As a result, executives were not exposed to the potential negative consequences that large losses could bring about for preferred shareholders, bondholders, and the government as a guarantor of deposits. These structures provided executives with incentives to give insufficient weight to the possibility of large losses, which in turn motivated executives to take excessive risks.
高管的利益与他们公司的股票价值紧密相连–或是和这些股份的期权价值相联。这么一来，高管并不承担给优先股股东造成的巨额损失，以及债券人和作为存款担保者的政府带来潜在的负面影响的责任。这些薪酬结构会使得高管们不关注巨额损失的可能性，从而相应会激励高管从事更多的风险活动。