The New York Times is reporting JPMorgan Chase secretly employed the daughter of Wen Jiabao, who until recently was China's prime minister and the ain overseer of the world's second largest economy.

The Thursday report comes as the U.S. government investigates whether the bank hired the children of powerful Chinese officials to help win lucrative business deals with the country's state-owned companies.

The Times reported JPMorgan paid $1.8 million from 2006 to 2008 to a relatively obscure business that was run by the then-prime minister's daughter, Wen Ruchun, who went by the alias "Lily Chang."

JPMorgan has not been accused of wrongdoing, but the Times said the bank's Hong Kong executives were aware of her true identity and appear to have benefited from her many connections.

Officials with JPMorgan declined to comment on the report. The Chinese and U.S. governments have also not reacted to the report, which was based on a review of confidential documents, Chinese public records and interviews with knowledgeable officials. [Read More]

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Source: VOA News: Economy and Finance