If someone would take the risk in a Country like China, I wonder how many would take the risk in Countries where the punishment is minimal if anything.
You mean like the USA!
Exactly. Look at all the chit Biden has gotten away with.
It’s a shame that a bunch of our bankers didn’t get the same after 2008 !
This is not justice China. He didn't pay off the right communist officials or they wanted his position so they needed to get rid of him and use his conviction for propaganda. Americans are so naive and ignorant as to the way of life and business in Communist China. Everyone in China steals, cheats and bribes just like the way it was in the Soviet Union. . The only way to get business done there.
I imagine they already have Hunter Biden or Romney's sons ready to replace him.
It comes down to human greed. A guy makes 1/4 billion, legally or not. How much can he spend in a lifetime? It doesn't matter how much he can spend, he still wants more. Look at our pro athletes, making millions a year. They can't spend it all but its a game, a matter of making more than the next guy. Look at our high tech billionaires, Bezos, Gates, and the rest, incredibly wealthy but still fighting for more. There's never enough. You've heard the old saying about the millionaire who died. "How much did he leave? All of it."
You would be surprised at how many pro athletes are flat broke 5 years after retirement.
I don't believe anything coming from the Chinese "government" without other sources out of country backing it up. More likely he pissed off "government", the cause that gets them most riled up these days being exposing their lies and bs. Corruption in China is A OK as long as it follows the company line.
The former chairman of China Huarong Asset Management Co. has been sentenced to death, a court in the northern city of Tianjin said on Jan. 5, in one of the country’s highest-profile corruption cases.
Lai Xiaomin was convicted of receiving or seeking bribes totaling 1.788 billion yuan ($276.72 million) from 2008 to 2018, when he was also a senior banking regulator, according to the Secondary Intermediate People’s Court of Tianjin.
Lai, who was expelled from the ruling Communist Party in 2018, was also convicted on a charge of bigamy.
Chinese authorities alleged that Lai extorted bribes, colluded with others to embezzle large amounts of public assets, and took advantage of his positions to seek improper benefits for those who bribed him.
Reuters was unable to contact Lai or his lawyer for comment.
“Lai Xiaomin was lawless and extremely greedy,” the court statement said.
From what I've seen and heard about China, everybody with a title gets a bribe or steals money placed in their trust. If this guy got in trouble, it had nothing to do with the money, and more likely who's money it was or which Chicom Party leader he pissed off. If you just steal and go with the flow, you don't have problems...but if you get too big for your breeches, you won't last long.
It’s a shame that a bunch of our bankers didn’t get the same after 2008 !
This is not justice China. He didn't pay off the right communist officials or they wanted his position so they needed to get rid of him and use his conviction for propaganda. Americans are so naive and ignorant as to the way of life and business in Communist China. Everyone in China steals, cheats and bribes just like the way it was in the Soviet Union. . The only way to get business done there.
Sounds like the Democrat Party.
Its all right to be white!! Stupidity left unattended will run rampant Don't argue with stupid people, They will drag you down to their level and then win by experience
The Chinese regularly execute corrupt politicians. Mostly those who aren’t in the click currently ruling the country. Heck , just criticize the way they rule the country and the Chinese will ruin you. Jack Ma is currently having his financial empire destroyed. Went from the richest man in China to hoping to not end up in prison.
Yep, most likely aligned with Jiang Zemin's group. You can bet that a banker that did the identical things, but was allied with the Xi Jinping faction would still be sitting pretty. Not sure what will happen to Ma. Maybe he'll serve as the shining example to all other Chinese entrepreneurs that they'd best keep their mouths shut, and that even mild criticism of the CCP will not be allowed.