Lack of equity capital, in turn, made risk-averse shareholders hire gamblers to manage their limited-liability investment companies. The managers chose overly risky operations, because they knew that the shareholders would not participate symmetrically in the risks.
股本金的缺乏，进而使厌恶风险的股东们聘用赌徒般的经理来管理他们的有限责任投资公司。而经理选择了过于冒险的操作，因为他们知道，股东们在风险中的参与不会是对称的。