In fact, the PetroChina IPO has already run into considerable trouble. When Wall Street understandably balked at massively underwriting such a seemingly questionable effort, the Chinese abruptly changed their plan yet again. This time, they pledged to apply the U.S. investors' funds to develop their domestic oil and gas reserves. That is problematic too, since much of those reserves are to be found in Tibet. Already two of the Nation's largest pension funds, TIAA-CREF and the California Public Employees Retirement System, have reportedly taken the unusual step of signaling that they will not invest in PetroChina when it comes to market.
Matters seem likely to get worse for Chinese communists hoping to dupe American investors.
Bipartisan support for such a step will surely grow as Beijing intensifies its campaign of intimidation against Taiwan during the run-up to the island's presidential elections this month. It also will grow because many legislators are itching to castigate China without foreclosing their ability to vote for the country's entry into the World Trade Organization. Such diligence in the service of American civilization would ensure that our moral creed gets its due. All copyrighted material belongs to its respective owners, and is provided solely for educational purposes of the reader.