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Breakingviews: Hiring the children of the elite

Monday, August 19, 2013 - 03:29

Aug 19 - The SEC is looking into JPMorgan's recruitment practices in China. Rob Cox and Breakingviews editors discuss whether the probe is a stretch of the law and the regulator's powers.

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So over the weekend the New York Times -- a story that said that the SEC. Among other potential. Government agencies is looking at hiring practices of JPMorgan. In China this is a pretty odd stretch of the foreign corrupt practices act if you ask me what do you think round. While I mean as I perceived wrong with hiring relatives of a company's. The company offered to step back that that the story was saying that the lawyers say they hired princely children's parents with children of Chinese company officers but of course Chinese companies are often owned by the government we -- -- or the kind Chinese Communist Party so basically the ruling -- Had a people who run these companies often also the in the policies says this this -- -- -- takes priority of government in comfort on there also and bribing government official because companies that he's got. And actions have been pressing kind not not on its own and just pirate activities and it is not a broad. You start raising red flags when you say well in Horry getting business the all of a sudden that you never got a four year old son getting these console like some sort of this summer and -- -- -- If we hire your son we really hope they don't get that video of your -- ever bright securities whoever might be. But what's so implausible leave that there will be any such evidence. It was a very evident are why not tonight aren't we then may well be evidence to use terminology and help put slated to dale Douglas and then we'll be so I thought I believe that could be but I mean. The so and so look. Hiring the children of the elite -- shocker. Investment banks on Wall Street and elsewhere do this I mean we know it happens everywhere this sort of out of that is is this an example the SEC trying to basically. Globally regulate inequality -- this -- would've been around as a dark. Side the FC PM and in that many people caught it CPA ink because there's big money involved the government gets hundreds of million dollars lines. You know the companies -- Hundreds of millions dollars in investigating this stuff just last week Wal-Mart. Reported last quarter second quarter it's been eighty million dollars on -- EPA investigation these acts like one point 25 million dollars. And dead -- big money for -- are following a big New York Times expose they have there. Of their products in Mexico that's right you know that -- that I think it is absolutely the world is because it involves the government again you know office at. But it -- ask -- he can get it got a project to get -- hybrid tiny gland and months he once he left office. If you look at not Tony Blair's on human that is very true but he had a nice to get a good -- How this -- -- friendlies against. Yet but I mean it is it is -- it's a time tested practice hiring. Children of leads and potential clients and not you we know that even in New York Times I believe has Sulzberger byline somewhere that is why that's another cabinet at what you could do in the US here -- business. Now from doing abroad under the FC yeah there's foreign bribery would not -- -- -- you know what's what's called for a rugby. Same practices would not necessarily it's. -- hit a decent situation hitting it's timing is -- -- -- got this thing has noticed some bank. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

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Breakingviews: Hiring the children of the elite

Monday, August 19, 2013 - 03:29