唐炜臻的博客
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World Exclusive Article Series in Hawarya News, Canada Since his release from jail, this is the first extensive English language interview with Weizhen Tang, the 51-year-old selfstyled Chinese Warren Buffet who promised his investors a 1% return - per week! Tang raised $60 Million CDN within 3 years for his investment funds, only to be charged criminally in spring 2009 with running a Ponzi scheme and defrauding investors of some $30 Million.
While Tang was in China, Metro Toronto Police issued a Canada- wide warrant for his arrest. Returning to Toronto on January 13, 2010, Tang proclaimed his innocence, but was immediately arrested at the airport. Since Tang`s release from jail on April 20, 2010, our reporters
met with Weizhen Tang ሐዋር
WEIZHEN TANG: CHINESE BUFFETT, OR CHINESE MADOFF
Mainstream and Chinese language media follows Weizhen Tang, 51, through the hallways and onto the steps of the courthouse in Toronto, Canada. But Hawarya is the media to get exclusive, extensive interview with Tang that day.
continued from p(1) over the course of several weeks, wherever and whenever we were invited to an audience with The King of 1% –whether at an Ethiopian restaurant that he enjoyed; to the inner sanctum of his home. This included a session of several hours on a hard, stark wooden bench at the courthouse, on May 10, 2010, while Tang awaited his first hearing since prison. Equally far-ranging were the topics and musings by Tang;
from his family, his success, his Buffett investment techniques, to his recent life regrets; and his insights --while in jail-- about the world. A world Tang sees as riddled by racism, corruption and yes, fraud. Coining, perhaps, a new phrase, Tang, the Chinese Buffett, suggests that not only is he not a fraudster,but that Weizhen Tang may raise again, and be the savior of the present global economic crisis, he anti-fraud, as Tang
calls himself. So is Tang the Chinese Warren Buffett, The King of 1%, or simply another devious, investment fraudster, a Chinese Bernie Madoff? In Weizhen Tang`s own words, What I do is contrarian, work on a consistent profitable system and give future achievable performance of 1 % per week return, a easy target, and take all the risk and responsibility.
Whether you want to learn about how to avoid investment missteps and fraud; or simply enjoy a good real-life thriller, the story of Weizhen Tang is a real life, rags to riches story --or perhaps, rags to jailhouse story. Against the backdrop of today`s global economic crisis, the story of Tang may help us all, heighten our collective consciousness to the success, failures, and looming dangers of our national and global governments, justice and financial systems; so badly in need of reform and scrutiny. How could Tang be allowed to so publicly gather, over a three years period, some $60 million, the hard-earned monies --life savings in some cases-- of over 200 investors! Some kind of anti-Christ in
reverse, or another devil, anti-Christ fraudster, in disguise, preying on the good and greed of hardworking people?! Based on many hours, and many days, of extensive interviews with Mr Tang, the contemplated single article about Weizhen Tang, has morphed into this article series, delving into the fascinating life, lifestyle, and very psyche of one of Canada`s and the world`s most famous Chinese investment fund managers.
We hope this journey gives readers some insight into the genius and distortions that are imploding our world, our global financial system today; bringing about such things as the collapses of Lehman Brothers, Merrill Lynch, and even threatening nation states, like Greece, Iceland, Italy, and possibly soon, Britain and the U.S.A.
On a personal level, to those readers dreaming of and striving toward becoming a local or global leader and success, this truly is a rags to bittersweet riches story: from humble farmer family beginnings in rural Hunan province of China; to big money, fame, high society, investors,and the jet-set life in North America, China, and the world. Tang became one of the best known Chinese Canadian leaders in the community, locally, nationally and internationally. He hosted, sponsored and attended private lavish dinners; very public community charitable events; to some of the largest Chinese community events in Canada, and the world. Before his fall in 2009, Tang hosted Toronto`s largest Chinese New Year`s events.On April 13, 2008, with anti-Chinese animus building towards the 2008 Beijing Olympics,Tang spearheaded a rally on the steps of the Canadian Parliament in Ottawa, that became one of the largest rallies in the world, promoting friendship between the Chinese peoples and the peoples of the world. And in January and February,2009, just before his fall --as part of his fall-- Tang hosted the largest Chinese Canadian investment summit, attended by hundreds of investors; and featuring prominent China, Canada and UN offi cials; and ironically, a former Senior Vice President of Risk Management from CIBC, one of Canada`s largest banks. This SVP was eventually questioned as to his role with Tang, but has never been charged. It is rumoured that top level China government and business leaders were exploring investing hundreds of millions, billions, of dollars into Tang`s investment funds.
