Tip:
Highlight text to annotate it
X
so JP Morgan Chase is being investigated for
from fascinating little prime game that they're playing in China
will twist at the end of the story as to what I think about that
but first let me tell you what actually happened well it turns out that the
they've got person they were giving seventy-five thousand dollars a month to
its a woman named Lily Chang
but now 75 has a mother's allotted course comes out to about nine hundred
thousand dollars annually that was
the years between 2006 and 2008
overall they wanna giving or one point eight million dollars the whole world is
Louis Chang why are they giving your all this money
for consulting in China well turns out early Chang
is not really check that's an alias its actually when
route room who just coincidentally happens to be the daughter
a long time Chinese Prime Minister
*** you bow what out wonderful coincidence
use a prime minister China from 2003
until very recently this year okay so
it turns out may give her money for consulting
and what did they get in return or will you look at that
bigger among the many things they got was off by
billion dollar I underwriting project for the initial public offering
above the China railway group
now look the one part that people can prove it is
did the Prime Minister actually personally say
give this contract the JP Morgan Chase blot
they do have notes from her consulting group saying hey remember those projects
I got you
including this one and also
projects related to the mean I'm social media
company in China which are worth mean Norway's
about our money other railway alone JP Morgan Chase
at is also invested in that at
1 billion dollars okay in one of these companies that the
prime minister's family through aliases happen to be involved in
they got it to billion dollar state
she I want to please any corruption in China I wonder for banks are profiting
off a bit
right so a let me give you a quote here from the New York Times
says JP Morgan appear to benefit from the relationship as well
for mark that's the consulting company for so-called Louis Chang
claimed a confidential letter to the bank that Inc
introduced secured business for JP Morgan
from the state-run China railway Group a construction company that builds
railways for the Chinese government
the bank was an underwriter in the company's 2007
initial public offering which raised about 5
billion dollars now look JP Morgan doesn't get that five billion dollars
but as
that person who under Road they get a tremendous amount of money
certainly help a lot more than the 1.8 billion I'm I'm so 1.8 million dollars
the final back to her for getting them that project there she is bragging about
their country
any also been told I can is it appears up from JP Morgan saying
here the family members influential people that we have given money to
and then your the projects we got in return hoops
well that would be fairly illegal it's a four-car
Corrupt Practices Act says bars the United States companies
from giving anything about you to foreign officials to obtain an improper
advantage in retaining business well
that appears to be almost exactly what they did now
here's the twist on it look I view this
as okay it's illegal
they should pursue it and it appears that they are the spears Exchange
Commission is looking into them
JP Morgan s put it in their filings they're being investigated the justice
department is looking into them
out but if you want to keep a real the real problem
is with the corrupt government of China if they kinda put out a flag there
saying hey we're open for business
somebody's gonna make that deal maybe should be an American company
and I like that it's illegal but this is not like I've seen a lot of stories were
JP Morgan is some of our top banks may go
and initiate the fraud they going to say hey go and do this
now you are beginning to the details in this case if they bring the case
in public to see who really initiated but
to me this is like when someone's cheating on you
with your wife the problem is the wife
the problem isn't the guy cheating on her. he just got lucky
look at bay in this case the problem is china there the one doing the corruption
sofa was in JP Morgan that took him out on it maybe would have been Goldman
Sachs maybe would have been another US bank maybe would have been another
international bank
so yes JP Morgan is at fault here they should pursue charges
but the real guilty parties are the leaders of China
I mean that extorted in extracted solo mucho well from there
own people and took it out on these aliases I love excuse for daily since
no no when they were going to school abroad
the needed an alias when they were living in the Trump our new European you
know is why why they need an alias
and then when they kept doing business what Kelly Jean an alias for that too
now that's her her his daughter okay
well she was a student one point but his wife also has an alias why does she need
that
and then she winds up running the gem in jury
which is an awesome department within the government okay
it now do you think they might have taken some a gem
in jewelry from a good people are China look they're being investigated
in eighteen different ways in New York Times a different article on that as
well
but but you know when they start using aliases
and they start bragging in their own internal memos all the money they follow
back to these
american companies
gee I wonder if there was a connection to the Chinese Prime Minister
whose ultimately responsible for all these decisions
look sometimes in China you pay a high price for that is usually the lower
level guys
usually don't touch the top kinda similar to what we do in the US
my guess is at some point the chinese government will come out
and say the same exact thing President Obama said about our bankers
oh that crime all that was in the past we don't look backward
we look forward and I look forward to that reply
from the Chinese and US governments