This page has been archived and commenting is disabled.
How JP Morgan Bribed The Chinese Prime Minister's Daughter Using A Fake Name
Submitted by Michael Krieger of Liberty Blitzkrieg blog,
Allegations of JP Morgan’s use of clever tactics to bribe Chinese officials recently received mainstream attention when Salon journalist Alex Pareene mentioned it in a comical and classic interview on CNBC (you need to watch the video before reading this) with presstitute Maria Bartiromo. When Mr.Pareene mentioned these claims against the TBTF bank, CNBC mocked him for the fact that his information had come from the New York Times. Well it appears the paper has now given CNBC a taste of its own medicine; with some actual real reporting, something the clownish financial-tv channel drowning in a zero ratings death spiral doesn’t seem all that interested in doing.
This article from the New York Times details how JP Morgan paid $75,000 a month to an obscure consulting firm called Fullmark Consultants, which had only two employees. The firm was run by a woman named Lily Chang, which in reality was the alias used by Wen Jiabao’s only daughter Wen Ruchun. Wen Jiabao was the Prime Minister of China at the time.
Unsurprisingly, many lucrative deals followed for the JP Morgan in China. How about we #AskJPM about that.
More from the NY Times:
To promote its standing in China, JPMorgan Chase turned to a seemingly obscure consulting firm run by a 32-year-old executive named Lily Chang.
Ms. Chang’s firm, which received a $75,000-a-month contract from JPMorgan, appeared to have only two employees. And on the surface, Ms. Chang lacked the influence and public name recognition needed to unlock business for the bank.
But what was known to JPMorgan executives in Hong Kong, and some executives at other major companies, was that “Lily Chang” was not her real name. It was an alias for Wen Ruchun, the only daughter of Wen Jiabao, who at the time was China’s prime minister, with oversight of the economy and its financial institutions.
JPMorgan’s link to Ms. Wen — which came during a time when the bank also invested in companies tied to the Wen family — has not been previously reported. Yet a review by The New York Times of confidential documents, Chinese public records and interviews with people briefed on the contract shows that the relationship pointed to a broader strategy for accumulating influence in China: Put the relatives of the nation’s ruling elite on the payroll.
Now, United States authorities are scrutinizing JPMorgan’s ties to Ms. Wen, whose alias was government approved, as part of a wider bribery investigation into whether the bank swapped contracts and jobs for business deals with state-owned Chinese companies, according to the documents and interviews. The bank, which is cooperating with the inquiries and conducting its own internal review, has not been accused of any wrongdoing.
Of course not, don’t be ridiculous!
For Ms. Wen’s consulting firm, Fullmark Consultants, the JPMorgan deal was lucrative. While many Hong Kong investment bankers were earning as much as $250,000 a year, JPMorgan paid Ms. Wen’s firm $900,000 annually from 2006 to 2008, records show, for a total of $1.8 million.
A spokesman for JPMorgan declined to comment. In a previous regulatory filing, the bank disclosed that authorities were examining “its business relationships with certain related clients in the Asia Pacific region and its engagement of consultants.”
The children of China’s ruling elite, according to experts, have occasionally used government-approved aliases to protect their privacy while studying or traveling abroad. Ms. Wen used her alias for both schooling and business. According to government records, Ms. Wen holds two national identity cards with matching birth dates, one issued in Beijing under the name Wen Ruchun and a second issued in the northeastern city of Dalian, as Chang Lily.
JPMorgan’s contract with Fullmark called for the consultant to “to promote the activities and standing” of the bank in China. According to Fullmark’s letter to JPMorgan, the consulting firm had three main tasks. One, it helped JPMorgan secure the underwriting job on the China Railway deal. It also advised JPMorgan about forming a joint venture with a Chinese securities firm and provided counsel on the “macroeconomics policy in mainland China.”
The letter, sent around the time of the financial crisis, struck an optimistic tone. “We hope JPMorgan Chase will grasp the opportunities and become to be the winner in the financial crisis,” it read.
Well we all know how that turned out…
Full article here.
»
- 19955 reads
- Printer-friendly version
- Send to friend
- advertisements -
Ms. Wen can apparently suck the chrome off a bumper.
Of course. Leave it to JPM. Doesn't matter though...aren't all these bankers one Skype-call from god?
The people are slow to rebel. Step 1: share your disdain via Twitter
http://www.planbeconomics.com/2013/11/some-of-best-tweets-from-askjpm-pr...
I'd be more interested in testing her ability to suck the chrome out of my barrel.
I'd be interested in learning more about Jim Willie's recent comments on "ancient wealthy Chinese families".
I thought Mao had wiped them all out.
If I find anything interesting, I'll pass it along.