Tang admits to osing tens of millions of dollars to his investors,
begging forgiveness and more time to repay
In January 2009, like the global markets that Tang invested in,Tang`s skyrocketing success and fame came to a screeching crash. Tang`s 2009 Toronto Canadian investment summit conference was meant to shake up the world --to show investors, the media, his ability to generate 1% per cent returns per week. In his offices next to the Toronto Stock Exchange,
Tang held a live week-long demonstration of his real-time trading, planning to show the world the power of his system, the power of his Buffett investment genius.
The media follows Mr.Tang
All that week in January 2009,while investors and media looked on, Tang boldly traded across adazzling mixture of stocks, commodities,currencies, around the world. Yes, he made hundreds of thousands of dollars a day;but he lost hundreds of thousands of dollars in other transactions! Tang, the Chinese Warren Buffett had failed miserably,like Icarus flying too close to the sun? I was under such incredible pressure. I should never have done the demonstration, Tang told us, in a quiet tone. I can do 1% per week. I did 1% per week. I can do more than 1% per week, Tang added, his voice regaining its normal confidence; his face regaining its normal smile! But for Tang, this live demonstration was his turning point,the beginning of his Icarus fall from the sky. Within days,Tang`s existing investors panicked,rushing to withdraw millions of dollars en masse; forcing Tang to fi nally admit that there was no more cash to give to investors; admitting the unthinkable: he, Weizhen Tang, the Chinese Warren Buffett, The King of 1% had lost tens of millions of investors dollars. At a very angry meeting, with shouting and pushing, Tang asked investors for both their forgiveness; and time --six months to recoup their losses. But within weeks, investors organized, launching lawsuits against Tang, and went to American and Canadian government regulators, and law enforcement.On March 17, 2009, the Ontario Securities Commission,the OSC, shut down Tang`s Canadian operation, the Oversea Chinese Fund.Less than a month later, in April 2009, the U.S. Securities and Exchange Commission, the SEC, filed fraud charges against Tang and his partners in Dallas,alleging his funds were a Ponzi scheme. The SEC froze all assets in his American funds, with such esoteric names as Bluejay and WinWin Capital. From rural China farming family,to biochemistry graduate student, to community leader, and investment manager of $60 Million...This is truly a case of life being stranger than fiction. Tang and his story truly is a larger than
life tale and life lesson, for those wanting to be business and society leaders. Tang, certainly is larger than life, he Chinese Buffett, the King of 1%. With this backdrop, then, we met Mr. Tang, for the first time, at an African restaurant in Toronto`s Ethiopia Village district. It was incredible, sitting in the LALIBELA Restaurant, eating Ethiopian injera and lamb, with our fingers, speaking to Tang, a man who had raised $60 Million dollars in 3 years. Fearing Tang would flee like some African wild animal, we quickly cut to the chase, asking Mr. Tang straight out, about his innocence: Had he bilked over 200 investors of some $30 Million!? To his credit, Tang replied without hesitation, with the gentle, warm smile that we came to know as part of his character. I am innocent. But look, before I have any trial, the media convict me, government convict me...I am innocent, innocent. I don`t take any money. No one can find any stolen money, because I don`t take any money. Tang stops, sighs, takes a sip of his beer. SEC and OSC ban me from trading in North America. They freeze all my money.They destroy my business, my family, my investors...I cannot make a living. I go to China. I am in China, when Toronto Police announce warrant for my arrest! Would I come back to Canada law, if I am guilty?! I come back to prove my innocence to my investors, to the peoples of Canada, China and the world.
But then, like the roller-coaster stock market, Tang`s musings rocketed 180 degrees. But I am confident of the future. I began with no money, made lots of money, and shall make lots of money again, for myself, my investors. It was an incredible moment, like watching an airplane suddenly flying sideways. But we were to learn that this is a defining characteristic of Tang. In the face of adversity, the collapse of his business empire, Tang still radiates optimism, ability, vision, and confidence. An enormous confidence; indeed, a huge ego, that is yet disarming, positive; versus the more controversial, often arrogant hubris displayed by say, businessman genius, Donald Trump. In this moment, one can see how Tang attracted community, political, high society and investment followers. In our interview sessions, Tang seems, frankly, friendly, courteous, respectful,soft-spoken, in his words and manner. His eyes, face and voice, light up, as he speaks about his ability, his powerful investment system... based upon the studying of such great investors as Warren Buffett and George Soros, Jim Rogers. In these weeks, it was incredible to hear this man speak about his future, still speaking in terms of making millions... and billions of dollars for himself and his investors. Is Tang that capable, or that delusional? Looking at this man sitting across from us, we wondered had Tang forgotten that just about at this time, a year ago, in 2009, the governments of Ontario, Canada, and the United States charged Tang with multiple counts of fraud. Had Tang forgotten that he had just spent some 3 months in jail,because he could not raise his bail money; and was now applying for Legal Aid, because he could not afford to pay a lawyer?!
