Wall St soaks up China funds...

China learns hard M&A lessons | Special Coverage | Reuters:

By Michael Flaherty

HONG KONG (Reuters) - The unraveling of CITIC Securities' plan to link up with Bear Stearns (BSC.N: Quote, Profile, Research) may prove the latest example of a Chinese deal gone bad.

Sitting on a mountain of cash, China's government has sought to diversify its holdings and expand state-run companies by investing more in foreign assets.

But to date, many of the deals have turned out to be duds.

That point was highlighted over the weekend when CITIC's $1 billion venture with Bear was thrown into serious doubt.
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"China Investment Corp. (CIC) formed, setting aside $200 billion to invest.

The fund's entry into dealmaking brought the government face to face with some of the globe's savviest players in the mergers and acquisitions market.

And it led to investments in U.S. firms with significant exposure to what Wall Street hoped was a passing credit mess.

It's only gotten worse."

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don't forget Blackstone !

WallSt soaks China funds...
Snow and GW must be having a chuckle