The banks’ creditors or governments ultimately would bear any losses. The mutual interaction between the incentive to minimize equity capital and the incentive to gamble in order to exploit the upside risks caused America’s crisis.
虽然上行风险会变成红利，而下滑的风险将仅仅限于投资的股本。对股东的个人财富的索取将受到有限责任的限制。这些银行的债权人或政府最终将承担任何的损失。尽量减少股本金和充分利用上行风险的赌博行为，这二者的激励效应之间的互动，造成了美国的危机。