Tuesday, April 28, 2009

Joseph Yam, Head of Hong Kong's Monetary Authority

Yam is the highest paid Central Banker in the world. His salary is about 7 times that of Bernanke and 3-4 times that of head of Bank of England,  European Central Bank and more than 4 times that of Japan's Central Banker. That much is well known.

What is less known is how he got to be paid so much. Elementary: he put on his compensation committee people whose businesses are regulated by the Hong Kong Monetary Authority he heads.    Second, he paid those below him huge salaries which automatically meant his own compensation had to be higher. It became a matter of how much higher, not whether it should be.

Instead of keeping the regulated at arms length, Joseph Yam embraced them for his self interest. And that was his worst and unforgivable sin.


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