When is a new hire on Wall Street scrutinized over possible bribery?
Over the weekend, The New York Times reported that the Securities and Exchange Commission had opened an investigation into whether JPMorgan Chase had hired the children of powerful Chinese officials to help the bank win business.
The investigation is sending shudders through Wall Street. If JPMorgan Chase is found to have violated the Foreign Corrupt Practices Act by hiring the children of the elite, then the entire financial services industry is probably in a heap of trouble. Virtually every firm has sought to hire the best-connected executives in China and, more often than not, they are the “princelings,” the offspring of the ruling elite.
via Hiring the Well-Connected Isn’t Always a Scandal – DealBook
