又中又英 - The fish rots from the head down | 褚簡寧

　　There are many reasons why large companies, such as banks or property firms, go bankrupt. A bad economy is one reason. The inability to compete with rivals is another. But bad leadership or corruption at the top are usually the main reasons why large companies collapse. The 2008 global financial crisis caused by the bankruptcy of investment bank Lehman Brothers is a good example. It was the fourth largest investment bank in the US before it went bankrupt. Lehman Brothers, founded in 1850, failed due to its massive exposure to risky subprime mortgages.

　　Subprime mortgages are risky loans banks make to borrowers to buy a home even though they have bad credit histories or credit ratings. There is a proverb to describe this type of bad leadership. It is "the fish rots from the head" or "the fish rots from the head down". It means a problem in an organization, such as low staff morale, declining profits, bankruptcy, or corruption, starts at its leadership. The word "rot" means decay. When the US housing bubble began to burst in 2006, Lehman Brothers continued to offer subprime mortgages to home buyers, causing its bankruptcy.

　　The board or the boss of an organization is expected to carry the ball. To carry the ball means to take full responsibility for the success or failure of a company. The board or the boss, and staff, are rewarded if a company succeeds. But the board or the boss must take responsibility and accept blame if a company fails because the fish rots from the head down.

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　　大公司如銀行或房地產公司會破產，有許多原因。經濟不景是其一，無能力與對手競爭是另一因。然而，差勁的領導或高層貪污腐敗通常是大公司倒閉的主要原因。2008年投資銀行雷曼兄弟破產倒閉引致全球金融危機，便是一個好例子。它破產前是美國第四大投行。於1850年創立的雷曼兄弟，便因為次級按揭（subprime mortgages）的巨大風險敞口而倒閉。

　　Subprime mortgages是銀行較高風險的按揭貸款，即使借貸人信貸紀錄或信用評級較差，仍向他們提供貸款去置業。有一句諺語可以用來形容這一類差劣的領導，就是"the fish rots from the head"或"the fish rots from the head down"。「魚從頭部開始腐爛」的意思是，一個機構的問題，例如員工士氣不振、收入下跌、破產或貪污腐敗，都是從領導層開始。Rot一字解作腐爛、腐蝕。當美國房地產泡沫於2006年開始爆破之際，雷曼兄弟仍然繼續提供次按（subprime mortgages）予置業人士，最終導致雷曼破產。

　　一間機構的董事會或老闆往往被期許要carry the ball—to carry the ball是指要為一間公司的成敗擔起重要責任。一間公司成功，董事會或老闆，與員工都能獲得獎勵；可若一間公司倒閉，那麼董事會或老闆就必須負起責任、承擔過失，因為魚爛從頭起（the fish rots from the head down）。

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　　Michael Chugani褚簡寧
　　中譯：七刻