又中又英 - The fish rots from the head down | 褚简宁

　　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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　　大公司如银行或房地产公司会破产，有许多原因。经济不景是其一，无能力与对手竞争是另一因。然而，差劲的领导或高层贪污腐败通常是大公司倒闭的主要原因。2008年投资银行雷曼兄弟破产倒闭引致全球金融危机，便是一个好例子。它破产前是美国第四大投行。于1850年创立的雷曼兄弟，便因为次级按揭（subprime mortgages）的巨大风险敞口而倒闭。

　　Subprime mortgages是银行较高风险的按揭贷款，即使借贷人信贷纪录或信用评级较差，仍向他们提供贷款去置业。有一句谚语可以用来形容这一类差劣的领导，就是"the fish rots from the head"或"the fish rots from the head down"。「鱼从头部开始腐烂」的意思是，一个机构的问题，例如员工士气不振、收入下跌、破产或贪污腐败，都是从领导层开始。Rot一字解作腐烂、腐蚀。当美国房地产泡沫于2006年开始爆破之际，雷曼兄弟仍然继续提供次按（subprime mortgages）予置业人士，最终导致雷曼破产。

　　一间机构的董事会或老板往往被期许要carry the ball—to carry the ball是指要为一间公司的成败担起重要责任。一间公司成功，董事会或老板，与员工都能获得奖励；可若一间公司倒闭，那么董事会或老板就必须负起责任、承担过失，因为鱼烂从头起（the fish rots from the head down）。

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　　Michael Chugani褚简宁
　　中译：七刻