* Buying more American goods – planes from Boeing, cars, and other services. But its not saying specifically if it will help American companies that are in China.

* Saying they will enforce replica products more in China – this is a big one for all these Chinese ecommerce guys I know….as it seemed in the past China didn’t cooperate with America’s (more generally “western”) demands to stop Chinese people from so easily copying US trademarked goods and selling them. As I have said, I hear news in China about internet businessmen going to jail for selling fake products….and many people I know are exiting the business of selling knockoffs.

* Chinese governments will add more of their budget to pay for American software. Hu Jintao says they will enforce all Chinese government agencies are using legally purchased software, such as windows and other American / western tools.

A lot of my information came from the follow meeting report with Chinese president Hu Jintao and US president Obama:

Obama said at a joint news conference later with Hu that while there are vast opportunities to expand U.S. trade and investment with China, both countries must create conditions to ensure their economic relationship is balanced.

“I did also stress to President Hu that there has to be a level playing field for American companies competing in China, that trade has to be fair,” Obama said.

The U.S. exports about $100 billion annually to China in goods and services, supporting about half a million American jobs, according to the White House. Officials said Wednesday the new deals with China would support up to 235,000 jobs in the U.S.

Among the U.S. companies involved are General Electric, Honeywell and Navistar. Boeing had been in negotiations with China over the aircraft deal for several years, but awaited final approval from the Chinese government before it could go ahead with the sale.

“We want to sell you all kinds of stuff,” Obama said. “We want to sell you planes. We want to sell you cars. We want to sell you

software.”

What has been really interesting to me, as an effect of my being so open about my business, my life, my location….friends from all over send me emails, and notes, and status updates on facebook, or tweets on twitter. here are a few lately:

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China targeted in bill on currency manipulation

House passes bill targeting China for currency manipulation, Senate prospects uncertain

During the House debate, supporters cited studies that they said show the legislation would boost American exports and create more manufacturing jobs in this country.

“Some credible estimates are that we could return a million American jobs to this country,” said Rep. Xavier Becerra, D-Calif., in urging support for the legislation. “We can either take bold steps or we can take baby steps.”

Opponents said the legislation would boost the cost of clothing, toys and other goods that American consumers buy and also ran the risk of sparking retaliation by China against American exports.

“The available evidence is that the price of many of these Chinese goods will go up 10 percent, a pair of shoes that a mother needs for her child to go to school … toys at Christmas, all become more expensive,” said Rep. Jeb Hensarling, R-Texas.

Supporters rejected that argument, saying it is critical in hard economic times to protect U.S. jobs.

“Without a job, you can’t buy goods at any price. This bill is about jobs,” said Ways and Means Committee Chairman Sander Levin, D-Mich.

Passage of the proposal was cleared when Levin led an effort to craft a compromise proposal that supporters believe will be better able to withstand a challenge before the World Trade Organization, the Geneva-based group that oversees the rules of world trade.

Ok, so lets say that it may be devalued – and it appreciates against the US dollar. Is that gonna solve all the problems in the American economy? US distributors and importers are already looking at India, Vietnam, Thailand, and other Southeast Asian companies for new sources of factories and products. You really think that America is gonna start doing injection mould plastic again? That is a huge investment, those are gone now. And prices in Wal-mart WILL GO UP. So that means America will have to pay more for its good, while still having huge unemployment – while the US distributors shift their purchasing to other Southeast Asian manufacturers and suppliers.

There will be answers and solutions – but picking on the Chinese government is only gonna piss them off! Maybe not some kind of world war, but at least some extra tension. Maybe the US government wants that….challenging the pressure of the Chinese on the amount of debt it holds of US treasuries.

If you are interested in foreign exchange, let me know what your RMB/USD requirements are, I work with my friend Huck Leung at Fob LC in China!  Many Chinese suppliers aren’t even quoting in US Dollars anymore, they quote in Chinese Yuan!  So you can let me know – sorry for the “advertisement plug here”  it just compliments the current story today!

