Revealed: Secret Of International Banks Hiring Chinese Officials Children

Follow us on TWITTER: http://twitter.com/cnforbiddennews Like us on FACEBOOK: http://www.facebook.com/chinaforbiddennews US media exposed the inside story of how international banks compete to hire the sons and daughters of high ranking Chinese officials and enterprise executives. The offspring of these officials and wealthy executives seem to know the secret of the door to China's treasure. This helps international banks do their business in China. What is the inside story? Let's take a look at what our experts say. On February 9, The New York Times reported that a confidential email has been publicized from the biggest US financial organ JPMorgan Chase, following an investigation by authorities. The email reveals that in June 2012, JPMorgan's Chief Executive Jamie Dimon met with Xiang Junbo, a Chinese insurance regulator. Xiang directly asked Jamie to hire a daughter of his friend. At the time JPMorgan was seeking lucrative work from Chinese insurance companies. Xiang was in charge of these insurance companies. Following the email, the young woman in question was given a full-time job at JPMorgan. In return, JPMorgan has won at least four business deals with Chinese insurance companies. A senior economist who wanted to remain anonymous says that international companies are happy to hire the children of China's ruling elite. This is because of the characteristics of China's economic development. Senior economist, Mainland China: "In China, the government holds power. It's capital therefore relies on it's power. If foreign companies can make links with bureaucratic circles, they will have connections with this power. They can then enjoy the convenience of rent-seeking, that is, spending money to lobby the right people. Officials then set up a 'rent' fee, and foreign companies pay the 'rent', so both sides gain. This is a common practice." This anonymous economist revealed that currently, the children and relatives of many officials are hired as executives by foreign companies, banks or accounting firms. Overseas media report that Jiang Zemin's grandson Jiang Zhicheng, has been hired by Goldman Sachs. Bo Xilai's oldest son Li Wangzhi has been hired by Citibank. Wu Bangguo's son-in-law Feng Shaodong has been hired as Chairman of the China region by Merrill Lynch. In addition, JP Morgan hired Tang Xiaoning. Tang is son of Tong Shuanxi, Vice Chairman of the bank regulator, and Chairman of China Everbright Group. JP Morgan also reportedly hired Zhang Xixi, daughter of Zhang Shuguang, the Deputy Chief Engineer of Ministry of Railways. Li Yuanhua, former Associate Professor at Beijing Normal University: "The hiring of these people actually underscores business exchanges in European and US companies. These companies seek more benefits. In other words, if I hire your kids, the development of my business in China, which was previously impossible or difficult, now becomes possible, or the difficulty is resolved." Banks exposed as hiring children of Chinese officials are JPMorgan Chase, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS AG. Li Yuanhua: "Because the CCP elite dominates the highest power, they use their power to get benefits out of Chinese economic development and into their pockets. To do business in China, foreign companies have to follow this way. They have to accept the CCP's way of doing things, that is, control by the elite group." JPMorgan started the sons and daughters program in 2006, specially designed for hiring children of Chinese officials. From 2012 to 2013, JPMorgan successfully cooperated with big Chinese companies many times. For example: the People's Insurance Company of China has hired JPMorgan as one of the banks for its Initial Public Offering (IPO). JPMorgan was the co-lead underwriter on China Taiping Capital Ltd's $297 million debt offering. The holding company of China Taiping again picked JPMorgan as an adviser, when the insurer acquired stakes in a number of subsidiaries. An anonymous senior economist: "30 years before China's opening up, the CCP broke the moral bottom line, and engaging in purging movements. After that, China has implemented market-oriented reform for 35 years. China's legal environment is particularly bad, the obvious to use the back door connection to gain the profit is out of control, The high officials lead in doing so." The US government is now placing several investment banks under investigation. This is to find out whether these banks hired children and relatives of high Chinese officials to obtain lucrative projects, which breaches the Foreign Corrupt Practices Act in the US. The Foreign Corrupt Practices Act requires the involvement of a government official in a bribery. US authorities are exploring whether state-owned Chinese companies indirectly owned some of the private companies. I 《神韵》2014世界巡演新亮点 http://www.ShenYunPerformingArts.org/