Tang: I am the `antifraud.`
Not only does Tang not admit any guilt, he suggests that he could help the SEC and OSC... detect fraudsters! I would help them get end fraud in the industry.I am the `anti-fraud.`
Asked to clarify this, Tang explains. Today`s trading system is all wrong. There is no accountability by the stock brokers, the investment managers, the banks,the industry. Look at the madness of Lehman Brothers, Merrill Lynch, Freddie and Fannie,Goldman Sachs... They lose billions of dollars. The taxpayers of North America, and the world
are giving trillions to bail out these fraudsters... but I am the one charged with fraud?!
For once, Tang`s voice rose uncharacteristically in anger, If investors make or lose money,
the brokers always make money. If the big investment company is in trouble, they get bailout, with our tax dollars! But me, Weizhen Tang, I take responsibility for my investors. If
they don`t make money, I don`t make commission. If I lose their money, I commit to repay them.And now, with all my troubles, do I ask government for bailout?! No, I offer to trade more, and recoup my investors money.... So you see, I am accountable, responsible.I am not fraud. I am the `anti-fraud.` This is one of my realizations during my time in jail.In these troubled times,Tang`s anti-fraud sentiment may, indeed, resonate with the public, the peoples of North America, China and the world --the people that Tang is appealing
to, to show his innocence. Can Tang transform his image to become the hero, rallying
against the lack of accountability and morality on Wall Street,Bay Street and the investment
industry?! Jailbird turned populist hero? Tang is hesitant to speak on the record about his time in jail. Ironically, while interviewing Tang at the courthouse, Tang exchanges greetings and nods with several prisoners walking by --in handcuffs, escorted by police and court offi cers. Tang said he spent his free time reading, thinking, writing down his thoughts.... I have a new book planned, Tang announced,almost beaming. Telling my life story, my battle with the government and investors; my powerful investment system,so people can make successful business and life. Tang`s great hubris, or great ability? What I did was very powerful, unique, claims Tang. He is writing a new book, that he says shall help people invest successfully; help show Tang in the light of innocence, like Donald Trump did, with his best-selling books... Though Trump`s investment and self-promotion genius is, of course, legendary, Tang`s choices of heroes and role models are perplexing, like Tang, himself. Though Trump was never accused of defrauding investors of $75 Million USD like Tang; there was the very public, and bitter feud between Trump and Rosie
O`Donnell, about Trump`s bankruptcies, that would foreshadow Trump`s recent 2008 fi nancial
troubles and bankruptcies.
Mr. and Mrs. Tang welcomed us into his inner sanctum, his house,
where he still speaks of making billions of dollars.
In Tang`s living room, Tang points proudly to photos, awards,citations, including “Ontario Volunteer of the Year” from the Government of Ontario, Canada; and a photo of Tang, and another
man, Robert... a global spokesman of Warren Buffett.In November 2004, Mr. Tang was invited to China, to speak at the Dialogue on the Buffet’s Theory and Practice of Investment, by the Asia Pacifi c CEO Association. Perhaps, the photois from that. How ironic, that Tang is now billed as the infamous Chinese Warren Buffett, or Chinese Bernie Madoff But Tang is ever smiling, and optimistic about his legal cases, and his future. In fact, Tang claims that the Toronto Police evidence is hin, but asks us not to go into details of the evidence,in this article. Tang offers us Chinese herbal tea, and then explains another concept he developed and coined --while he was in jail. He asks us to help announce to the public about immigration jail. Please tell the peoples of Canada, and the world, that we all live in an `immigration jail` in Canada,Tang begins. Tang believes that he has been targeted because of racism, that Canada and the United States are still very racist societies. With the billions and trillions of taxpayer dollars lost... and billions of dollars given in bailout for the financial industry,
no one has been charged. No one is going to jail, at the top of the system... But me, Weizhen
