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China Arrests Former CEO Of JPMorgan Asia

Tyler Durden's picture




 

Just one day after the FBI issues arrest warrants for 5 Chinese military officials, Caixin reports that Fang Fang - the former CEO of JPMorgan Asia - has been arrested in Hong Kong by the Independent Commission Against Corruption (or anti-graft agency). Coincidental timing we are sure; and while details are sparse, the arrest appears linked to the hiring of the children of Chinese officials. Bloomberg reports that Fang declined to comment after being released on bail (under restrictions not to leave Hong Kong).

 

 

Caixin reports (via Google Translate),

48-year-old Morgan Chase vice chairman of investment banking in Asia and the former CEO of China Fang Fang was arrested recently in Hong Kong by the Independent Commission Against Corruption, the reason is still suspected of hiring a child of officials to get projects and getting burned.

 

...

 

Two independent sources of information on condition of anonymity, told reporters that the news respectively...

 

Sources pointed out that square and was released on bail after exit restrictions. Need to wait and cooperate with the investigation and judicial developments related to the case.

 

...

 

"Scandals fermentation, someone to pay the price." Person close to JPMorgan Chase earlier told the new financial reporter

 

..

 

"China's internal JPM Asian investment banking team now feel insecure." Who comes close to JP Morgan, JP Morgan Chase also helped bankers hired lawyers to deal with possible future investigation. "The major investment banks in the self-examination, lawyers are busy now."

 

...

 

"Although the U.S. Department of Justice is to blame investment banks, but investment banks will generally push to individuals looking for a scapegoat." An investment bank executives said.

Or simple old retailation? Of course - the big retaliation will be signing the 'holy grail' gas deal with Russia tomorrow.

 

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Tue, 05/20/2014 - 23:40 | 4779976 Meat Hammer
Meat Hammer's picture

Does China have guillotines?

Tue, 05/20/2014 - 23:48 | 4779999 IridiumRebel
IridiumRebel's picture

They have multiple Fangs it seems.

Tue, 05/20/2014 - 23:51 | 4780012 Al Gorerhythm
Al Gorerhythm's picture

I think I'm turning Chinese, I think I'm turning Chinese, I really think so.

Wed, 05/21/2014 - 00:12 | 4780064 economics9698
economics9698's picture

We all need a feel good story every now and then.  

Wed, 05/21/2014 - 00:15 | 4780066 OldPhart
OldPhart's picture

And the Chingrish wasn't so bad...

Wed, 05/21/2014 - 01:12 | 4780143 JoeSexPack
JoeSexPack's picture

He hired the wrong kids.

 

Like Hunter Biden.

Wed, 05/21/2014 - 03:01 | 4780202 Four chan
Four chan's picture

the wong kids.

Wed, 05/21/2014 - 04:55 | 4780269 old naughty
old naughty's picture

searched Caixin, no news about Fang.

Second independent news --- not SCMP.

Strange news about ICAC arrest, not reported in HK MSM !!! 

The guy "was retired" for months.

Wed, 05/21/2014 - 05:12 | 4780285 ebear
ebear's picture

He made the mistake of sticking around.

The winds of heaven change suddenly; so do human fortunes.

Wed, 05/21/2014 - 05:38 | 4780305 negative rates
negative rates's picture

Let me guess, the kids cleaned house.

Wed, 05/21/2014 - 06:44 | 4780375 Mesquite
Mesquite's picture

Joined a different futures market...

Organs...

Wed, 05/21/2014 - 02:19 | 4780184 buyingsterling
buyingsterling's picture

fangs, but no fangs.

Wed, 05/21/2014 - 05:40 | 4780307 negative rates
negative rates's picture

I think it's Chianese. 

Wed, 05/21/2014 - 00:20 | 4780078 svayambhu108
svayambhu108's picture

They're having also multiple faps a day, see Wolf of Wall Street.

Wed, 05/21/2014 - 00:33 | 4780099 G-R-U-N-T
G-R-U-N-T's picture

"Fang Fang" Classic!

Wed, 05/21/2014 - 07:21 | 4780459 lakecity55
lakecity55's picture

"Fang Fang."

You can't make this stuff up.

