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J.P. Morgan and the Princelings of China
“Sons and Daughters” Program
“Sons and Daughters” Program
“You know I have always been a big believer in
the Sons and Daughters program – it almost
has a linear relationship” with ...
Does this break the law?
What are the elements of the FCPA?
“giving or offering to give”
“anything of value”
“to a foreign government official”
“to obtain or retain a business advantage”
“with corrupt intent”
Again: does this break the law???
D.O.J. Opinion Releases
1982: OK to hire a brother as long as no value
passes to the official;
1984: OK to hire a close relative as long as no
val...
DOJ Opinion Release 82-04
DOJ Opinion Release 84-01
DOJ Opinion Release 95-03
Summary: A job given to a relative is not a
“thing of value” to the government official
Compare donations to charity (Schering-
Plough Case)
In the Matter of Schering-Plough Corporation
Joint DOJ & SEC guidance - gifts can be indirect
influence
Is a job to a relative an indirect influence?
2012: joint DOJ & SEC guidance to FCPA says
“yes”
Always? Sometimes? Never?
Factual question - “it depends...”
J.P. Morgan and the Princelings of China
Source Acknowledgements:
This presentation was strongly inspired by the debate between Professors Matthew Stephenson and A...
Image Acknowledgements:
The images and fan art used in this presentation are based on Harry Potter created by J.K. Rowling...
Image Acknowledgements (continued):
The images and fan art used in this presentation are based on Harry Potter created by ...
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J.P. Morgan and the Princelings of China by @ericpesik

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This presentation was originally delivered live on June 9, 2015, by Eric Pesik, at the Legal Risk & Compliance Summit 8 & 9 June 2015, at the InterContinental Hotel in Singapore. I am providing my slides under Creative Commons Attribution license. All images and fan art are based on Harry Potter created by J.K. Rowling and owned by Rowling, her publishers, and Time Warner, the owner of the rights to the Harry Potter films (US copyright law allows for the production, display, and distribution of derivative works if they fall under a fair use exemption, 17 U.S.C. § 107.) This presentation was strongly inspired by the debate between Professors Matthew Stephenson and Andy Spalding chronicled on their blogs at The Global Anticorruption Blog (http://globalanticorruptionblog.com/?s=princeling&submit=Search) and The FCPA Blog
(http://www.fcpablog.com/blog/tag/princelings)

Published in: Business, Law
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J.P. Morgan and the Princelings of China by @ericpesik

