@nytimes reporter covering China and Asia, but mostly China. Got a tip? alexandra.stevenson@nytimes.com GPG
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Deutsche Bank had a brazen playbook for China. It doled out millions of $$$ to consultants w/ access to politicians, hired dozens of relatives of China’s Communist Party, and showered members of the political elite w/ gifts. W/ @PekingMike @davidenrichhttps://nyti.ms/2VKLIpE
Chapter 1: Lavish elite w/ gifts. Jiang Zemin, president at the time, was gifted a Bang & Olufsen sound system. Wen Jiabao, the premier, got a crystal horse. China’s vice president, Wang Qishan, also accepted gifts as mayor of Beijing.(Later he ran Xi’s anti-corruption campaign.)
Chapter 2: Pay to play. Among the consultants that Deutsche Bank paid, one stood out. Huang Xuhuai, who had very close ties to the family of China’s premier Wen Jiabao. How close? Take a look at this graphic:pic.twitter.com/6qT16shE5d
Chapter 3: Hire the kids of political elite. One applicant “couldn’t meet our standards,” while another was deemed “probably one of the worst candidates.” But these and dozens of other offspring of China’s political elite were hired at the bank
“It’s a relationship country,” said Joseph Ackermann, former Deutsche Bank CEO, in an interview. “Of course we cultivated these people.” About the gifts he added: “They said that’s what Goldman and JPMorgan are doing, so we should do it.”
Some executives were alarmed at the bank’s activities. One warned lawyers that he was “scared” of how a Chinese colleague “was doing business and whether there was money being passed around in envelopes.”
One executive in Hong Kong wrote about Huang: “My concern is this individual is fronting for someone else.” She was writing to Till Staffeldt about her concerns. He went on to become global chief operating officer in charge of compliance, regulation & preventing financial crime
We collaborated on this investigation with the German newspaper @SZ and these dogged reporters: @christophgiesen @n_richter @SchreiberDohms. Here's their version:https://bit.ly/33wkDsW
What a shocker Deutsche in another scandal. Iran Money Laundering, Russian Money Laundering, Chinese Corruption, LIBOR - there isn't one scandal they aren't a part of,
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