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Inside the Billion Dollar Whale Scandal: 2020 Shorenstein Journalism Award Recipient Tom Wright to Headline Award Panel Discussion

The $7 billion 1Malaysia Development Bhd (1MDB) scandal, one of the largest-ever financial frauds, exposed the depths of corruption in global markets. The story starts in Malaysia, but a raft of institutions from Goldman Sachs to Big Four auditors and Manhattan lawyers enabled the graft. Five years after the story came to light, almost no one has gone to jail. What’s in store for the main players, how can our justice system ensure history does not repeat itself, and how do political actors shape the trajectories of anticorruption efforts in Asia?

Tom Wright, winner of the 2020 Shorenstein Journalism Award, addresses these questions and more in his keynote address.

Wright is the coauthor of the New York Times bestseller Billion Dollar Whale, which unravels the story of one of the world's greatest financial scandals involving the multibillion-dollar looting of the Malaysian sovereign wealth fund 1MDB. Wright’s work sparked investigations by law enforcement and regulators in multiple countries and outrage in Malaysia, where the ruling coalition, after 61 years in power, suffered a landslide defeat in a shocking 2018 election.

The keynote will be followed by a guided interview with the award winner led by Meredith Weiss, Professor and Chair of Political Science at the Rockefeller College of Public Affairs and Policy, University at Albany, SUNY.

The event will conclude with an audience Q&A session moderated by Donald K. EmmersonDirector of the Southeast Asia Program at the Walter H. Shorenstein Asia-Pacific Research Center.

Follow us on Twitter and use the hashtag #SJA20 to join the conversation.


Portrait of Tom Wright, winner of 2020 Shorenstein Journalism Award
Tom Wright is an author, journalist, and speaker who over the past twenty-five years has lived and worked mainly in South and Southeast Asia. He is a Pulitzer finalist, a Loeb winner, and co-author of the New York Times bestseller Billion Dollar Whale, about the 1MDB scandal. A theme running through Tom’s work is the blight of corruption in Asia, abetted by Western companies and institutions. He started his career with Reuters in Indonesia in the 1990s at a time when Gen. Suharto’s military dictatorship was crumbling. During the Asian financial crisis of 1997-1998, Tom joined Dow Jones Newswires in Bangkok, later moving to the Wall Street Journal.
He has investigated corruption in Indian companies, the failure of the U.S. civilian aid program for Pakistan, and was one of the first journalists to arrive at the scene of the raid in which Navy SEALs killed Osama bin Laden. In 2013, Tom spearheaded the coverage of the Rana Plaza factory disaster in Bangladesh, which killed over 1,000 people, earning the Wall Street Journal a Sigma Delta Chi award from The Society of Professional Journalists. The series exposed how international garment manufacturers turned a blind eye to safety violations in order to reduce costs.
As Asia Economics Editor in Hong Kong, Tom managed a number of correspondents in the region, while continuing to report. In 2015, he began investigations into the 1MDB scandal, an almost unbelievable series of events in which bankers at Goldman Sachs helped a young Malaysian financier steal at least $4 billion from Malaysian state fund 1MDB, one of the largest financial frauds of all time. The three-year investigation showed the degree to which Western institutions, from Wall Street banks, law firms, auditors, and even Hollywood film companies, ignore malfeasance in the pursuit of profits.

Portrait of Meredith Weiss, Professor and Chair of Political Science in the Rockefeller College of Public Affairs and Policy at the University at Albany, State University of New York
Meredith Weiss is Professor and Chair of Political Science in the Rockefeller College of Public Affairs & Policy at the University at Albany, State University of New York. Her research addresses social mobilization and civil society, the politics of identity and development, parties and elections, institutional reform and (anti)corruption, and subnational governance in Southeast Asia, with particular focus on Malaysia and Singapore. She has conducted fieldwork in those two countries as well as Indonesia, the Philippines, and Timor-Leste, and has held visiting fellowships or professorships in Australia, Japan, Malaysia, the Philippines, Singapore, and the US.