Ok, call me a dumb redneck (go ahead, if you hate my posts you want to) ... but ... isn't the decimal point off a few spots? Seriously? ONE FUCKING MILLION A YEAR?
When I see shit like this, my inner cynics cynic kicks in and wants to know where the other 999 MILLION went ... and that is baseline for the thefts we are talking about.
Not knocking, just saying ... follow the bouncing ball (decicmal) ... it keeps moving ... the wrong fucking way ...
Regards,
Cooter
EDIT: DCRB, Jim Willie is crazy as hell, but is is also not a lick of stupid ... so, links if you don't mind. My pint Mason of Maker's and water has a little go go left before bed time ...
Well, I tried the drop-dead-stupid Google search of "ancient, wealthy, Chinese, families", but did not get what I was looking for, at least near the top results. There was an article from China.org.cn (in 2011) about wealthy Chinese families (then), as well as a lot of how the rich ancient Chinese live, but nothing I saw via a quick scan re what Jim Willie was hinting at.
His latest piece (an audio) is (probably) accessable at his Public Area at his website goldenjackass.com. It is an interview I heard with Greg somebody who has interviewed JW before.
Jim Willie often gives out obscure info that is hard to verify.
I looked around and found this (I don't subscribe - but because of TFMR have been introduced over time to his logic and opinions):
http://usawatchdog.com/dr-jim-willie-treasury-bond-will-be-phased-out-an...
Is this what you meant, or something else?
JW is off the reservation on some topics (seriously). So, if you are new to JW, don't expect a refined Jim Rickards type experience. But the man is sharp, informed, and worth listening to ... I am completely happy to listen and sort the wheat from the chaff.
Definitely a perspective that challenges thinking, which is important at this juncture.
Regards,
Cooter
That's the piece, I do not subscribe either (but if he'll take BTC, well, maybe then...). JW does get some facts wrong, Bron Suchecki (sp?, Perth Mint) said that they NEVER got hundreds of dollars over spot (per oz) for kilo gold bars selling to China.
But, I agree, he is my favorite uber-bear.
Since this is tennis ...
JW is a genius, but he is shit house rat crazy at the same time. I think I am too, so I don't mean to be derogatory, just honest. Most folks don't appreciate me at full, personal, up close volume. Good thing I am an introvert, LOL.
Having worked in engineering disciplines for many years, I slowly started to realize that some individuals can figure and solve very complicated problems, yet scorch Mac-and-Cheese in the kitchen. You have to respect strengths and acknowledge weaknesses.
That said, JW is a genius in some ways, but in others he is off the reservation. But I love to hear him rant and to this day I think he really means it and he has logic backing a good 50% or more of what he says. I LOVE to hear his opinions. I won't give a pinch of coon shit to hear what his sources say, that goes back to Jessie Livermore's biography, but his line of thinking is stimulating.
It is like a flashy thunderstorm where the lightening bugs still dance in the rain. Is it he porch? The rocking chair? The lightening? The lightening bugs?
Take it for what it is worth.
Regards,
Cooter
Watching CNBC: Useless.
Watching Fartaroma make a complete ass of herself: Priceless!
That video is hilarious
Jim's reference is to a so-called 'White Dragon Society' that consists of some very old wealthy Chinese families. I am thinking a lot of them scarpered off to Taiwan with the KMT, complete with the national gold, so maybe that's where they are coming from. Benjamin Fulford might be his source.
Yes, Jim is a very bright man, also a bit crazy in that he gets his logic back-to-front, and sometimes gets it *very* wrong. Recently alleged that GLD ETF had changed its name to NewGold Debentures. Checked it out, and not true, just a glitch on Yahoo with GLD code in different exchanges. I suspect someone told him of it and he failed to check his facts properly. Hope he learned his lesson.
interesting side battle to the WDS stuff ... that is where k.hudes fell out with fulford. she seems to know that they are just the eastern front of the usual suspects.
Standard deal, Cooter. Pay a million in bribes, er, fees, to the rulers to make a billion off the muppets. Standard operating procedure in a fascist/communist economic system under a political oligarchy.
And don't dare use Jim Willie's name without preceding it with "all knowing." He's not crazy, but brilliant, and pissed about the destruction of his homeland, once a beacon of liberty and prosperity. He occasionally bumbles a few details, but has the big picture figgered out - multi-trillion FeRN bond fraud, BRICS gold-based trade settlement, FeRN losing its global reserve currency status, central bank looting, etc.
"White Dragon Society" sounds like Benjamin Fulford, though Dr. Willie does not mention his name.
a dragon is a dragon is a dragon. doesn't matter what color it is. follow up to my post above (an he hasn't even got to the financial stuff yet ...kevin arnett)-
http://www.youtube.com/watch?v=D7e8ix3W8t0#t=2
all this to say- meester willie isn't necessarily wrong, just looking for the beeger picture. this don't end with the chinese.
