Playing with the Government is a Risky Business

Partnering with the government is usually a pretty dangerous proposition. Not only are there numerous inefficiencies in the government bureaucratic structure, but more importantly, the government has the ability to change the rules of the game anytime (even after the game is well-underway). Witness the proposal to retroactively tax the AIG bonuses at 90% or the stimulus bill of 2009 that imposed additional pay limits on TARP recipients months after the funds had been delivered.