While there appears to be some justification in the decision for the withdrawal of this report (as previously mentioned), at least based on some of the comentary seen in the press, there is nothing better than being able to read it for oneself.
Onésimo Alvarez-Moro
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On May 3, I did a post on Ernst & Young's report on Chinese Non Performing Loans (NPL), entitled, "Troubled Loan Trail, Do Not Try This At Home," mostly focusing on opportunities for foreign companies to buy Chinese NPLs. On May 5 and again on May 6, one of our prescient readers, Joseph Wang, noted his objections to the Ernst & Young report in a couple of comments, accusing E&Y of having double counted in arriving at its approximately $900 billion bad loan figure. Mr. Wang's comments can be seen here and here.
On May 15, I did two posts, entitled, "China's Banks May Be Troubled, But Nobody Knows The Trouble Ernst & Young Has Seen," and "Ernst & Young And China Banks -- Better Wrong Than Right?" discussing Ernst & Young's retraction of its $900 billion bad loan report and whether the retraction was due to bad numbers (as Ernst & Young and Mr. Wang were claiming) or due to business politics swirling around the upcoming Bank of China IPO (as most of the blogosphere was claiming).
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