Tang, a Chinese man, an ethnic man... I am charged and put in jail! I began thinking in jail, that we are live in jails. In countries, like Canada, USA, Britain, we think we have freedom, equality, justice. But we, immigrants, newcomers,ethnics --we are really in `jail.` We are held down, kept down,by a system that holds back people, not in the highest levels. These elite people commit frauds. They do not go jail. In fact, they get corporate bonuses,and government bailouts... And now, they give themselves these huge bonuses! Using bailouts,using our tax dollars! Then those in banking, they turn around and foreclose on the mortgages of taxpayers! This is why I am an `anti-fraud.` This is why I say we live in `immigration jail.` We don`t remind Mr. Tang about the many other newcomers To Canada and the USA, who proudly worked hard and achieved the American dream. But Tang`s comments cannot be completely written off as those of an egomaniac, a fraudster trying to rationalize his Ponzi scheme and/or investment losses. A few days after Tang`s courthouse comments on May 10, 2010, complaining about the seeming protection afforded corporate elites and bailouts,Iceland announced criminal arrests and lawsuits against its bankers, over Iceland`s economic collapse. A few days ago, Greece now suggests that it, too, might sue those American banks, responsible for the Greek and global economic collapse. And in America, the economic implosion continues. Fannie Mac announced 1Q losses of $13.1B, and its plans to seek a new bailout of $8.4 Billion USD. (Fannie Mae has posted
$136.8 billion in losses over the previous 10 quarters, with this new aid, Fannie Mae`s total bailout shall be $84.6 billion. While Freddie Mac has posted a $6.7 billion loss, and with its new aid request of $10.6 billion, the USA Treasury Department has a total bill for the two of nearly $145 billion! The government, of course, has no money. These bailouts are being funded by the decent, hardworking peoples of America and the world.
Tang believes he may run for Mayor
Through these interviews, we had wanted to delve into the deepest realms of the mind and
thoughts of Weizhen Tang, Chinese Buffett or Madoff. In concluding our interview, we thought we would try for one more verbal snapshot of Weizhen Tang`s psyche. So we mentioned another
prominent Canadian, Lord Conrad Black, charged –and now convicted-- of fraud and obstruction of justice. Recently, from his jail cell, convicted felon,Lord Conrad Black endorsed Mayoralty candidate, Sarah Thomson, in the upcoming municipal elections in Toronto,Canada. Who would you endorse, Mr. Tang in the upcoming Toronto mayoralty race? we asked, almost tongue in cheek, but truly curious as to his reaction.No one, Tang replied. Perhaps, I should run. I am the
most qualified....The words of an innocent man, so confident of his ability and sincerity?! The words of a guilty man, who fell into the sea because of his own hubris? Tang pushed on, eager to defend his name, his actions. Look at another investment cheat who get off easy, Tang noted. Martha Stewart. Another Caucasian.In his hubris, without knowing it, has Tang hit upon something? Stewart was found guilty in 2004 of conspiracy, obstruction of an agency proceeding, making false statements to federal investigators. Stewart served a five-month term. Without even going to trial yet, Tang has already served three months –after being denied bail. Martha Stewart, Lehman, Fannie Mae,Freddie Mac, Goldman Sachs! They cheat the system much
more. They cheat the American people and taxpayers. But they are getting off free, while I
am charged, my business and life destroyed. Tang sighs and shrugs his shoulders in despair.
Ironically, whether self-serving or not, Tang`s comments about his new crusade as the antifraud, may one day be seen as one of the tipping points of public awareness and patience, that helps better the financial industry and world; exposing the corruption, and unaccountability of some global government and corporate leaders. Over these years, we have
written about such evil. For over a decade, there have been much more brilliant minds making
such similar warnings about the implosion of the American and global fi nancial system;
like whistle-blower, Catherine Austin-Fitts, a former managing director, and a member of the
Board of Directors of the prestigious Wall Street investment bank Dillon, Read & Co., Inc. Austin-Fitts served as Assistant Secretary of Housing/Federal Housing Commissioner at
HUD, in the fi rst Bush Administration. For years, she warned about missing trillions of dollars;
warned openly about these mega-holes and manipulations in government and corporate
fi nancing. Bernie Madoff, a former NASDAQ Chairman; Fannie Mae, Freddie Mac, Enron, Lehman,
Merrill Lynch, AIG, Goldman Sachs... The politicians, the bankers, brokers, lawyers, accountants
who enabled them. Activists and concerned citizens across North America and around the world are now trying to act, to raise the global consciousness of the peoples of the world. Adding fuel is mega-corporation, BP, British Petroleum, its Gulf oil spill destroying the precious
water, ecology and lives of people of Canada, USA and the world. Through its lobbying,
American politicians set BP`s maximum liability for oil spills at $75 Million USD... The stakes are high for the world, in this struggle against corporate and government accountability. For Tang, the stakes are high,too, he faces 60 years of prison, if convicted. So we come full circle, in the larger than life, but true world and mind of Mr. Weizhen Tang, the Chinese Warren Buffett, or the Chinese Bernie Madoff; with a twist of Martha Stewart, and a dash of Donald Trump hubris...
