Beijing – China executed Tuesday the former manager of a securities company who embezzled millions of dollars — the first execution of an executive from the communist country’s financial sector, state media said.
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Some wanted Yang Yanming kept alive so he would explain where the 65 million yuan ($9.5 million) went, news reports said. Yang refused to tell.
China has also executed government officials in its long-running fight against corruption, which is a major source of anger among the country’s citizens.
The Beijing Evening News said Yang was the first person from a Chinese securities company to be executed.
“Someone has to take responsibility in this case,” the 51-year-old Yang told a court in Beijing on Tuesday.
Yang served as general manager of the Beijing securities trading department of the China Great Wall Trust and Investment Corp. from 1997 to 2003.
Thats one way to keep people honest. If we had the same policy we would never have a recession. I wonder what they would have done to madoff!!
That’ll teach him for next time!
Impractical in the US. There aren’t enough lampposts on Wall Street and K Street for all of the thieves.