Saturday, 28 December 2013

Crouching tiger, nodding dog

Banking in China has become like a highway toll system ... Banks charge every time money goes through them.
With this kind of operational model, banks will continue making money even if all the bank presidents go home to sleep and you replaced them by putting a small dog in their seats.
Yao Jingyuan, former chief economist and spokesperson for China’s National Bureau of Statistics

If you think that China's narcoleptic wealth-creators benefit from a cushy operational model, consider what happens in the West, where government bailouts ensure that our Captains of Capital can carry on making money even after they've lost everything in get-rich-quick pyramid schemes and failed mergers and acquisitions.

In other breaking news, the Royal Bank of Scotland has headhunted a new Chief Executive Officer who used to work in the insurance sector...