The whole rewarding model for these institutions reads like pure scam if you apply any cynicism. Make money win or lose. Make even more money when "win" even if

The whole rewarding model for these institutions reads like pure scam if you apply any cynicism. Make money win or lose. Make even more money when "win" even if all that win is purely on paper. And if you lose just roll the stuff under some new name that happened to win. Record looks good. Even if other records were losers... At least with publicly traded stocks you can have substantial market depth so valuations can be "real". But move to private equity and well even that little goes away...