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More Bank of America Fights – International  Travel Issues

Thank You For Calling Bank of America

*Image, credit,  found from PPC for Hire blog

Now, originally when I posted about my issues, I didn’t expect to get such a strong effect in google.  but I am ranking for many terms, such as Bank of America international travel, bank america international travel, bank of america online banking issues, and international phone number, the list goes on and on as I check my server log and traffic stats.

Here’s a specific example, out of 37 million pages, this blog is #4 for Bank of America international travel.

And the blog post that is there in Google is talking about ………..PROBLEMS I AM HAVING WITH BANK OF AMERICA………

Now, why doesn’t an internet marketing person at Bank of America contact me???  Its been there for a year at least now…Reputation management must be address by these large companies.

What is reputation management?  Basically its MONITORING YOUR BRAND.  With the internet being so open, and so many people going to Google, Facebook, Twitter, and other web destinations – bloggers and people are there. Talking, discussing their customer experiences with businesses.

A good company MONITORS this.  They RESPOND to what people are complaining about,  or at the very least , address it and say its something that has to be this way for a certain reason – legal, policy, blah blah.

But, imagine for a minute – that on my blog, I receive a comment from a Bank of America marketing representatitive.   They would address the issue I have been having, explain why it is the way it is, maybe even FIX IT.  Or note it for their management meetings.

That is what is support to happen.  And the companies that are most active on SOCIAL MEDIA and responding to the blog posts, twitter messages, and facebook chats – as well as  ton of other websites – they will gain valuable connection to their customers and differentiate themselves from their competition.

I know….. BANKS, INSURANCE COMPANIES, they don’t care about their customer, the customer has to put their money somewhere, has to get insurance.  But I hope one day there is a disruptive new bank or insurance company that is more “online aware” and I see many internet people, bloggers, and younger generations will sign up

Lets see – maybe this latest post will get some attention at Bank of America.  I want to test them, I have no problem putting a note at the end of those earlier blog entries saying I am impressed Bank of America contacted me about my issue and at least explained why its the way it is (government, security, legal, policy, etc)  That would make my day.

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This parallel phenomena was the first company I incorporated… back in 2004 as a general partnership in new york city with my hometown friend and roommate Andrew Moran – which then turned into parallel phenomena, inc of New Jersey in 2005.
Did it fail in USA? Yes. Why? Of course there can be many finger pointing,, but the major issue was cash flow. Our company credit card program from GE was “bought out” by american express, and they determined this card program was not profitable, so gave all card customers 30 days (maybe 60) to pay it off in full.  No equity partners were willing/able to finance a new one. A huge negative cash flow event, forcing us to be called on 10,000 usd of debt while also still needing to make normal business purchases of that same $10k, making an overall negative cashflow of -20k….rough for a small business with 1 fulltime usa partner. That combined with high warehousing costs, usa quarterly payroll tax, professional accounting tax, and other legacy technology costs….negative cash flow over many months.  Cutting back on virtual assistants, other support teams and not able to pay for outsourcing. Then combine that with inventory suppliers cutting terms, warehousing / fulfillment companies cutting net 30….the stress is unbearable.
Sad part is, I reckon and hear this is a common story with usa small businesses……but usa government, dont u realize you are biting the hands that feed you.

• Small business brings innovation
• Small business brings job
• Small business brings healthy competition.

I remember a few months back screaming at bank of america about easing my monthly credit pressure….what did they do??? Note it on my account and when they saw an incoming balance transfer, block the transfer and shut down my credit facility….I called enraged, and they said some bullshit about it being bank of america’s new policy and they sent me some “fine print” letter in the mail stating this policy change! Screw you bank of america, aren’t you now owned by the usa government now? You are getting a nice free tax payer bailout to keep your damn doors open….but your small business customers, you will shut us down and throw some bullshit “small print” letter in the mail to justify destroying my 500k/year USA small business – that was paying us taxes to loan you the same money u used to pay your customer service reps to shut the door on me.
This is why i see USA going down the drain.
Save big banks, but screw the small guys
America was built on innovators, on entrepreneurs, on small businesses like me to drive jobs and tax income…
But now sadly, my USA business had to be bought out by my asia operation…If you can’t beat them, join them – as many Chinese and Asian companies are buying their distributors out in USA and Europe.
So after i build my business in asia and china, i will come back and buy usa assets for pennies on the dollar.
Sad, but that is the way the world works, and how life goes.  Hope I can turn around new york bar store and make it bigger then ever….but things are definitely going to change.

