Robert Reich (JP Morgan Chase, the Foreign Corrupt Practice Act, and the Corruption of America)
The Justice Department has just obtained documents showing that JPMorgan Chase, Wall Street’s biggest bank, has been hiring the children of China’s ruling elite in order to secure “existing and potential business opportunities” from Chinese government-run companies. “You all know I have always been a big believer of the Sons and Daughters program,” says one JP Morgan executive in an email, because “it almost has a linear relationship” to winning assignments to advise Chinese companies. The documents even include spreadsheets that list the bank’s “track record” for converting hires into business deals.
via Robert Reich (JP Morgan Chase, the Foreign Corrupt Practice Act, and the Corruption of America). [gview file="http://www.troutinmilk.com/wp-content/uploads/2013/12/JP_Morgan_Chase_the_Foreign_Corrupt_Practice_Act_and_the_Corruption_of_America.pdf"]
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