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). "Peterson crossed the line not once, but twice. He secretly bribed a government official to illegally win business for his employer and enriched himself ... (full story)