Big is bewitching. Before the crunch, the sheer size of some institutions was an encumbrance to rational analysis. As Chuck Prince or Sir Fred Goodwin celebrated double-digit growth in assets, few observers – least of all the respective boards of Citigroup and Royal Bank of Scotland – had the wit or inclination to mine reams of data for structural flaws.
做大是一件令人着迷的事情。金融危机之前,一些机构庞大的规模妨碍了理性分析。当查克•普林斯(Chuck Prince)和弗雷德•古德温爵士(Sir Fred Goodwin)为两位数的资产增长欢庆之际,罕有观察家具有那种头脑或意愿,从大量数据中寻找结构性缺陷——花旗(Citigroup)和苏格兰皇家银行(Royal Bank of Scotland)的分析师们尤其如此。
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