Senate Hearing on Smithfield Deal with China is a ScamSubmitted by GreenChipJeff on Thu, 07/11/2013 - 10:09
The Senate came together yesterday to put on its latest dog and pony show – a hearing on the $4.7 billion Smithfield (NYSE:SFD) deal with China's Shuanghui.
If you're unfamiliar with this one, back in May it was announced that Shuanghui International Holdings was going to buy Smithfield Foods because it wanted to adopt the highly-efficient factory farm model that Smithfield has perfected. And the best way to do that was to acquire one of the best in the business.
Since that announcement, many have expressed fear that such a deal would lead to lower food quality while gutting safety standards. After all, China doesn't really have a stellar record of such things. And now, both republicans and democrats are taking up the cause in an effort to placate voters and ensure that the Chinese don't skimp on U.S. regulatory standards. But it's that part that is uncomfortably laughable. Here's why: http://www.outsiderclub.com/smithfield-nysesfd-china-deal-at...