Her books include Protest and Possibilities: Civil Society and Coalitions for Political Change in Malaysia (2006), Student Activism in Malaysia: Crucible, Mirror, Sideshow (2011), The Roots of Resilience: Political Machines and Grassroots Politics in Southeast Asia (2020), and eleven edited or co-edited volumes, most recently, The Political Logics of Anticorruption Efforts in Asia (2019) and Toward a New Malaysia? The 2018 Election and Its Aftermath (2020).  Her articles appear in Asian Studies ReviewAsian SurveyCritical Asian StudiesDemocratizationJournal of Contemporary AsiaJournal of DemocracyTaiwan Journal of Democracy, and elsewhere.

Professor Weiss co-edits the Cambridge University Press Elements book series on Politics and Society in Southeast Asia and is an associate editor for Southeast Asia of the Association for Asian Studies’ (AAS) Journal of Asian Studies. She co-founded the Southeast Asian Politics related group of the American Political Science Association (APSA) and chairs the APSA’s Asia Workshops steering committee, is past chair of the AAS’s Southeast Asia Council, and is on the Southeast Asia Research Group (SEAREG) Council. She received her MA and PhD in Political Science from Yale University and a BA in Political Science, Policy Studies, and English from Rice University.

About the Shorenstein Journalism Award:

The Shorenstein Journalism Award, which carries a cash prize of US $10,000, recognizes outstanding journalists who have spent their careers helping audiences around the world understand the complexities of the Asia-Pacific region, defined broadly to include Northeast, Southeast, South, and Central Asia and Australasia. Award recipients are veteran journalists with a distinguished body of work. News organizations are also eligible for the award.

The award is sponsored and presented by the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) at Stanford University. It honors the legacy of the Center’s benefactor, Mr. Walter H. Shorenstein, and his twin passions for promoting excellence in journalism and understanding of Asia. It also symbolizes the Center’s commitment to journalism that persistently and courageously seeks accuracy, deep reporting, and nuanced coverage in an age when attacks are regularly launched on the independent news media, on fact-based truth, and on those who tell it.

An annual tradition, the Shorenstein Journalism Award alternates between recipients whose work has mostly been conveyed through American news media and recipients whose work has mostly been conveyed through news media in one or more parts of the Asia-Pacific region. Included among the latter candidates are journalists who are from the region and work there, and who, in addition to their recognized excellence, may have helped defend and encourage free media in one or more countries in the region.

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Tom Wright <br>Journalist, Author, Speaker</br><br>
Meredith Weiss <br>Professor and Chair of Political Science, University at Albany,SUNY</br>

This is a chapter in the second edition of The National Security Enterprise, a book edited by Roger Z. George and Harvey Rishikof that provides practitioners' insights into the operation, missions, and organizational cultures of the principal national security agencies and other institutions that shape the U.S. national security decision-making process. Unlike some textbooks on American foreign policy, it offers analysis from insiders who have worked at the National Security Council, the State and Defense Departments, the intelligence community, and the other critical government entities. The book explains how organizational missions and cultures create the labyrinth in which a coherent national security policy must be fashioned. Understanding and appreciating these organizations and their cultures is essential for formulating and implementing it. Taking into account the changes introduced by the Obama administration, the second edition includes four new or entirely revised chapters (Congress, Department of Homeland Security, Treasury, and USAID) and updates to the text throughout. It covers changes instituted since the first edition was published in 2011, implications of the government campaign to prosecute leaks, and lessons learned from more than a decade of war in Afghanistan and Iraq. This up-to-date book will appeal to students of U.S. national security and foreign policy as well as career policymakers.

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For 14 years, Mariano-Florentino Cuéllar has been a tireless Stanford professor who has strengthened the fabric of university’s interdisciplinary nature. Joining the faculty at Stanford Law School in 2001, Cuéllar soon found a second home for himself at the Freeman Spogli for International Studies. He held various leadership roles throughout the institute for several years – including serving as co-director of the Center for International Security and Cooperation. He took the helm of FSI as the institute’s director in 2013, and oversaw a tremendous expansion of faculty, research activity and student engagement. 

An expert in administrative law, criminal law, international law, and executive power and legislation, Cuéllar is now taking on a new role. He leaves Stanford this month to serve as justice of the California Supreme Court and will be succeeded at FSI by Michael McFaul on Jan. 5.

