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We certainly have no shortage of corruption here in the US, but believe it or not, the problem is far worse in other parts of the world, especially in China.
China President (Apparently for life) Xi Xinping has been promoting an anti-corruption campaign in the world's most populous and most overtly communist nation for a number of years now, with quite a few high ranking government officials being stripped of their duties, jailed and sometimes executed for their cleptocratic ways. It has been a spotty effort however and is nowhere close to bringing these issues under control.
Today the CEO of a recently nationalized Chinese bank was sentenced to death for illegally pocketing over $100 million through illegal gains and irregular accounting practices.
While accountability is desired and needed for crimes like this one, this verdict is excessive and an over-reaction.
The former chairman of struggling lender Hengfeng Bank Co. has been sentenced to death with a two-year reprieve by a Chinese court for making illegal gains of over $100 million.
Jiang Xiyun was convicted for moving 754 million yuan ($108 million) worth of Hangfeng shares to his personal account between 2008 and 2013, according to the Yantai Intermediate People’s Court. He also took bribes of more than 60 million yuan together with another bank executive, according to the Thursday ruling. A reprieved death sentence may be commuted to a life sentence if the person shows good behavior within the allotted period.
This seems overly harsh if you ask me. China is notorious for its corruption, including its lack of respect for intellectual property rights and its obligations under international trade agreements. To fix that, they need to start somewhere and it is good to see at least some progress towards addressing these sorts of problems.
But trying to compensate for a culture that is largely absent a tradition of respecting an evenly applied rule of law with this sort of overly extreme reaction is not the kind of solution that they should be striving for in situations like these.
Accountability for these sorts of crimes is very important, but so is some sort of proportional, measured response. This verdict is extreme in this case and an over-reaction.
The Chinese have had a death penalty on the books for government and private corruption since the inception of the Communist state. Two year reprieve probably means he won’t be executed but will serve a long prison sentence.
For years execution was by a shot to the back of the head by rifle. There was something of a public image problem when leaked photos appeared showing people with their heads blown apart after execution. Currently execution is by lethal injection.
The Chinese have had a death penalty on the books for government and private corruption since the inception of the Communist state. Two year reprieve probably means he won’t be executed but will serve a long prison sentence.
For years execution was by a shot to the back of the head by rifle. There was something of a public image problem when leaked photos appeared showing people with their heads blown apart after execution. Currently execution is by lethal injection.
And they would charge the family for the cost of the bullet. That is cold.
I wish we'd do that punishment here more for people like this..
Wouldn't bother me if anyone who stole anything over $2500 got a hand chopped off. I am guessing you'd have far less major thefts
If we had these executions and punishments in place for white collar criminals and elites there may soon be no one left to run the finance and real estate industries.
The corrupt CEO's in the USA are looked upon as God's by the adoring broke masses.
No joke! My cousin, who is broke from making bad decisions in her life, is cheering like crazy everytime Disney buys another franchise or entity. She's happy that Marvel got X-Men back with the Fox buy out. I'm like, how long will it be before they own the internet as well and plan on charging 400 or more a month for their Disney + once they are the only game in town?
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