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貝萊德是否大到不能倒?

貝萊德是否大到不能倒?

Sheila Bair 2013-12-06
美國(guó)監(jiān)管機(jī)構(gòu)正在評(píng)估資本管理公司給市場(chǎng)帶來(lái)的潛在系統(tǒng)性風(fēng)險(xiǎn),并有可能推出相應(yīng)的金融改革措施。消息一出,貝萊德等資本管理巨頭馬上開(kāi)始了游說(shuō),希望抵制可能的改革。

????然而,基金行業(yè)假仁假義地攻擊可憐的OFR,一副鋤強(qiáng)扶弱的正義使者模樣。而事實(shí)上,基金行業(yè)最擔(dān)心的恐怕是這份報(bào)告最終會(huì)使得金融穩(wěn)定監(jiān)督委員會(huì)將貝萊德和富達(dá)(Fidelity)這樣的大型基金公司劃入“系統(tǒng)性”(金融機(jī)構(gòu))范疇。果真如此,這些公司將受到美聯(lián)儲(chǔ)更嚴(yán)格的監(jiān)管。

????我認(rèn)為基金行業(yè)的結(jié)論有些草率。要是我的話,我會(huì)讓那幫游說(shuō)者閃人,把雇他們的錢(qián)省下來(lái)給員工發(fā)圣誕節(jié)獎(jiǎng)金。因?yàn)榻鹑诜€(wěn)定監(jiān)督委員會(huì)才剛剛開(kāi)始分析OFR在報(bào)告中指出的問(wèn)題,而且這個(gè)委員會(huì)可能有很多種方式來(lái)作出反應(yīng)。其中有些問(wèn)題可以通過(guò)加強(qiáng)信息披露得到解決。另外一些問(wèn)題,比如杠桿率和流動(dòng)性問(wèn)題,可以通過(guò)美國(guó)證交會(huì)設(shè)定的一些簡(jiǎn)單而基本的標(biāo)準(zhǔn)得到解決。美國(guó)證交會(huì)本來(lái)就負(fù)責(zé)監(jiān)管大型資產(chǎn)管理公司,以保護(hù)投資者的利益。一直以來(lái),證交會(huì)還沒(méi)有考慮過(guò)基金行業(yè)可能給金融體系帶來(lái)的廣泛風(fēng)險(xiǎn),但這并不意味著它將來(lái)也不會(huì)考慮這個(gè)問(wèn)題。

????誠(chéng)然,金融穩(wěn)定監(jiān)督委員會(huì)最終可能會(huì)認(rèn)定,個(gè)別資產(chǎn)管理公司規(guī)模太大,相互之間聯(lián)系太密切,一旦出現(xiàn)問(wèn)題,必然擾亂整個(gè)經(jīng)濟(jì)。但即便如此,也不一定非得將這些基金公司歸為“系統(tǒng)性”機(jī)構(gòu),要求它們接受美聯(lián)儲(chǔ)的監(jiān)管。

????更好的做法是,降低大型資產(chǎn)管理公司的復(fù)雜程度、縮小它們的規(guī)模、減少它們之間的相互聯(lián)系。多德-弗蘭克法案提出的“系統(tǒng)性稱號(hào)”旨在使大型企業(yè)成為政府特別“關(guān)照”的對(duì)象,而嚴(yán)格的美聯(lián)儲(chǔ)監(jiān)管則是對(duì)這些企業(yè)的懲罰。根據(jù)法律規(guī)定,這些企業(yè)還是能夠通過(guò)重組和機(jī)構(gòu)精簡(jiǎn)等措施來(lái)擺脫“系統(tǒng)性”機(jī)構(gòu)的稱號(hào)。

????這對(duì)所有人來(lái)說(shuō)都會(huì)是一份不錯(cuò)的圣誕禮物。難道不是嗎?(財(cái)富中文網(wǎng))

????譯者:項(xiàng)航??

????Yet, based on the fund industry's holier-than-thou attack on poor OFR, you would think they were trying to protect Cindy Lou's Christmas against the evil Grinch. The industry's biggest fear seems to be that this report is the precursor to the FSOC designating big firms like BlackRock and Fidelity as "systemic" meaning (gasp) that they would be subject to tougher regulation by the Federal Reserve Board.

????I think the industry is jumping to conclusions. If I were they, I'd save my money for employee Christmas bonuses and tell the lobbyists to stand down. The FSOC is only beginning to analyze the issues identified in the OFR report, and there are many different ways the regulators could respond. Some of the issues could be addressed with better disclosure. Others, like leverage and liquidity, could be addressed with some simple, basic standards set by the Securities and Exchange Commission (SEC). The SEC already regulates the big asset managers to protect those who invest in their funds. The agency has not, traditionally, looked at this industry from the standpoint of broader risks to the financial system, but that doesn't mean it couldn't start.

????True, the FSOC might ultimately decide that some individual asset managers are too big and interconnected to fail without disrupting the broader economy. But the answer is not necessarily to designate them as "systemic" and push them into the arms of the Fed.

????A better alternative would be for those firms to become simpler, smaller, and less interconnected. Dodd-Frank's "systemic designation" was meant to put large firms on the government's "naughty list." Intrusive Fed supervision was meant to be their lump of coal. Under the law, they still have the option of getting on the "nice" list of un-systemic institutions by restructuring and downsizing.

????Now wouldn't that be a nice Christmas present for us all????

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