— Who said this?

“You can put on a large trade, and if it works, you make out like a bandit, and if it doesn’t, you might get fired, but you’re not paying back. So you have asymmetric risk: You either come out zero or you come out positive. That’s imbalance.”

That’s Morgan Stanley CEO James Gorman, of all people, as reported by Bloomberg last month. I can’t find any other major outlet that reported that quote. At the least, it’s a welcome change of tone at the top on Wall Street.

Matthew Lynn picked up on it in an aggressive Bloomberg column on Wall Street pay last week.

But Lynn left out was a bit of media criticism Gorman had in the original news story:

“The more you have this hero individual status, and lots of things written about them by journalist friends in the paper, the more likely that they are going to act out, because they start to believe it,” Gorman said.

“You can put on a large trade, and if it works, you make out like a bandit, and if it doesn’t, you might get fired, but you’re not paying back,” he said. “So you have asymmetric risk, you either come out zero or you come out positive. That’s imbalance.”

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu. Follow him on Twitter at @ryanchittum.