NOTICE A PATTERN?.....Feds Probing JPMorgan For Bribery... PREVIOUSLY: Ex-Employees Charged In London Whale Scandal... Under DOJ Investigation Over Mortgages... $410 Million Settlement Over Alleged Manipulation Of Power Markets

(Reuters) - U.S. authorities have opened an investigation into whether JPMorgan Chase & Co hired the children of powerful Chinese officials to help it win business in China, according to the New York Times.

Investment banks have a long history of employing the children of China's politically connected. While close ties to top government officials is a boon to any banking franchise across the world, it's especially beneficial in China, where relationships and personal connections play a critical role in business decisions.

The approval process for a stock offering in China, for example, is one area that has come under criticism inside and outside the country for being opaque and prone to cronyism. Read More...