China Regulator Asked JPMorgan for Hiring 'Favor'
Bank gave job to official's family friend
By Matt Cantor, Newser User
Posted Feb 10, 2014 9:16 AM CST
In this Sept. 26, 2013 file photo, JPMorgan Chase Chairman, President and Chief Executive Officer Jamie Dimon arrives at the Department of Justice in Washington.   (AP Photo/Manuel Balce Ceneta, File)

(Newser) – With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator, Xiang Junbo, according to an email and interviews by the Times. The translator at the meeting was Xiang's family friend, and Xiang had been trying for a month to get her a job at JPMorgan. During the meeting, Xiang asked Dimon to hire her as a "favor," the email said.

Dimon reportedly said his company would "do what we can." The applicant ended up with a specially created internship and then a full-time job, insiders tell the Times. Following the meeting, JPMorgan was involved in several deals with companies overseen by Xiang. A bank spokesman says Dimon "played no role in the hiring decision." Separately, Dimon last year received a 74% pay raise—in a year when his company forked over $20 billion amid federal charges, the Washington Post recently reported. His $20 million pay is now earning criticism from Sen. Elizabeth Warren. "Jamie Dimon got a raise after he negotiated $17 billion to pay for activities that were illegal that he presided over. So I'm not quite sure how this is a deterrent for other CEOs," she said, per CNBC.

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Showing 3 of 7 comments
BarackMustGo
Feb 10, 2014 12:22 PM CST
This one was paying attention when Obama was promoting his manifesto. Move him around, give him a bonus......and promotion for a job well.........done.
No-Left-Turn
Feb 10, 2014 10:16 AM CST
The left will pile on to JPMorgan about their wrongdoing in this instance, and ignore that the real wrongdoing was by a government regulatory official. What do you suppose would have happened to JPMorgan in China if they said "hell no, we won't do that?" Even in this country, when a regulator says "jump," the typical response has to be "how high." How can a company be held to a higher ethical standard than the government that regulates it?
The Pope
Feb 10, 2014 9:33 AM CST
Under Capitalism, it's not about what you know that will get you ahead, but who your Daddy knows.