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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Meat Hammer's picture

Does China have guillotines?

IridiumRebel's picture

They have multiple Fangs it seems.

Al Gorerhythm's picture

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

economics9698's picture

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

OldPhart's picture

And the Chingrish wasn't so bad...

JoeSexPack's picture

He hired the wrong kids.

 

Like Hunter Biden.

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.

ebear's picture

He made the mistake of sticking around.

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

Mesquite's picture

Joined a different futures market...

Organs...

svayambhu108's picture

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

lakecity55's picture

"Fang Fang."

You can't make this stuff up.

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

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

napper's picture

well, perhaps JPM has been hiring the wrong ones.

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

 

The Most Interesting Frog in the World's picture

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

mbutler101's picture

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

beavertails's picture

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

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.

Duc888's picture

 

 

They like executing people for white collar crime over there. 

 

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

 

 

wee-weed up's picture

Yep, Fang Fang may go Bang Bang.

The Most Interesting Frog in the World's picture

 released on bail 

 

they r going soft over there

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

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.

 

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.

 

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?

IridiumRebel's picture

His name is kickass. Fang Fang.

Seize Mars's picture

Oh shit!

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

*yawn*

 

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....

user2011's picture

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

I am confused.

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?

Moonrajah's picture

"...and the former CEO of China "

 

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

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.

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.

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?

nosoeawe's picture

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

sessinpo's picture

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

----

cheapskate. where'a the private jet?

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!

kchrisc's picture

Hey, that doesn't look like Corzine?!

Bear's picture

Those crooked old farts all look the same.

williambanzai7's picture

Suggest they hire Hunter Biden for consultations.

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. 

DIgnified's picture

China: "Oh yeah?"