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China is taking over the world with the help of American biz
Posted by: hal
Date: November 24, 2021 03:32PM
"JPMorgan’s Dimon says he regrets China Communist Party comment" [www.cnbc.com]

JPMorgan Chase Chief Executive Jamie Dimon said on Wednesday he regretted his remarks that the Wall Street bank would last longer than China’s Communist Party.

“I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company,” Dimon said in a statement issued by the bank.

Speaking at a Boston College series of CEO interviews on Tuesday, Dimon said: “I made a joke the other day that the Communist Party is celebrating its 100th year - so is JPMorgan. I’d make a bet that we last longer.”

“I can’t say that in China. They are probably listening anyway,” he added.

A JPMorgan spokesperson added that Dimon had acknowledged that he should “never speak lightly or disrespectfully about another country or its leadership.”

“During the discussion Jamie made clear China and its people are very smart and very thoughtful.”

Saying he regretted the comments comes a week after Dimon was granted an exemption by the Hong Kong government to visit the Chinese-controlled financial hub without needing to quarantine.

Visitors to the city from most countries must stay in hotel quarantine for two two to three weeks at their own cost.

Dimon was in Hong Kong for 32 hours after arriving by private jet.

JPMorgan has major ambitions in China and in August it regulatory approval from Beijing to become the first full foreign owner of a securities brokerage in the country.


***

Today, it's JPMorgan... Apple and Google have been nice lapdogs for the Chinese gov't too. As has just about every company that hopes to do biz in what will one day be the world's largest economy. Microsoft's LinkedIn packed up and left when China wanted more control over content, but that is an exception. Most figure out a way to keep China happy.

One day, US regulators are going to say, 'Umm... you can't do that - it goes against our national interest' to some major company and the response will be to shutter US operations and move out.

At some point, disappointing China is going to be a bigger problem for large corporations than adhering to what US regulators want.



Edited 1 time(s). Last edit at 11/24/2021 03:35PM by hal.
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Re: China is taking over the world with the help of American biz
Posted by: Speedy
Date: November 24, 2021 04:22PM
They need another Cultural Revolution to fix things up.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: China is taking over the world with the help of American biz
Posted by: Ted King
Date: November 24, 2021 08:24PM
Successful business leaders go where they can make more money. It's not personal, it's just business.



e pluribus unum
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Re: China is taking over the world with the help of American biz
Posted by: Filliam H. Muffman
Date: November 24, 2021 10:36PM
Walmart might not have been the first to offshore but they were the biggest. Will it take Chinese car and heavy equipment manufacturers to open US plants to bring back manufacturing, or will the US need legislation like India has. Demand manufacturers open up a manufacturing plant in the country to get open access to the market.



In tha 360. MRF User Map
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Re: China is taking over the world with the help of American biz
Posted by: pdq
Date: November 25, 2021 08:18AM
China is going to continue to be an economic force regardless. I kinda wish we would try a little more carrot, and less stick-rattling since we’re going to have to deal with them going forward anyway.
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Re: China is taking over the world with the help of American biz
Posted by: sekker
Date: November 25, 2021 10:45AM
There is a phrase that is close enough to fact to be instructive -

In the last 2000 years, one country arguably led the world in GDP in each century except the 20th.


China.


If you haven't woken up to the implications of this concept - you are clueless.


What we now know is that the short-term gains from working in China for Western companies have come back to bite every single company. The Germans who designed the first high-speed rail have learned that China only steals for example. China is about to be the true biotech competitor to the US because China doesn't enforce ANY IP. CRISPR companies are rampant, without a single license to be found to that Nobel Prize winning discovery.
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Re: China is taking over the world with the help of American biz
Posted by: Rolando
Date: November 25, 2021 10:53AM
Quote
Ted King
Successful business leaders go where they can make more money. It's not personal, it's just business.

"Capitalism has defeated Communism and now its on way to defeat democracy too"



San Antonio, TX (in the old city)


"All that is required for evil to prevail is for good men to do nothing." - Edmund Burke
“Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented." - Eli Weisel

"To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public." - Theodore Roosevelt (1918)

"I don’t want to see religious bigotry in any form. It would disturb me if there was a wedding between the religious fundamentalists and the political right. The hard right has no interest in religion except to manipulate it." - Billy Graham 1981

"Politics and governing demand compromise. But these Christians believe they are acting in the name of God, so they can't and won't compromise" - Barry Goldwater
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Re: China is taking over the world with the help of American biz
Posted by: pdq
Date: November 25, 2021 06:12PM
Quote
sekker
There is a phrase that is close enough to fact to be instructive -

In the last 2000 years, one country arguably led the world in GDP in each century except the 20th.


China.


If you haven't woken up to the implications of this concept - you are clueless.

…and here we are, all speaking Chinese.

wink smiley

Listen, I’m not one to give China a blank check with IP or anything else. If they’re going to continue to grow into one of the world’s largest economies (which is inevitable, I think) they’ll have to play by the same rules as everyone else.

I just think we ought to recognize that approaching them with bluster, as enemies by default, is likely to be counterproductive. (BTW, not saying you are, but it seems to be increasingly popular among some.)
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Re: China is taking over the world with the help of American biz
Posted by: RAMd®d
Date: November 26, 2021 10:24PM
If you haven't woken up to the implications of this concept - you are clueless.


Dontcha just love these vague accusations.





Your boos mean nothing to me, I've seen what you cheer for.

Insisting on your rights without acknowledging your responsibilities isn’t freedom, it’s adolescence.

We are a government of laws, not men.

Everybody matters or nobody matters.

When a good man is hurt,
all who would be called good
must suffer with him.

You and I have memories longer than the road that stretches out ahead.

There is no safety for honest men except
by believing all possible evil of evil men.

We don’t do focus groups. They just ensure that you don’t offend anyone, and produce bland inoffensive products. —Sir Jonathan Ive

An armed society is a polite society.
And hope is a lousy defense.

You make me pull, I'll put you down.

I *love* SIGs. It's Glocks I hate.
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Re: China is taking over the world with the help of American biz
Posted by: sekker
Date: November 27, 2021 07:54PM
Quote
RAMd®d
If you haven't woken up to the implications of this concept - you are clueless.


Dontcha just love these vague accusations.

You removed this sentence out of context. I am not making vague accusations at all. Indeed, I gave specific examples where China has not followed ANY intellectual property international law.
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Re: China is taking over the world with the help of American biz
Posted by: sekker
Date: November 27, 2021 07:56PM
Quote
pdq
Quote
sekker
There is a phrase that is close enough to fact to be instructive -

In the last 2000 years, one country arguably led the world in GDP in each century except the 20th.


China.


If you haven't woken up to the implications of this concept - you are clueless.

…and here we are, all speaking Chinese.

wink smiley

Listen, I’m not one to give China a blank check with IP or anything else. If they’re going to continue to grow into one of the world’s largest economies (which is inevitable, I think) they’ll have to play by the same rules as everyone else.

I just think we ought to recognize that approaching them with bluster, as enemies by default, is likely to be counterproductive. (BTW, not saying you are, but it seems to be increasingly popular among some.)

I do business in China. I have friends and colleagues in that wonderful country.

But I am not going to turn a blind eye to issues like IP, the loss of which is the driving force behind their massive growth these last 30 years.

Ignoring this outright theft has been bipartisan in the US and of international scope.
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