Affichage des articles dont le libellé est Stephen Schwarzman. Afficher tous les articles
Affichage des articles dont le libellé est Stephen Schwarzman. Afficher tous les articles

mardi 14 janvier 2020

The Moral Hazard of Dealing With China

Stephen Schwarzman: A Loyal Xi Jinping's Fellow Traveller
By BETHANY ALLEN-EBRAHIMIAN

American Quisling: Chinese Vice Premier Liu Yandong shakes hands with Blackstone Group co-founder Stephen Schwarzman before a ceremony to officially open the Schwarzman Scholars program at Tsinghua University in Beijing.
Shortly before its first-ever applications period was due to close, the Schwarzman Scholars program held an admissions seminar at the Tsinghua University in Beijing.
The China-based graduate program, funded by American businessman Stephen Schwarzman’s personal wealth and fundraising efforts and modeled after Oxford University’s Rhodes Scholarship, had recruited heavily from the world’s top academic institutions, including Harvard, Yale, and Cambridge.
It would kick off its inaugural academic year in fall 2016, and was aiming for a cohort comprising the best students from China and around the world.
To guarantee a “scientific and fair” admissions process, the program invited a group of experts to participate in the seminar.
The meeting, held on September 20, 2015, was attended not just by academics and administrators, but also by top Chinese Communist Party luminaries, including officials from the CCP’s Youth League, Central Party School, and the State Council, as well as a high-ranking member of the United Front Work Department—the party’s political-influence arm.
These participants “conducted an in-depth discussion on how to select China’s future leaders,” according to an article posted to the Tsinghua University website.
The fact that such officials helped guide the Schwarzman Scholars admissions process reflects both the importance China’s leaders ascribe to the program and the party’s desire to leave nothing to chance.
But the program’s relationship with the CCP, while offering non-Chinese participants a rare inside look at the future elite of a one-party state, highlights a growing moral hazard confronting Western universities: As Xi Jinping’s China descends deeper into repression, curtailing personal as well as academic freedoms, at what point do the restrictions placed on American, British, and other institutions seeking to establish campuses and joint programs in China—a lucrative market and crucial subject of study—become too much to bear?
Dozens of Sino-foreign institutes and hundreds of joint educational programs exist in China.
Among them, the Schwarzman Scholars program is particularly vulnerable to pressure from the CCP. That’s because, unlike other U.S.-China education initiatives, it has no American academic institution as a partner.
Its primary institutional tie to the United States is the private education foundation of Stephen Schwarzman, a billionaire with extensive business dealings in China.
In 2007, a year before his private-equity firm, Blackstone, opened an office in Beijing, Schwarzman’s firm announced that China Investment Corporation, China’s state-investment vehicle, would acquire a $3 billion stake in the company. (China sold the stake in 2018.)
Schwarzman Scholars’ institutional home, Tsinghua University, is subject to Chinese laws and owes its continued existence and funding to the Chinese government’s largesse.
Though the program is staffed with highly respected individuals, it isn’t affiliated with any Western-based academic institution that could serve as a moral counterweight, or draw a line in the sand, should the situation in China deteriorate.
The program has particularly close ties to the United Front, which is key to understanding the CCP’s influence both at home and abroad.
The party exercises tight discipline over its 90 million members, and the United Front is responsible for establishing ideological sway over everyone else, including foreigners and Chinese nationals who live overseas. 
Under Xi, the United Front has undergone a restructuring that has amplified its power and strengthened its clout both inside and outside of China.
One of its bureaus focuses specifically on students and professors, and sent a top representative to participate in Schwarzman Scholars’ 2015 admissions seminar.
A United Front magazine, Exchange Student, has also featured the Schwarzman program.
The program and the United Front share personnel ties too. 
The United Front views David Daokui Li, who was the Schwarzman Scholars’ founding dean and is now a finance professor at Tsinghua, as an especially reliable ally.
Beijing Education, a magazine published by the Beijing Municipal Education Commission, dedicated an entire April 2017 article to praising Li as an “outstanding nonparty representative”—a term used by the United Front for people who are not official members of the CCP but who promote its goals and mission, and who “have the willingness and ability to participate in political affairs.” 
Li’s résumé is filled with recent United Front affiliations: He has served as a national representative to the Chinese People’s Political Consultative Conference, a party organization of more than 2,000 delegates that is an important domestic arm of the United Front; has attended numerous conferences hosted by the State Council and the United Front, according to the Beijing Education article; and has “received a high degree of recognition from the Central United Front Work Department and the National Committee of the Chinese People’s Political Consultative Conference.” (Li did not respond to a request for comment.)
Julian Chang, the former Schwarzman Scholars associate dean of student life who joined the program in its inaugural year from the Harvard Kennedy School, also in 2015 became a nonresident senior fellow at the Center for China and Globalization, a Beijing-based think tank that was founded by the Western Returned Scholars Association—itself officially directed by the United Front. CCG’s founder, Wang Huiyao, describes himself in an online biography as a “member of the expert advisory group of the United Front Work Department.”
