Nassim Nicholas Taleb on Asymmetries and Skin in the Game in Investment Banking
“When bankers reap the profits while their losses are silently transferred to society (people who specialize in Spanish grammar, assistant teachers, …) there is a fundamental problem that continuously increases hidden risks until the final blow-up. Regulations may look like an antidote on paper, but if they do anything, they exacerbate the problem because they facilitate the concealment of risks.”
– Nassim Nicholas Taleb in his book “Skin in the Game – The Risk and its Price”, Penguin Publishing, page 44