 As the academic quarter comes to a close, Cuéllar took some time to discuss his achievements at FSI and the institute’s role on campus. And his 2014 Annual Letter and Report can be read here.


You’ve had an active 20 months as FSI’s director. But what do you feel are your major accomplishments? 

We started with a superb faculty and made it even stronger. We hired six new faculty members in areas ranging from health and drug policy to nuclear security to governance. We also strengthened our capacity to generate rigorous research on key global issues, including nuclear security, global poverty, cybersecurity, and health policy. Second, we developed our focus on teaching and education. Our new International Policy Implementation Lab brings faculty and students together to work on applied projects, like reducing air pollution in Bangladesh, and improving opportunities for rural schoolchildren in China.  We renewed FSI's focus on the Ford Dorsey Program in International Policy Studies, adding faculty and fellowships, and launched a new Stanford Global Student Fellows program to give Stanford students global experiences through research opportunities.   Third, we bolstered FSI's core infrastructure to support research and education, by improving the Institute's financial position and moving forward with plans to enhance the Encina complex that houses FSI.

Finally, we forged strong partnerships with critical allies across campus. The Graduate School of Business is our partner on a campus-wide Global Development and Poverty Initiative supporting new research to mitigate global poverty.  We've also worked with the Law School and the School of Engineering to help launch the new Stanford Cyber Initiative with $15 million in funding from the Hewlett Foundation. We are engaging more faculty with new health policy working groups launched with the School of Medicine and an international and comparative education venture with the Graduate School of Education. 


Those partnerships speak very strongly to the interdisciplinary nature of Stanford and FSI. How do these relationships reflect FSI's goals?

The genius of Stanford has been its investment in interdisciplinary institutions. FSI is one of the largest. We should be judged not only by what we do within our four walls, but by what activity we catalyze and support across campus. With the business school, we've launched the initiative to support research on global poverty across the university. This is a part of the SEED initiative of the business school and it is very complementary to our priorities on researching and understanding global poverty and how to alleviate. It's brought together researchers from the business school, from FSI, from the medical school, and from the economics department.  

Another example would be our health policy working groups with the School of Medicine. Here, we're leveraging FSI’s Center for Health Policy, which is a great joint venture and allows us to convene people who are interested in the implementation of healthcare reforms and compare the perspective and on why lifesaving interventions are not implemented in developing countries and how we can better manage biosecurity risks. These working groups are a forum for people to understand each other's research agendas, to collaborate on seeking funding and to engage students. 

I could tell a similar story about our Mexico Initiative.  We organize these groups so that they cut across generations of scholars so that they engage people who are experienced researchers but also new fellows, who are developing their own agenda for their careers. Sometimes it takes resources, sometimes it takes the engagement of people, but often what we've found at FSI is that by working together with some of our partners across the university, we have a more lasting impact.


Looking at a growing spectrum of global challenges, where would you like to see FSI increase its attention? 

FSI's faculty, students, staff, and space represent a unique resource to engage Stanford in taking on challenges like global hunger, infectious disease, forced migration, and weak institutions.  The  key breakthrough for FSI has been growing from its roots in international relations, geopolitics, and security to focusing on shared global challenges, of which four are at the core of our work: security, governance, international development, and  health. 

These issues cross borders. They are not the concern of any one country. 

Geopolitics remain important to the institute, and some critical and important work is going on at the Center for International Security and Cooperation to help us manage the threat of nuclear proliferation, for example. But even nuclear proliferation is an example of how the transnational issues cut across the international divide. Norms about law, the capacity of transnational criminal networks, smuggling rings, the use of information technology, cybersecurity threats – all of these factors can affect even a traditional geopolitical issue like nuclear proliferation. 

So I can see a research and education agenda focused on evolving transnational pressures that will affect humanity in years to come. How a child fares when she is growing up in Africa will depend at least as much on these shared global challenges involving hunger and poverty, health, security, the role of information technology and humanity as they will on traditional relations between governments, for instance. 


What are some concrete achievements that demonstrate how FSI has helped create an environment for policy decisions to be better understood and implemented?

