V Wowryk
Oct 05, 2009
I honestly thought that Ms Lee's article was tongue & cheek. If her rationale is serious it would certainly serve to explain the mess the US finds itself in. Perhaps classifying a 23 year old who can earn $3million speculating as "the best talent" isn't such a good idea. Financial sophistication? Perhaps being labeled a country with no derivative market, an extremely small bond market (ie no debt), no shorts, and virtually no consumer credit - while not "sophisticated" may just be a nice, radical change for the US. And the "culture difference".. I'm not even going to comment..
Leomics
Sep 21, 2009
Chinese banks will attract the best human capital available in China because the insentive does not need to be $ 3 M US per year. Just $ 100K will be sufficient to lure the best individuals as it is happening right now
HP Gassner
Sep 18, 2009
Economic systems don't exist in a social (and hence political) vacuum. Just like there were different versions of communism for various countries, there were and are different versions of capitalism, each reflecting the different histories, cultural and social values of different peoples. I'm sure China will not want to copy, and in fact cannot and should not copy, the particular late 90ties style US capitalism epitomized by Goldman Sachs, and other investment banks, which is not only socially largely useless, but in fact very wasteful and destructive.
RL
Sep 18, 2009
Surely Western banks have and advantage on western markets but not in China. Chinesse banks have an advatange in the fastest growing and someday biggest market. So yes, I doubt citizens in the west will prefer to do business with chinesse banks but I dont see them complaining about it.
Sibtain
Sep 17, 2009
After all this crisis, who would actually like to follow a model of "Western Banks".
awakened
Sep 12, 2009
"Goldman, Sachs & Co. became a powerhouse by developing its culture, talent pool and infrastructure over the past century under the right mix of regulation and opportunity."
The "right mix of regulation and opportunity?!!!
What planet is this writer living on??
gareth wong
Sep 12, 2009
Some may argue that there is no right or wrong answers, western world has previously a 'proven model' but since credit crunch, we may have observed that the model might be broken in various ways.
China is so unique that it might be a perfect ground to have a 'new banking/trading model' devised.
may we live in interesting time.
@GarethWong
Zstar
Sep 11, 2009
World class in what? Rigging the financial world and bribing the government?
Why should China open up to consumer credit? So they can run up their bills like Americans?
I don't think this writer has taken any serious thought to what she wrote. Real wealth only comes from savings and productivity which is why the nation is growing rapidly and not in a huge debt hole like the United States and Britain.
Chris
Sep 11, 2009
This sounds like a plan to turn China from being one of the biggest creditor nations into one of the biggest debtor nations. That would be great for the criminal investment bankers and bad for China.
Just look at what the expansion of 'consumer credit' has done for the USA. The criminal investment bankers are all rich (thanks to Communistic government bailouts) and everyone else is deep in debt. All the easy credit has done in the USA is make everything way too expensive (housing, higher education, etc.).
I hope China doesn't listen to the criminal investment banker who wrote this article and I hope the USA is able to take back itself from the financial oligarchy.
Ernesto Samper
Sep 11, 2009
So do have the senior Goldmanites
lazzybum
Sep 10, 2009
One thing the Chinese do have is blind loyalty. Besides, the most talented cadets may want to work for their government for pride, power and the prestige. Judging from the problem we have had during the past couple of years, I am not sure government intervantion is all that bad.
