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

|About: JPMorgan Chase & Co. (JPM)|By:, SA News Editor

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.