I am confused by the concept here of "Opt-Out Philanthropy" having the example of Bear Sterns. What Bear Sterns did was to require a 4% donation and proof of same. Where is the opt out option, other than quitting?

Alternate frame: Bear Sterns contributed 5% of profits to charity, and directed it proportional to people's salaries, then paid costs to document this in a strange way in order to signal.