of risk managemnt

My Question here is How Bankers's trust Case is Classified as Case of "Customer Conduct"...While it is clearly evident from Allen's reading that BT mislead and manipulated P&G and Gibson. Why is it not a case of Misleading Reporting??

I do not understand this concept "If the cost to hedge bankruptcy risk is zero risk management creates value because the market will bear the diversifiable risk." How the market will bear the diversifiable risk? Can somebody pls elaborate? Thanks.