It used to be so easy to “earn” a performance bonus in financial services. Step one: agree a contract whereby you are paid if you exceed a modest benchmark with the funds you are managing. Step two: borrow money and invest it in risky assets. Step three: profit! Step three does not follow automatically, of course, if the risky asset does not pay off. But from the point of view of the fund manager and his bonus, it’s a case of “heads I win, tails the investor loses”.
曾经，在金融服务业“赚取”业绩奖金是那么容易。第一步：签订一项协议，根据它，只要你管理的基金业绩超过一个一般的基准水平，你就能获得报酬。第二步：借入资金，将之投入风险资产。第三步：获利！当然，如果风险资产未能盈利，第三步不会自动实现。但从基金经理及其奖金的角度看，这是一个“正面我赢，反面投资者输”的局。
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