Wed, 05/21/2014 - 01:34 | 4780154 Milton Waddams
Milton Waddams's picture

Unfortunately not. THey imported all of them to the "dollar store," Word on the street is target buyer is using them to chop hotdogs

Tue, 05/20/2014 - 23:42 | 4779980 SafelyGraze
SafelyGraze's picture

very troubling.

if jpm doesn't hire children of chinese officials, then who will?

once again, jpm is being targeted by overzealous prosecutors

Tue, 05/20/2014 - 23:44 | 4779986 napper
napper's picture

well, perhaps JPM has been hiring the wrong ones.

Tue, 05/20/2014 - 23:58 | 4780037 SafelyGraze
SafelyGraze's picture

we are lucky that the ceo hasn't just walked away from the job and washed his hands of all the burdens that go with running the most prosperous financial engine of all time

hugs,
maria 

https://www.youtube.com/watch?v=EuXf9GmQln4#t=295

 

Tue, 05/20/2014 - 23:48 | 4780000 The Most Intere...
The Most Interesting Frog in the World's picture

r u kidding me? those little fuckers don't need a job!

Tue, 05/20/2014 - 23:53 | 4780017 mbutler101
mbutler101's picture

I'm sure this is a simple misunderstanding...do you know we're looking for interns at our Hong Kong branch?

Tue, 05/20/2014 - 23:43 | 4779984 beavertails
beavertails's picture

What! No self inflicted Nail Gun Injury during the arrest?  Must not be a true banker

Tue, 05/20/2014 - 23:45 | 4779985 yogibear
yogibear's picture

I'm sure he has plenty of neckties.

When these guys are convicted the Chinese  have no problem with using people like him as target practice.

Tue, 05/20/2014 - 23:45 | 4779990 Duc888
Duc888's picture

 

 

They like executing people for white collar crime over there. 

 

Here's hopin'.............................................

 

 

Wed, 05/21/2014 - 02:12 | 4780181 wee-weed up
wee-weed up's picture

Yep, Fang Fang may go Bang Bang.

Tue, 05/20/2014 - 23:47 | 4779994 The Most Intere...
The Most Interesting Frog in the World's picture

 released on bail 

 

they r going soft over there

Tue, 05/20/2014 - 23:52 | 4779998 Sticky Wicket
Sticky Wicket's picture

Won't somebody please think of the children of Chinese officials?!

On another note, it's funny watching the American media go ballistic over the inevitable signing of the Russia-China gas deal.

WSJ: Russia, China Struggle to Close Gap on Gas Deal

BBG: Russia Fails to Sign China Gas Deal at Shanghai Meeting

Reuters: Putin yet to seal gas deal on China visit

NYT: China and Russia Fail to Reach Deal on Gas Plan

Wed, 05/21/2014 - 00:32 | 4780098 infiniti
infiniti's picture

How is the US media going 'ballistic' over the failure of the Russians to agree on shipping theoretically available gas thousands of miles via pipelines that don't exist to a country that will give them one of the most worthless currencies in history as exchange? Even the fucking Russians don't want Chinese shit paper because there's no international clearing CNY bond market to invest in.

 

Wed, 05/21/2014 - 03:27 | 4780218 Drifter
Drifter's picture

Debt-based currency bias showing?

USD backed by debt (that never will be repaid) is better than CNY backed by a highly productive economy, and soon backed by gold?

Your "international clearing bond market to invest in"  is just plain bullshit.  A damn shell game. 

USD is a currency backed by accounting fraud where non-performing debt is considered a backing asset.  And no, rolled over debt is not performing.  Performing is when it's being paid back.   US govt isn't paying back any debt.  Just borrowing more and building up more debt. 

Sounds like switching from USD to CNY is a pretty smart move by Russia considering CNY WILL be the next reserve currency.

 

Wed, 05/21/2014 - 05:20 | 4780294 ebear
ebear's picture

The Russians have lots of experience trading with soft currency nations:

http://en.wikipedia.org/wiki/Comecon

Plenty of experience laying pipe as well, although I expect western interests will get a piece of the action.  You know... the rope to hang you with?

Tue, 05/20/2014 - 23:49 | 4780007 IridiumRebel
IridiumRebel's picture

His name is kickass. Fang Fang.

Tue, 05/20/2014 - 23:53 | 4780020 The Most Intere...
The Most Interesting Frog in the World's picture

hang hang fang fang

Wed, 05/21/2014 - 03:31 | 4780226 BeetleBailey
BeetleBailey's picture

BY HIS LITTLE YANG YANG

Tue, 05/20/2014 - 23:50 | 4780010 Seize Mars
Seize Mars's picture

Oh shit!