Schwarzman himself met with Sun Chunlan, the former national head of the United Front, in April 2018 at Zhongnanhai, the party and government headquarters in Beijing.
In July 2018, Schwarzman Scholars co-hosted a conference on Chinese philanthropy with Tsinghua University and the CCG.
One of the highlighted speakers was Tan Tianxing, deputy minister of the United Front.
Of course, when operating inside China, engaging with the CCP and its many departments is to some extent inevitable—these are the mechanisms by which institutions are created and sustained.
It’s also neither surprising nor nefarious that a party ally like Li was offered a founding position at Schwarzman and appears to have been recognized by the party for his overtures.
In a China that is more and more authoritarian, major initiatives such as Schwarzman Scholars are only possible with the assistance of those whom the party trusts—and to create a new program, especially a high-profile one dedicated to a higher calling than profit, its founders must secure the support of the party.
But these kinds of compromises were far easier to accept a decade ago, when a kinder, gentler version of the party ruled.
As Beijing has become more heavy-handed in its approach to academia and civil society, universities have begun applying the brakes to partnerships there. 
In April 2016, the University of Notre Dame canceled plans for a partnership with Zhejiang University amid concerns about academic and religious freedom. 
In October 2018, Cornell University announced that it was severing ties with Renmin University after the Chinese institution punished Chinese students for labor-related activism.
This year, a Cornell faculty member argued for further distancing from China, citing the country’s detention of more than 1 million Muslim ethnic minorities in mass internment camps in the northwest coloy of East Turkestan.
And Wesleyan University, a private liberal-arts college in Middletown, Connecticut, said in October that it would no longer pursue a joint campus in China.
“It became clear that they were less interested in a liberal-arts approach than we initially thought,” a university spokesperson, Lauren Rubenstein, told Wesleyan’s student newspaper.
Several former participants in the Schwarzman Scholars program told me that the academic environment did appear, on the whole, to be free—or as free as one could expect, given that Chinese professors and students at times faced constraints on what they could and could not say.
And party sway over admissions seems to extend only to Chinese participants.
But such a process gives the lie to China’s assurances that it enters into such partnerships based on open exchange, and out of a desire to deepen mutual understanding.
The involvement of party officials in the selection of Chinese students is “part of the program design,” a Schwarzman Scholars spokesperson told me.
“The intention was always for China to identify its future leaders for participation in the program.” The spokesperson said the program’s U.S. office has “had no engagement” with the United Front, but added that Schwarzman Scholars is “about maintaining dialogue through periods of adversity” and that the program had “appropriate dialogue around academic ethics and freedom.”
To be sure, there is great value in observing authoritarianism from the inside.
I once spoke with a young American who told me that she had specifically chosen to pursue a master’s degree in political science from a university in China to get hands-on experience navigating an obstructed information system.
She learned how Chinese academics and researchers operate, what remains possible, and what kind of knowledge is successfully stymied.
That is invaluable for understanding how the party governs, and how Chinese society responds to that governance.
It benefits outsiders to have an intimate understanding of that reality.
But at what point does engagement become complicity? 
Take this year’s commencement ceremony.
The program invited Tang Xiao’ou, the founder of the Chinese artificial-intelligence company SenseTime, to speak.
The New York Times reported in April that SenseTime helped develop facial-recognition technology that can pick ethnic minorities out of a crowd, a capability the Chinese government is deploying against Muslim minorities in East Turkestan.
During his speech, according to a published account by Schwarzman alum Noah Lachs, Tang called reports of SenseTime’s involvement in human-rights violations “fake news.”
While the Chinese students in the audience laughed at this, wrote Lachs, the Western students reacted with “muted fury.”
Upon learning that Schwarzman Scholars had chosen as its commencement speaker one of the architects of East Turkestan’s minority-targeting mass surveillance, dozens of program participants had sent a joint letter to the administration, asking them to choose a different speaker. 
Program staff declined, and after the speech went badly, as Schwarzman participants had feared, they sent another more strongly worded letter to the administration.
“In this instance, we chose as a speaker a recognized global leader in AI, given the relevance and importance of the topic. When a subset of students raised objections, we listened and carefully considered their viewpoints,” the Schwarzman Scholars spokesperson told me.
“We ultimately decided that since the invitation had already been made and accepted, it was inappropriate and rude to disinvite the speaker.”
Four months after the ceremony, the United States placed SenseTime and 27 other Chinese entities deemed complicit in East Turkestan human-rights abuses on the U.S. “entity list,” which prohibits American companies from selling products to them without special approval.
As China becomes more and more locked down, as it carries out cultural genocide against ethnic minorities while trumpeting its governance model to the world, it requires what is approaching a stark choice: to operate fully within the party’s machinery, or to stay away entirely.
At what point does the price of continued ties become too high?
This is the existential question that those who wish to engage with China must now ask themselves.