We forged a productive collaboration with the U.N. High Commissioner for Refugees through a project on refugee settlements that convened architects, Stanford researchers, students and experienced humanitarian responders to improve the design of settlements that house refugees and are supposed to meet their human needs. That is now an ongoing effort at the UN Refugee Agency, which has also benefited from collaboration with us on data visualization and internship for Stanford students. 

Our faculty and fellows continue the Institute's longstanding research to improve security and educate policymakers. We sometimes play a role in Track II diplomacy on sensitive issues involving global security – including in South Asia and Northeast Asia.  Together with Hoover, We convened a first-ever cyber bootcamp to help legislative staff understand the Internet and its vulnerabilities. We have researchers who are in regular contact with policymakers working on understanding how governance failures can affect the world's ability to meet pressing health challenges, including infectious diseases, such as Ebola.

On issues of economic policy and development, our faculty convened a summit of Japanese prefectural officials work with the private sector to understand strategies to develop the Japanese economy.  

And we continued educating the next generation of leaders on global issues through the Draper Hills summer fellows program and our honors programs in security and in democracy and the rule of law. 


How do you see FSI’s role as one of Stanford’s independent laboratories?

It's important to recognize that FSI's growth comes at particularly interesting time in the history of higher education – where universities are under pressure, where the question of how best to advance human knowledge is a very hotly debated question, where universities are diverging from each other in some ways and where we all have to ask ourselves how best to be faithful to our mission but to innovate. And in that respect, FSI is a laboratory. It is an experimental venture that can help us to understand how a university like Stanford can organize itself to advance the mission of many units, that's the partnership point, but to do so in a somewhat different way with a deep engagement to practicality and to the current challenges facing the world without abandoning a similarly deep commitment to theory, empirical investigation, and rigorous scholarship.


What have you learned from your time at Stanford and as director of FSI that will inform and influence how you approach your role on the state’s highest court?

Universities play an essential role in human wellbeing because they help us advance knowledge and prepare leaders for a difficult world. To do this, universities need to be islands of integrity, they need to be engaged enough with the outside world to understand it but removed enough from it to keep to the special rules that are necessary to advance the university's mission. 

Some of these challenges are also reflected in the role of courts. They also need to be islands of integrity in a tumultuous world, and they require fidelity to high standards to protect the rights of the public and to implement laws fairly and equally.  

This takes constant vigilance, commitment to principle, and a practical understanding of how the world works. It takes a combination of humility and determination. It requires listening carefully, it requires being decisive and it requires understanding that when it's part of a journey that allows for discovery but also requires deep understanding of the past.

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In recent years Chinese courts, in particular those in Henan Province, have begun to place a vast quantity of court options online.  This talk examines one-year of publicly available criminal judgments from one basic-level rural county court and one intermediate court in Henan in order to better understand trends in routine criminal adjudication in China.  The result is an account of ordinary criminal justice that is both familiar and striking:  a system that treats serious crimes, in particular those affecting state interests, harshly while at the same time acting leniently in routine cases.  Most significantly, examination of more than five hundred court decisions shows the vital role that settlement plays in criminal cases in China today.  Defendants who agree to compensate their victims receive strikingly lighter sentences than those who do not.  Likewise, settlement plays a role in resolving even serious crimes, at times appearing to make the difference between life and death for criminal defendants.  These findings provide insight into a range of debates concerning the roles being played by the Chinese criminal justice system and the functions of courts in that system.  Examination of cases from Henan also provides a base for discussing the future of empirical research on Chinese court judgments, demonstrating that there is much to learn from the vast volume of cases that have in recent years become publicly available.

Benjamin L. Liebman is the Robert L. Lieff Professor of Law and the Director of the Center for Chinese Legal Studies at Columbia Law School. His recent publications include “Malpractice Mobs: Medical Dispute Resolution in China,” Columbia Law Review (2013); “A Return to Populist Legality? Historical Legacies and Legal Reform,” in Mao’s Invisible Hand (edited by Sebastian Heilmann and Elizabeth Perry, 2011); and “Toward Competitive Supervision?  The Media and the Courts,” China Quarterly (2011).

