"BASICALLY NOTHING" China, for example, boasts three of the world's four biggest banks, yet the leaders of those banks -- Industrial and Commercial Bank of China, China Construction Bank Corp and Bank of China -- are among the lowest paid of those surveyed by Reuters. The chairman and the president of each of the banks are paid roughly $230,000 per year. "That's basically nothing for the leaders of these huge Chinese financial institutions," said Laura Thatcher, who leads law firm Alston & Bird's executive compensation practice in Atlanta. "I can't imagine why they would work for nothing." So how, exactly, do the Chinese do it? The Chinese banks, which are state-controlled, are typically led by bureaucrats appointed by the central government, and executive pay is capped. Being the head of a Chinese bank does come with perks, just like running a U.S. bank. The top Chinese bank executive gets such non-cash benefits as a car, driver, medical insurance, food and housing. Experts note that many American and European executives receive similar benefits. Some of the Chinese bank executives may be willing to accept the pay level of a top government official in the hope of moving into a powerful political position in the future. http://www.reuters.com/article/newsOne/idUSTRE58M2QU20090923
Media crowns bankers as the Chief Gods of Capitalism, when they're nothing but glorified insurance salesmen. Create 90% of the loan principle from nothing, than charge interest on it. Only rubes could screw up that free-lunch. And they do.
Yes, all Americans should immediately be paid, what their Chinese equivalent makes. Let's be exactly like China.
The real CEO's of the Chinese economy are raking in Billions just as the real CEOs in Russia used to. How much is Putin worth, at least a billion and that's just what news orgs can find out about. A Chinese CEO of a state controlled org is essentially a spokesman and $200K is not that bad for such a role.
+ 1 on the points I would add however that where in China and Russia, the Governments Control the companies and the People. In the US the Companies control the Government and the people.
Could not agree more. So much pay for so little talent. Icing on the cake is an implied (real?) garantee that even if they fuck it up, the taxpayer will backstop them.
Uhm, that's because they are the true OWNERS! You seem to be a little oblivious to how thinks work there. Those oligarchs pulled strings from the start to make things happen before anyone even know what's up. CEOs of the US banks want nothing to do with the stock shares of their companies unless they are getting it for free as part of their compensation.
http://www.chinadaily.com.cn/bizchina/2007-01/08/content_776701.htm this post proves idiots on elite trader.. avg income rural and urban in china is 2005 1,648 us dollars per year!! So a chinese bank ceo making 230,000 us dollars is = 139 times more than average. in the us the average is $ 47,000 a year which is most likely higher than most of the people posting in this site! 47,000x139= 6.5 million for us banker pay to be the equivalent in china... it is relative to where you live you idiots... 230K is a ton of money in CHINA!!!!!!!! it is 6.5 million a yeaqr here!!!! wHY DO YOU THINK EVERYTHING YOU BHUY NTHE US IS MADE IN CHINA... BECASUE LABOR IS DIRT CHEAP!