London Whale
WHAT'S HAPPENING
WHAT'S HAPPENING
When banking is so powerful that the very business the banks are chartered to serve cannot discipline its business unfriendly behavior through market pressure, we are in a serious state of affairs. What to do?
JPMorgan Chase stands accused of essentially funneling funds to Wen Jiabao's only daughter to win business in China, bringing a federal probe. Yet the takeaway here merely reinforces a truth that has long been evident to those paying attention to the pungent interplay of money and power in China: Despite the prattling of global business leaders that their presence in China is a wholesome boon to justice and right, they have frequently enriched themselves by engaging in the very dirty doings they claim to disdain.