{"id":16343,"date":"2013-11-16T20:11:07","date_gmt":"2013-11-16T20:11:07","guid":{"rendered":""},"modified":"2025-10-15T14:16:25","modified_gmt":"2025-10-15T14:16:25","slug":"wall-street-courts-chinese-trust-fund-babies","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=16343","title":{"rendered":"Wall Street courts Chinese Trust Fund babies"},"content":{"rendered":"<p><strong>Wall Street\u2019s biggest banks have for years hired the children of senior Chinese government officials in the hopes that they can open doors and secure deals, David Barboza reports in The New York Times.<\/strong> The hirings, while not well publicized, were no secret. But they are gaining new attention after a Securities and Exchange Commission investigation has raised the question of whether such practices crossed a line at JPMorgan Chase.<\/p>\n<p><strong>The focus of the investigation \u201chas prompted a scramble among the Hong Kong rivals of the New York bank to assess the potential risks of their own hirings,\u201d Mr. Barboza writes.<\/strong> Bankers and lawyers said in interviews that the practice of hiring the children of government officials was so widespread that banks competed to hire the most politically connected recent college graduates. JPMorgan, for its part, has not been accused of wrongdoing and has said it is cooperating with the inquiry.<\/p>\n<p>\u201cFor international banks, if you don\u2019t have any of them, it\u2019s difficult for you to get into the circle,\u201d said Jeffrey Sun, a lawyer at Orrick, Herrington &#038; Sutcliffe who is based in Shanghai. \u201cYou need intelligence. You need access to information. And this is one way to get that. Even though it\u2019s an \u2018inconvenient fact\u2019 for most Chinese like me, that\u2019s real life.\u201d<\/p>\n<p><em>Source <a href=\"http:\/\/www.dealbook.com\">www.dealbook.com<\/a><\/em><br \/>\n<!--break--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street\u2019s biggest banks have for years hired the children of senior Chinese government officials in the hopes that they<\/p>\n","protected":false},"author":1,"featured_media":72448,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[2124],"tags":[2125],"class_list":["post-16343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interviews","tag-interview"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","medium_large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","1536x1536":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","2048x2048":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-highlighted-post":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-medium":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-featured-post-small":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x90.jpg","colormag-featured-image":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-default-news":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg","colormag-featured-image-large":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-block-extra-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-small-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg","colormag-elementor-grid-medium-large-thumbnail":"https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg"},"magazineBlocksPostAuthor":{"name":"Admin","avatar":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":"0","magazineBlocksPostExcerpt":"Wall Street\u2019s biggest banks have for years hired the children of senior Chinese government officials in the hopes that they","magazineBlocksPostCategories":["Interviews"],"magazineBlocksPostViewCount":134,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg",113,170,false],"medium":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u.jpg",113,170,false],"thumbnail":["https:\/\/asiancemagazine.com\/wp-content\/uploads\/u-113x150.jpg",113,150,true]},"magazine_blocks_author":{"display_name":"Admin","author_link":"https:\/\/asiancemagazine.com\/?author=1"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/53e6cdc30765aade0129f85e5aeb50124b1d3f5bb9a70373be31e4eb328371e0?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"#\" class=\"category-link category-link-2124\">Interviews<\/a>","_links":{"self":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/16343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16343"}],"version-history":[{"count":0,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/posts\/16343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=\/wp\/v2\/media\/72448"}],"wp:attachment":[{"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiancemagazine.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}