JPMorgan Spreadsheet Find Expands Bribery Probe

REPLAY VIDEO
Your next video will start in
Pause

Recommended Videos

  • Info

  • Comments

  • VIDEO TEXT

Aug. 29 (Bloomberg) -- Bloomberg News' Dawn Kopecki reports that the U.S. Justice Department has joined the SEC in a probe of JPMorgan as the discovery of a spreadsheet links hires in Asia to specific deals pursued by the company. She speaks on Bloomberg Television's "Bloomberg Surveillance."

Oil a little light in the euro a little light.

That is about it right now.

Talking about oil, one of them moving up with oil prices altogether, exxon up over emerald two percent.

-- moves up over 2%. a decline in sales because of weak growth for metals and cold.

Overall thieves the picture of weak and market.

Minors are not buying equipment because no one is buying their product.

We're also watching jpmorgan today, very closely.

Another flareup.

Remember the probe of their hiring practices in china?

It is uncovering all sorts of red flags across asia, including an internal spreadsheet that linked appointments to specific deals pursued by the bank.

We need to find out more about this story.

Dawn, what exactly did you find out?

Specifically, what does the spreadsheet tell us?

We found out jpmorgan has flagged more than 200 somewhat suspicious hires throughout asia.

They're also looking in europe.

Maybe they were questionable, they deserve a greater scrutiny after the svc uncovered 2 highly suspicious hires in may.

In looking at this, they found at least one spreadsheet, at least one spreadsheet that actually linked the hiring of interns and other personnel to other deals the company was pursuing at the time.

Do we know where the spreadsheet is from?

We don't know exactly.

It is expected to be -- suspected to be investment banking.

It is definitely not something that was just another intern.

It is something kept in a somewhat official capacity, i'm told.

It is unclear right now whether or not this was beneficial program or whether or not this was just widespread practice.

In other words, it is unclear whether or not there was someone , a higher executive, saying, we need to use our intern program and other hiring to get these deals.

Critically, to be clear, we don't know that.

We don't know that.

I don't know if the company knows that yet.

They launched their own internal investigation after the sec families highly questionable hires him a couple of what they're called prince links in hong kong, so they're looking at it and cooperating, turning everything over to the sec.

A great story.

You can find it on bloomberg.com . finding that probe into hiring of chinese has expanded with evidence here.

I use that phrase with my children, princ elings.

Let's talk about two experts on jpmorgan.

Every day there is a new thing.

William black, and academic the banks left a hate.

His 2005 book is the best way to rob a bank is to own one was to be polite early.

He joins us on set today.

And bloomberg law, anyone who

This text has been automatically generated. It may not be 100% accurate.

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change