so did Enron, Worldcom, Global Crossing... the list goes on. (this is only a statistic. I am not condoning their conduct.) but honestly, how many of you bought MSFT or AAPL because you have READ, analysed, and concurred with the annual report? Most of us only buy/sell on technical signals. USA market is more transparent than the Chinese market... but bear in mind, transparency is a relative word. China is learning. Their securities commission is independent, and is trying its best to learn-on-the-job, and to catch up to the Western standard of fair and open financial market.