While Tang was in China, Metro Toronto Police issued a Canada- wide warrant for his arrest. Returning to Toronto on January 13, 2010, Tang proclaimed his innocence, but was immediately arrested at the airport. Since Tang`s release from jail on April 20, 2010, our reporters
met with Weizhen Tang ሐዋር
WEIZHEN TANG: CHINESE BUFFETT, OR CHINESE MADOFF
Mainstream and Chinese language media follows Weizhen Tang, 51, through the hallways and onto the steps of the courthouse in Toronto, Canada. But Hawarya is the media to get exclusive, extensive interview with Tang that day.
continued from p(1) over the course of several weeks, wherever and whenever we were invited to an audience with The King of 1% –whether at an Ethiopian restaurant that he enjoyed; to the inner sanctum of his home. This included a session of several hours on a hard, stark wooden bench at the courthouse, on May 10, 2010, while Tang awaited his first hearing since prison. Equally far-ranging were the topics and musings by Tang;
from his family, his success, his Buffett investment techniques, to his recent life regrets; and his insights --while in jail-- about the world. A world Tang sees as riddled by racism, corruption and yes, fraud. Coining, perhaps, a new phrase, Tang, the Chinese Buffett, suggests that not only is he not a fraudster,but that Weizhen Tang may raise again, and be the savior of the present global economic crisis, he anti-fraud, as Tang
calls himself. So is Tang the Chinese Warren Buffett, The King of 1%, or simply another devious, investment fraudster, a Chinese Bernie Madoff? In Weizhen Tang`s own words, What I do is contrarian, work on a consistent profitable system and give future achievable performance of 1 % per week return, a easy target, and take all the risk and responsibility.
Whether you want to learn about how to avoid investment missteps and fraud; or simply enjoy a good real-life thriller, the story of Weizhen Tang is a real life, rags to riches story --or perhaps, rags to jailhouse story. Against the backdrop of today`s global economic crisis, the story of Tang may help us all, heighten our collective consciousness to the success, failures, and looming dangers of our national and global governments, justice and financial systems; so badly in need of reform and scrutiny. How could Tang be allowed to so publicly gather, over a three years period, some $60 million, the hard-earned monies --life savings in some cases-- of over 200 investors! Some kind of anti-Christ in
reverse, or another devil, anti-Christ fraudster, in disguise, preying on the good and greed of hardworking people?! Based on many hours, and many days, of extensive interviews with Mr Tang, the contemplated single article about Weizhen Tang, has morphed into this article series, delving into the fascinating life, lifestyle, and very psyche of one of Canada`s and the world`s most famous Chinese investment fund managers.
We hope this journey gives readers some insight into the genius and distortions that are imploding our world, our global financial system today; bringing about such things as the collapses of Lehman Brothers, Merrill Lynch, and even threatening nation states, like Greece, Iceland, Italy, and possibly soon, Britain and the U.S.A.
On a personal level, to those readers dreaming of and striving toward becoming a local or global leader and success, this truly is a rags to bittersweet riches story: from humble farmer family beginnings in rural Hunan province of China; to big money, fame, high society, investors,and the jet-set life in North America, China, and the world. Tang became one of the best known Chinese Canadian leaders in the community, locally, nationally and internationally. He hosted, sponsored and attended private lavish dinners; very public community charitable events; to some of the largest Chinese community events in Canada, and the world. Before his fall in 2009, Tang hosted Toronto`s largest Chinese New Year`s events.On April 13, 2008, with anti-Chinese animus building towards the 2008 Beijing Olympics,Tang spearheaded a rally on the steps of the Canadian Parliament in Ottawa, that became one of the largest rallies in the world, promoting friendship between the Chinese peoples and the peoples of the world. And in January and February,2009, just before his fall --as part of his fall-- Tang hosted the largest Chinese Canadian investment summit, attended by hundreds of investors; and featuring prominent China, Canada and UN offi cials; and ironically, a former Senior Vice President of Risk Management from CIBC, one of Canada`s largest banks. This SVP was eventually questioned as to his role with Tang, but has never been charged. It is rumoured that top level China government and business leaders were exploring investing hundreds of millions, billions, of dollars into Tang`s investment funds.