I am shocked that JP Morgan would do something like this.
Perhaps another multi billion dollar fine is in order? Fuck you Jamie, BooooYaaaa!
Better get a photo first. Check Sex 141
#AskJPM is still going strong at this moment. Twitter should probably make it a permanent fixture and monetize it, with t-shirts, mugs, caps, beach towels - who knows, it could be their chance to finally turn a profit...
Bought and paid for by QE!
#AskJPM
It brings Bank Da Ho to a new level ;-)
Ho Lee Kau! Mutant giant killer hornets arrive in China!
http://www.youtube.com/watch?v=7VISQFv5kac
Unit commander Hoo Flung Dung and a local, Sum Yung Gai.
Damn, somebody took my Japanese name already: Sum Gai.
This is common practice in China. I lived there for 6 years. Golden Sac and Morgan Stanley were doing the same thing, hiring children of .gov officials to gain favor among the SOE's. These fuckers all need to be hung from lamp posts.
Hear that, Chelsea?
The criminals are running the place...........
For now.
How long will they get away with it? Who knows.
There will be hell to pay one day.
Soon, I hope.
It's only illegal if you get caught, convicted and jailed. Otherwise it's just the cost of doing bidness.
it's only illegal if you're middle class
And it's not a lie if you believe it.
George Costanza.
or if you pay someone to believe it
LOL
or if you make a committee to say it was the truth
(this works well with airplanes)
or if it's the least un-truthful answer.
DaveyJones: " or if you make a committee to say it was the truth
(this works well with airplanes)"
And with the 50th anniversary approaching we can't forget it works with 'magic' projectiles of all types
http://www.youtube.com/watch?v=Jc1ql4TfCZw
No conspiracy. Watching a thing this morning and the original autopsy report goes missing on day 2 and note written by Oswald while in custody is "accidentally" ripped up and flushed down toilet.
Nothing to see here. Move along.
you know I haven't studied that one like 911 - probably my age
I need to
I love new physics
I did catch the wink from LBJ as he takes the oath on Airforce One.
what an appropriate emotion
Contrary to all the horror in the remarks here this is actually how business is done in most of the world. It is absolutely how business is done in authoritarian governments. In China government has been supreme since 1949 and all things were done by government favor. That is the point of power.
When things were done by force and on the up and up on paper the concrete was thinned, the rebar was cut in half and materials were diverted for sale on the black market. Talk to anyone in China and things are often still done this way.
The chinese prime minister can be bought for $75K per month? Now THAT'S funny.
And a common Tic Tac...don't forget the Tic Tac!
It freshens the royal breath!
I imagine they're like our politicians and have lots of 'income streams' coming in.
Shocked!!!
Shocked that a country with a central bank would find ways to siphon money into the accounts of the political pets of the Internationale, the would-be one world masters of all they survey.
The obvious clue is in the presence of a central bank.
More questions for #askjpm..... O wait.
"and lilies are still lilies, pulled by smutty hands, though spotted from their white - Elizabeth Barrett Browning
The Goldman Sachs Crime Family ratted them out. The Mensch's of the Morgue and Chosen Rosensteins are in an epic battle for the last remnants of civilization, two jews go in and only one comes out.
Is Anomymous warning for a false flag in LA tomorrow?
http://pastebin.com/QA6hziFk
I saw it on reddit. I keep my tin foil hat next to my bed these days.
PFC Bearing (Lunatic Fringe Batallion) thinks keeping that tinfoil hat nearby is an excellent idea.
And the hits keep coming for the morgue. Hopefully the morgue will die a slow death by a thousand cuts. Thank you Al Gore for creating the internet.
Since when is Bribery a probelm for JPM?
I thought it was illegal for a US corporation to bribe a foreign Government official?
"illegal" + "corporation" = LOL
I'd be hypocritical if I busted on JPM for such a tactic, because it is actually one of the best ways to avoid bribing corrupt government officials in the first place.
It may look unseemly, but the only way it would fundamentally be illegal is if the hiring was proposed by Wen as a quid pro quo, or the compensation was orders of magnitude higher than for similar work performed by others without strong government connections.
Of course, offering a US government employee a job the next time he walks through the revolving door is perfectly legal in the US (unless one is a DoD procurement agent).
Wish that last bit was enforced UR, but alas.....the revolving door between DoD procurement personnel and the corporations benefiting from their endorsement on big contracts.....is fully operational. Granted, if you're some mid-level contracting officer you'll get drawn-n-quartered for using the door. BUT, if you're a flag-level military officer or one of the civilian suits trolling in the GS-15 - SES pay scales....the door is readily available and used more often than you would think.
