IBD

Enter your email address:

Delivered by FeedBurner


>> Bookmark This Site!


RSS

Search Site



Sponsors


Recent Posts

  • Featured Sites

  • Stock Blogs

    Pages



    « | Home | »

    Yahoo Stock Hit by Chinese Conflict

    By Stock Charts | November 6, 2007




     Yahoo was hit by a 5% selloff today after coming under fire for providing information about one of it’s Chinese users that led directly to his apprehension and current prison term.

    Jerry Yang, Yahoo‘s chief executive, apologised to relatives of two jailed Chinese dissidents in the face of claims from US lawmakers that the internet company had been a “willing participant” in political witch-hunts.

    The Yahoo chief executive was called to testify after Mr Lantos accused the company of giving false information to Congress on Mr Shi’s case.

    In congressional testimony last year, the company said it had had no information about the nature of an investigation into Mr Shi before it gave identifying information about the journalist’s e-mails to Chinese authorities.

    Mr Shi was subsequently arrested and is serving a 10-year prison term.

    It was later revealed that, at the time of the congressional hearing, Yahoo officials had in their possession a Chinese order saying authorities sought information in a case involving “state secrets” – a term usually used in cases involving political dissidents.

    I feel that this is a very valid concern; not only for users in China but also users in the States as well. How can you trust a company that will give up private information to gain favor to the government? At the same time, I feel that Yahoo and other companies have definitely learned from this experience, and this incident has helped raise awareness about Chinese tyranny as well as the ethical role of corporations.

    For more stock news and chart analysis, subscribe to my RSS feed, or stock newsletter:


    Related Posts:

    Topics: Commentary | 1 Comment »

    One Response to “Yahoo Stock Hit by Chinese Conflict”

    1. Peace, Rights, Amnesty Says:
      November 9th, 2007 at 11:28 am

      [...] plus a link to the webcast.  All the negative attention has not been without cost to Yahoo. Its share price went down 5% on hearing day, and some reported that the hearing eclipsed the IPO of Alibaba, which [...]

    Comments