on same issues in US. Her double standard and fabricating the information reflect her quality to be a moral human being.
Selina Wang does a great job bringing these difficult but very important reports. Well done!
This report is completely wrong. These people didn’t put money in deposit but in the funds for the high interest rate. Silicone Valley Bank didn’t return the investor’s money but only the deposit money. She is wrong in every sense.
@Ann An That’s a lie. The small Chinese banks in question did in fact keep deposit money (checking and savings).
@don s They didn’t lost their money from deposit but the fund. The investment has high interest rate but also high risk.
Thank you for the report.😢
So sorry you’re going thru this!
Great report, keep up the good work!
I pray to God to give you a lot of beautiful days and you know God loves us so much,So where are you originally from? I am David originally from Spain Granada but currently living in Texas now and you?
These protesters should all be jailed if they dare refusing police order.
For American audiences who don’t understand China’s banking system quite well, China’s commercial banks are completely affiliated to governments up and down the country, that means every local government has full access to deposits which was illegally taken to invest in property market by their affiliated real estate firms in purpose of making profits, unfortunately the economy plummets by the covid restrictions therefore few people can afford a new house sold before completely construction, as the result deposits cannot be restored and the worse is you may have seen some reports of people living in these unfinished buildings hoping one day it can be fully constructed.
In US, unfinished building is forbidden to occupy. Otherwise, the police process arrest for trespass.
US bank does same as Chinese bank does.
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Because they can. That’s why I don’t have NY money in a bank.
Great to see the Chinese people standing up to the corrupt system but I’m afraid they’ll have little effect. I hope the looming housing market collapse isn’t as bad as it looks like it might be.
Dude that will hurt millions of innocent people
They don’t stand up enough. Not nearly enough.
The Truth Hurts!
– Good reporting! Stay safe Selina Wang!
Was waiting for you guys to report on this… it’s been all over independent media for a while
Yet again, Selina Wang doing excellent reporting from China. Bravo!
Good luck to those who want there currency as a new world reserve currency.
4:18 ” hey Selina, this is amazing, people wait a year and still can’t get their money”
I am surprised you’re covering this. It’s reported on Chinese YT channels.
Good work and stay safe.
Thank you, a story that needs to be heard!
I am dying of laughter.
😂😂😂😂😂😂☝️
As a journalist do you investigate the reason behind these actions? Why did it only happen to the banks from this small town?
The reason why these accts were frozen because the owner of these accts were involved in Illegal Loan Shark activities, even tho without fault of their own, as they were enticed by rogue bank employees to invest in “high return investments”.
8 banking executives and employees has alrdy been charged. However, due to the numbers of victims involved, the authorities have to freeze all related accounts inorder to repatriate money back to the victims, as many of the high interests paid by the victims had been paid out to these unknowing “investors” as returns.
But reporting false news without context is the reason for ppl not trusting CNN any more. Why isn’t the reporters visit the real victims? The people who lost everything to those loan sharks? Don’t they deserve to get some of their money back? What’s little inconvenience but to help others whose suffering because of capitalist greed?
There are 2 classes in China involving one class having more rights than the other class. That class of privilege is anyone who works for the government such as police, military, political officials, ect. The other class are just the people of the majority of no affiliation working for CCP of manufacturing and basic employment. In their social media, anyone who express positives of CCP actions are all affiliated with government jobs or in wait. The majority of citizens need to recognize the question of reasons of those privileges not equal as a whole.
I think he and others are going to find out that their savings are gone… And he’s going to sue the local government?! 😅 Yeah ok