  1. 1. J.P. Morgan and the Princelings of China
  2. 2. “Sons and Daughters” Program
  3. 3. “Sons and Daughters” Program
  4. 4. “You know I have always been a big believer in the Sons and Daughters program – it almost has a linear relationship” with winning assignments to advise Chinese companies. Fang Fang, Former JP Morgan CEO, China Investment Banking
  5. 5. Does this break the law?
  6. 6. What are the elements of the FCPA?
  7. 7. “giving or offering to give”
  8. 8. “anything of value”
  9. 9. “to a foreign government official”
  10. 10. “to obtain or retain a business advantage”
  11. 11. “with corrupt intent”
  12. 12. Again: does this break the law???
  13. 13. D.O.J. Opinion Releases
  14. 14. 1982: OK to hire a brother as long as no value passes to the official; 1984: OK to hire a close relative as long as no value passes to the official; 1995: OK to form joint venture with close relative as long as official duties not related to JV
  15. 15. DOJ Opinion Release 82-04
  16. 16. DOJ Opinion Release 84-01
  17. 17. DOJ Opinion Release 95-03
  18. 18. Summary: A job given to a relative is not a “thing of value” to the government official
  19. 19. Compare donations to charity (Schering- Plough Case)
  20. 20. In the Matter of Schering-Plough Corporation
  21. 21. Joint DOJ & SEC guidance - gifts can be indirect influence
  22. 22. Is a job to a relative an indirect influence?
  23. 23. 2012: joint DOJ & SEC guidance to FCPA says “yes”
  24. 24. Always? Sometimes? Never?
  25. 25. Factual question - “it depends...”
  26. 26. J.P. Morgan and the Princelings of China
  27. 27. Source Acknowledgements: This presentation was strongly inspired by the debate between Professors Matthew Stephenson and Andy Spalding chronicled on their blogs at: • The Global Anticorruption Blog http://globalanticorruptionblog.com/?s=princeling&submit=Search • The FCPA Blog http://www.fcpablog.com/blog/tag/princelings Other Source Acknowledgements: • Slide 3 & 4 - New York Times Dealbook http://dealbook.nytimes.com/2014/05/21/former-top-china-jpmorgan-banker-said-to-be-arrested-in-hong-kong/?_r=0 • Slide 15 - DOJ Opinion Release 82-04 http://www.justice.gov/criminal/fraud/fcpa/review/ • Slide 16 - DOJ Opinion Release 84-01 http://www.justice.gov/criminal/fraud/fcpa/review/ • Slide 17 - DOJ Opinion Release 95-03 http://www.justice.gov/criminal/fraud/fcpa/opinion/ • Slide 20 – In the Matter of Schering-Plough Corporation https://www.sec.gov/litigation/admin/34-49838.htm • Slide 22 – DOJ Guidance http://www.justice.gov/criminal/fraud/fcpa/guidance/
  28. 28. Image Acknowledgements: The images and fan art used in this presentation are based on Harry Potter created by J.K. Rowling and owned by Rowling, her publishers, and Time Warner, the owner of the rights to the Harry Potter films. American copyright law allows for the production, display, and distribution of derivative works if they fall under a fair use exemption, 17 U.S.C. § 107. • Slide 1 - Eat Slugs by Ninidu http://ninidu.deviantart.com/art/Eat-Slugs-175365149 • Slide 2 - Sepia_harusame, Harry Potter, Fred Weasley, Angelina Johnson, George Weasley, Lee Jordan by Overdoor http://www.zerochan.net/991755#full • Slide 5 - Voldemort Remake by Brosa http://brosa.deviantart.com/art/Voldemort-Remake-306475153 • Slide 6 - Voldemort by Brosa http://brosa.deviantart.com/art/Voldemort-200780027 • Slide 7 - Uncredited Harry Potter Fan Art http://potterart.tumblr.com/ • Slide 8 - Golden Snitch in Harry Potter's hand, Screenshot of film http://harrypotter.wikia.com/wiki/File:Snitch_2.png • Slide 9 -Albus Dumbledore by smthcrim89 http://smthcrim89.deviantart.com/art/Albus-Dumbledore-191047591 • Slide 10 - Ginny Weasley Harry Potter Hogwarts Quidditch Fan, http://wall4all.me/wallpaper/1151459-Ginny-Weasley-Harry-Potter-Hogwarts-Quidditch-fan-art • Slide 11 - Voldemort by Nicolasammarco http://brosa.deviantart.com/art/Voldemort-274703732 • Slide 12 - Voldemort by Brosa http://brosa.deviantart.com/art/Voldemort-200780027
  29. 29. Image Acknowledgements (continued): The images and fan art used in this presentation are based on Harry Potter created by J.K. Rowling and owned by Rowling, her publishers, and Time Warner, the owner of the rights to the Harry Potter films. American copyright law allows for the production, display, and distribution of derivative works if they fall under a fair use exemption, 17 U.S.C. § 107. • Slide 13 - Hogwarts Castle by Seguraofhogwars2013 http://harrypotter.wikia.com/wiki/File:Hogwarts-castle-harry-potter-166431.jpg • Slide 14 –- Harry Potter Anime by Kaileyrox, http://kaileyrox.deviantart.com/art/Harry-Potter-Anime-254647509 • Slide 18 - Harry Potter Anime by Kaileyrox http://kaileyrox.deviantart.com/art/Harry-Potter-Anime-254647509 • Slide 19 - Gift wrapping by Lexic Alley https://www.etsy.com/listing/74624772/gift-wrapping • Slide 21 - Harry Potter Acceptance Letter https://www.etsy.com/sg-en/listing/234706310/classic-harry-potter-acceptance-letter • Professor Severus Snape by LeksaArt http://brosa.deviantart.com/art/Professor-Severus-Snape-281983243 • Slide 23- Minerva McGonagall, Screenshot of film http://www.jaepix.de/fandom/hp/McG/McGonagall.html • Slide 24 - First Year Hermione by KR0NPR1NZ http://kr0npr1nz.deviantart.com/art/First-Year-Hermione-506319432 • Slide 25 - Harry Potter Mischief by Kanae http://kanae.deviantart.com/art/Harry-Potter-Mischief-251770829 • Slide 26 - Eat Slugs by Ninidu http://ninidu.deviantart.com/art/Eat-Slugs-175365149

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