Playbook Lesson 1: Lavish the political elite with gifts Deutsche Bank handed out gifts totaling more than $200,000 to Chinese officials, their relatives and the executives of top state-owned companies, the documents show. Mr. Jiang, the president at the time, received a Bang & Olufsen sound system. The premier, Mr. Wen, was given a crystal horse, his Chinese zodiac animal. Other gifts included a bottle of 1945 Château Lafite Rothschild wine, cashmere coats, golf clubs and stays at luxury hotels. There was even a car seat, valued on internal documents as $3,977, that went to a top executive at the state-owned oil giant PetroChina. “They said that’s what Goldman and JPMorgan are doing, so we should do it,” Mr. Ackermann said in the interview. “I don’t think Wen Jiabao would be somehow influenced by a gift of a few thousand.” Playbook Lesson 2: Pay consultants for access When Deutsche Bank wanted to buy a big stake in a Chinese bank in 2005, it hired a consultant named Huang Xuhuai. Mr. Huang helped provide information about competing bids, enabling Deutsche Bank to come in with the winning bid. Mr. Huang was paid more than $2 million. Though the bank knew Mr…. Read full this story
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