A Chinese energy firm offered big money and access to women to entice an engineer at a U.S. company to launch a cyber raid on his employer, stealing sensitive computer codes and “thereby cheating (the firm) … out of more than $800 million,” according to newly unsealed court documents and internal messages and emails obtained by NBC News.I don't know why this came as such a big surprise to AMSC. Intellectual property theft is what the Chinese do. Any business partnership with
Federal prosecutors call the alleged cyber theft from American Superconductor (AMSC) in Devens, Mass., one of the most brazen cases yet of Chinese economic espionage in the United States. The techniques the Chinese used to rob the company of three quarters of its revenue, half its workforce, and more than $1 billion in market value were straight out of a “spy novel,” the firm's CEO said in an interview with NBC News.
Why do you think that the Russians refused to sell their newest navalized fighter to China? They knew that the Chinese would take it apart, reverse engineer the thing and then make their own. If you google "Chinese theft", the first suggestion they have is "Chinese theft of intellectual property". They steal hundreds of billions of dollars worth of the stuff each year.
I feel bad for AMSC, but crimus, were they all chowderheads? Didn't they know that their Chinese "partners" would do whatever it took to rob them blind?
Sinovel should be banned from selling its products in this country. The Obama Administration should forget about Snowden and pressure other countries to ban them, as well.
Humph! The NSA with all their monitoring missed this one too.
ReplyDeleteI was wondering what happened when to them when I noticed their parking lot got real open like.
Bed/Fleas!
I'm waiting for the ultimate screwup – when the right wing crazies decide to privatize our intelligence gathering the way they do security in war zones, prisons, and other ciritcal matters...and farm the work out to a Chinese company.
ReplyDeleteOr is that already happening?
Very crankily yours,
The New York Crank
Uh-huh. So an up-and-coming world power decides to steal intellectual property from established mature powers to catch up?
ReplyDeletehttp://www.bloomberg.com/news/2013-02-01/piracy-and-fraud-propelled-the-u-s-industrial-revolution.html
I'm sure my lack of sympathy is only temporary...