The silliest investigation of JPMorgan Chase leaked by the Justice Department is the selective application of the Foreign Corrupt Practices Act of 1977. DealBook cited unnamed sources in its report on Aug. 19 that reported "Federal authorities have opened a bribery investigation into whether JPMorgan chase hired the children of powerful Chinese officials to help the bank win lucrative business." According to the report, "in one instance, the bank hired the son of a former Chinese banking regulator who is now the chairman of the China Everbright Group." Following the hiring, JPMorgan "secured multiple coveted assignments from the Chinese conglomerate," the report said. DealBook was careful to say that "legal experts note that there is nothing inherently illicit about hiring well-connected people" Well, that's how it's done in all over the world in most industries, so why not in China? JPMorgan would be quite foolish to refuse considering a well-qualified job applicant, just because their parents are well connected. In reaction to the obvious point that the Foreign Corrupt Practices Act was being selectively applied to JPMorgan Chase, there were subsequent reports that the Justice Department was investigating other banks' foreign hiring practices. But there were no reports of any non-banks being investigated. Following the reports of the bribery investigation, Shanley wrote in a note to clients on Aug. 19 that her firm was maintaining its "buy" opinion of JPMorgan. "Given its capacity to generate earnings, we continue to believe that JPM will be able to maintain its overall credit strength even considering the ongoing regulatory scrutiny of its activities," she wrote.