Terrible, unethical bank JPMorgan Chase is under investigation by US federal authorities over allegations that the company hired the children of Chinese officials to help them win contracts.
The bank hired the son of former banking regulator and current China Everbright Group chairman Tang Shuangning. According to the New York Times, JPMorgan “secured multiple coveted assignments from [China Everbright], including advising a subsidiary of the company on a stock offering”.
JPMorgan’s Hong Kong office also hired the daughter of a Chinese railway official later detained on suspicion of handing out government contracts in exchange for bribes.
[Image credit: @dragonflyeye]