NYT uncovers JPMorgan ties to China's elite through ex-PM's daughter

NYT reports JPMorgan (JPM) executives based in Hong Kong hired a small consulting firm belonging to the daughter of former Chinese Prime Minister Wen Jiabao, ostensibly to help smooth the way for the bank’s business dealings in China.

The report indicates the relationship pointed to a broader JPM strategy for accumulating influence in China: Put the relatives of the ruling elite on the payroll.

Among various ongoing probes, U.S. prosecutors and the SEC already are examining JPM’s activities in Asia to see whether the company violated the Foreign Corrupt Practices Act, which reportedly has prompted several JPM execs to hire lawyers in the U.S.

From other sites
Comments (4)
  • deercreekvols
    , contributor
    Comments (9746) | Send Message
    CEO Jamie Dimon is worth every penny. (sarcasm intended)


    JPM executives are lawyering up and where is Mr. Dimon? The face of JPM should, at the very least, make an occasional public statement on the 8 or 9 investigations that are ongoing.


    Accumulating influence in China. This gets better by the day.
    14 Nov 2013, 06:37 PM Reply Like
  • Land of Milk and Honey
    , contributor
    Comments (9094) | Send Message
    Is JPM involved in anything that isn't under investigation or already found corrupt? Do they have a well of business aside of this kind of stuff? (I'm serious; I don't know their business that well.)
    14 Nov 2013, 08:57 PM Reply Like
  • welsklee12
    , contributor
    Comment (1) | Send Message
    To be fair to JPM, why don't the US prosecutors & SEC also initiate a few probes into the connections Morgan Stanley and Goldman Sachs are using in HK to pave their way for the major financial activities in China. I'm sure they'll find other more interesting links to relatives of past & present upper Chinese echelons!
    14 Nov 2013, 09:17 PM Reply Like
  • SoldHigh
    , contributor
    Comments (991) | Send Message
    Ah, the importance of networking
    14 Nov 2013, 10:56 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs