It is a lawsuit which will never be won, but it does show how upset the Chinese are about being attacked for problems with their exports. Drug components for products like blood thinner Heparin are blamed for over 80 deaths in the US. Some of these components came from China. There have also been health issues with lead-paint-based toys which have been exported to US companies The paint is dangerous for children.
A group of citizens in China is sick of the US bully kicking sand in its faces. They have filed a $1.3 billion lawsuit against CNN, a unit of Time Warner (NYSE: TWX). The legal action represents $1 for each person in the world's most populated country. The current suit was launched by a Chinese primary school teacher and a beautician. There is also a suit by 14 mainland lawyers pending.
According to Reuters, "The case (is) against the Atlanta-based cable channel, its parent company Turner Broadcasting and Jack Cafferty, the offending commentator." Cafferty said "They're basically the same bunch of goons and thugs they've been for the last 50 years" when referring to the Chinese who had sent lead-painted toys to the US.
Is the story a worthwhile one for the press to cover? Probably not. It really belongs in the entertainment sections of news programs and newspapers.
But the media will put it on the front page everywhere because no one can make up a story like this one.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
4-25-2008 @ 5:34AM
Petkov said...
And they happen to be actually right! I visit the major news sides regularly and the China/Russia bashing is pretty evident. After all, what else can be expected from a corporate- owned media such as USA's? Praises and gushing over China and Russia? They happen to be USA's economic enemies right now.
4-25-2008 @ 8:00AM
Bobby said...
Free speech is going to be the death of us. It's ok to dissent & give your opinions on topics of interest but to use terms like "goons & thugs" is insulting as hell in general to people of China whether there is a fabric of truth in it or not.
We truly can't push our western ideology on the rest of the world & make light of their form of gov't & lifestyles. We can refuse to purchase their products but to openly insult a nation of people four times our size is a bit "asking for it"....
4-25-2008 @ 11:18AM
B. Harrison said...
Based on what I have read, and from what I have heard from manyw hwo have been conducting business with China, it is still a very risky market.
What ecourse does one have in the courts of China, and how much would that costs?
The USA has 1/10th of the world's population, and90% of the "attorneys" in the world. Doing business in China might be like living in the old wild west BEFORE law was established there.
What "assurances" do Americans have in doing business inChina? I'm sure tha WalMart may have a lot of clout (since they are responsible for 8% - 12% of China's exports); but the Amerricna investor is at a great disadvantage, aren't they?
4-28-2008 @ 2:45AM
Mike said...
Hey! Abandon what you have read before, I think you should read this -- Perkowski's book 'Managing the Dragon'! A deal for that: http://dealstudio.com/searchdeals.php?deal_id=99795&ru=279 , it is about a firsthand story of a man who dared himself to move to China to seize upon the greatest economic boom of our age. So you should trust the truth. This is a apothegm for you.