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Bloomberg reports that a settlement has been reached after the U.S. Department of Justice investigated indications that
[...] JPMorgan employees at the bank's Hong Kong subsidiary sought to maximize profits by providing jobs and internships to children of individuals it hoped to do business with.
The settlement provides that the bank will pay around $264 million, and that the investigation will be ended with no prosecution.
"[A]t least five other" undisclosed banks are under investigation for possible violations of the Foreign Corrupt Practices Act.
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JPMorgan Chase to pay ~$264 Million in Settlement
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Can anyone remember when the times were not hard, and money not scarce?
(Score: 0) by Anonymous Coward on Friday November 18 2016, @05:42PM
Aren't you one of those meritocracy, hire-the-most-qualified-for-the-job types?
If the most important qualification for the job is your family ties, that's no meritocracy at all.
Besides, these people weren't hired for actual work. They were just put on the payroll as a kickback.
One of the internal jpmorgan emails literally said, “The quid pro quo is an analyst job for his son."
(Score: 0) by Anonymous Coward on Friday November 18 2016, @05:56PM
My family is rich, therefore they must have earned it. If they wouldn't have earned it, they wouldn't be rich.
Similarly, I am a member of my family, therefore I earned the right to be rich too because my family earned that right.
(Score: 0) by Anonymous Coward on Friday November 18 2016, @06:15PM
Well human nature has us protecting and helping this close to us, it is the basis of community / society. The best solution is to fix our economic systems so that such behavior has minimal impact. No one should NEED to get their son a decent job. This is an easily fixed scenario, but way too much of humanity is caught up with greed.
(Score: 0) by Anonymous Coward on Friday November 18 2016, @06:50PM
> This is an easily fixed scenario, but way too much of humanity is caught up with greed.
You have a really interesting definition of "easy."
(Score: 2) by RamiK on Friday November 18 2016, @06:40PM
My grandfather was king. Therefore he must have earned it. If he hasn't earned it, he wouldn't have been king.
Similarly, I am a member of the royal family. Therefore, I earned the right to be king too because my family earned that right.
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