There were significant profit opportunities for financial intermediaries that could find spare risk-bearing capacity, carve out securities to take advantage of it, and thus take a middleman’s cut from matching risks with investors who could gain from bearing them. But the advent of derivatives concentrated risk rather than dispersing it, for there was even more money to be made by selling risk to people who did not know how to value it – or, indeed, what risks they were bearing.
对于那些能发现市场上的剩余风险承担能力，由此创设相关证券产品，随后找到能承担这些风险的投资者并收取佣金的金融中间商来说，赚大钱的机会比比皆是。但金融衍生品的出现非但没能分散风险，反而导致了风险的集中，因为把这些风险销售给那些不知如何衡量这类风险的人——这些人事实上连自己承担了何种风险都不清楚——能挣更加多的钱。