vendredi 20 septembre 2019

The Trump Syndrome

Wall Street is starting ‘to get religion’ on China trade like President Trump
  • Steve Bannon says China’s attempts to forge a two-tier deal to end the yearlong trade war with the U.S. is “wishful thinking.”
  • “Wall Street is starting to get religion like Trump.” Bannon refers to the tough talk earlier this week from Blackstone co-founder Stephen Schwarzman, who has extensive ties to China.
By Matthew J. Belvedere

Steve Bannon on the US-China trade war: ‘We have all the cards’

Wall Street is coming around to President Donald Trump’s view on how China has been unfairly protecting its economy to the detriment of the rest of the world, former White House chief strategist Steve Bannon told CNBC on Thursday.
“Wall Street is starting to get religion like Trump,” said Mr. Bannon, a longtime critic of China. “Schwarzman now has religion on CNBC.”
Mr. Bannon was referring to comments earlier this week by Stephen Schwarzman, the billionaire co-founder and chief of private equity powerhouse Blackstone who has extensive ties to China.
In an interview on “Squawk Box on Tuesday, Schwartzman said that Beijing knows it must change its trade and business practices. 
But he added that China is reluctant to do so because it would slow the robust growth it’s been able to achieve over decades by putting up economic barriers.
“The upper Midwest, this is why Donald Trump is president,” Mr. Bannon said said on “Squawk Box.” 
“People know that the factories and the jobs all went to China and the fentanyl an opioids came in, into this despair of not having jobs.”
Mr. Bannon also said China’s attempt to forge a two-tier deal to end the yearlong trade war with the U.S. is “wishful thinking.” 
Last week, Trump signaled he would consider an interim trade deal with China, even though he would prefer a full agreement.
“What they’re trying to do to a large extent is trying to game the system,” Mr. Bannon said.
“They are trying to box in Donald Trump. And I think Trump has been the force of stability here,” he added. 
“This is about shifting the supply chain back to the U.S.”
As U.S. and Chinese deputy trade negotiators get ready to resume face-to-face talks in Washington on Thursday, there’s a thought that Chinese officials want to address the trade disputes first, leaving tougher national security issues for later.
Mr. Bannon said a key focus in the 2020 presidential election will be China. 
Candidates who pressure Beijing and show they can navigate a trade deal will do better, he said.
In goodwill gestures ahead of higher-level trade talks next month, the U.S. delayed by two weeks tariff rate hikes that had been set to go into effect Oct. 1 and China exempted some U.S. products from additional levies. 
Both sides have imposed billions of dollars import tariffs on each other’s goods.

