*By Conor White*
After the financial crisis of 2008, a group of investors looking for high-return investments sunk their money into a group of companies in China, only to find that what they thought was a great deal was potentially the biggest case of financial fraud in the last 25 years.
"What they discovered was these companies were not what they said they were," explained Jed Rothstein, director of 'The China Hustle'. "Some of them were complete, outright Potemkin village frauds, some of them were hugely misrepresenting their profits and their assets, and at the end of the day the guys in the film discovered that $50 billion was taken from investors here in the U.S."
In an interview Friday on Cheddar, Rothstein said it's still happening.
"According to the short-sellers, who are sort of the main characters in the film, there are a number of these companies still out there."
Despite uncovering the scam, investors have no way of getting their money back, punishing those who concocted it, or even stopping it.
"We really need to bring the regulatory regime up into the 21st century," argued Rothstein. "And that's going to be a pretty heavy lift in the current political environment where their main aim seems to be removing the regulations that we do have in place."
View the full segment [here](https://cheddar.com/videos/the-most-important-film-of-the-year).
Ahead of National Dog Day on Saturday, Alina Hauptman from Best Friends Animal Society joined Cheddar News to discuss adopting a dog from a shelter and what the organization is doing to help pets that have survived the Maui fires.
Jack Dunn, bartender at Great Jones Distilling Co. in Manhattan, spoke with Cheddar News about the history of the whiskey sour and the process involved in making it.
Today is National Whiskey Sour Day and Cheddar News is celebrating! Michelle Castillo spoke with Celina Perez, head distiller at Great Jones Distilling Co. in Manhattan, to discuss how the business got started with a state-of-the-art operation and the process involved in making their fine whiskey drinks.
After decades in the ring, a Connecticut man is celebrating after obtaining his first boxing title, thanks to his wife who had a personal battle of her own and guided him.
A Jersey Shore man has painted sea shells -- nearly 500 of them -- to raise awareness around epilepsy that have traveled as far as Asia and Australia.
Joe Biden and Donald Trump are the most likely nominees for the 2024 presidential election, but you won't see many new books about either this fall. A Barnes & Noble official says there's “an exhaustion of interest" in political titles right now, even in books about Trump, Biden's immediate predecessor in the White House.
Starbucks’ Pumpkin Spice Latte goes on sale Thursday in the U.S. and Canada, as it does each year when the nights start getting longer and the fall winds gather.
Wondering what to watch this weekend? This week we have a wacky combo of a bat mitzvah battle, Jake Paul, and a weird medieval podcast.
A man in Georgia set a Guinness World Record for having the most Batman memorabilia.
Cheddar News explores how you can enjoy a more affordable getaway while staying local. The TWA Hotel at JFK Airport in New York City offers a day getaway with convenience and nostalgia as added ingredients.
