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為什么放走摩根大通“倫敦鯨”

為什么放走摩根大通“倫敦鯨”

Stephen Gandel 2013-08-16
包括摩根大通首席執(zhí)行官杰米?戴蒙在內(nèi),摩根大通多名成員共同向投資者和監(jiān)管機(jī)構(gòu)隱瞞了損失,但其中面臨牢獄之災(zāi)的只有兩個(gè)人。問題出在美國的金融監(jiān)管機(jī)制身上。它太復(fù)雜了,而且充滿漏洞。結(jié)果,金融機(jī)構(gòu)得以隱藏一直存在的巨額損失。如果不改變,倫敦鯨們將繼續(xù)逍遙自在。

????“倫敦鯨”生生不息。

????美國政府稱,摩根大通(JPMorgan Chase)的60億美元(370.2億元人民幣)交易損失與員工的欺詐行為有關(guān)。這樣的判斷將在華爾街引起前所未有的反響,而它的最奇妙之處不在于誰受到了指控,而在于誰沒有受到指控。

????長期擔(dān)任首席投資官的艾娜?德魯是促使摩根大通更敢于冒險(xiǎn)的人,而且對(duì)公司的交易情況了如指掌,但她一項(xiàng)罪名也沒有(為什么不指控她監(jiān)督不力呢?)。首席執(zhí)行官杰米?戴蒙也是如此。雖然不清楚具體虧損數(shù)額,但戴蒙清楚“倫敦鯨”的交易規(guī)模。即便如此,他仍對(duì)投資者說“倫敦鯨”事件是“小題大做”。戴蒙還在有問題的賬目上簽了字,但最終摩根大通不得不重述這些賬目。按照《薩班斯-奧克斯利法案》(Sarbanes Oxley Act),高管應(yīng)該對(duì)此負(fù)責(zé)。摩根大通多名負(fù)責(zé)風(fēng)險(xiǎn)控制的管理人員也沒有受到牽連。他們批準(zhǔn)了對(duì)風(fēng)險(xiǎn)模型的調(diào)整,讓這筆前景堪憂的交易越變?cè)酱?。與此同時(shí),摩根大通的賬目則顯示,這家公司正在降低交易風(fēng)險(xiǎn)。

????同樣平安無事的還有摩根大通公司本身。美國證券交易委員會(huì)(SEC)表示,該機(jī)構(gòu)的調(diào)查仍在進(jìn)行之中。監(jiān)管部門也已要求摩根大通加強(qiáng)風(fēng)險(xiǎn)控制。但摩根大通似乎認(rèn)為美國政府只會(huì)小小地懲罰它一下。

????還記得“倫敦鯨”布魯諾?伊克希爾嗎?沒錯(cuò),作為這些失敗交易的實(shí)際操作者,他同樣逃過了一劫。

????美國司法部和SEC對(duì)哈維爾?馬丁-阿塔霍和朱利安?格魯?shù)闹缚刈屛覀冇袡C(jī)會(huì)窺見現(xiàn)如今成為華爾街交易員的奇妙之處,特別是那些掌握著數(shù)十億美元最危險(xiǎn)資產(chǎn)的交易員。馬丁-阿塔霍是伊克希爾的頂頭上司,格魯則是伊克希爾的下屬,他負(fù)責(zé)對(duì)伊克希爾的投資進(jìn)行估值并計(jì)算盈虧。

????當(dāng)時(shí),這三個(gè)人處于危急關(guān)頭,而且面對(duì)著從業(yè)以來最困難的交易局面,但政府指控書公布的三人之間的詳細(xì)對(duì)話讓人感到意外。2012年初,他們的損失有擴(kuò)大的趨勢,但他們中間沒有任何一個(gè)人提出通過買賣債券或衍生產(chǎn)品來盡量減少損失,或者說進(jìn)行交易。實(shí)際上,馬丁-阿塔霍似乎希望在盡可能長的時(shí)間里繼續(xù)持有這筆組合投資,此時(shí)其面值已達(dá)到1,570億美元(9686.9億元人民幣)。而這樣做并不是交易。

