I should have asked my Mother. She retired to Delaware many years ago. She didn’t want to leave the Northeast but she also wanted to reduce her tax bill. Plenty of seniors populate the state that has no personal income tax.
Lin Chunping in January this year announced his acquisition of a Delaware-based bank. He said the US$60 million purchase for Atlantic Bank demonstrated his business prowess. In a story reported today by Associated Press, Lin’s story has unravelled:
“The only thing that may have been legendary is Lin’s audacity. Not only did he not buy Atlantic Bank in Delaware for $60 million as he claimed, but there is no Atlantic Bank in that state.” (Source: AP)
And I was worried people would notice my Bulgari belt buckle wasn’t the real deal.
Seems it isn’t just handbags, watches and the occasional belt buckle that’s copied in China. Many diplomas require careful scrutiny:
“Zinch China, the Chinese arm of U.S.-based educational networking site Zinch.com, estimates that 90 percent of recommendation letters to U.S. schools are fake, that 70 percent of the essays are written by someone else and that half the transcripts are fabricated.” (Source: AP)
SGEntrepreneurs.com questioned why copying is so rampant in China. “US has Google, EBay and 2nd Life and China has Baidu, AliBaba and HiPiHi. In each of the example, for every US company which makes it work, China will have a carbon copy,” said the article. In this he posits that teaching is focused on copying design versus original design. Western style teaching is based on the Socratic method of questioning and argument. Eastern style teaching is focused on memorisation by rote repetition.
What is the upside of fakery?
The ability to copy flawlessly is helping China grow. Their creativity is showcased in process engineering. Manufacturers can take an item and reduce the cost of production dramatically. This has led to the hyper-growth of firms like Foxconn. They regularly teach world-leading brands like Apple how to reduce the cost of manufacturing an item. It’s why we pay less for phones today, in real dollars, than ever before.
The fake claims of buying banks or dishonest reference letters for school are all attempts to gain notoriety or achieve in an ultra-competitive society. China is on the move and losers are left behind.
Thankfully the fakes are getting exposed so the real stars can rise to the top.