Goodo - this is turning into a fully-formed spat.
In the red (or is that pink) corner, the venerable Martin Wolf, who has lately taken a beating in these pixels for his latest FT offering on the subject of bankers’ pay. He is supported ably by Raghuram Rajan, who arguably kicked off the whole thing last week with his comment in the FT that the structure of pay in banking was deeply flawed and encouraged the creation of “fake alpha.”
The pair have found support among illustrious blogging types such as Alea and Yves Smith, who writes approvingly of both Wolf and Rajan.
In the blue corner, we have The Epicurean Dealmaker (part I, part II) and Andrew Clavell at Financial Crookery (part I, part II), speaking up for the industry.
Now to clear one thing up, The Epicurean Dealmaker most recently suggests that the FT Alphaville powers-that-be may have had something to do with inciting Wednesday’s running debate. He writes:
I am sure that left to his own devices, Mr. Wolf would never have even known about my little drive-by blogging, much less respond to it. Nevertheless, those clever geezers at Alphaville saw a chance to stir the pot and generate more page views, so they incited Mr. Wolf to comment by drawing attention to one of the least flattering things I had to say about him in my post. (Naughty naughty, Mr. Murphy.)
Innocent. Contrary perhaps to appearance and expectation, Mr Martin Wolf is fully web-compliant and was onto you Mr. E Dealmaker before we had even thought to stir it up. We missed that trick.