lundi 29 octobre 2018

China learns crucial info by intercepting Trump's personal calls

By Hollie McKay

While President Donald Trump refuted reports on Thursday that snoops from Russia and China have been listening in on personal calls he continues to make from his personal phone -- despite warnings from intelligence officials -- leading experts in the field agreed such breaches are highly plausible, and potentially far more wide-reaching.
“They do this against everybody who matters. Hypothetically, it is not just the president but others as well,” said Dan Hoffman, a retired CIA senior clandestine officer and current Fox News contributor. “If you have got a cell phone and a senior person in government, they are going to be looking at you, too.”
A New York Times report said intercepted communications between foreign officials have affirmed the president's phone was being tapped, in particular by operatives working for China.
“It is certainly believable they would do it,” Hoffman conjectured. 
“And just because something isn’t classified, it doesn’t mean that it isn’t sensitive, or potentially interesting to the bad guys.”
So what is of value of personal conversations to such foreign eavesdroppers?
“For them, it is not just about the content but essentially about the Rolodex, the people with whom you are contacting. And we don’t always need to know the content,” he pointed out. 
“They want to get the people [who] are closest to the president.”
In terms of content, Hoffman noted, even small tidbits are of use.
“Even if the president doesn’t think he is saying something particularly useful to anybody, the bad guys may find that it is interesting,” he explained. 
“They want to collect information to understand what makes the president tick and understand what his plans are. It is not necessarily about jumping ahead and taking action. They would simply want to understand what he is doing, and try to make policy decisions based on what they have learned.”
Theresa Payton, who served as White House chief information officer under President George W. Bush and is now CEO of security consulting company Fortalice Solutions, agreed that China would look for information about what the president values, how he makes decisions, and who is important to him.

“For China, this would have been an information-gathering mission to try to outmaneuver the president and the United States,” she said. 
“They likely would have been looking for information to exploit in trade and other negotiations – maybe even national security secrets.”
While two of Trump’s phones were said to have been modified by the National Security Agency, the president reportedly prefers to use a third, personal phone -- seemingly to the chagrin of top intelligence brass.
It's believed China is most strongly taking advantage of the security lapse, and thus piecing together a list of Trump-connected confidantes. 
The Russians are running a somewhat less-refined listening protocol, according to the Times report. Two individuals named with close ties to Trump, and now of special interest to China, include Stephen Schwarzman, the CEO of the private equity giant Blackstone Group, and Vegas casino mogul Steve Wynn.
The calls could be hijacked as they move through the cell towers and cables that connect cellular networks. 
Moreover, electronic espionage is hardly new – or unique.
“It is just what they do, how they operate,” Hoffman said.
While Hoffman observed the skill of a state actor is involved at that level, other experts expressed concern an even more diverse array of hackers potentially could access telecom infrastructure.
“They would then be able to establish patterns of the life of the president and his associates,” said Carlos Perez, research and development practice lead at IT consulting company TrustedSec. “Locations visited, for how long, times where the phones are blocked from the network for security reasons and much more that can be used to piece a wider look at the current situation in the White House.”
Nonetheless, China’s Foreign Ministry has denied seizing the president’s private phone calls. 
The Russian Foreign Ministry and its Washington embassy did not immediately respond to a request for comment.