Some guy who issues fake money has been arrested...by...people who...issue fake money.

*yawn*

 

Wed, 05/21/2014 - 05:43 | 4780310 negative rates
negative rates's picture

I don't think you could reconize a fake bill from the real one, if you saw one.

Tue, 05/20/2014 - 23:53 | 4780018 Duc888
Duc888's picture

 

 

"Won't somebody please think of the children of Chinese officials?!"

 

Sure, there's probably a few more bullets laying around to ventilate them too.

Apples don't fall far from the tree and all that....

Tue, 05/20/2014 - 23:57 | 4780034 user2011
user2011's picture

Is this really hurting US ?  or actually hurting more Chinese ?

I am confused.

Wed, 05/21/2014 - 03:33 | 4780227 Notsobadwlad
Notsobadwlad's picture

It hurts no one. It is just for show.

At least the Chinese have given a signal that they realize the real puller of the puppet US government's strings is the international banking cartel. Hopefully when the time comes to create the third world war, the Chinese (and Russians) will be very selective in their targeting, to include Basel, Zurich, the City of London, Wall Street and Tel Aviv. They have shown that they know who the real enemy is. Taking out a few selected financial centers would give them the upper hand in an otherwise rudderless world.

What would the paid puppets do without their masters?

Wed, 05/21/2014 - 00:04 | 4780048 Moonrajah
Moonrajah's picture

"...and the former CEO of China "

 

Wait, there's a CEO of a whole country?

Wed, 05/21/2014 - 00:12 | 4780061 dirty belly
dirty belly's picture
Something seems to be working. Friday, June 15, 2012

3. Visualize members of the physical dark Cabal, such as central banking criminals Rothschilds and Rockefellers, and other members of this Cabal such as Henry Kissinger, George Bush, the Jesuits etc.  peacefully surrendering and stepping down from their positions of power, releasing control over the financial system and the mass media. Visualize civil authority arresting  those members of the Cabal that do not wish to surrender. Visualize this process taking place worldwide peacefully and smoothly. Visualize the world finally being free from financial slavery, free from all evil dictators and corrupt politicians.

4. Visualize bright new future for humanity, with new and fair financial system put into place, with all debts canceled, prosperity funds for humanitarian projects released, advanced technologies introduced, ecosystem healed and human beings finally being free from all oppression.

Wed, 05/21/2014 - 00:12 | 4780062 Atomizer
Atomizer's picture

 suspected of hiring a child of officials to get projects (shovel ready Bitchez).

Sounds like a pit of Washington DC officials are next in line.

Wed, 05/21/2014 - 00:16 | 4780071 Yen Cross
Yen Cross's picture

   Did the arresting officials also confine him to the ground floor of any building and check his personal effects for a nail gun?

Wed, 05/21/2014 - 00:17 | 4780072 nosoeawe
nosoeawe's picture

i will personally buy yellen a one way first class ticket to hong kong

Wed, 05/21/2014 - 02:48 | 4780199 sessinpo
sessinpo's picture

nosoeawe       i will personally buy yellen a one way first class ticket to hong kong

----

cheapskate. where'a the private jet?

Wed, 05/21/2014 - 00:20 | 4780080 TruthTalker
TruthTalker's picture

Too bad they did not call Jamie D to visit the Hong Kong office and then arrest him.  That would have been something worth celebrating!

Wed, 05/21/2014 - 00:29 | 4780091 kchrisc
kchrisc's picture

Hey, that doesn't look like Corzine?!

Wed, 05/21/2014 - 00:50 | 4780124 Bear
Bear's picture

Those crooked old farts all look the same.

Wed, 05/21/2014 - 00:36 | 4780108 williambanzai7
williambanzai7's picture

Suggest they hire Hunter Biden for consultations.

Wed, 05/21/2014 - 00:42 | 4780113 Atomizer
Atomizer's picture

R. Hunter Biden

Wed, 05/21/2014 - 00:48 | 4780118 Bear
Bear's picture

I wish that would happen here. Obama's uncle collecting money for the Muslim Brotherhood gets tax exempt status approved in one day by Lois Lerner and Michelle's relatives get 100s of millions to develop Healthcare.gov before having it thrown out and starting all over again. Our regime in the most corrupt, indulgent, and elitist in US history. Hard to top the Clintons but these people have done it ... In contrast,  when Harry Truman left the White House in 1953, he packed all his accumulated belonging in his new Studebaker and drove home to Missouri. 

