收人钱财  令人破产

坎布里奇 ——

在一份与美国法庭共同完成的、对雷曼兄弟公司破产案加以审视的报告中,一位由法庭任命的调查官描述了雷曼公司主管人员是如何做出激进投资战略、承受更大风险以及大幅提升杠杆这些刻意决定的。这些决定是判断中的自负与失策的产物、还是由存在缺陷的激励机制所造成的后果呢?

在贝尔斯登与雷曼兄弟破产、并招致世界范围的危机之后,媒体报道在很大程度上有这样一种假定,即这些公司主管的财富与被他们导向灾难的公司之财富一道灰飞烟灭了。这种“标准叙述”导致评论家们对存在缺陷的报酬安排与改革主管薪酬结构一事的重要性进行了淡化。

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