In fact, while Clark’s paltry fine presumably at least comes out of his own pocket, the penalty levied on JPM is to be paid largely by its shareholders. And, because there is no market for corporate control over megabanks (because protections provided by regulators prevent hostile takeovers or effective shareholder activism), frustration on the part of JPM’s investors cannot result in a change of management.
事实上，克拉克的罚款尽管微不足道，好歹还得从他自己的腰包中出，而摩根大通的罚款大部分由股东买单。此外，由于不存在巨型银行控股权市场（因为监管者为了防止敌意收购或实质上的股东维权运动而采取了保护措施），沮丧的摩根大通投资者连更换管理层都做不到。