· CEOs and boards of directors of financial firms – let alone regulators and supervisors – cannot effectively monitor the risks and behaviors of thousands of separate profit and loss centers in a firm, as each trader and banker is a separate P&amp;L with its own capital at risk;
2）每一位交易员和银行家都负责一个独立的损益表，用他自己所能支配的那一份资本去冒险，一个金融企业就好比数千个分散的独立损益单位；连金融公司的CEO和董事会都无法有效地监控这么分散的风险与决策，更遑论监管者了；