Due to the troubles of the credit crunch we have seen a string of top investment bankers leaving the U.S. and U.K. for Asia. Yes these bankers are following the money and corporate activity has remained buoyant in Asia where credit is scarce in the U.S. and Europe. This year deals in Asia have rose 15% where as they have fallen every elsewhere in the world. I see this as a early signal to the government on how we cannot cap salaries on Wall Street. If we do, we will just see all the talent move away which is a long-term loss for the industry and corporate America. Its true, investment bankers follow the money and right now Asia is where it’s at. I think it will be a snowball effect with many bankers across the globe leaving there jobs on route to Hong Kong and Shanghai. Currently the U.S. banks are profits are squeezed whereas the Chinese firms are flushed with cash. This should launch Hong Kong into the Financial Services Headquarter for the Globe as they are usually competing against New York and London. Recently one of my mentors and an Managing Director at HSBC left to go work for a Chinese Private Equity firm. He was telling me the opportunities there were to good to turn down. For the American firms they need to find a quick way to address these problems so they can continue to be competitive on a global front. If not times could get tough and we could lose our spot as the financial capital of the world.