Jake's View | JPMorgan hiring ‘scandal’ settlement shows US regulators justifying their existence
Where is the bribery in the New York-based bank’s so-called ‘Sons & Daughters’ scheme?
JPMorgan Chase & Co will pay US$264 million to the US government to settle allegations that it had hired the children and relatives of influential Chinese policymakers or officials in the hope of winning their business, the US Securities & Exchange Commission said in a statement on Thursday.
The settlement ends a three-year investigation into whether the hiring practice at the New York-based bank had breached US anti-bribery laws.
SCMP, November 18
Time to be a little un-PC. Will someone please tell me how much trouble the children of rich New Yorkers have in finding jobs or how New Yorkers can then call it bribery when their Shanghai counterparts copy their ways?
When this so-called “scandal” first blew up a few years ago, a friend working in a smaller non-American financial services firm told me had been hiring busily the previous week. A big New York bank had asked him to take their Shanghai kids on his books to hide them.
I doubt any of them are there any longer. My own experience of this sort of thing many years ago was that a good number of the kids could not even last a week.