Wed, 05/21/2014 - 01:40 | 4780162 DIgnified
DIgnified's picture

China: "Oh yeah?"

Wed, 05/21/2014 - 01:58 | 4780170 q99x2
q99x2's picture

Thank God. Praise the Lord.

Bringing in the thieves. Bringing in the thieves.

We will come rejoicing. Bringing in the thieves.

Fuck You Jamie Dimon, Loyd Blankfein, JP Morgue and the Goldman Sach.

May you all be locked up for doing God's work.

Wed, 05/21/2014 - 02:47 | 4780197 Cacete de Ouro
Cacete de Ouro's picture

Everybody have fun tonight,
Everybody Wang Dong tonight,
Everybody have fun tonight ,
Everybody Wang Fang tonight

Wed, 05/21/2014 - 02:49 | 4780200 q99x2
q99x2's picture

This is such great news I had to read the article twice.

When war and financial terrorism reach their limits oligarch shall rise up against oligarch.

About 7 billion people comin for you Jamie and Loyd. Hope you are ready.

Wed, 05/21/2014 - 04:16 | 4780244 muppetreaper
muppetreaper's picture

Fluckin' wanker Tony Blair is next. Better hide your stash of $300 gold robbed from BOE offshore...

Wed, 05/21/2014 - 04:46 | 4780263 JailBanksters
JailBanksters's picture

Is this how war starts

If you arrast our Criminals, we're going to arrest your Criminals.

Oh the Humanity.

It's like Drug dealers that kill other Drug dealers, it's a good thing, there are less drug dealers.

Wed, 05/21/2014 - 04:57 | 4780271 gwar5
gwar5's picture

Escalation ain't just a happy Eskimo on a brand new snowmobile.

 

Wed, 05/21/2014 - 05:19 | 4780292 Obamanism
Obamanism's picture

So china does believe in TBTJ? The next big song in china is "They shoot bankers, don't they!"

Wed, 05/21/2014 - 05:29 | 4780300 Jano
Jano's picture

they should start to finish such people off.

I mean life in prison.

Wed, 05/21/2014 - 05:57 | 4780320 Apostate2
Apostate2's picture

Good for the ICAC. Cronyism will be on trial.

Wed, 05/21/2014 - 06:00 | 4780323 Jayda1850
Jayda1850's picture

A little O/T, but reuters is out this morning with the news of the $400bn russia-china gas deal as being a done deal. Another nail in the dollar's coffin.
http://mobile.reuters.com/article/topNews/idUSBREA4K07K20140521?irpc=932

Wed, 05/21/2014 - 07:36 | 4780500 orangegeek
orangegeek's picture

Caixin reports that Fang Fang - the former CEO of JPMorgan Asia

 

Every culture has their own David Davidson or Peter Peterson or Paul Paulson in it I guess.

Wed, 05/21/2014 - 07:54 | 4780547 Tarshatha
Tarshatha's picture

I see your Wang Dong and raise you a Fang Fang.

 

Wed, 05/21/2014 - 07:56 | 4780549 Tarshatha
Tarshatha's picture

Fang Fang, soon to be suicided.

Wed, 05/21/2014 - 08:06 | 4780580 redd_green
redd_green's picture

Naahh.  He'll tote off 10 billion in stolen Chinese Yuan to Canada and live happily ever after.   Probably already has the foreign bank accounts setup.

Wed, 05/21/2014 - 08:05 | 4780575 redd_green
redd_green's picture

The Chinese government is corruption.   So, to give the illusion that they have even the slighestt interest in prosecuting their own family and golf buddies, they snap into action...  AND ... arrest the executive of a foreign bank.    Bleahh.  How this horse manure stinks.

Wed, 05/21/2014 - 08:27 | 4780624 litemine
litemine's picture

redd_green..............Troll.,    or stupid,.    Maybe a stupid troll?    Whatever.   Look in the mirror, the USA has lost World wide trust including in your back door. You are part of the problem selling out your chidrens future, does that make you Happy?

Wed, 05/21/2014 - 11:01 | 4781259 Falconsixone
Falconsixone's picture

That must mean that commie red China's dictators have access to all of jpmorgans business.

Wed, 05/21/2014 - 14:51 | 4782182 waterhorse
waterhorse's picture

At least the Chinese know what to do with corrupt bankers.  Can we send them ours?

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