Should bankers’ pay be subject to government regulation? I am referring to bankers ensconced in the private sector rather than those employed by state-owned banks or even to those temporarily in state hands. Many people of a certain age instinctively balk at the idea—their attitude colored by memories of low, rigid public sector pay scales exorcising motivation and talent. Others, touched by a little schadenfreude, believe that the time is ripe for government involvement in private-sector pay. It fills me with dread. Having been involved in setting investment bankers’ pay, bitter experience has taught me that getting it right is nigh impossible at the best of times. This is before introducing the added dimension of political, national interests.