Academics sometimes describe a corporation as a “nexus of contracts”. An investment bank might better be defined as a “nexus of conflicts”. It intermediates between buyers and sellers of loans and securities. A tendency to favour regular counterparties is the industry’s original sin.
学者们有时将企业描述为“契约的纽带”。投资银行或许更应该被定义为“冲突的纽带”。它在贷款和证券的买家和卖家之间充当中介。偏向常规交易对手的倾向是这个行业的原罪。
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