Fang Fang, the former top executive for JPMorgan’s China investment bank was arrested by Hong Kong’s anti-graft agency, according to Caixin.
There’s a report the arrest could be linked to the hiring of children of Chinese officials in exchange for steering business to the bank. In March, Bloomberg reported that anti-corruption officials searched Fang’s offices after his March 24 resignation.
Every once in awhile there’s a sacrificial lamb in China so the rabble doesn’t see that every part of the system is corrupt.
