This is really a rather amusing piece from Andrew Haldane.

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Andrew Haldane, a colleague of Mr Tucker's, has found that the pay of bank bosses correlated well with returns on equity, but not with returns on assets in other words, managers prospered by gearing up bank balance-sheets.

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So begins and ends the speech by Andrew G Haldane, Executive Director, Financial Stability and member of the Financial Policy Committee, co-authored by Vasileios Madouros, Economist, Bank of England.

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