????相反,提交給法院的文件表明,這三名交易員用了大量時(shí)間(不知道是不是他們的全部時(shí)間)來討論價(jià)值和賬面數(shù)字。也就是他們持有的哪些資產(chǎn)有價(jià)值,以及如何讓損失看起來盡可能的小。最初他們只是進(jìn)行了細(xì)微調(diào)整。到了最后,格魯計(jì)算的實(shí)際損失和他們向上報(bào)告的數(shù)字之間的差距已高達(dá)8億美元(49.36億元人民幣)。關(guān)鍵時(shí)刻,也就是今年第一季度的最后一天,馬丁-阿塔霍告訴格魯,他希望賬面上的日虧損額只有2億美元(12.34億元人民幣),盡管他們當(dāng)天的新增虧損都可能比這個(gè)數(shù)字大得多。格魯按他說的做了,馬丁-阿塔霍隨后又問能不能把損失降到1.5億美元(9.26億元人民幣)。最終,他們報(bào)告的日損失額為1.38億美元(8.51億元人民幣)。

????這次事件接近尾聲時(shí),摩根大通負(fù)責(zé)風(fēng)險(xiǎn)控制的管理人員確實(shí)找過馬丁-阿塔霍,而且要求他解釋相關(guān)投資的入賬方法。對(duì)此,馬丁-阿塔霍的回答大概是:“嘿,我可不是會(huì)計(jì)?!笨梢钥吹?,這個(gè)借口相當(dāng)滑稽,因?yàn)檫@幾個(gè)家伙似乎一直在做賬,只是他們做的不合法規(guī)。

????Long live the Whale.

????The most fascinating thing about the government's charge that JPMorgan Chase employees committed fraud in connection with the bank's $6 billion trading loss, and the one that will have the largest reverberations for Wall Street, is not who is being charged, but who isn't.

????Ina Drew, the long-time head of the chief investment office and the person who pushed the bank to take on more risk and was well aware of the trades, does not stand accused of any wrongdoing. (Why not charge her with failure to supervise?) Nor is JPMorgan's CEO Jamie Dimon, who told investors the issue of the London Whale was "a tempest in a teapot" even after he was alerted to the size of trade, if not an accurate picture of the losses. Dimon also signed off on JPMorgan's faulty books, which eventually had to be restated, something Sarbanes Oxley was supposed to hold executives accountable for. Nor are any of the bank's multiple risk officers who signed off on the change in the risk model that allowed the London Whale's ill-fated trade to get bigger, even as the bank's books appeared to show that JPMorgan was reducing its trading risks.

????Also getting off mostly scot-free is JPMorgan (JPM). The SEC says its investigation is continuing. And regulators have already ordered the bank to improve its risk controls. But it appears JPMorgan is looking at a minor slap on the wrist.

????And remember the London Whale himself, Bruno Iksil, the actual architect of the ill-fated trades? Yeah, he's off the hook as well.

????The Justice Department and the SEC's cases against Javier Martin-Artajo and Julien Grout, the two who are being charged, give an amazing window into what it's like to be a trader these days on Wall Street, especially the ones who are responsible for multi-billion dollar portfolios of the market's riskiest stuff. Martin-Artajo was Iksil's direct boss. Grout worked under Iksil, and was responsible for valuing Iksil's portfolio, computing the gains or losses.

????The conversations detailed in the government's complaints are not what you would expect from three guys in the heat of the market, facing the most difficult trade of their careers. In early 2012, when the losses appeared to be mounting, there was no discussion by any of the three about what bonds or derivatives they might sell or buy to minimize their losses -- also known as trading. In fact, Martin-Artajo seems to be driven by a desire to keep the synthetic portfolio, which had grown by this time to have a notional value of $157 billion, as is for as long as possible. That is not a trade.

????Instead, according to the court filings, the three traders spend a lot of time (all of their time?) talking about valuations and marks. What are the trades they have worth, and how can they make the losses they've got look as small as possible. It starts off as minor tweaking. By the end, Grout is maintaining a spreadsheet showing the traders' actual losses are as much as $800 million more than what they are reporting up the chain. In one telling moment, on the last day of the first quarter, Martin-Artajo tells Grout that he wants to show a daily loss of just $200 million, even though it's likely the portfolio had sunk that day alone much more than that. When Grout does this, Martin-Artajo goes back and asks whether they can get the loss number down to $150 million. The daily loss they end up reporting: $138 million.

????Late in the game a JPMorgan risk officer does catch up with Martin-Artajo and asks him to explain the way the portfolio is marked, to which Artajo responds basically, "Hey, I ain't no accountant." And that you know is a pretty funny excuse because all these guys seem to be doing is accounting, but not actually a legal one.

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