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Benjamin L. Liebman Robert L. Lieff Professor of Law and Director, Center for Chinese Legal Studies Speaker Columbia Law School

China’s contemporary legal reform is characterized by the coexistence of two ideologies, professionalism and populism, in legal discourses and law practice. The conflicts between the two ideologies are best characterized in the trial of Li Zhuang during the anti-crime campaign in Chongqing in 2009-2011. In this case, the fate of an individual criminal defense lawyer was linked with the broadest legal policies and the highest-level political struggles in the Chinese state. By a scholarly analysis of the Li Zhuang case, this study demonstrates that, although populism remains an intimidating force in China’s legal practice, professionalism has gained the support from a wider range of legal professionals, state officials, and the public through the media and professional mobilization.

This is a SCP-CEAS co-sponsored event. 

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Sida Liu Assistant Professor of Sociology and Law Speaker University of Wisconsin-Madison

At present, the tobacco industry produces some six trillion cigarettes worldwide every year. Six trillion cigarettes per annum, each ready to release smoke filled with highly addictive nicotine and powerful carcinogens. A third of all these sticks were produced in China last year. In 2011, the world’s largest cigarette maker by volume, the China National Tobacco Corporation, contributed an all-time high of U.S. $214 billion in profits and taxes to the Chinese government, up 22 percent year-on-year. Currently the greatest cause of preventable death in the world, the cigarette is likely to kill ten times as many people in the 21st century as it did in the 20th century, epidemiologists tell us, with China bearing the largest burden. Until now, much global health research and intervention has focused with limited success on the cigarette consumer—addressing how one or another variable prompts people to take up or quit smoking, whether the cue for the consumer is biological, psychological, spatial, financial or symbolic. What though of the industrial sources of tobacco-related diseases? Where are the six trillion cigarettes that are released into circulation each year manufactured? Where are they rolled, wrapped, and boxed for shipment? This presentation will introduce the Cigarette Citadels Project, an innovative application of participatory GIS. With special attention given to China’s network of cigarette factories, Matthew Kohrman will explain how the Cigarette Citadels Project not only reveals conceptual roadblocks in public health policy but also lacuna in social theory pertaining to the state and the politics of life.

Matthew Kohrman joined Stanford’s faculty in 1999. His research and writing bring multiple methods to bear on the ways health, culture, and politics are interrelated. Focusing on the People's Republic of China, he engages various intellectual terrains such as governmentality, gender theory, political economy, critical science studies, and embodiment. His first monograph, Bodies of Difference: Experiences of Disability and Institutional Advocacy in the Making of Modern China, examines links between the emergence of a state-sponsored disability-advocacy organization and the lives of Chinese men who have trouble walking. In recent years, Kohrman has been conducting research projects aimed at analyzing and intervening in the biopolitics of cigarette smoking and production. These projects expand upon analytical themes of Kohrman’s disability research and engage in novel ways techniques of public health.

This event is part of the China's Looming Challenges series

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Stanford University
Department of Anthropology
Building 50, Central Quad
Stanford, California 94305-2034

(650) 723-3421 (650) 725-0605
Associate Professor of Anthropology
Senior Fellow, by courtesy, at the Freeman Spogli Institute for International Studies
Faculty Affiliate at the Stanford Center on China's Economy and Institutions

Matthew Kohrman joined Stanford’s faculty in 1999. His research and writing bring multiple methods to bear on the ways health, culture, and politics are interrelated. Focusing on the People's Republic of China, he engages various intellectual terrains such as governmentality, gender theory, political economy, critical science studies, and embodiment. His first monograph, Bodies of Difference: Experiences of Disability and Institutional Advocacy in the Making of Modern China, examines links between the emergence of a state-sponsored disability-advocacy organization and the lives of Chinese men who have trouble walking. In recent years, Kohrman has been conducting research projects aimed at analyzing and intervening in the biopolitics of cigarette smoking and production. These projects expand upon analytical themes of Kohrman’s disability research and engage in novel ways techniques of public health.

Matthew Kohrman Associate Professor of Anthropology and Senior Fellow Speaker FSI

**Due to space restrictions, this event has reached capacity and we will no longer be taking RSVPs. Everyone is still welcome to attend but please plan to arrive early as seating is on a first come, first serve basis.**

Under the Hu-Wen leadership, China announced a shift in its development policy from a policy program that mainly emphasizes economic growth to one that pursues a “harmonious society.” The harmonious society program was a response to rapid increases in inequality during the 1990s, and its aim has been to ensure that the benefits from growth are widely shared.    

