主题：从个人经历谈下朱相 -- 五福

高干子弟的问题根子在中国：极权制度，政府对大量经济资源的控制，中国本土的文化。不要把责任推给外国人。

I know the U.S. chairmans of two of the Big-4 firms: both graduated from non-elite public universities, from average families, but with highly regarded leadership and business vision. As I said to my friends, Big 4 is still and largely a very merit-based place. 当然中国是个怪地方，英美国里的结论可能在中国不适用。

这几家的东亚机构里很多区域内太子党。

--the city I refered to is SH. We do business in China and had to RESPECT CHINESE TRADITION la... Of course, we all know that. I even saw one guy graduated from 2-year college got recruited. My first reaction is WTF...

But the promotion process is brutal--干不了活的人拖累所有人的前程，从manager到同辈都会背后乱骂的。

区域内太子党--more valuable to investment banking business, less to audit business. A typical IPO project, IB charges 5% of proceeds, Big-4 took 1-2%, but with many many more hours. If you are 太子党, you will choose to go high-pay, easy/big-buck place, which is IB. I chat with friends in Beijing. Now young people are very reluctant to go Big 4--dirty OT place.

So you are in HK or in Guangzhou or B or SH? Big-4 China is going to have a storm of layoff soon. Watch out. SMS me in the future for industry-related chats.