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It's not moral hazard if you don't have any ability to influence the outcome. Shareholders don't actually have any real power in a modern corporation, so you don't want to make them liable above and beyond the price of their shares. Since the managers are the ones who are in effective control of the enterprise, liability should be on their heads.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri May 21st, 2010 at 06:11:02 PM EST
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