Sunday, December 08, 2013

Corrupt practices

OK for Harvard but not for JP. Legacy and "strategic" admits still a big chunk of each entering class. Foreign Corrupt Practices Act.
NYTimes: Federal authorities have obtained confidential documents that shed new light on JPMorgan Chase’s decision to hire the children of China’s ruling elite, securing emails that show how the bank linked one prominent hire to “existing and potential business opportunities” from a Chinese government-run company.

The documents, which also include spreadsheets that list the bank’s “track record” for converting hires into business deals, offer the most detailed account yet of JPMorgan’s “Sons and Daughters” hiring program, which has been at the center of a federal bribery investigation for months. The spreadsheets and emails — recently submitted by JPMorgan to authorities — illuminate how the bank created the program to prevent questionable hiring practices but ultimately viewed it as a gateway to doing business with state-owned companies in China, which commonly issue stock with the help of Wall Street banks.


gs said...

"OK for Harvard but not for JP."

Actually, it's OK for JP et al to provide lucrative retired federal US power brokers and, worse, to federal power brokers who are between government gigs. And to their spawn.

Maybe it's more than OK. Maybe it's mandatory.

5371 said...

Don't bribe foreigners, USG gets jealous.

LondonYoung said...

Treehouse Foods seems to be able to hire otherwise unqualified people onto their board as long as their spouse was just elected to the U.S. Senate.

Diogenes said...

yes. board appointments is one of the most common forms of corruption in the us, the most corrupt country in the developed world by far.

BobSykes said...

And CGI got a sweetheart, no-bid deal to develop the Obamacare website because Michelle was a friend of one of the company's officers.

By the way, the legacy admissions at Harvard and other Ivies at least serve the purpose of maintaining good relations with potential donors. The real corruption at Harvard is the blatant racial and ethnic discrimination in their admission practices, documented by Unz.

Peter Connor said...

Make no mistake, the Elites (many of them Ivy League) have thoroughly corrupted every institution in Western society, and especially school admissions and access to the top financial jobs.

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