J.P. Morgan Bribery Probe: Is Cost Of Doing Business In China Worth It?

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J.P. Morgan Bribery Probe: Is Cost Of Doing Business In China Worth It?

by Wochit 1:13 mins

J.P. Morgan Bribery Probe: Is Cost Of Doing Business In China Worth It?

by Wochit 1:13 mins

The New York Times reports Federal authorities are investigating JP Morgan's hiring practices in China, looking at whether JPMorgan hired the children of powerful Chinese officials to help the bank score business. Detroit's unions filed a challenge to the city's historic bankruptcy filing, contending that the city has not met key requirements to seek protection from its creditors. The American Federation of State, County and Municipal Employees Council 25 and other unions said Detroit has not proven it is insolvent and has not negotiated in good faith with its creditors. I A U.S. banking regulator's probe into JPMorgan's hiring practices in China will have rival banks scrambling to review their own records, lawyers say. Banks around the world commonly hire people with government connections, but this is especially prevalent in China because of the Communist Party's role in the country's business. Ties to political and business leaders can be key to winning big deals.

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