26 replies to this topic

[Optimus]

considering most dictators of poorer nations are multi-billionaries. For someone like Chiang K.S who ruled China from 1930s - 1949 then Taiwan 1949 - 1975 followed by his son until 1988. a uninterrupted period of nearly half a century! any info on how much wealth the Chiangs got during their rule - accounted and unaccounted for.

[adoo]

...Quite a lot, some much so that there was one point when the KMT was the world's richest political party and that his family owned several streets in San Fransico.....

yip,

Madame Chiang's brother-in-law, HH Kung (the banker who had helped Madame chiang's younger brother to bandrupt China's banking system) at one time, was the richest man in the world.

In the height of the internet bubble in the US, Madame Chiang---living in New York at the time---was an active day-trader. buying blokcs of stocks and then, within minutes, selling them.

Edited by adoo, 09 August 2005 - 10:39 PM.

[Too hi Fat]

I have been told by an old guy (who claim to be one of the people helping CKS move when the commies took over) that CKS had 10-12 passanger plane loads of gold bars (personal stash) sent to Taiwan when he knicked off from China.

[Miborovsky]

I have been told by an old guy (who claim to be one of the people helping CKS move when the commies took over) that CKS had 10-12 passanger plane loads of gold bars (personal stash) sent to Taiwan when he knicked off from China.

I'm sure that's when he started hating CKS.

[bhchao]

Chiang and Soong family are the most corrupted persons on earth, draining the China economy and banking sector for their own benefits. When they retreat to Taiwan, not just tons of gold being sent, but ship load of those priceless antiques, were stolen/smuggled into Taiwan. that's why today, most Chinese, mainly CCP considered them as "bandits" and will forever a persona non grata (even ashes of Chiang) to China.

Soong Qingling was not like that at all.

A lot of the US financial aid that FDR sent to China ended up in the hands of the Soong family, making millionaries out of members like TV Soong and HH Kung. A lot of corruption and personal greed existed in the Soong family.

I am not sure of the level of involvement Soong Meiling had in this. Soong Meiling carried about 97 cases of luggage with her from Taipei to Long Island when CKS died in '75. There have been a lot of questions about what were in those luggages.

The shipping of those imperial collection antiques from China to Taiwan was a very controversial move by KMT, and I question that action of shipping all those treasures to Taiwan. But given the history of the CCP in treating cultural treasures (ex. destroying relics and antiques of China's cultural heritage during the Cultural Revolution), KMT's move may have inadventently spared those antiques from being destroyed by Red Guards later on.

KMT did do a good job in protecting the imperial collection treasures after they were moved out of the Forbidden City. When the Japanese army was advancing towards Beijing, those treasures had to be packed in thousands of crates and shipped west across rugged terrain to prevent them from falling into the hands of the Japanese. Then they had to be moved again to some other place to prevent them from falling into Communist hands.

Those treasures were always one step ahead of the advancing Japanese and the Communists. Imagine if they fell into Japanese or Communist hands.

[Grigori]

Those treasures were always one step ahead of the advancing Japanese and the Communists. Imagine if they fell into Japanese or Communist hands.

The Forbidden City to the best of my knowlege was never ransacked by the Red Guards. Those guys mostly wrecked village temples and artifacts in private collections. The government also ordered people to turn in their art collections which were kept in warehouses. My family got their stuff back some years ago.

It's unlikely the important treasures would've been destroyed. But I'm thankful for their preservation none the less. Hopefully they can be returned to the mainland under amicable circumstances for the appreciation of all Chinese people.

[superquarterback]

I guess they stole 750 million USD of American 4 billion war aid and bought
real estates in New York and Sao Paulo. (1943-1948)
In 1975, Soong Mei Ling emigrated from Taiwan to her family's 36 acre (146,000 m²) estate in Lattingtown, Long Island.
Chiang and Soong families have taken the money that should have been dedicated to save China when it needed the most.

[Grigori]

I guess they stole  750 million USD of American 4 billion war aid and bought
real estates in New York and Sao Paulo. (1943-1948)
In 1975, Soong Mei Ling emigrated from Taiwan to her family's 36 acre (146,000 m²) estate in Lattingtown, Long Island.
Chiang and Soong families have taken the money that should have been dedicated to save China when it needed the most. 

Truman estimated the Soong family stole $750 million from the aid money. He also called them "a bunch of thiefs". In the late Forties Madame Chiang went to the US Congress to ask for $3 billion to fight the Communist horde. US gave her $1 billion which she said wasn't enough. Truman told an aid that she could raise a billion just from liquidating her personal holdings in Manhattan.

