News Summary: Phony bank adds to China's fakery

AP News
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Posted: Jun 18, 2012 12:14 PM
News Summary: Phony bank adds to China's fakery

FAKE OUT: Rice trader Lin Chunping took fakery to a whole new level when he invented a U.S. bank and claimed he bought it.

BANK SHOT: The little-known businessman shot to fame in January when state media reported that he had taken over Delaware-based Atlantic Bank. But there is no Atlantic Bank in Delaware. He's under arrest now for an unrelated fraud.

APPEALING CON: Lin's story was particularly captivating because overseas acquisitions are a point of pride in China, showcasing its rising economic power. Lin's supposed purchase of an American bank signaled both Chinese triumph and U.S. decline.