This is difficult when bankers are treated, as in China, less like value creators and more like civil servants. Last year, when China’s Finance Ministry ordered that the heads of the country’s biggest financial institutions take a 10% pay cut, it didn’t matter if they ran banks that made enormous profits. What mattered was the political theater of showing government employees would share some of the country’s pain at a time of major job losses in the manufacturing sector.
February 3, 2010
China’s Low-Paying Bank System Could Use Some Better Incentives
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