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Maybe Mao Knew What He Was Doing After All

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This must be depressing news for people with bootstraps, especially if they have been engaged in vigorously pulling themselves up by them for any length of time... and for what, what! Well, to watch a company established by Mao Zedong launch an initial public offering that is expected to grow to the largest in history, that's what.

"In a move that would have been unimaginable in Mao’s time, the Chinese bank sold $19.2 billion of stock in Hong Kong and Shanghai. The offering could grow to $22.1 billion — the largest in history."

Speaking of those boostrappers, the sale valued the Agricultural Bank at about $128 billion — more than Citigroup (C) or Goldman Sachs (GS). Pull harder, lads.
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