Of course it wasn't just US aid they skimed from. The Kung and Soong families were estimated to have $2 billion stashed in the US. They owned banks, businesses, large chunks of Dupont and General Motors, and office buildings and apartment complexes. This does not include the other investments in Hong Kong, Europe and South America.

After Chiang resigned in early 1949, he immediatly started to seize money from all over the country to ship to Taiwan. The Bank of China was robbed of its gold reserves when Chiang and Green Gang boss "Big Eared Tu" cordoned off the Shanghai streets and sent hundreds of coolies to haul off the gold. When news hit, the Gold Yuan depreciated from 4:1 against the US Dollar to millions:1. Thousands of middle class families were wiped out. Acting President Li Zong Ren couldn't pay his troops or make any of the emergency reforms he wanted.

Various warlords also raided their provincial treasuries for transport to Taiwan. How much loot was taken out of China in this period is impossible to know. An indication might be that during the Korean War when Chiang expected the Americans to back his return to the mainland, ROC spent a billion a year to bribe American newspaper mughals and run its own propaganda paper in the US. No points for guessing where Falun Gong gets its publicity money today.

Ultimatly the family transfered perhaps more money to the US than money US gave to China.

Edited by Grigori, 16 August 2005 - 10:53 PM.

[Sephodwyrm]

In any case, part of the Chiang family was poor, or seemed like it. Chiang Chingguo and his wife Chiang Fangling led a modest lifestyle. Chiang Fangling was really poor the last time they checked on her.

[Optimus]

wonder did Old Chiang took a few of the imperial treasures that he likes for personal appreciation...

[CKF]

Quite a number of these Chinese antiques were also handed over to important foreigners (usually Western officials / politicains) that visited Taiwan in the 50's and 60's as 'gifts of friendship'.

Edited by CKF, 17 August 2005 - 09:51 PM.

[ahxiang]

H.H. Kung nominally registered the Yuhua Commercial Savings Bank with 100,000 silver dollars in mid-1910s, but appropriated most of the funds for importing kerosene oil, candle oil, soap and matches under the Xiangji (H.H. Kung) Company. With profits from the export and import business, H.H. Kung injected funds into the Chinese Publishing House (zhonghua shuju??) of Shanghai, speculated in Shanghai’s real estate market, and cooperated with Chen Guangfu and Zhuang Dezhi in launching the Shanghai Commercial Savings Bank. Separately, Madame H.H. Kung started business dealings with Du Yuesheng, i.e., the ganster leader "Big-Eared Du", (1887-1951).

Just prior to the 1927 Shanghai worker uprising, American mayor Fessenden [Fei-xin-dun] was fetched by the French for a meeting with Du Yuesheng, which was for sake of approving the transportation of 5000 guns to the ganster forces through the "international settlement" zone. There is no record that colonialist powers had offered financial aid to Chiang Kai-shek Shanghai merchants, with gangster elements, were said to have formed a consortium for loaning Chiang Kai-shek 3 million yuan for delivery on April 1st 1927 as a downpayment. Seven million followed. Then, another delegation promised to loan Chiang Kai-shek 30 million yuan currency for establishing a moderate government in Nanking. Zhang Yufa pointed out Shanghai bankers offered Chiang Kai-shek 15 million and 30 million loans after the purge by citing primitive documents, like "Moscow & Chinese Communists" (Robert C. North, pp.97), "The Tragedy Of The Chinese Revolution" (Isaacs, p. 151-152), and "A History Of China" (Wolfram Eberhard, p. 315).

. --Young pointed out that the C$30 million, May 1, 1927, loan for “extraordinary military expenses” was securitized, meaning that Chiang and Soong could not obtain a loan at will without pledging the customs surtax. Hence the rumors of extortion were not founded.

During Chiang Kai-shek's trip to Japan in Dec 1928, rumor went that American ambassador to Japan visited Chiang Kai-shek and obtained a guarrantee as to American interests in China. In early 1928, Huang Fu had to make an apology for British-American loss and damages that were incurred after 6th & 2nd Corps of the Nationalist Army took over Nanking On March 24th 1927. (Chiang Kai-shek blamed on communist-infiltrated 6th & 2nd Corps for the turmoils, while later American investigation showed that Sun Chuanfang's army had conducted pillaging to provoke British-American confrontation against Chiang Kai-shek.)