In recent years have the benefits from growth been widely shared? Has income inequality increased or decreased during the Hu-Wen era?

Drawing on recent findings from the China Household Income Project, a collaborative survey research project monitoring changes in incomes and inequality, Professor Terry Sicular will discuss recent trends in inequality and poverty in China. 

Terry Sicular is professor of economics at the University of Western Ontario. She received her doctorate at Yale and has taught at Stanford and Harvard. She is a specialist on the Chinese economy, speaks Mandarin, and has been studying and travelling to China for more than 30 years. Her recent research examines incomes and inequality in China, as well as related topics such as educational attainment and its intergenerational transmission, and the impact of housing reforms on household income and wealth. She has published widely in scholarly journals and books, and is as a contributor to and co-editor of Inequality and Public Policy, published by Cambridge University Press (2008). She has served as a consultant to international donor organizations, and is a leader in the ongoing, China Household Income Project, a collaborative research project that conducts a nationwide household survey and monitors trends in China’s incomes and inequality.

This event is part of the China's Looming Challenges series

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Terry Sicular Professor Speaker Department of Economics, University of Western Ontario

The team of leaders who will take the helm in China beginning next year—the so-called “Fifth Generation”—will be better educated, have greater exposure to the outside world, and extensive experience implementing policies that have facilitated sustained economic growth and growing international influence. They may view issues somewhat differently than their predecessors but have risen to the top by going along to get ahead and are unlikely to propose radical policy initiatives.  But they must confront a growing number of challenges fueled by China’s past success and recent behavior and will be constrained by structural features of the Chinese system and integration into the global market.

Thomas Fingar is the Oksenberg-Rohlen Distinguished Fellow at the Freeman Spogli Institute for International Studies (FSI). In 2009, he was the Payne Distinguished Lecturer at FSI. From May 2005 through December 2008, he served as the first deputy director of national intelligence for analysis and, concurrently, as chairman of the National Intelligence Council.

This event is part of the China's Looming Challenges series

Philippines Conference Room

Freeman Spogli Institute for International Studies
Stanford University
Encina Hall, C-327
Stanford, CA 94305-6055

(650) 723-9149 (650) 723-6530
Shorenstein APARC Fellow
Affiliated Scholar at the Stanford Center on China's Economy and Institutions

Thomas Fingar is a Shorenstein APARC Fellow in the Freeman Spogli Institute for International Studies at Stanford University. He was the inaugural Oksenberg-Rohlen Distinguished Fellow from 2010 through 2015 and the Payne Distinguished Lecturer at Stanford in 2009.

From 2005 through 2008, he served as the first deputy director of national intelligence for analysis and, concurrently, as chairman of the National Intelligence Council. Fingar served previously as assistant secretary of the State Department’s Bureau of Intelligence and Research (2000-01 and 2004-05), principal deputy assistant secretary (2001-03), deputy assistant secretary for analysis (1994-2000), director of the Office of Analysis for East Asia and the Pacific (1989-94), and chief of the China Division (1986-89). Between 1975 and 1986 he held a number of positions at Stanford University, including senior research associate in the Center for International Security and Arms Control.

Fingar is a graduate of Cornell University (A.B. in Government and History, 1968), and Stanford University (M.A., 1969 and Ph.D., 1977 both in political science). His most recent books are From Mandate to Blueprint: Lessons from Intelligence Reform (Stanford University Press, 2021), Reducing Uncertainty: Intelligence Analysis and National Security (Stanford University Press, 2011), The New Great Game: China and South and Central Asia in the Era of Reform, editor (Stanford University Press, 2016), Uneasy Partnerships: China and Japan, the Koreas, and Russia in the Era of Reform (Stanford, 2017), and Fateful Decisions: Choices that will Shape China’s Future, co-edited with Jean Oi (Stanford, 2020). His most recent article is, "The Role of Intelligence in Countering Illicit Nuclear-Related Procurement,” in Matthew Bunn, Martin B. Malin, William C. Potter, and Leonard S Spector, eds., Preventing Black Market Trade in Nuclear Technology (Cambridge, 2018)."

