Happy Monday, dear readers. Here are your morning links.

JPMorgan Chase’s CEO of investment banking for China is leaving.

Fang Fang, 48, told the bank he wanted to retire, which is understandable. U.S. authorities are investigating whether JPMorgan hired the children of China’s elite so that their powerful relatives in government would steer business to the bank, and Fang’s e-mails discussing the bank’s hiring practices are among those under scrutiny. But it’s still too early to know where this probe is headed. Because if federal prosecutors decide that nepotism in China is illegal, imagine what might happen if they ever investigated what goes on every day in Washington and New York.

Europe’s banking union isn't going to work.

The Financial Times has a good editorial explaining why: “Take, for example, the mechanism for resolving a bank in trouble. In theory, this process should happen over a weekend, so as to avoid the risks of market turmoil and bank runs. The final arrangement, however, will involve multiple panels and more than 100 decision makers. National governments, which have the least incentive to shut down a bank in trouble since this might provoke a political backlash, will retain a say.” Plus, individual countries will still shoulder the costs of rescuing or shutting down their own failing banks. And the common resolution fund, at a mere 55 billion euros, is a joke. The fund won’t even be that large for another eight years.

What happens when prices for new apartments in China drop?

The people who agreed to pay the old (higher) prices, but haven’t received their apartments yet, get upset. From the Wall Street Journal: “Groups of angry homeowners put up banners and demanded their money back after Hong Kong-listed property developer Wharf Ltd. cut prices on new homes in an eastern Chinese city, in the latest sign of stress in the nation's property market. Around 20 homeowners picketed outside a property showroom in Changzhou Saturday, demanding to meet executives of the developer. They said they wanted their money back after prices at the project, called Phoenix Lake Garden, were cut by as much as 16 percent, according to the protesters.”

Bill Ackman’s big short isn’t a disaster anymore.

His bet against Herbalife Ltd. is close to breaking even, thanks in part to the recently disclosed Federal Trade Commission investigation of the company.

Impactful information is not always insider, and insider information is not always impactful!”

That’s the title of Aswath Damodaran’s latest post at Musings on Markets, and I like his explanation. He also doesn't think much of Eric Schneiderman’s latest campaign against stuff that the New York attorney general has deemed Insider Trading 2.0, whatever that’s supposed to mean: “While Mr. Schneiderman's motives may be noble (or at least they sound good), I don't think that he has thought through either the principles behind this new doctrine or the potential consequences.”

And finally, here are some cool pictures of dogs.

The photographer’s name is Elke Vogelsang. And her stuff is wonderful.

To contact the writer of this article: Jonathan Weil at jweil6@bloomberg.net.

To contact the editor responsible for this article: James Greiff at jgreiff@bloomberg.net.