Chiang Kai-shek was still short of money. Li Zongren memoirs pointed out the fundamental cause of the explosive growth of communist bases and enclaves in the early years, i.e., Chiang Kai-shek deliberately ignoring Communists for sake of exercising economic, military & political dictatorship. Numerous times, Li Zongren advised Chiang Kai-shek of the need to quell the communist rebellion while Chiang Kai-shek merely treated the communist as banditry. At one time, Jiangxi Prov's Zhu Peide requested with Li Zongren for a joint visit to Chiang Kai-shek by having Li Zongren offer to allocate a portion of his Gui-jun for deployment against the communist in Jiangxi Prov. (Zhu Peide's 3rd Corps had only six regiments.) Chiang Kai-shek declined this proposal. Jiangxi Prov native association in Shanghai also petitioned with Chiang Kai-shek for quelling rebellion. In Sept-Oct 1928, Li Zongren proposed that Liu Zhi's 2nd Div be sent to Jiangxi for quelling communist rebellion, stating communist were not mere banditry but brigands possessing "ideals" and "ism". On another occasion, Chiang Kai-shek had Song Ziwen assemble a group of Shanghai financiers for sake of extracting loans and funds in the name of quelling communist insurgency. Chiang Kai-shek made a quick appearance at the meeting and scared the financiers by hinting that communist insurgents might come to Shanghai to stage a rebellion should the financiers fail to assist his government in the crackdown on communist enclaves. Li Zongren pointed out that Shanghai financiers shook their heads at the statement made by Chiang Kai-shek. Though, Chiang Kai-shek still failed to put the raised funds to usage and refrained from dispatching Whampoa lineage military against the communist bases. On another occasion, Zhang Jingjiang complained that Chiang Kai-shek, after marriage with Soong Mei-ling, no longer listened to his admonitions. (Seagrave called it a blackmail, and claimed that Chiang Kai-shek did it again in late 1940s with demands for aid from USA.)

On April 6th 1933, Kong Xiangxi tacked on the post of President of the Central Bank. On Nov 1st, took over finance minister post from Song Ziwen. Chiang Kai-shek's national vault had 3 million yuan cash, to-be-issued bonds worthy of 27 million yuan, no foreign currency, and no gold.

Edited by ahxiang, 26 June 2009 - 12:28 AM.

[ahxiang]

US Involvement In China Due To Russian Spies' Manipulations

WWII History Needs To Be Construed As 25% British instigation, 25% Anglo-American Appeasement, 30% COMINTERN Conspiracy, and 20% Japanese Beastly Ambition. With Soviet archives and American Verona archives opened to the public, almost all history books should be completely rewritten. This is true for books that were published even at this moment should the author faile to grasp the archives in the necessary perspectives.

At http://www.larouchep...n_v_dr_sun.html, Mike Billington wrote for "Executive Intelligence Review" an article entitled "How London, Wall Street Backed Japan's War Against China and Sun Yat Sen", pointing out the behind-the-scene manipulations as to "SYNARCHISM AND WORLD WAR". As stated by Mike Billington, "... British synarchist banking interests, centered around Bank of England head Montagu Norman, Hongkong and Shanghai Bank director Sir Charles Addis, and J.P. Morgan chief executive Thomas Lamont, deployed militarily and politically to destroy Sun Yat Sen and his influence. ... when their subversion and looting failed to crush Sun's republican movement, the British threw their weight behind the synarchist/fascist forces in Japan, financing the Japanese military occupation of the Chinese mainland... By 1931, J.P. Morgan had floated $263 million in loans for Japanese borrowers, including direct loans to the government in 1930", with quite some of the funds going direct to the Southern Manchurian Railway under disguise to avert the world opinions. Note that President Wilson rejected Reinsch's 1917 financing arrangement for building an alternative rail route to the South Manchurian Railroad, "even assured Japan that the United States would honor their special position in Manchuria", and in Oct 1918 agreed to the formation of a new bankers' Consortium which was orchestrated by Anglo-American bankers for sake of depriving China of any chance of obtaining an international loan.

Chiang Kai-shek's relationship with Britain and America never progressed before WWII. There were hiccups during WWII, especially so when Stilwell could be implicated in assassinating Chiang Kai-shek in early 1944. After WWII, Marshal had adopted the "carrot and stick" policy as to Chiang Kai-shek, and implemented an arms embargo against China in 1946-1947. (Nancy Tucker acknowledged this embargo.)

You may ask why would USA ever got involved in China over WWII? It could be a Soviet setup.