Naturally, such events don't appear in the news. Weird...it's almost like it's a hush-hush sorta thing. Shocking, I tell ya.
Well, whatever you may think of Maria, Pareene's delivery was not convincing at all and he didn't back up his claims with anything of substance.
Substance? Everything is bullshit and lies. It is the new normal.
FYI I think Maria is a grade A kiss ass who is probably a closet carpet mucher.
Well the fact that she was flying around with the president of Citi bank when Chuck Prince ran the joint gives you an idea of her credibility.
Whose Bankster joint was Maria not running around with?
This cunt Maria has sucked on the schlong of every banker in NY. This bitch has gained 20 lbs just from the jizm in her belly
If they are going to use a twit to read the b.s. propaganda - at least make her a young hottie.
That network can't get anything right.
Oh, The New York Times! What a racket that hand-jive and pompous strut.
Similar to a Sienfeld episode,http://m.youtube.com/watch?v=CsKpShq2X6s&desktop_uri=%2Fwatch%3Fv%3DCsKp...
Blankfein masturbates with a belt around his neck to articles like this. Little does he realize one day it will be a noose.
Old Chinese adage, “There are no $100 prostitutes, only $100 Johns”.
Today it’s more like, “There are no $75,000/month Elitist-itutes or Presstitutes , only $75,000/month Johns”.
That’s inflation for you, thanks to the Fed, the biggest whore of them all.
Comparing the FED to prostitutes gives them a bad name.
Whores only sell themselves into slavery.
I wonder what else they'll receive for handing over 1 Chase Plaza for a song.
LMFAO. That whole place is a goddamned cockroach infested sewer. At the trade desks they're front running, quote stuffing naked shorting. The legal deparment is bid rigging and insider dealing; customer relations is lying through its teeth foisting toxic paper on its corporate clients and now we find out the sales team is bribing half the Chinee politburo. L.M.F.A.O. Whenever I hear this shit..."Oh, it's not eeeeeeverybody at JPM or GS..."
No. Every swinging dick at that place is a disease infested maggot that needs to be eradicated with a flame thrower.
Cue Al Pacino.... "If I were the man I was 5 years ago I'd take a FLAME THROWER to this place…."
Any time Al, any time.
Meanwhile, the regulators and career politicians of many years standing are most grateful that JP Morgue and Goldman Sacks are taking the blame.
"the sales team is bribing half the Chinee politburo."
at least the NSA has figured out their strike price
And they own the fed too.
These guys are making the Goldman guys look like amateurs.
Didn't Mao make the famous (to my ears) comment that his control of China consisted of Beijing and a few villages. Its the middle class who got pounded in the Cultural Revolution; the rich, as always, have the ways and means to hide in the tall grass until the storm subsides.
Shocked! Jamie smoked it faster than Citi or HSBC..BFD. Go big or go home.
So how does that work? Does she get a bullet to the head? Does her Dad pay for the bullet?
I don't have an answer! You should have #askedJPM yesterday to get the correct and final answer!
Jamie Dimon declared war on the People's Reputlic of China and will continue his attack until he wins or is stopped.
Bankers are like pedophiles. They won't stop until they are locked up.
Summary of the most retweets on #AskJPM
http://www.supernoder.com/newsium.php?ref=AskJPM&ts=01n54p15
Thanks Flak. I was hoping someone would do it. :)
And people actually get out of bed to work every morning to support this crap?
Proof? Evidence? And, seriously, are you sure you can buy Chinese PM with 75 grands? LOL!
Per month. $900K/yr to enhance the daughter's lifestyle.
It'd be funny if dimon went to China and they turned on him and had him arrested and shot in the back of the head.
I'd wet myself laughing.
JPMorgan is a criminal organization.
Always has been and always will be a front for Rothschild.
Corporations are the Paradigm of Corruption.
And they practically control the whole financial system. What good can come from it?
CNBC reminds me of the Pro-SLAVERY hard-core supporters in the 1840-1860 period where support was waining and the STATUS QUO was waining....
It use to beneift a small group of famers in the south from slavery, but now it benefits a small group of bankers in the north from slavery, er, financial mischief.
KEEP THE STATUS QUO UP.....Same shit!
BOTTOM LINE? CUNT PUNT MARIA.....ON PAY-PER-VIEW
rofl.....remember how the Chinese revolutionaries were running around executing and imprisoning anyone who was a capitalist back in the 50's? Now those same revolutionaries grandsons and granddaughters have turned into the worst sort of capitalists in history. You can bet these capitalists will not be executed by the current crop of masters....I mean 'leaders'....
For every crony there is a cronee. In this case a family of cronees.
Carlita Danger
Is she pals with Laura Dimon? Did she also write a book about how women executives in China fear taking a shit at work?