2. Suntech's Bond Villain
Bond. German Bond. That's why traders are using their Series 7 Licenses to kill Suntech Power (STP).
The once high-flying Chinese solar panel provider -- one of the largest solar companies in the world -- plummeted into penny stock territory this week after the company said it might be the victim of a $679 million fraud.
Suntech revealed on Monday that an affiliate in a solar development fund possibly swindled it with a phony collateral pledge of hundreds of millions of euros of German bonds. The announcement caused Wall Street analysts to question Suntech's viability -- admittedly already a big question given the implosion of the Chinese solar sector -- and send its shares below a dollar, down from over $7 at this time last year."We now suspect that the German government bonds may not have existed and Suntech may have been a victim of fraud," said Suntech CEO Zhengrong Shi said on a conference call. Wait, we thought the Chinese companies traded in the U.S. were the ones
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