This is a wrist slap. Most other companies are threatened with jail time for executives, forced to agree to long probationary periods, and forced to hire friends of regulators at inflated fees to “monitor” them for years. JPMorgan wanted to settle this with Obama still in office.
(From The Washington Examiner)
“JPMorgan engaged in a systematic bribery scheme by hiring children of government officials and other favored referrals who were typically unqualified for the positions on their own merit,” said Andrew Ceresney, head of enforcement at the Securities and Exchange Commission.
The SEC’s findings suggest that the investment bank was intentional and calculated in hiring about 200 interns and employees over the course of seven years to ingratiate the bank with officials, including many with Chinese agencies. In one case, a banker asked another banker in an email: “[H]ow do you get the best quid pro quo from the relationship upon confirmation of the offer[?]”