JPMorgan Probed Over Hiring Practices in China
SEC investigates hire of powerful Chinese official's kids
By Ruth Brown, Newser Staff
Posted Aug 18, 2013 1:57 PM CDT
People stand in the lobby of JPMorgan Chase headquarters in New York.   (AP Photo/Mark Lennihan, File)

(Newser) – Still under scrutiny for the London Whale fiasco, JPMorgan is now facing a new scandal: the SEC's anti-bribery unit is apparently now investigating whether the bank hired the children of powerful Chinese officials to help it win business in the Middle Kingdom. The New York Times has its hands on a confidential government document that it says shows the SEC has been requesting documents about particular hires in China, including the son of the chairman of financial conglomerate the China Everbright Group, and the daughter of a Chinese railway official.

Since hiring these kids, Everbright has become one the bank's major clients, and JPMorgan was hired to manage the $5-billion IPO of the state-run China Railway Group, the Wall Street Journal reports. Of course, there is nothing inherently illegal about hiring these so-called "princelings," and no one so far has been accused of wrongdoing, but an expert on the corrupt practices act tells the Times it may raise some red flags "if the person hired was not qualified for the position, or, for example, if a firm never received business before and then lo and behold, the hire brought in business."

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illuminati13
Aug 20, 2013 7:17 AM CDT
The 16 AMENDEMENT IS A FRAUD! Taxes taken out from your checks is unconstitutional because YOU ARE NOT ALOUD TO TAX ON LABOR!!! USA has more Germans than any other nationality! There are more than 60 millions germans in the USA... Meaning, this is Germany!! Hitler peoples are doing the same thing here like they did in Germany. They are the Rothschild!! Rothschild are connected to the Draconians from the draco galaxy, which they call the cat eye and the Freemason refers it as the ALL SEEING EYE!!!! Look humans, sheep, puppets, machines, junk dna, whatever they refer you as please wake up!!! Here's are those who has been manipulation humanity over 25,000 years ago since the Lucifer/Head Draco rebellion... they are the followers and workers of the 13 bloodlines, G3 Free Trade Agreement, Group of two,Group of four, Group of six, Group of seven, Group of eight, Major Economies, G8 Summit resorts, Group of nine, The Next Eleven, The Melanesian Spearhead Group, The Cooperation Council of the Arab States of the gulf, Mercosur or Mercosul, MIKT, The African Union, The Commonwealth of Nations, Trilateral summits, The CCTS- Cooperation Council of the Turkic speaking States, The Organization of Islamic Cooperation, The United Nations, The Union for the Mediterranean and The Union of American Nations...FOR THOSE THAT THINK THIS IS A JOKE GOOGLE OR BING IT AND PROVE ME WRONG! EDUCATED YOURSELF RETARDS BEFORE AMERICA STARTS WORLD WAR 3 WITH CHINA AND RUSSIA!!!!!
right2dave
Aug 18, 2013 3:21 PM CDT
China is facing in the very near future a real-estate bubble burst that will rattle the world’s economy. The only place the growing Chinese middle class is allowed to invest is in Real estate. There are complete cities built to house 500,000 people with no residents. The savings of several entire generations will wiped out. Right now huge cities sit silent, half constructed because the cheap money is running out. The average daily wage of a Chinese citizen - 2.00 a day. The average cost of these multi thousands of condos 65,000.00. Ask the even a wealthy Chinese citizen what they want more than anything else…Democracy.
TiredMemeCat
Aug 18, 2013 2:50 PM CDT
Ooh; another wrist-slap to be heard around the world! #CostOfDoingThievingBusiness