Chinese Sue CNN For $1.3 Billion

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By Douglas A. McIntyre Published
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CNN commentator Jack Cafferty is a insolent fellow. He commented about the Chinese saying "They’re basically the same bunch of goons and thugs they’ve been for the last 50 years". Nice touch.

Cafferty was upset about all of the lead-painted toys and other dangerous products that the Chinese are sending to our shores.

The Chinese struck back. A group of people from the mainland have sued CNN for $1.3 billion, $1 for each person in the country. According to Reuters "The case against the Atlanta-based cable channel, its parent company Turner Broadcasting and Jack Cafferty, the offending commentator, comes after 14 lawyers launched a similar suit in Beijing." The Chinese government called the action "spontaneous activity by Chinese civilians".

The move does seem a little unfair. None of the "citizens" in the US have sued Chinese factories or companies for tainted components in blood-thinner Heparin. That has killed over 80 people. And, the parents of the children who ate some of the lead-painted toys shipped here have been good enough to keep their attorneys out of the fray.

The Chinese people may simply be more passionate than their counterparts in the US.

The question is still open about how those $1 bills are going to be distributed to 1.3 billion people.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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