Russians, after signing a neutrality pact with Japan on April 13th 1941 [by betraying the 1937 non-aggression treaty between China and USSR], had sealed off China's continental exit to the north and northwest. Russian, being concerned that China could lose the resistance to Japan, secretly ordered their proxies, Launchlin Curie & Harry Dexter White, to recommend to Roosevelt that China be given the Lend-Lease materials, after Curie went to China on an inspection mission in Jan 1941.

16 out of 17 of the AMERICANS that were involved in creating the U.N. were later identified, in sworn testimony, as secret communist agents. The first Secretary General was the AMERICAN Alger Hiss. Hiss served time in prison pursuant to his involvement in a Communist spy ring. Who were the 16 American citizens who helped create the UN that were identified as communists? Alger Hiss; Harry Dexter White; Virginius Frank Coe; Noel Field; Laurence Duggan; Henry Julian Wadleigh; Nathan Gregory Silvermaster; Harold Glasser; Victor Perlo; Irving Kaplan; Solomon Adler; Abraham George Silverman; John Carter Vincent; David Weintraub; William K. Ullman and William H. Taylor.

[ahxiang]

How Kong & Song Families Make the Money? - part I

After examining the history above, we could see clearly that Kong had mostly profiteered from bonds and foreigne exchange manipulations BEFORE 1945. Two avenues of profiteering were possible. One involved the Debt reorganization of February 1932 and 1936, which were meant for the extension of maturities and lowering of interest rates on most of the debts inherited from the Peking government. Mme Kong Xiangxi, i.e., Soong Ai-ling, was said to have created the "seven star company" and profited from bond market trading through insider information. (One of HH Kung's lieutenants, who was imprisoned by the ROC government, stayed on in mainland China and could be purportedly one of the reliable sources to provide the truth to the bond trading scams if any.)

The second avenue would be the non-official China Development Finance Coorporation (CDFC) which was launched on June 21, 1934, against Japanese consul's objection but with the acquiesce of the British-American interests. The CDFC participants bought 500k as capital, and 17 banks were asked to contribute. First shareholder meeting was held June 4, 1934. Kung became chairman of the board, Soong and Pei as executory director, and Z L Soong general mamager – altogether 21 directors and 7 supervisory. Both Kung and Soong profited from the operations of CDFC which controlled dozens of enterprises. CDFC actively penetrated the Japanese economic blockade to strike deals with the British and Chinese Corporation. For example, CDFCobtained a deal in November 934., which was an arrangement for the issuance of a loan of C$16 million for completion of the Shanghai-Hangchow-Ningbo RR, including the long bridge over the Chientang River near Hangchow.

DETAILS below:

On April 6th 1933, Kong Xiangxi tacked on the post of President of the Central Bank. On Nov 1st, took over finance minister post from Song Ziwen. Chiang Kai-shek's national vault had 3 million yuan cash, to-be-issued bonds worthy of 27 million yuan, no foreign currency, and no gold.

In 1933, US raised the price of silver, and passed Silver Act in 1934. Nancy Tucker agreed that US had hurt China's economy deeplly while not giving any aid to China "for fear of antagonizing Japan". In 1935, US forced China into abandoning the Silver Standard.

In Spring of 1934, Kong Xiangxi revoked 5000 categories of taxes. On April 17th, Japan announced the intent to control China's economy. In July, Kong Xiangxi decreed the forceful purchase act to have banks spend 25% assets to buy government bonds. In Sept, 0.18 billion yuan worthy of silver flowed out of China. On Oct 15th, issued rules as to export tax and balance tax on export of
silver, and further ordered Bank of China and Transportation Bank to work with Central Bank to balance the foreign exchange market In this, Mme Kong XIangxi, i.e., Soong Ai-ling, profited from bond market through manipulations by her "seven star company"

On March 23, 1935, Kong Xiangxi forcefully announced the takeover of private-held Bank of China and Transportation Bank even though Central Bank was an empty shell with no significant assets. Two banks were converted to state-owned banks on June 4th. In June, four provincial agriculture banks were forcefully converted to state-owned China Agriculture Bank. On Aug 15th, Central Trust Bureau was established for handling munitions purchase. On Nov 4th, Kong Xiangxi announced the adoption of "legalized currency" policy for averting Japanese attempt at robbing China's silver. On Nov 13th, America agreed to buy 50 million ounces of silver
from China. The receipts from silver deal were used as China's reserves for "legalized currency" paper money In this year, Soong Ai-ling's "seven star company" continued to profit from bond markets

In Jan 1935, Soong Ai-ling's "seven star company" profited from bond markets through the conversion of old bonds to newly-issued united bonds

In 1937, Kong Xiangxi toured Europe and America, with a mission to buy firearms. Possibly, Kong Xiangxi might receive kickbacks and commissions. Though, per Wellington Koo memoirs, any commission kickback was mandated to be returned to the government.
Whereas, foreigners actually benefited from the kickbacks and commissions. Example: Bill Pawley to get "Curtiss-Wright pay $4.5 million in the sale of the hundred P-40Cs to CHina for the Flying Tigers.

