支持我的人不多，我的雇主瑞银是其中之一。瑞银不但为我支付了打官司的费用，还让我继续任职。我在股票销售部、财富管理部和投资银行部的同事们也面对着客户（包括富人、基金公司和公司客户）的负面言论。
Today, I am the chairman of a company that is publicly quoted in Hong Kong, and I sit on the boards of others. Laws and rules for public companies and their directors are clear, if tedious. But in my view there is still far too much tolerance in the government and among the Chinese public at large about illegal and improper behaviour in the capital markets.
如今，我是一家香港上市公司的董事长，也是其他多家公司的董事。规范公开上市公司及其董事的法律和规则写得明明白白（即便有点繁琐沉闷）。但我认为，政府和中国公众对于资本市场上的违法和不当行为还是太宽容了。
Everyone seems to agree that stealing money is both a crime and ethically wrong; yet when it comes to stealing money from crowds (the market), or from a large number of strangers (again, the market), our moral judgment is somehow less clear if we are not the direct victims. Even when we are the victims, the sense of grievance fades very quickly. Illegal and improper behaviour is sometimes even admired as financial engineering or deft use of ingenious skills.
似乎所有人都认同，偷钱既犯罪，又缺德；然而，如果是偷众人（市场），或者大量陌生人（又是市场）的钱，而我们自己不是直接受害者的话，我们的道德判断就有点不那么明确了。即便我们真是受害者，委屈感也会很快消失。违法和不当行为有时甚至受到人们的敬佩，认为那是金融工程或高超技能的运用。
When large numbers of people throw rubbish in the street and we tolerate it, we should not be surprised to find that our streets are as dirty as they are. When polluters go unpunished, we must be prepared to live in a toxic environment — and we do. Likewise when the regulators clamp down on stock market manipulation, many in the public seem at best uninterested — with predictable consequences. When the anti-corruption drive began to unfold in China two years ago, parts of the business world seemed concerned mainly about a negative effect on the health of the economy. They invoked the old saying: “If the water is too clean, you will not catch any fish”; or, to put it another way, the creatures will survive only in “muddy waters”. The inference is: “Do not be too hard on crooks or corrupt officials. Do not be too strict on friends. No one is perfect.”
当很多人往街上倒垃圾，而我们容忍这种做法时，我们发现街道很脏就不应感到惊讶。当排污者得不到惩罚时，我们必须准备好居住在有毒的环境里——目前我们确实如此。同样，当监管机构打击股市操纵时，许多公众似乎往好了说是不感兴趣。当中国两年前发起反腐败斗争时，商界有些人似乎主要担心反腐对经济健康的负面影响。他们援引古谚：“水至清则无鱼”，换言之，生物只有在“浑水”里才能生存。按此逻辑，结论就是：“不要对骗子或腐败官员太狠。不要对朋友太苛刻。人无完人。”
Corporate governance has greatly improved in this part of the world in the past 15 years. But in my judgment there is still much more the regulators can do. Some kinds of wrongdoing in the capital markets are almost public knowledge. The only thing the government needs is more resources, more talent and more determination. A market overseen by tough regulators benefits all.
过去15年里，亚洲上市公司的治理水平有了很大提高。但我认为，监管机构还有很多工作可做。资本市场里的某些不当行为几乎尽人皆知。政府需要的只是更多资源、更多人才和更大决心。监管者对市场实行严厉的监管，对各方都有好处。