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Wooing China’s Princelings

CLAREMONT, CALIFORNIA – China’s “princelings” – the offspring of senior Chinese officials who benefit from lavish privileges in education, employment, and business – are coming under scrutiny as never before. Bo Xilai, the son of one of Mao’s comrades and a supposed “immortal” of the revolution, was recently sentenced to life in prison after his conviction on charges of corruption and abuse of power.

Outside China, princelings are feeling the heat as well. Not long ago, the United States Securities and Exchange Commission announced that it was investigating JPMorgan Chase’s hiring of princelings in Hong Kong, who apparently delivered lucrative underwriting deals for the bank.