Comment by atwrk

The Jack Ma story is that he tried to build a predatory peer to peer lending startup to profit off of working class people getting into high interest debt traps (because they aren't credit worthy for normal credit issued by regulated banks). Which is against the law in China. China is very strict in all things that resemble shadow banking, MLM schemes etc, they even have a .1 % tax on every transaction on the HKSE, to prevent a financialization of the economy like it happened in the West.