In this stripped-down example, AIG, Bear Stearns, and BofA – as well as their attorneys, lobbyists, and supportive policymakers – promote the clearinghouse on the grounds that it reduces risk for its participants. And, as advertised, it does — but only for its participants.
在这个简化的例子中，AIG、贝尔斯登和美国银行——以及它们的律师、游说团和支持政客——都会表扬清算所减少了对手方风险。而且，正如他们所宣传的，清算所确是做到了这一点，但也只限于其会员。可是，花旗银行现在凭空多损失了5000万，因为它不能算成是清算所的资产。如果额外损失把具有系统重要性的花旗银行推上了绝路，那么清算所的所谓减少系统风险的宣传也就不攻自破了。