But that’s the point. They didn’t take a risk pursuant to their upside expectation. They exploited an implicit insurance policy that mitigates their downside wi

But that’s the point. They didn’t take a risk pursuant to their upside expectation. They exploited an implicit insurance policy that mitigates their downside with other people’s money through bailouts. “Beat the market” on the upside, “take from everyone” on the downside. Win win!