HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Hiring in China By JPMorg...

Sat Aug 17, 2013, 10:13 PM

Hiring in China By JPMorgan Under Scrutiny

Source: NY Times

By JESSICA SILVER-GREENBERG, BEN PROTESS and DAVID BARBOZA

Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document.

In one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group, a state-controlled financial conglomerate, according to the document, which was reviewed by The New York Times, as well as public records. After the chairmanís son came on board, JPMorgan secured multiple coveted assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering, records show.

The Hong Kong office of JPMorgan also hired the daughter of a Chinese railway official. That official was later detained on accusations of doling out government contracts in exchange for cash bribes, the government document and public records show.

The former officialís daughter came to JPMorgan at an opportune time for the New York-based bank: The China Railway Group, a state-controlled construction company that builds railways for the Chinese government, was in the process of selecting JPMorgan to advise on its plans to become a public company, a common move in China for businesses affiliated with the government. With JPMorganís help, China Railway raised more than $5 billion when it went public in 2007.

FULL story at link.


Read more: http://dealbook.nytimes.com/2013/08/17/hiring-in-china-by-jpmorgan-under-scrutiny/?partner=EXCITE&ei=5043&_r=0




Nir Elias/Reuters
Tang Shuangning, the chairman of the China Everbright Group.

4 replies, 1603 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Hiring in China By JPMorgan Under Scrutiny (Original post)
Omaha Steve Aug 2013 OP
Lucky Luciano Aug 2013 #1
FreakinDJ Aug 2013 #3
Lucky Luciano Aug 2013 #4
rpannier Aug 2013 #2

Response to Omaha Steve (Original post)

Sat Aug 17, 2013, 11:17 PM

1. The Chinese are super-ultra corrupt.

This will bring them down before they can become the world's dominant superpower.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Lucky Luciano (Reply #1)

Sun Aug 18, 2013, 01:33 PM

3. As if Washington doesn't have a "Revolving Door" policy with our lawmakers

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to FreakinDJ (Reply #3)

Sun Aug 18, 2013, 05:01 PM

4. Sure they do...China is a good deal more blatantly worse though. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Omaha Steve (Original post)

Sun Aug 18, 2013, 03:33 AM

2. And if any crime was committed you can be sure the Justice Dept will prosecute

the night custodian working on the second floor

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread