Jack Ma’s Blunt Words (About Chinese Banking) Just Cost Him $35 Billion
Being a billionaire in a fundamentally crony system has its costs.
(From Bloomberg)
Chinese banks are like “pawn shops”, where collateral and guarantees are the hard currencies. As a result, some decided to go so big they are not allowed to fail. “As the Chinese like to say, if you borrow 100,000 yuan from the bank, you are a bit scared; if you borrow a million yuan, both you and the bank are a little nervous; but if you take a 1 billion yuan loan, you are not scared at all, the bank is,” Ma said.
The consequences came this week. On Monday, Beijing’s top financial watchdogs summoned Ma and dressed him down…
This article was originally posted here: https://www.ac2news.com/2020/11/jack-mas-blunt-words-about-chinese-banking-just-cost-him-35-billion/.
