Apparently JP Morgan is coming under investigation for hiring the children of a Chinese official, which may have led to business in China.
My initial reaction to this….yeah, so?
Not that it is “ok” for JP Morgan to be doing something like this, but this sort of thing happens all the time – so much so that it is basically standard operating procedure for the investment banks.
Much worse, I think, than trading favors by hiring children, is the revolving door between the Federal Government and the Investment banks.
Maybe this investigation has something to do with the fact that the hires were non-citizens. Maybe the offenses are much greater than in other circumstances. It will be interesting to see where this leads and why this is under investigation and not just “business as usual” at the investment banks.