And when the downside risks materialized, the losses were largely socialized – the primary reason why US public debt has soared in recent years. Asking shareholders and management to pay a relatively small amount is entirely fair and appropriate under these circumstances.
这些繁荣期利润毫无疑问被夸大了，因为它们未经风险调整。而当下行风险显露时，损失大多被社会化了，这也是美国公共债务在近几年出现飙升的主要原因。在如今的环境下，让股东和管理层来承担相对较小的数目完全是公平合理的。