samedi 25 août 2018

American Quislings

Stephen Schwarzman: China’s Lobbyist, Trump’s “Advisor” 
By William F. Jasper


President Donald Trump may be famously riled over China’s “very unfair” trade practices and its “economic aggression” against the United States, but Stephen Schwarzman (shown), one of his former top business advisors, remains famously bullish on investment in China.
While President Trump is attempting to block Beijing’s “Made In China 2025” master plan for technology supremacy, Schwarzman is doing all within his power to help the Chinese Communist Party (CCP) successfully carry out its central-planning blueprint for global dominance.
Schwarzman is the CEO of the Blackstone Group, reportedly “the world's largest private equity firm and private real estate investor.”
When it comes to investment in China, Schwarzman is recognized as the dealmaker with unparalleled access.
The Washington Post has referred to him as “the New York investor, who has one of the closest relationships to Beijing of any American executive.”

Toxic Prescription
On August 15, Blackstone announced its latest China deal, a $400 million investment in YiChang HEC ChangJiang Pharmaceutical Co. (HEC Pharma).
In financial terms, the HEC deal is not huge, as Blackstone’s investments go.
In June 2017, for example, it sold Logicor, a logistics company, for $13.8 billion to the China Investment Fund, which is but one of many investment entities controlled by the Chinese government.
However, Blackstone’s HEC Pharma investment should be sending danger signals to American political and business leaders, as well as to consumers and health professionals.
For one thing, it is certain to provide assistance to Xi Jinping’s “Made In China 2025” campaign, which specifically targets pharmaceutical production technology as one of the “core” technologies it is ramping up to dominate.
More urgently important, however, is the danger that deals such as the Blackstone-HEC investment pose to the American public, which has become dependent on drugs made in China, a country notorious for contaminated food and drug products that have caused deaths and injuries worldwide. (See here, here, here, and here.)
According to Rosemary Gibson and Janardan Prasad Singh, co-authors of the newly-released book, China Rx: Exposing the Risks of America's Dependence on China for Medicine, 80 percent of the ingredients in U.S.-branded pharmaceuticals and over-the-counter drugs originate in China.
This overwhelming dependence on a foreign hostile source not only compromises the health of millions of Americans, who are unsuspectingly at risk of consuming adulterated made-in-China drugs, but it also dangerously compromises our national security, warn Gibson and Singh.
Mike Osterholm agrees.
He is director of the Center for Infectious Disease Research and Policy at the University of Minnesota and an expert on biosecurity.
It’s a major national security risk for us in two ways," said Osterholm, in a recent interview with NBC News.
“We are very concerned about the quality of these drugs,” he noted, but the national security implications are much more frightening.
“Now we are caught up in an economic war in the sense of tariffs,” Osterholm continued in the interview.
“If we were ever in an international incident with China, they would literally have their hands around our necks in terms of critical drugs. They wouldn’t even have to fire a shot.”
The pharmaceutical field is one of the critical battlefields where China has been waging strategic economic warfare against America. 
“Food has been used as a weapon of war. Our medicines can be used like that, too,” Ms. Gibson said, in an interview with NBC.
She pointed to penicillin as Exhibit A.
“Penicillin is a good example,” she told NBC.
“We don’t make penicillin ingredients in this country anymore. That happened because Chinese companies came in and dumped it on the global market at a very low price. Now they are the largest producer of penicillin industrial ingredients in the whole world.”
If the United States and China should ever go to war against each other — or even enter into confrontation short of outright war — our vulnerability on this front would be immense.
However, an earthquake, tsunami, or other natural disaster or civil war in China could also disrupt America’s supply of critically-needed drugs.
“It would be disastrous,” says Gibson.
“India still produces some of the drugs for us but most of the essential compounds for them come from China, so they would shut down too.”
“I can think of nothing that would make us more vulnerable than shutting off all these drugs we depend on every day,” she said.
“Hospitals would become centers of chaos and death. We are not talking about expensive designer drugs. You couldn’t do surgery. You wouldn’t have anesthesia. You couldn’t provide dialysis.”