I get to the online banking, and what stops me is the last 8 of my checking card! Which I have not received, was sent to my US address, they claim, but never got it forwarded. Actually the ATM card got seized a few months back because it was expired in Hong Kong. Left me stranded borrowing money off friends…unbelievable.

Anyway, the bank of america customer service was genuinely concerned and actually helpe me as best she could…but couldnt do an override…damnnit..

chat log pasted below, for the heck of it.

Thank you for choosing Bank of America. You are now being connected to a Bank of America Online Banking Specialist.
prunella: Hello, my name is Prunella. Thank you for being a valued Bank of America customer. How may I assist you today?
You: hi Prunella, I am trying to add a bank account online , but i need to add my personal check card, I have not yet received it in the mail
prunella: I completely understand your concerns regarding the check card for transfers.
prunella: I will be glad to check this for you.
prunella: To begin with, may I please have your complete name?
You: ok, Michael Michelini
prunella: Thank you, Michael
prunella: Could you please provide me the last four digits of the account number you are referring to?
You: xxxx
prunella: Thank you for this information, Michael
prunella: After reviewing our records, I see that the Check card for your account ending in – xxxx was issued on 11/17/08.
prunella: Could you please confirm your mailing address?
You: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
prunella: Thank you
You: I had my old card seized in a machine
You: and have not had an ATM card since
prunella: As per our records, the address is correct and it was mailed to the same address.
You: I called maybe 1 or 2 months ago and they said it was in the mail
You: I have not had an ATM card since
prunella: i would like to inform you that Check Card is like an ATM Card. We issue only Check Card or ATM Card for a checking account.
You: Yes, I am aware
You: I ahve no card associated to xxxx
prunella: I apologize for any inconvenience this may have caused
You: can you help me add a payee today?
You: I dont need the card
prunella: As you have not received any card, then, we can send the new card for you.
You: I am transfers –> add account
You: but I dont have the last 4 of the check card
You: I have the other details like recipient last name, acct#, and zip
prunella: Michael, I understand you wish to make transfer to another Bank of America customer’s account and for that you need you Check card number.
You: there isnt an override?
You: I need to make this transfer today….
prunella: I understand how much important this is for you. i would request you to visit your nearest banking center and they will be able to resolve this for you.
You: I am traveling internationally….
prunella: Alright.
You: You have shares in China construction bank – can I visit them?
prunella: Sure.
You: so the accounts are linked?
prunella: Yes, accounts are linked.
You: but what currency then, Chinese Yuan or Us Dollars? If I go to a China Construction bank, its in Chinese Yuan currency
prunella: Michael, in order to check this I would request you to call us. I can provide the international number, through which you are able to call at the toll free number.
You: or, can I transfer from my business account? I have that check card
You: ending in xxxx
prunella: I apologize business accounts are not eligible for these types of transfers.
You: so there isnt any way I can use a different way to verify my identity then the last 8 of my checking card number?
You: I have logged into my online banking, I have verified my site key,
You: I can answer any security question on file
prunella: i completely understand your point. However, in order to make these types of transfers, we do require last eight digits of the Check Card of your personal account, in order to verify your account.
prunella: I understand how much important this is for you. I wish I was able to provide an alternative for you.
You: you do seem genuinely concerned, I appreciate that….
prunella: However, if you wish you can make the transfer by visiting your nearest financial institution for commercial were transfer.
prunella: wire*
You: yes….
Last text message receivedprunella: Thank you so much for your appreciation.
You: ok have a good day

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