Skip to comments.SEC Launch Inquiry Into Hollywood Bribes In China
Posted on 04/24/2012 11:32:27 PM PDT by PieterCasparzen
The Securities and Exchange Commission in the United States are investigating the financial dealings of some of Hollywoods biggest movie studios in China after information leaked that studio executives may have been making illegal payments to government officials in order to gain a stronger foothold into the Chinese market.
20th Century Fox, the Walt Disney Company and DreamWorks Animation are reported to be among the first major five companies that have been contacted by the S.E.C. on Tuesday, reported the New York Times with a number of the larger, and some smaller, studios expected to soon receive notification, or at least be made aware, about the inquiry soon.
Though neither the SEC nor the movie studios chose to comment on the investigation, the NYTs source, who spoke on condition of anonymity, claimed that the inquiry had been launched after the government agency became wary of recent activity by movie studios in China including a recent landmark deal by Dreamworks to build a production studio in Shanghai.
(Excerpt) Read more at economywatch.com ...
Ho Hum, much ado about business as usual.
The orient does not share our philosophy or moral code, get over it.
If you want to do business there you must learn the etiquette of “Gifts”, bribes, and flattery.
Often they are difficult to tell apart, but they are always necessary.
Those who ignore them, lose out to those who embrace them.
Do we want U.S. companies to succeed there?
If yes, then we have to accept reality.
I’m just “shocked” /sarc that the Hollywoodites, who tell everyone how “corrupt” other industries are - would have broken any rules themselves.
(U.S. law and regulations govern bribes necessary to conduct business in foreign nations and U.S. companies are still subject to U.S. law).
I guess the SEC didn’t get the memo that Hollywood has obama-granted legal immunity /SARC.
You got that right. My sis works at well known international bank in Hong Kong and in HK, bribes are a way of life, even in Southeast Asia. We also do business in Singapore and Philippines. Try the Philippines. As long as you have money, everything and anything can be had. You can even get a driver’s license there even if you’re not Filipino ;)
I’m shocked, shocked to find that gambling is going on in here!
Let’s see . . . This makes as much sense as Holder going after the baby panthers. Oh I get . . . The O is down on fund raising so he fetches the boys on something that is standard practice and tells them to contribute more to the fund and it all goes away.
They needed to pay for multiple “permits” at each step of the way, so they found the highest ranking gov’t official in an area and purchased “permits” from him, and let him ... influence ... the little fish under his thumb.
Would have been accepted until an auditor noted that the permit account was paying for the same permits over and over.
I used to laugh at that, until I saw the list of permits required to open a business, even in Texas. On a trip to NJ, one restaurant had framed permits on his wall from floor to ceiling.
And the difference between bribery in Indonesia in the 70’s and the US in the 21st century is ...
I work in the Hollywood biz and one of my close buds engineered some of the turns for the rides at Universal. Same fratmate from university back in 2006.
He had an assignment in Shanghai a year ago and the Chinese wanted to know how to make a theme park. So he explained in simple terms alongside some other dudes.
Then the Chinese insisted that they stick Mickey Mouse, Superman, Wonder Woman, Goofy at every entrance and it raised their eyebrows..
The Chinese have no concept of copyright and trademarks. All they knew was “get this, I don’t care”. It got better when they had to explain the same concept to the Singapore business committee. They knew about trademarks and copyrights..a better crowd.