Joseph Yam announced that he will retire from the Hong Kong Monetary Authority this fall. What is the chronic political malcontent to do without names in high positions that are easy to make fun of? Who ever replaces him cannot possibly have that goofy hair and non-carbon-based life form lack of personality.
It is possible that they can answer questions better than he did, have some fiscal principals that they are willing to defend other than keeping the tycoons money safe. I admit that all of these are long shots but they are theoretically possible.
Suppose the new guy let's call him Mr. Lai, (given that this is Hong Kong he'd probably have a first name like "Gonna Tell" which would make him the perfect candidate for a government official) actually makes banks explain the risk to illiterate investors or requires investors that cannot read or write to have a proxy that can explain to them the risk involved?
Suppose Mr. Lai brings Hong Kong into line with other developed nations with rules against insider trading?
Suppose Mr. Lai initiates rules that require greater transparency in banking and finance charges?
Suppose Mr. Lai prohibits banks from colluding to keep their fees and charge exorbitantly high?
Well, if supposes were rose as they (Who ever they are) say, he'd immediately garner a massive popular following.
It would also mean that Mr. Lai would have to change his name because he'd be the only honest man in government.
It would also mean that the people who control the Hong Kong financial services sector had been snookered by an honest man.
In that case, maybe he wouldn't need to change his name.
Until Next Time
The Blogger who isn't a tycoon