China, for purpose of purchasing Russian planes, exported huge amounts of wool, tea, silk, tung oil, stibium ore [Hunan Prov], and tungsten ore [Jiangxi Prov] to Russia by citation of 1938 barter-loan agreement

Japanese, together with Zhangjiakou's puppet Mongolian Bank, Peking's Hebei Province puppet government and Shanghai's Huaxing Commercial Bank, tried to assert "Japanese military currency" and Wang Jingwei's "puppet reserve bank currency" over Nationalist Government's "legalized currency". (Prior to puppet reserve bank, Japanese-controlled puppet currency etc totalled no less than
0.666 billion equivalent Chinese currency; Japanese military currency, with no numbering, in 1940 alone, totalled 1 billion printed amount; and total Japanese military cirrency was equivalent to 3.5 billion equivalent Chinese "legalized currency" by 1940.) Foreign exchange, which was maintained by Nationalist Government in cooperation with Britain and America, had been fluctuating in synchronization with the war developments. China's "legalized currency" was impacted by the 1937 war outbreak in Shanghai when there was a flight of capital to HK and elsewhere. US bought 312,000,000 taels of silver from China in 1937-1938 for lending support to exchange rate with "legalized currency". (China had stored in both US and Europe considerable amount of silver prior to war.)

Prior to the loss of Canton to Japanese, US finance minister had invited Chen Guangfu to DC for barter talk on tung oil. The loss of Wuhan two days after Canton would make US statesmen uneasy about barter trade with China. On Oct 25th 1938, US approved a barter trade in loaning China 20 million US dollars after dispelling any doubt of a quick fall of Chiang Kai-shek government. US finance minister Morgenthau pressured State Department into accepting this barter by emphasizing the need of becoming China's friend like Russian. US and China established shadow commercial corporations to engage in this barter trade for sake of avoiding the antagonism
from Japan. On Dec 15th, US Import & Export Bank officially cut the loan of 25 million to China. Five days later, Britain followed through with an offer of 500,000 pounds credit line to China for purchasing trucks in the transport of tung oil on Sino-Burmese
Highway. After the eruption of European War, China obtained second batch of "tung oil" loan on March 7th 1940, with collateral requirement of China's tin ore.

In March 1939, "legalized currency" already devalued 46%. European war outbreak would see some of the 'flight' money back to Shanghai's extraterritory.

From March 1939 to Aug 1941, China exported tung oil via primitive transport tool to Haikou for selling to US as a means of exchanging 33 million US dollars worth of machinery parts. After loss of Haikou, transport path for stibium ore and tungsten ore
went to Zhennanguan Pass of Vietnam or Rangoon of Burma. Later, export was lifted to India.

In Feb 1940, US-China signed a second barter agreement for Yunnan-Guangxi Prov's tin ore in exchange for a loan of 20 million US dollars. China also exported Guizhou Prov's mercury to US

On March 14th 1940, with communist instigation, hungary people in Chengdu rioted to rob the rice. Dai Li secretly arrested and executed communist cadre Che Yaoxian and Luo Shiwen for this incident. On AUg 11th, Kong Xiangxi informed Song Ziwen that rice price had risen more than eight folds within one year

In June 1940, France stopped China from using Vietnamese-Chinese highway and railway; in July, Britain forbade Chian from using HK and Burma as transport routes. Ma Yinchu attacked Kong Xiangxi for 1) bond market manipulation, 2) foreign exchange manipulation On April 1st, America agreed to provide a loan of 50 million US dollars for balancing foreign exhange rate with Chinese currency.
On April 25th 1941, Song Ziwen and US finance minister made a joint announcement that US would supply a loan of 50,000,000 US dollars while Britain would supply 5 million pounds for standardizing the exchange rate of China's "legalized currency". British provided funds were restricted to deployment on Shanghai Bund, which basically fell into the hands of Japan-controlled companies. Both American and British loans and usage in foreign exchange market were subject to cancellation with short notice as well as British/American government approvals. (Seagrave pointed out half of 50M, from US Treasy, was for currency stabilization, while another 25M, from E-I Bank was for Chinese purchase of US goods.

Edited by ahxiang, 26 June 2009 - 12:30 AM.