FrankRep
08-20-2013, 10:44 PM
http://www.thenewamerican.com/media/k2/items/cache/c715edf55c0c34a23e750bad61ad3485_M.jpg (http://www.thenewamerican.com/economy/sectors/item/16360-jpmorgan-chase-hit-with-china-bribery-probe)
JPMorgan Chase Hit With China Bribery Probe (http://www.thenewamerican.com/economy/sectors/item/16360-jpmorgan-chase-hit-with-china-bribery-probe)
The New American (http://www.thenewamerican.com/)
20 August 2013
JPMorgan Chase & Co., one of the Big Four banks of the United States, is facing yet another scandal — and another federal probe for possible crimes and improprieties. This time the federal Securities and Exchange Commission (SEC) is investigating whether JPMorgan Chase violated the U.S. Foreign Corrupt Practices Act by hiring Chinese “princelings (http://topics.bloomberg.com/revolution-to-riches/)” — sons and daughters of China’s super-wealthy Communist Party officials — in order to win business contracts from China’s state-owned enterprises (SOEs). While it is not illegal for U.S. companies to hire people who are politically connected, doing so with the expectation of winning business from their relatives is considered bribery.
It is hardly shocking that JPMorgan Chase may be guilty of this practice; what else would one expect when one of the wealthiest and most corrupt banks in the world (http://www.thenewamerican.com/economy/item/11396-jamie-dimon-jp-morgan-chase-the-fed-billions-trillions-for-insiders) partners with one of the wealthiest, most corrupt, and ruthless regimes in the world? But JPMorgan Chase is hardly alone; virtually all of the big investment banks operating in China have been using the “hire-a-princeling” strategy as standard operating procedure for the past two decades.
...
Full Story:
http://www.thenewamerican.com/economy/sectors/item/16360-jpmorgan-chase-hit-with-china-bribery-probe
Related articles:
Jamie Dimon, JP Morgan Chase & The Fed: Billions & Trillions for Insiders (http://www.thenewamerican.com/economy/item/11396-jamie-dimon-jp-morgan-chase-the-fed-billions-trillions-for-insiders)
JPMorgan Chase CEO Jamie Dimon's admission to a $2 billion bank loss barely counts as scratch on the $16 Trillion loan and bailout scandal that the GAO audit of the Federal Reserve revealed, and the Volcker Rule will do nothing to solve the fractional reserve flaw at the heart of our monetary crisis.
China: The New Investment Savior? (http://www.thenewamerican.com/economy/commentary/item/4008-china-the-new-investment-savior)
America's politicians practically swoon over the possibility of enticing Chinese investment in the United States, but Chinese money comes with strings (ropes) attached.
JPMorgan Chase Hit With China Bribery Probe (http://www.thenewamerican.com/economy/sectors/item/16360-jpmorgan-chase-hit-with-china-bribery-probe)
The New American (http://www.thenewamerican.com/)
20 August 2013
JPMorgan Chase & Co., one of the Big Four banks of the United States, is facing yet another scandal — and another federal probe for possible crimes and improprieties. This time the federal Securities and Exchange Commission (SEC) is investigating whether JPMorgan Chase violated the U.S. Foreign Corrupt Practices Act by hiring Chinese “princelings (http://topics.bloomberg.com/revolution-to-riches/)” — sons and daughters of China’s super-wealthy Communist Party officials — in order to win business contracts from China’s state-owned enterprises (SOEs). While it is not illegal for U.S. companies to hire people who are politically connected, doing so with the expectation of winning business from their relatives is considered bribery.
It is hardly shocking that JPMorgan Chase may be guilty of this practice; what else would one expect when one of the wealthiest and most corrupt banks in the world (http://www.thenewamerican.com/economy/item/11396-jamie-dimon-jp-morgan-chase-the-fed-billions-trillions-for-insiders) partners with one of the wealthiest, most corrupt, and ruthless regimes in the world? But JPMorgan Chase is hardly alone; virtually all of the big investment banks operating in China have been using the “hire-a-princeling” strategy as standard operating procedure for the past two decades.
...
Full Story:
http://www.thenewamerican.com/economy/sectors/item/16360-jpmorgan-chase-hit-with-china-bribery-probe
Related articles:
Jamie Dimon, JP Morgan Chase & The Fed: Billions & Trillions for Insiders (http://www.thenewamerican.com/economy/item/11396-jamie-dimon-jp-morgan-chase-the-fed-billions-trillions-for-insiders)
JPMorgan Chase CEO Jamie Dimon's admission to a $2 billion bank loss barely counts as scratch on the $16 Trillion loan and bailout scandal that the GAO audit of the Federal Reserve revealed, and the Volcker Rule will do nothing to solve the fractional reserve flaw at the heart of our monetary crisis.
China: The New Investment Savior? (http://www.thenewamerican.com/economy/commentary/item/4008-china-the-new-investment-savior)
America's politicians practically swoon over the possibility of enticing Chinese investment in the United States, but Chinese money comes with strings (ropes) attached.