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(BBC-US)   I wonder what Xi said to make Jamie kneel before his Chinese masters and ask for forgiveness   (bbc.com) divider line
    More: Followup, Mr Dimon, Sociology, Civilization, Chinese government, Dimon's apology, good graces, degree of deference, foreign businesses  
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1347 clicks; posted to Business » on 25 Nov 2021 at 3:10 AM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



15 Comments     (+0 »)
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2021-11-25 3:46:55 AM  
Well historically speaking, banks usually do outlast communist governments. That's not a controversial claim.
 
2021-11-25 4:07:34 AM  
You don't have to outlast China. You just have to outlast Xi.
 
2021-11-25 5:51:58 AM  

We Ate the Necco Wafers: You don't have to outlast China. You just have to outlast Xi.


That's what Xi said.
 
2021-11-25 6:40:20 AM  
Probably threatened to have the communist party pull all their money out.
 
2021-11-25 6:51:35 AM  
Old saying:

If you borrow a hundred dollars, the bank owns you.
If you borrow 100 billion dollars, you own the bank.

We can adjust numbers as necessary.
 
2021-11-25 7:02:56 AM  

cheap_thoughts: Probably threatened to have the communist party pull all their money out.


What money? Their reserves of foreign currency are seriously low right now and their country's currency isn't accepted outside of China because the the CCP will not open their books to the world and meet international banking standards. They have to have foreign money come in from the sale of goods or raw materials for them to buy anything from the global market.

The setup does let them fudge numbers to make their economy and people look better and it lets them lock wealth and the owners of it inside of China, which Xi and the CCP really want to do. It is never a good sign when you have to prevent your citizens from fleeing your country on mass, though, so this is just reinforcing the desire of citizens to get the fark out of there.
 
2021-11-25 10:52:49 AM  
Q: I wonder what Xi said to make Jamie kneel before his Chinese masters and ask for forgiveness

A: nothing, they were not involved in that, it was his own momentary fook up that he's not wishing he could back track off the record.
The problem was that mega business like that, needs to not be so directly/openly involved in politics like that.
You can't manipulate matters from behind the curtain, if you are in fact directly and openly involved like that.

Business historically do not comment like that on such matters and it was out of line among his constituency to have done so.
I'd say his ego got the better of him for a moment.
 
2021-11-25 11:10:37 AM  

cheap_thoughts: Probably threatened to have the communist party pull all their money out.


Why do Marxist communist systems need money? That's so bougoise.
 
2021-11-25 11:25:30 AM  
Probably wasn't China, probably was investors fearing China might do something and demanding he not be making pointless statements that would only serve as a potential reasons to fark them over in the future should the bank need to do business in China.
 
2021-11-25 1:00:21 PM  

keldaria: probably was investors fearing China might do something and demanding he not be making pointless statements that would only serve as a potential reasons to fark them over in the future should the [corporation] need to do business in China.


....oh, that's perfect. They should put that on our money.
 
2021-11-25 1:11:58 PM  
I was expecting that China's corporate peons such as Nike would be required by China to immediately end any association with the bank. I thought that his comment was only spoken knowing this and I had expected that Dimon had insider banking knowledge of the immanent collapse of the CCP due to their economy completely falling apart.

Otherwise, he knows that the moment China blacklists his bank he is shut out of every country and company that relies on China for support or supplies, which is just about all of them.

The CCP has put itself into a position where they have to go scorched earth on any perceived critic or face a popular uprising at home.
 
2021-11-25 1:19:49 PM  

BolloxReader: I was expecting that China's corporate peons such as Nike would be required by China to immediately end any association with the bank. I thought that his comment was only spoken knowing this and I had expected that Dimon had insider banking knowledge of the immanent collapse of the CCP due to their economy completely falling apart.

Otherwise, he knows that the moment China blacklists his bank he is shut out of every country and company that relies on China for support or supplies, which is just about all of them.

The CCP has put itself into a position where they have to go scorched earth on any perceived critic or face a popular uprising at home.


Doubtful. Their internet and news over there is so censored that the only way their population is likely even made aware of the comment is when they make big splashy news out of his apology for making it.

They aren't worried about a populist uprising, especially over a minor comment like that. They have more to fear about their censorship itself causing a populist uprising than a ceo at a bank suggesting their bank will outlast the CCP.
 
2021-11-25 2:18:01 PM  

We Ate the Necco Wafers: You don't have to outlast China. You just have to outlast Xi.


Pretty sure you have to outlast the Communist Party, not just Xi
 
2021-11-25 3:29:08 PM  
Xi hates it Emden I don't outlast her.

Xi also hates it when I run off of yummy hunny.
 
2021-11-26 8:38:44 AM  
FTFA  "it's never right to joke about or denigrate any group of people, whether it's a country, its leadership, or any part of a society and culture. "

Slow down there Jamie.  The current authorized comedy playbook says it's still definitely okay to punch up.  Unless as a banker, you believe you're punching down in all cases.
 
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