J.P. Morgan hired family, friends of Chinese execs for nine out of 12 IPOs

J.P. Morgan Chase & Co. hired the family and friends of executives at nine out of 12 major Chinese companies it took public from 2004 to 2013, The Wall Street Journal reported, citing a document compiled by the bank to submit to US investigators in April as part of a federal bribery investigation. The document lists 222 candidates hired by the bank under a program known internally as “Sons and Daughters,” and names the people who referred them—the most detailed accounting yet of the overlap between the program and the bank’s business in China. listings included Agricultural Bank of China (US$22 billion), China railway group (US$5.9 billion) and CGN Power (US$3.6 billion)