Tang admits to osing tens of millions of dollars to his investors,
begging forgiveness and more time to repay
In January 2009, like the global markets that Tang invested in,Tang`s skyrocketing success and fame came to a screeching crash. Tang`s 2009 Toronto Canadian investment summit conference was meant to shake up the world --to show investors, the media, his ability to generate 1% per cent returns per week. In his offices next to the Toronto Stock Exchange,
Tang held a live week-long demonstration of his real-time trading, planning to show the world the power of his system, the power of his Buffett investment genius.
The media follows Mr.Tang
All that week in January 2009,while investors and media looked on, Tang boldly traded across adazzling mixture of stocks, commodities,currencies, around the world. Yes, he made hundreds of thousands of dollars a day;but he lost hundreds of thousands of dollars in other transactions! Tang, the Chinese Warren Buffett had failed miserably,like Icarus flying too close to the sun? I was under such incredible pressure. I should never have done the demonstration, Tang told us, in a quiet tone. I can do 1% per week. I did 1% per week. I can do more than 1% per week, Tang added, his voice regaining its normal confidence; his face regaining its normal smile! But for Tang, this live demonstration was his turning point,the beginning of his Icarus fall from the sky. Within days,Tang`s existing investors panicked,rushing to withdraw millions of dollars en masse; forcing Tang to fi nally admit that there was no more cash to give to investors; admitting the unthinkable: he, Weizhen Tang, the Chinese Warren Buffett, The King of 1% had lost tens of millions of investors dollars. At a very angry meeting, with shouting and pushing, Tang asked investors for both their forgiveness; and time --six months to recoup their losses. But within weeks, investors organized, launching lawsuits against Tang, and went to American and Canadian government regulators, and law enforcement.On March 17, 2009, the Ontario Securities Commission,the OSC, shut down Tang`s Canadian operation, the Oversea Chinese Fund.Less than a month later, in April 2009, the U.S. Securities and Exchange Commission, the SEC, filed fraud charges against Tang and his partners in Dallas,alleging his funds were a Ponzi scheme. The SEC froze all assets in his American funds, with such esoteric names as Bluejay and WinWin Capital. From rural China farming family,to biochemistry graduate student, to community leader, and investment manager of $60 Million...This is truly a case of life being stranger than fiction. Tang and his story truly is a larger than
life tale and life lesson, for those wanting to be business and society leaders. Tang, certainly is larger than life, he Chinese Buffett, the King of 1%. With this backdrop, then, we met Mr. Tang, for the first time, at an African restaurant in Toronto`s Ethiopia Village district. It was incredible, sitting in the LALIBELA Restaurant, eating Ethiopian injera and lamb, with our fingers, speaking to Tang, a man who had raised $60 Million dollars in 3 years. Fearing Tang would flee like some African wild animal, we quickly cut to the chase, asking Mr. Tang straight out, about his innocence: Had he bilked over 200 investors of some $30 Million!? To his credit, Tang replied without hesitation, with the gentle, warm smile that we came to know as part of his character. I am innocent. But look, before I have any trial, the media convict me, government convict me...I am innocent, innocent. I don`t take any money. No one can find any stolen money, because I don`t take any money. Tang stops, sighs, takes a sip of his beer. SEC and OSC ban me from trading in North America. They freeze all my money.They destroy my business, my family, my investors...I cannot make a living. I go to China. I am in China, when Toronto Police announce warrant for my arrest! Would I come back to Canada law, if I am guilty?! I come back to prove my innocence to my investors, to the peoples of Canada, China and the world.
But then, like the roller-coaster stock market, Tang`s musings rocketed 180 degrees. But I am confident of the future. I began with no money, made lots of money, and shall make lots of money again, for myself, my investors. It was an incredible moment, like watching an airplane suddenly flying sideways. But we were to learn that this is a defining characteristic of Tang. In the face of adversity, the collapse of his business empire, Tang still radiates optimism, ability, vision, and confidence. An enormous confidence; indeed, a huge ego, that is yet disarming, positive; versus the more controversial, often arrogant hubris displayed by say, businessman genius, Donald Trump. In this moment, one can see how Tang attracted community, political, high society and investment followers. In our interview sessions, Tang seems, frankly, friendly, courteous, respectful,soft-spoken, in his words and manner. His eyes, face and voice, light up, as he speaks about his ability, his powerful investment system... based upon the studying of such great investors as Warren Buffett and George Soros, Jim Rogers. In these weeks, it was incredible to hear this man speak about his future, still speaking in terms of making millions... and billions of dollars for himself and his investors. Is Tang that capable, or that delusional? Looking at this man sitting across from us, we wondered had Tang forgotten that just about at this time, a year ago, in 2009, the governments of Ontario, Canada, and the United States charged Tang with multiple counts of fraud. Had Tang forgotten that he had just spent some 3 months in jail,because he could not raise his bail money; and was now applying for Legal Aid, because he could not afford to pay a lawyer?!
