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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Monday, July 17, 2006

How To Create Billions From Nothing....

Take a company that has no assets, Pacific Century Cyber Works, that runs up in value during the dot-com mania, buy a company, in this case telephone assets in Hong Kong from Cable and Wireless and use the worthless company as script to take the assets. Since you are the son of uber-tycoon Li Ka-shing that made his original fortune as a smuggler, you do not ever feel compelled to do what is right except was is good for yourself.

Don't manage the company very well and cause the share price to drop. Don't show up at shareholder meetings since you are a sleazy little rich kid that doesn't know anything about managing assets and cannot face irate shareholders.

Negotiate a non-competitive deal with the Hong Kong government and build an office complex and residential apartments and then lease the office to your own company, in this case PCCW.

Then sell your stake to another crony and walk away with billions of Hong Kong dollars. Earn lots of money while adding no value what-so-ever to anyone or anybody, except yourself.
Last Monday night, Li confirmed that Pacific Century Regional Developments, which he controls, will sell its 23 percent stake in PCCW to Leung, for HK$6 per share. Li stands to gain HK$9.16 billion.


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