PASADENA, USA--BusinessWeek reporter Ann Lee writes in the current edition of the magazine that China offers an interesting
model for public/private banks that would be designed to a specific social task (e.g., job creation, small business incubators, etc.). Her thesis makes sense. Since the government is already deeply immersed due to the global banking crisis, why not use some of that new equity to ameliorate some deep social issues.
Innovation bank branches could be opened across the country in offices vacated by bankrupt companies. Unemployed workers in every sector could finally get a shot at becoming entrepreneurs with an equity investment from the government. The government would in turn receive a share of the profits.
China has problems of its own, but we can learn from other countries' successes. The current system is failing Americans. Innovation in banking is not only possible, it is imperative.
PASADENA, USA--BusinessWeek reporter Ann Lee writes in the current edition of the magazine that China offers an interesting model for public/private banks that would be designed to a specific social task (e.g., job creation, small business incubators, etc.). Her thesis makes sense. Since the government is already deeply immersed due to the global banking crisis, why not use some of that new equity to ameliorate some deep social issues.
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