Tang: I am the `antifraud.`
Not only does Tang not admit any guilt, he suggests that he could help the SEC and OSC... detect fraudsters! I would help them get end fraud in the industry.I am the `anti-fraud.`
Asked to clarify this, Tang explains. Today`s trading system is all wrong. There is no accountability by the stock brokers, the investment managers, the banks,the industry. Look at the madness of Lehman Brothers, Merrill Lynch, Freddie and Fannie,Goldman Sachs... They lose billions of dollars. The taxpayers of North America, and the world
are giving trillions to bail out these fraudsters... but I am the one charged with fraud?!
For once, Tang`s voice rose uncharacteristically in anger, If investors make or lose money,
the brokers always make money. If the big investment company is in trouble, they get bailout, with our tax dollars! But me, Weizhen Tang, I take responsibility for my investors. If
they don`t make money, I don`t make commission. If I lose their money, I commit to repay them.And now, with all my troubles, do I ask government for bailout?! No, I offer to trade more, and recoup my investors money.... So you see, I am accountable, responsible.I am not fraud. I am the `anti-fraud.` This is one of my realizations during my time in jail.In these troubled times,Tang`s anti-fraud sentiment may, indeed, resonate with the public, the peoples of North America, China and the world --the people that Tang is appealing
to, to show his innocence. Can Tang transform his image to become the hero, rallying
against the lack of accountability and morality on Wall Street,Bay Street and the investment
industry?! Jailbird turned populist hero? Tang is hesitant to speak on the record about his time in jail. Ironically, while interviewing Tang at the courthouse, Tang exchanges greetings and nods with several prisoners walking by --in handcuffs, escorted by police and court offi cers. Tang said he spent his free time reading, thinking, writing down his thoughts.... I have a new book planned, Tang announced,almost beaming. Telling my life story, my battle with the government and investors; my powerful investment system,so people can make successful business and life. Tang`s great hubris, or great ability? What I did was very powerful, unique, claims Tang. He is writing a new book, that he says shall help people invest successfully; help show Tang in the light of innocence, like Donald Trump did, with his best-selling books... Though Trump`s investment and self-promotion genius is, of course, legendary, Tang`s choices of heroes and role models are perplexing, like Tang, himself. Though Trump was never accused of defrauding investors of $75 Million USD like Tang; there was the very public, and bitter feud between Trump and Rosie
O`Donnell, about Trump`s bankruptcies, that would foreshadow Trump`s recent 2008 fi nancial
troubles and bankruptcies.
Mr. and Mrs. Tang welcomed us into his inner sanctum, his house,
where he still speaks of making billions of dollars.
In Tang`s living room, Tang points proudly to photos, awards,citations, including “Ontario Volunteer of the Year” from the Government of Ontario, Canada; and a photo of Tang, and another
man, Robert... a global spokesman of Warren Buffett.In November 2004, Mr. Tang was invited to China, to speak at the Dialogue on the Buffet’s Theory and Practice of Investment, by the Asia Pacifi c CEO Association. Perhaps, the photois from that. How ironic, that Tang is now billed as the infamous Chinese Warren Buffett, or Chinese Bernie Madoff But Tang is ever smiling, and optimistic about his legal cases, and his future. In fact, Tang claims that the Toronto Police evidence is hin, but asks us not to go into details of the evidence,in this article. Tang offers us Chinese herbal tea, and then explains another concept he developed and coined --while he was in jail. He asks us to help announce to the public about immigration jail. Please tell the peoples of Canada, and the world, that we all live in an `immigration jail` in Canada,Tang begins. Tang believes that he has been targeted because of racism, that Canada and the United States are still very racist societies. With the billions and trillions of taxpayer dollars lost... and billions of dollars given in bailout for the financial industry,
no one has been charged. No one is going to jail, at the top of the system... But me, Weizhen
Tang, a Chinese man, an ethnic man... I am charged and put in jail! I began thinking in jail, that we are live in jails. In countries, like Canada, USA, Britain, we think we have freedom, equality, justice. But we, immigrants, newcomers,ethnics --we are really in `jail.` We are held down, kept down,by a system that holds back people, not in the highest levels. These elite people commit frauds. They do not go jail. In fact, they get corporate bonuses,and government bailouts... And now, they give themselves these huge bonuses! Using bailouts,using our tax dollars! Then those in banking, they turn around and foreclose on the mortgages of taxpayers! This is why I am an `anti-fraud.` This is why I say we live in `immigration jail.` We don`t remind Mr. Tang about the many other newcomers To Canada and the USA, who proudly worked hard and achieved the American dream. But Tang`s comments cannot be completely written off as those of an egomaniac, a fraudster trying to rationalize his Ponzi scheme and/or investment losses. A few days after Tang`s courthouse comments on May 10, 2010, complaining about the seeming protection afforded corporate elites and bailouts,Iceland announced criminal arrests and lawsuits against its bankers, over Iceland`s economic collapse. A few days ago, Greece now suggests that it, too, might sue those American banks, responsible for the Greek and global economic collapse. And in America, the economic implosion continues. Fannie Mac announced 1Q losses of $13.1B, and its plans to seek a new bailout of $8.4 Billion USD. (Fannie Mae has posted
$136.8 billion in losses over the previous 10 quarters, with this new aid, Fannie Mae`s total bailout shall be $84.6 billion. While Freddie Mac has posted a $6.7 billion loss, and with its new aid request of $10.6 billion, the USA Treasury Department has a total bill for the two of nearly $145 billion! The government, of course, has no money. These bailouts are being funded by the decent, hardworking peoples of America and the world.