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Thomas Fingar Oksenberg/Rohlen Distinguished Fellow Speaker FSI

**Due to space restrictions, this event has reached capacity and we will no longer be taking RSVPs. Please plan to arrive early as seating is on a first come, first serve basis.**

Since 2008 China's banks have made loans that approach 30% of GDP each year. The central bank has used a broader measure of credit, total societal financing, that suggests credit extended in 2011 may exceed 40% of the country's GDP. It is inevitable that such profligate lending will result in significant amounts of problem loans.  The international market is well aware of this and Chinese bank shares have been hit hard for most of this year. How will these bad loans be managed? More importantly, why has the government once again used China's ostensibly commercial banks as if they were policy banks and what are the implications of this for China's economy going forward?

Carl E. Walter worked in China and its financial sector for the past 20 years and actively participated in many of the country’s financial reform efforts. While at Credit Suisse First Boston he played a major role in China’s groundbreaking first overseas IPO in 1992, as well as the first primary listing of a state-owned enterprise on the New York Stock Exchange in 1994. He was a member of senior management at China International Capital Corporation, China’s first and most successful joint venture investment bank where he supported a number of significant domestic and international stock and bond underwritings for major Chinese corporations. More recently at JPMorgan he was China Chief Operating Officer and Chief Executive Officer of its banking subsidiary. During this time Carl helped build a pioneering domestic security, risk and currency trading operation.

A long time resident of Beijing before his recent return to the United States, Carl is fluent in Mandarin and holds a PhD from Stanford University and a graduate certificate from Peking University. He is the co-author of Red Capitalism: the fragile financial foundations of China’s extraordinary rise as well as Privatizing China: inside China’s stock markets

This event is part of the China's Looming Challenges series

Philippines Conference Room

Shorenstein APARC Encina Hall Stanford University
Visiting Scholar at APARC, 2021-2022
Visiting Scholar at APARC, 2012-2013

Carl Walter joined the Walter H. Shorenstein Asia-Pacific Research Center (Shorenstein APARC) as visiting scholar with the China Program for the 2021-2022 academic year. Prior to coming to APARC, he served as independent, non-executive Director at the China Construction Bank. He was also previously a visiting scholar with APARC during the winter and spring terms of the 2012–13 academic year after a career in banking spent largely in China. 

His research interests focus on China's financial system and its impact on financial and political organizations. During his time at Shorenstein APARC Walter will continue his book project on how fiscal reforms in China have impacted the banking system, the overall economy and the prospect for financial reform going forward.

Walter has contributed articles to publications including Caijing, the Wall Street Journal and the China Quarterly. He is also the co-author of Red Capitalism: The Fragile Financial Foundations of China's Extraordinary Rise (2012) and Privatizing China: Inside China's Stock Markets (2005).

Walter lived and worked in Beijing from 1991 to 2011, first as an investment banker involved in the earliest SOE restructurings and overseas public listings, then as chief operation officer of China's first joint venture investment bank, China International Capital Corporation. Over the last ten years he was JPMorgan's China chief operating officer as well as chief executive officer of its China banking subsidiary.

Walter holds a PhD in political science from Stanford University, a certificate of advanced study from Peking University and a BA in Russian Studies from Princeton University.

Carl Walter Former CEO Speaker JPMorgan Chase Bank China Co Ltd.

Shorenstein APARC
Stanford University
Encina Hall, Room E301
Stanford, CA 94305-6055

(650) 725-2507 (650) 723-6530
Visiting Scholar

Hyun Jeoung Lee is currently a visiting scholar with the Korean Studies Program. She is an attorney at Kim & Chang, in the White Collar Criminal Defense Practice Group, in Seoul, Korea.

Before joining the firm in 2007, Lee served as a public prosecutor for 10 years. In that capacity, she developed expertise in a wide range of criminal law matters and was awarded honors by the Korean government, including the titles of Public Prosecutor General (2003) and Cabinet Minister of the Ministry of Justice (2006).

Lee completed her master's work in competition and antitrust laws at the Graduate School of Legal Studies at Korea University in 2006. She has extensive experience in white collar criminal defense, primarily in the areas of securities fraud, insider trading, and other corporate crimes, including fair trade regulation.

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