The worst affront to the national interest is that these compensation arrangements created incentives for CEOs to "roll the dice" in search of the biggest possible scores for the company (and, not coincidentally, themselves), with too little regard for the downside risk if they bet wrong. And with no appreciation for the potentially dangerous consequences of such gambles, in the aggregate, for the economic security of the American people.
Tuesday, September 23, 2008
And Afterwards, Change the Rules of Finance
After citing Douglas North, Andy Zelleke says in the Christian Science Monitor
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