The Problem With JP Morgan's Hiring In China Isn't Who They Hire, It's Why They Hire Them

This weekend reports surfaced that the SEC is investigating JPMorgan for hiring Chinese 'princelings' (the privileged children of ruling Communist Party leaders) in order to land business in the country. The bank has yet to be accused of any wrong-doing, and the SEC isn't accusing these hires of being unqualified people either. So cue the -- 'oh c'mon, it's just business' -- crowd, correctly pointing out that these kids are well-connected, and probably some of the best educated people in the cou...