“Inside JPMorgan, they called it the ‘Sons and Daughters’ program. Authorities now describe it as ‘corruption, plain and simple.”
That was the first paragraph of a November 2016 CNN Business article that broke news that authorities within the Obama administration had slapped multinational American investment banking company JPMorgan Chase with $264 million in fines over corrupt hiring practices.
According to regulators from the U.S. Securities and Exchange Commission, Department of Justice and the Federal Reserve, the banking giant had “‘corruptly influenced government officials’ with its hiring and internship tactics in China,” knowingly bringing under its employ the unqualified children of foreign officials for stronger regional sway.
And said tactics, formally referred to within the company as the “Sons and Daughters” program and so flagrant in their corrupt nature that spreadsheets were kept to monitor “how often the hires turned into business deals,” had prompted a three-year investigation by the Obama administration.