on a China fraud scam. I bet American companies just luv to get involved in Chinese jv's.
'Caterpillar Inc. (CAT), the world’s largest maker of construction and mining equipment, said it will take a $580 million writedown after discovering accounting “misconduct” at a Chinese unit acquired last year.
The non-cash goodwill impairment charge will reduce fourth- quarter earnings by about 87 cents a share, Peoria, Illinois- based Caterpillar said yesterday in a statement. Senior managers at Zhengzhou Siwei Mechanical & Electrical Manufacturing Co. who were found to be responsible for the “deliberate, multi-year, coordinated accounting misconduct” were removed and a new leadership team put in place, the company said.'