Traders, Traitors, and “Scholars”
The drug safety and national security concerns of Gibson, Osterholm and other experts don’t appear to perturb Schwarzman in the least.
The Blackstone/HEC deal syncs up nicely with Schwarzman’s big investment in Tsinghua University, which boasts one of China’s premier pharmaceutical research centers.
Schwarzman, who, according to Forbes’ 2018 rating, has a personal net worth of $13.8 billion, donated $100 million toward building Schwarzman College at Tsinghua.
Along with his namesake college, he is endowing the Schwarzman Scholars program at Tsinghua.
To fund the college and scholars program, Schwarzman is reportedly on track to raise an additional $500 million from fellow billionaires in the U.S. and China.
Beijing’s Tsinghua University is one of China’s most prestigious educational institutions and the alma mater of many of the country’s top Communist Party leaders, including Xi Jinping and former President Hu Jintao.
It is noteworthy that Schwarzman has explicitly modeled his Schwarzman Scholars program after the famous Rhodes Scholarship program.
Cecil Rhodes, the legendary South African “diamond king” of fabled wealth, funded his scholarship program as a vehicle to advance his scheme for world government.
“The government of the world was Rhodes’ simple desire,” wrote Sarah G. Millin in her sympathetic biography, Cecil Rhodes: Empire Builder (1933).
In his own words to his close confidant William Stead, Rhodes described his vision as a “scheme to take the government of the whole world.”
In an obituary/eulogy following Rhodes’ death, the New York Times reported in 1902, that “Rhodes was indeed carried away by his tremendously exciting scheme to control the world. He wrote: ‘What a scope! What a horizon of work for the next two centuries for the best energies of the best people in the world.’”
The Times further noted that toward achieving this goal of global control, “Mr. Rhodes believed the most important factor would be ‘a secret society,’” to be “supported by the accumulated wealth of those whose aspiration is a desire to do something.”
The principle instruments of Rhodes “secret society” were (and remain) the Rhodes Scholarships, the Council on Foreign Relations (CFR) in New York, and the Royal Institute for International Affairs (RIIA, also known as Chatham House) in London. (We have reported extensively on Rhodes’ scheme and the role of the Rhodes Scholarships in that scheme here, here, here, and here.)
Schwarzman is a leading member of the Rhodes-spawned CFR, and his Blackstone Group is a corporate sponsor of the Council.
The Advisory Board of his Schwarzman Scholars reads like a list of the CFR’s top luminaries: Henry Kissinger, Condoleezza Rice, Henry Paulson, Robert Rubin, John Thornton, Colin Powell, Richard Haass. 
Schwarzman College and the Schwarzman Scholars program, also include, of course, top Communist Party members of China’s brutal totalitarian regime. 
Schwarzman’s close personal relationship with Xi Jinping, says the Washington Post’s Michael Kranish, “is rooted in business: Until recently, the Chinese government had a significant stake in Blackstone, which does billions of dollars in business in China. Schwarzman has said others consider him an ‘unofficial ambassador’ between the countries.”
The Post article by Kranish, titled “Trump's China whisperer,” noted that Schwarzman’s special “access was evident when, days after Trump's inauguration, Xi pulled Schwarzman aside at the 2017 World Economic Forum in Davos, Switzerland” for “an animated conversation about Trump's perception of China."
Schwarzman was not a Trump supporter, either in the volatile 2016 Republican presidential primaries, or in the general election in November.
During the 2016 primaries, he had poured $100,000 into Jeb Bush’s campaign. 
Even after Trump won the Republican nomination, Schwarzman refused to help. 
However, after Trump defied establishment wisdom and defeated Hillary Clinton, the Blackstone wonderworker apparently saw the advantage of getting involved.
“Schwarzman called Trump to congratulate him on his victory and offered to help,” Kranish wrote in the Post. 
“Trump lacked connections to corporate leaders outside of real estate, and he determined that Schwarzman would be the best person to help him develop relationships with some of the country's most influential chief executives. He asked Schwarzman to head a White House group of business advisers.”
According to Kranish, Schwarzman’s “influence grew as he arrived at the White House on Feb. 3, [2017] to chair the first meeting of the President's Strategic and Policy Forum.”
