When things go well, executives in these firms get the upside – mostly in terms of immediate compensation, because few executives are compensated on the basis of risk-adjusted returns. That means that when the risks materialize and the firms suffer losses, the costs fall on taxpayers.
从本质上说，金融公司是在用钱买承担更多风险的权利。当事情朝好的方面发展时，这些公司的高官们就能平步青云——大部分体现在立刻获得的丰厚报酬中，因为很少有高管是根据经风险调整的回报获得报仇的。这意味着当风险成为现实，公司遭遇损失时，代价全落在了纳税人身上。