Tuesday, 9 December 2008

How high is the salary of Joseph Yam?

Salary of Joseph Yam, head of the Hong Kong Monetary Authority, de facto central bank of Hong Kong, is always criticized as too high (which is a fact often denied by the HKMA), but how high his salary actually is?

Check it below and you will be astonished:

Salaries of Central Bankers (USD)

Joseph Yam $1,227,000
Chairman of Federal Reserve $191,300
European Central Bank President $444,000
Bank of England Governor $429,000
Bank of Japan Governor $387,000

Sum of salaries for Fed Chairman, ECB Pres, BoE Governor & BoJ Governor = 1,451,300
Salary of Joseph Yam = 1,227,000

Put it into perspective,

GDP of US+Japan+EU = 64% of world GDP
GDP of HK = 0.4% of world GDP

This certainly looks like how officials in corrupted countries are paying themselves. What a shame for Hong Kong, which always prides itself as "Asia's world city"!!

Don't forget Hong Kong is adopting a linked currency system which means there is no independent monetary policy for the city. The importance of this post is certainly much less than his counterparts in the US, Europe and Japan. Judging from his recent performance in the Lehman mini-bond debacle, Mr. Yam also failed to do its role as a bank regulator properly. Surely his performance as a fund manager for the Exchange Fund is less than inspiring, too. I cannot think of better ways to waste taxpayers' money than giving this incompetent guy a salary enough to hire the 4 most important central bankers in the world.

Mr. Yam, shame on you!

Extended Reading:






小瓶子 said...

无代替品吖嘛 !

Jacky Wong said...



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