Sat Aug 17, 2013, 10:13 PM
Omaha Steve (92,465 posts)
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 chairman’s 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 official’s 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 JPMorgan’s 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.
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4 replies, 1603 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
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Author | Time | Post |
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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
Lucky Luciano (11,036 posts)
1. The Chinese are super-ultra corrupt.
This will bring them down before they can become the world's dominant superpower.
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Response to Lucky Luciano (Reply #1)
Sun Aug 18, 2013, 01:33 PM
FreakinDJ (17,644 posts)
3. As if Washington doesn't have a "Revolving Door" policy with our lawmakers
Response to FreakinDJ (Reply #3)
Sun Aug 18, 2013, 05:01 PM
Lucky Luciano (11,036 posts)
4. Sure they do...China is a good deal more blatantly worse though. nt
Response to Omaha Steve (Original post)
Sun Aug 18, 2013, 03:33 AM
rpannier (23,956 posts)
2. And if any crime was committed you can be sure the Justice Dept will prosecute
the night custodian working on the second floor
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