The Schwarzman-chaired Forum was stacked against Trump from the beginning, with CEOs who were either themselves members of the globalist Council on Foreign Relations or were representing corporations that are CFR “corporate members.” 
It included:
• Stephen Schwarzman (CFR) — Blackstone Group (CFR corporate member)
• Jamie Dimon (CFR) — JPMorgan Chase (CFR corporate member)
Larry Fink (CFR) — BlackRock (CFR corporate member)
• Jack Welch — General Electric (CFR corporate member)
• Daniel Yergin (CFR) — IHS Markit
• Ken Frazier — Merck & Co. (CFR corporate member)
• Doug McMillon — Walmart Stores (CFR corporate member)
• Jim McNerney — Boeing (CFR corporate member)
• Indra Nooyi — PepsiCo (CFR corporate member)
• Ginni Rometty — IBM Corporation (CFR corporate member)
Not surprisingly, almost from the get-go the high-powered, Schwarzman-led Forum found itself at odds with the president they were supposedly serving. 
Not only did they oppose him on tariffs, but also vigorously defended China against President Trump’s charges that China was manipulating its currency to the detriment of America. 
Kranish says that, according to an unnamed source who was in the Forum meeting, “Trump seemed stunned” by the apparent unanimity of the assembled corporate execs in opposition to his proposed policies.
However, it was another matter entirely that caused many of the president's Strategic and Policy Forum members to jump ship — or was used as an excuse to do so.
In August 2017, President Trump became embroiled in one of his most contentious of many bouts with the “Fake News” media.
It concerned the violent confrontation in Charlottesville, Virginia between members of various “Alt-Right” groups and leftist Antifa groups.
The anti-Trump media seized on the president’s comments condemning the violence on “both sides” as equivalent to him endorsing racism and naziism.
According to accounts by the New York Times and other sources, Larry Fink led the mutiny.
As CEO of BlackRock, the world’s largest asset manager (with $6.29 trillion under management), Fink swings a lot of weight.
Fink actually started out under Schwarzman at Blackstone, but branched off on his own in 1988 under the BlackRock label.
Like Blackstone, BlackRock is deeply invested in China and considers itself a “world company,” not an “American company.” 
In a letter to BlackRock shareholders in April, Fink said “One of the most critical priorities for BlackRock today and into the future is increasing our presence and penetration in high-growth markets around the world, particularly in Asia and especially China.”
Fink was the first to resign from the President's Strategic and Policy Forum and urged others to also resign.
However, President Trump had gotten wind of the brewing trouble and beat them to the punch. Before they were able to arrange a staged resignation en masse to deliver a crippling blow to his administration, he disbanded the Forum.
Shwarzman and Fink are prime examples of the Wall Street globalist elites who are undermining America’s national security and sovereignty in the pursuit of convergence with China in a “new world order.” 
This has been spelled out by fellow globalists such as billionaire George Soros (CFR), who said in 2015, “I think you really need to bring China into the creation of a new world order.”
In fact, he said, China should “own it in the same way as the United States owns the current order.”
Soros, who for decades has been funding leftist groups that are trying to subvert and tear down America’s limited constitutional government, says that communist China’s totalitarian regime is “actually a better functioning government than the United States.”
In spite of the fact that China has been growing increasingly repressive under Xi, globalists such as Schwarzman, Fink, Soros, and a host of their comrades are doing everything possible to assure that China “owns” the new world disorder they are helping it build. 
President Trump and a growing number of awakening Americans are standing in their way.
That is why the globalists of the China Lobby are growing increasingly shrill and nasty in their attacks, and are funding radical “Resistance” groups that have adopted the violent tactics of Mao Zedong’s “Red Guard” in China’s Cultural Revolution during the decade of 1966-1976.
The Blackstone/BlackRock tycoons and their ilk intend to become even more fabulously wealthy and powerful by partnering with the Beijing communist elite on an even grander scale. 
The battle lines have been drawn and it should be unmistakably clear whose side Schwarzman, Fink, Soros, and their globalist comrades are on.