> The directors with of such [joint-stock] companies, however, being the managers rather of other people's money than of their own, it cannot well be expected, that they should watch over it with the same anxious vigilance with which the partners in a private copartnery frequently watch over their own

Adam Smith, the Wealth of Nations

reap the profits, socialize the losses

That's crony capitalism again

Socialism is crony capitalism?

Corporations are the definition of socialism- everyone pools their efforts and they decide how to allocate the rewards (after taxes).