Comment by blueblisters | Hacker News Reader

Comment by blueblisters | Hacker News Reader

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The real question people are asking is why now? Didn't the regulators have enough time to assess the irregularities earlier? A $30 billion IPO plan couldn't have been made public without the regulators giving at least some in-principle approval, and I'm sure Jack Ma knows how to navigate the bureaucracy/politics in China before he would make such plans public. I don't understand Chinese politics much but this just reeks of vendetta.

>After the 2008 financial crisis, Basel III includes regulations on "shadow banks" like Ant in addition to traditional banks. Is it possible for a bank that has only assets of 3B lends out 300B? But, Ant already did. They created an Asset-Backed Security (ABS) via a process called securitization. It is unprecedented that a financial institution with such big financial leverage and a large amount loan going unregulated.

If that's the case, why were they being allowed to continue as a privately-owned lender for so long?

> The real question people are asking is why now?

That is a very good question, from public information I can gather around Ant and Ma's career in general, it seems he has strong backings from a wide range of powerful people due to financial relations as well as his reputation -- he is the Elon Musk of China and commands tremendous respect and pride among not just citizens but also top leadership.

In fact, his backing is so strong that China's banking and financial regulators have not been successful at regulating Ant despite other fintech pioneers' blatant failings. However, this time he miscalculated how far he can push and the more conservative voices in the party have finally gained an upper hand.

Ma was not Elon Musk of China. He was routinely ridiculed for his heavily romanized views on many topics.

No one was surprised by his laughable showing in the chat with Elon at WAI 2019 where he behaves like a fraud.

His backing from powerful hidden political figures are well acknowledged. Although that's not new, anyone who commands such power are backed that way, this pattern can trace back to Qin and Han dynasty.

If anything that makes him sound more like Elon Musk. Loved by some and ridiculed by others. Also, it's not as if Musk's alarmism about AI is any more grounded in truth than Ma's idealism.

No Elon is goofy but Ma proved last year in his sit down with Musk that he doesn’t even have Jr. engineer levels of knowledge. He only has wealth and a name because he has connection while Musk had to be competent to gain his wealth. I do not like Musk but the two aren’t compatible Ma is an actual fraud.

I think the Elon hate is overblown, but everything he has to say about Covid is outright dangerous, let alone stupid.

Ma isn't an engineer and doesn't pretend to be, which is why you can't take anything he says about AI seriously. I'm sure he's corrupt in the same way a lot of Chinese businessmen are corrupt. That said, you don't go from being a tour guide to building a e-commerce platform with arguably the most sophisticated supply chain the world solely by being a fraud.

He’s a fraud when taken as some sort of tech genius. I am in no way disregarding he is a skilled logistical and political tactician. It was just really hard to watch him act as such when in conversation with a man who is a skilled engineer.

Also I agree the hate is overblown but I also don’t think Elon is the worlds savior so I tend to push back against that rhetoric.

Anyone have decent understanding of it technology don't like Ma. He was loved more like how Trump lovers love Trump.

Oh yeah that one was painful to watch.

https://m.youtube.com/watch?v=aHGd6LqAVzw

English is not Jack Ma’s primary language. However, English is Elon Musk’s primary language, and admittedly, he sucks at it.

Jack Ma is competent in speaking Mandarin Chinese. So the equivalent would be to force Elon Musk to debate against Jack Ma in Mandarin.

That was not a debate, it was Jack Ma trying to bluff his way to the audience and Musk has to intentionally dumb down himself to not embarrass his fellow billionaire, and failed

> He was routinely ridiculed for his heavily romanized views on many topics.

Many would say the same about Musk

sorry to ask, but what does "romanized views" mean?

Romanticized maybe?

I suspect it means “westernised”

Some foriegn languages like japanese have a romanized version where traditional letters are replaced with latin script.

In this case it's a metaphor for westernized.

Very poor writing of mine...

> The real question people are asking is why now?

These why now questions unfortunately never have satisfactory answers. Too early: there is no scam/govt is stifling innovation, in the middle: not enough proof, late: why regulators were sleeping till now.

Maybe some people of power who get involved and want to reap benefits. Maybe the company found in 2013 is too new for the government to catch up. China does not have a long established financial industry like developed countries. State capitalism has just started four decades ago. Maybe Jack Ma knows regulations will come out soon and just made public opinions before regulation rules are revealed to the public.

I do not have any source to back my guesses.

> China does not have a long established financial industry like developed countries

You can make a shady case for modern western idea of finance but China has had a strong finacial industry for centuries.

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