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Omaha Steve

(98,430 posts)
Sat Aug 17, 2013, 09:13 PM Aug 2013

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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Hiring in China By JPMorgan Under Scrutiny (Original Post) Omaha Steve Aug 2013 OP
The Chinese are super-ultra corrupt. Lucky Luciano Aug 2013 #1
As if Washington doesn't have a "Revolving Door" policy with our lawmakers FreakinDJ Aug 2013 #3
Sure they do...China is a good deal more blatantly worse though. nt Lucky Luciano Aug 2013 #4
And if any crime was committed you can be sure the Justice Dept will prosecute rpannier Aug 2013 #2

Lucky Luciano

(11,226 posts)
1. The Chinese are super-ultra corrupt.
Sat Aug 17, 2013, 10:17 PM
Aug 2013

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

rpannier

(24,241 posts)
2. And if any crime was committed you can be sure the Justice Dept will prosecute
Sun Aug 18, 2013, 02:33 AM
Aug 2013

the night custodian working on the second floor

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