Black Swan Society

One of the rules [of the Back Swan society] is to eliminate what I call the “agency problem”.  That’s when someone else is making money and you bear the deferred risk, and it’s exactly what we had with bankers in the financial crisis.  They make the bonuses, and we pay the cost when they blow up.  Every captain should go down with every ship – every captain, every ship.  Follw that rule, and we’ll live in a much better, safer world.

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