It’s one reason of many. Putting personal liability on the CFO and CEO makes them a little more likely to stay private longer or accept a buyout. There are ot

It’s one reason of many. Putting personal liability on the CFO and CEO makes them a little more likely to stay private longer or accept a buyout. There are other things happening too: tax favorability of debt, plenty of private money, execs not wanting to deal with activist investors. I don’t think the net outcome is the calamity that NY Times concludes. If companies are still getting founded, we are in good shape. I’m more concerned about Financial Services. Very few new banks came up post-crisis, and that’s a sign of a calcified industry.