Tang believes he may run for Mayor
Through these interviews, we had wanted to delve into the deepest realms of the mind and
thoughts of Weizhen Tang, Chinese Buffett or Madoff. In concluding our interview, we thought we would try for one more verbal snapshot of Weizhen Tang`s psyche. So we mentioned another
prominent Canadian, Lord Conrad Black, charged –and now convicted-- of fraud and obstruction of justice. Recently, from his jail cell, convicted felon,Lord Conrad Black endorsed Mayoralty candidate, Sarah Thomson, in the upcoming municipal elections in Toronto,Canada. Who would you endorse, Mr. Tang in the upcoming Toronto mayoralty race? we asked, almost tongue in cheek, but truly curious as to his reaction.No one, Tang replied. Perhaps, I should run. I am the
most qualified....The words of an innocent man, so confident of his ability and sincerity?! The words of a guilty man, who fell into the sea because of his own hubris? Tang pushed on, eager to defend his name, his actions. Look at another investment cheat who get off easy, Tang noted. Martha Stewart. Another Caucasian.In his hubris, without knowing it, has Tang hit upon something? Stewart was found guilty in 2004 of conspiracy, obstruction of an agency proceeding, making false statements to federal investigators. Stewart served a five-month term. Without even going to trial yet, Tang has already served three months –after being denied bail. Martha Stewart, Lehman, Fannie Mae,Freddie Mac, Goldman Sachs! They cheat the system much
more. They cheat the American people and taxpayers. But they are getting off free, while I
am charged, my business and life destroyed. Tang sighs and shrugs his shoulders in despair.
Ironically, whether self-serving or not, Tang`s comments about his new crusade as the antifraud, may one day be seen as one of the tipping points of public awareness and patience, that helps better the financial industry and world; exposing the corruption, and unaccountability of some global government and corporate leaders. Over these years, we have
written about such evil. For over a decade, there have been much more brilliant minds making
such similar warnings about the implosion of the American and global fi nancial system;
like whistle-blower, Catherine Austin-Fitts, a former managing director, and a member of the
Board of Directors of the prestigious Wall Street investment bank Dillon, Read & Co., Inc. Austin-Fitts served as Assistant Secretary of Housing/Federal Housing Commissioner at
HUD, in the fi rst Bush Administration. For years, she warned about missing trillions of dollars;
warned openly about these mega-holes and manipulations in government and corporate
fi nancing. Bernie Madoff, a former NASDAQ Chairman; Fannie Mae, Freddie Mac, Enron, Lehman,
Merrill Lynch, AIG, Goldman Sachs... The politicians, the bankers, brokers, lawyers, accountants
who enabled them. Activists and concerned citizens across North America and around the world are now trying to act, to raise the global consciousness of the peoples of the world. Adding fuel is mega-corporation, BP, British Petroleum, its Gulf oil spill destroying the precious
water, ecology and lives of people of Canada, USA and the world. Through its lobbying,
American politicians set BP`s maximum liability for oil spills at $75 Million USD... The stakes are high for the world, in this struggle against corporate and government accountability. For Tang, the stakes are high,too, he faces 60 years of prison, if convicted. So we come full circle, in the larger than life, but true world and mind of Mr. Weizhen Tang, the Chinese Warren Buffett, or the Chinese Bernie Madoff; with a twist of Martha Stewart, and a dash of Donald Trump hubris...
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