JP Morgan Crony Capitalist Deluxe

In case you're not sure exactly what crony capitalism is, look no further than JP Morgan, crony capitalist institution deluxe. Here we see an example of their their activities as they grab for a bigger piece of the Chinese pie - the grand prize for worldwide crony capitalists and their ever-expanding institutions.

Oh, and if you saw yesterday's post regarding the new Chinese leader's turn to good old Mao for a source of comfort and inspiration, you may be as disturbed (though not surprised) as I was to witness this pandering to the Communist totalitarian state, disguised as a paragon of free market capitalism.

Federal authorities have opened a bribery investigation into whether JPMorgan Chase hired the children of powerful Chinese officials to help the bank win lucrative business in the booming nation, according to a confidential United States government document.

In one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group, a state-controlled financial conglomerate, according to the document, which was reviewed by The New York Times, as well as public records. After the chairman’s son came on board, JPMorgan secured multiple coveted assignments from the Chinese conglomerate, including advising a subsidiary of the company on a stock offering, records show.

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