This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bigtime Investors Lose Big on China

Hank Greenberg has been nonchalant of late when talking to the likes of CNBC about his fund's disastrous investment in China MediaExpress, another flame-out that saw Muddy Waters play a role, though short-sellers had been circling around the company for months.

In March, MediaExpress's audit firm, the Chinese affiliate of Deloitte, resigned after saying it had uncovered accounting impropriety. The SEC has launched a probe into the company -- a probe that likely is coupled with the agency's broader investigation (reported by TheStreet in December) into possible widespread securities violations among Chinese companies.

Greenberg's investment vehicle, C.V. Starr, filed suit against MediaExpress and several of its executives not long after the brouhaha erupted, alleging that it had been duped out of its money.

Starr had built a 12.3% stake in CCME before evidently trimming the position. As of March 31, Starr held 8.3% of the company, according to Edgar Online.

A spokeswoman for Starr said the fund had no comment.

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
CELM $0.12 96.72%
PUDA $0.00 0.00%
YUII $0.01 0.00%
DB $33.30 0.00%
GS $197.35 0.00%


DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs