The Bank of America has decided to stop all businesses with a Chinese business group, the New York Times reported. "We simply don't know what we don’t know, and are not prepared to take the risk," Matthew M. Koder, Bank of America’s president for Asia Pacific, wrote in an email. “Given the importance of maintaining rigorous client selection standards, we have decided not to be involved with transactions with the business group at this point in time”. This move of the Bank of America is undoubtedly a “negative endorsement” for the said business group.