Outsmarting Risk: From Bonuses to Bailouts

Recent criticisms of Wall Street bonuses and bailouts—whether they express incredulous disbelief, hopeless resignation, or unfortunate necessity—somehow leave us unsatisfied. Most explanations fail to satisfy us precisely because they accept the “common-sense” understanding of Wall Street risk—an “understanding” that itself fundamentally misapprehends the culture and practice of financial risk in the United States, especially as […]