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Opinion Jamie Dimon Quickly Backtracks on Mild China Joke

18:51  24 november  2021
18:51  24 november  2021 Source:   nymag.com

Jamie Dimon regrets comment that JPMorgan will outlast Chinese Communist Party

  Jamie Dimon regrets comment that JPMorgan will outlast Chinese Communist Party JPMorgan Chase CEO Jamie Dimon says he regrets joking that his bank would outlive the Chinese Communist Party. © Provided by Washington Examiner Dimon's remarks at an event in Boston on Tuesday drew attention as an unusual example of corporate executives who do business in China speaking negatively about the authoritarian regime. “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, according to CNN.

Even when you’re one of the most powerful financiers in America, it seems you need to watch what you say about China.

I didn’t mean what I clearly meant! Michel Euler - Pool/AFP via Getty Images © Michel Euler - Pool/AFP via Getty Images I didn’t mean what I clearly meant! Michel Euler - Pool/AFP via Getty Images

Speaking on a panel at the Boston College Chief Executives Club on Tuesday, JPMorgan Chase CEO Jamie Dimon cracked a fairly mild, if politically tactless, joke: “I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year,” he said. “So is JPMorgan. And I’ll make a bet we last longer.”

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

Jamie Dimon jokes that JPMorgan will outlast the Chinese Communist Party

  Jamie Dimon jokes that JPMorgan will outlast the Chinese Communist Party JPMorgan has made significant inroads in China over the last couple of years. Now the bank's top boss is cracking jokes about whether his firm can outlast the country's powerful political machine.JPMorgan has made significant inroads in China over the last couple of years. Now the bank's top boss is cracking jokes about whether his firm can outlast the country's powerful political machine.

Apparently, he can’t say that in America either.

By Wednesday, after having “internal discussions” with his bank’s government-relations team, per Bloomberg, Dimon tried to do some cleanup. He said in a statement, “I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company.”

As Bloomberg notes, JPMorgan Chase has $20 billion of exposure in China, so offending Xi Jinping could have major financial repercussions. And there is little evidence that the man can take a joke. To take one example of his sensitivity:  In 2018, Chinese censors banned the release of the movie Christopher Robin because of Xi’s resemblance to Winnie the Pooh.

The forced-to-backtrack-on-China-comments is a now-familiar cycle in Western industries that have large stakes in the world’s second-biggest economy, like the movie business. Western sports leagues have also toed a very cautious line — though the recent disappearance of Peng Shuai may have changed that calculus.

China Media Says U.K. Still in 'Colonial Days' as Navy Enters Contested Waters .
The U.K.'s Queen Elizabeth Carrier Strike Group sailed into the South China Sea on Monday, making a port call in Singapore.In separate op-eds on Sunday and Monday, the newspaper accused Britain of wanting to "revive its past glory" and warned the country against sailing warships into "Chinese territory.

usr: 1
This is interesting!