Ex-Morgan Stanley banker admits bribing China official

[alp227]

Source: BBC

A former Morgan Stanley executive, Garth Peterson, has pleaded guilty to bribing a Chinese official in exchange for business and personal gain.

US authorities alleged that Mr Peterson paid money to the official to win investments for the bank.

Mr Peterson, who was head of the bank's real estate investments division in China, is also accused of secretly acquiring valuable property in China.

He faces up to five years in prison and a fine of $250,000 (£155,000).

Read more: http://www.bbc.co.uk/news/business-17850305

[bluesbassman]

1. Party on Garth!

No donuts for you in the slammer though.

[BumRushDaShow]

2. He better hope that the U.S. doesn't turn him over

to the Chinese for trial/sentencing because they don't play.

[doctorwho05]

3. This is New to everyone?

This is the whole reason we are in the state we are, corruption and greed. The World Banks don't care about people let alone countries.

If they can secure more revenue, what does it matter who they hurt, that's their mentality.

[closeupready]

4. Foreign Corrupt Practices Act violation.

Not that I expect any prosecutions to follow.

Meanwhile, steal $1 in soda from a fast food restaurant, spend the rest of your life in prison!