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Wanna Do Business In China? Hire A Princeling

  • World
  • 08.22.13 10:49 AM EDT

JP Morgan's under investigation by US officials who claim that the bank hired relatives of party members. That could be against the law under the Foreign Corrupt Practices Act... but it's also how business gets done in China. Relatives of high-ranking party members, called princelings, find themselves on the payrolls of a number of foreign corporations, hoping to make business happen a little faster.