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美國證交會遭遇金融巨頭監(jiān)管難題

美國證交會遭遇金融巨頭監(jiān)管難題

Eleanor Bloxham 2012年03月16日
鑒于一些大型金融機(jī)構(gòu)屢次違規(guī),美國證券交易委員會的策略亟待調(diào)整。

針對慣犯的判決

????實(shí)際上,有一種解決方案很實(shí)用,兩年前我就在一起類似的案件中提到過,當(dāng)時(shí),它也涉及到高盛集團(tuán)。如果花旗集團(tuán)和其他金融機(jī)構(gòu)違反了它們在歷史和解協(xié)議中同意的事項(xiàng),證券交易委員會可以訴諸法律來解決問題。但是證券交易委員會并沒有對這些違規(guī)行為進(jìn)行跟蹤。委員會發(fā)言人約翰?耐斯特稱,委員會起訴這些涉事的大企業(yè)并不會獲得任何有價(jià)值的結(jié)果。耐斯特說,如果一家大型企業(yè)承認(rèn)它在不同的分支機(jī)構(gòu)犯了同樣的錯(cuò)誤(比如先后在波士頓和費(fèi)城分公司),因?yàn)樯婕暗絻蓚€(gè)不同的當(dāng)事人,法官可能會當(dāng)作兩起獨(dú)立的案件來處理。他表示,鑒于法官考慮問題的方式,要想證明這些大機(jī)構(gòu)正在進(jìn)行違規(guī)行為是不可能的事情。

????然而在11月9日花旗集團(tuán)案聽證會上,拉科夫法官表示,對處理屢次違規(guī)案件來說,將這些違規(guī)行為訴諸法庭審理是一種既高效又節(jié)約成本的方式,并且最終有可能提起刑事訴訟。但是,拉科夫稱:“過去十年里,盡管有些大型公司多次違反之前的禁令,但證券交易委員會從未就此對任何大型公司提起過訴訟。”如果有哪位聯(lián)邦法官表示,應(yīng)該通過訴訟對大型企業(yè)追責(zé)是一種可行的方案,為何不嘗試一下呢?

質(zhì)疑和解協(xié)議

????盡管證券交易委員會辯解稱,和解協(xié)議的經(jīng)濟(jì)效益,但它尚未就出臺包含更寬泛、更強(qiáng)勢要求的和解條款作出回應(yīng)。采用這種途徑有助于讓證券交易委員會找到治本的辦法,而不是像打地鼠那樣疲于應(yīng)對。拉科夫法官在11月9日的聽證會上詢問花旗集團(tuán)和解條款是否僅僅只是為了“裝點(diǎn)門面”。

????證券交易委員會追求的另一個(gè)立場是獲得公司對于和解的承認(rèn)。證券交易委員會前主席亞瑟?萊維特在12月份接受彭博電視臺(Bloomberg TV)采訪時(shí)稱,盡管將來這些公司可能什么都不會承認(rèn),但“還是會有一些公司會認(rèn)錯(cuò)”。當(dāng)然,想要達(dá)到這樣的目標(biāo),證券交易委員會首先必須相信存在這種可能性。

交由法官來處理

????夏皮羅于周二在國會稱,證券交易委員會將會比以往更多地訴諸法律來解決問題。我們歡迎這樣的進(jìn)展。因?yàn)椋m然對證券交易委員會來說單個(gè)案件訴訟比和解的成本更高,但讓公司和公司高管走上法庭、在最高的層面接受問責(zé)更能夠讓問題企業(yè)引以為戒,那么長遠(yuǎn)來看,成本其實(shí)更低。

證券交易委員會資金自主?

????證券交易委員會表示,受預(yù)算制約,他們不能完全放開手腳。委員會發(fā)言人耐斯特表示,他們不僅技術(shù)已經(jīng)老舊過時(shí),去年春天還被迫中止為法庭案件雇傭?qū)<易C人,同時(shí)縮減了旅費(fèi)以避免預(yù)算超支。兩年前,羅徹斯特大學(xué)(University of Rochester)校長喬爾?塞利格曼在某期《紐約時(shí)報(bào)》專欄中就提出了解決資金問題的建議:允許證券交易委員會按照聯(lián)邦存款保險(xiǎn)公司(FDIC)的要求,自主確定資金需求。

Judgments against repeat offenders

????There is one practical solution (which I pointed out two years ago in a similar case involving Goldman Sachs). The SEC could start taking Citi and other financial institutions to court when they violate injunctions they have agreed to in previous settlements. But the SEC doesn't track such violations and spokesperson John Nester says nothing worthwhile would happen if the regulator brought the cases involving large firms back to court anyway. If a large firm commits the same wrong act in its different operations (like the Boston and then the Philadelphia office), a judge would treat them as two separate incidents because two different people were involved, Nester says. Because of the way incidents are viewed by judges, showing an ongoing violation at these large institutions isn't possible, he says.

????But at a November 9 hearing in the Citi case, Judge Rakoff argued that bringing these violations before the court is an efficient and cost effective way to handle repeat offenses, and could result in criminal prosecutions. Yet "in the last ten years [the SEC hasn't] brought any contempt proceedings against any large institutions, even though they have repeatedly violated previous injunctions," Rakoff said. If a federal judge is saying it's a viable option to hold the largest firms accountable, why not determine who is right by at least giving it a try?

?Giving settlements some fighting words

????While the SEC has defended its settlements based on the dollars and cents it's bringing in, the agency has not responded to the idea of coming up with settlement terms that have broader and stronger requirements. Taking this route could also help put an end to the SEC's whack-a-mole-like approach. At the November 9 hearing, Rakoff questioned whether the proposed Citi settlement terms were merely "window dressing."

????Another angle for the agency to pursue is getting some admissions in settlements. Former SEC Chair Arthur Levitt told Bloomberg TV in December that while companies in the future may not admit to everything, "some of these companies are going to admit some things." But to make that happen, of course, the SEC must believe that it is possible.

Taking it to the judge

????On Tuesday, Schapiro told Congress that the SEC is going to court more than it had been. This is a welcome move because while it's more costly for the SEC to litigate (rather than settle) individual cases, using the courtroom to hold companies and individuals at the highest levels accountable could improve memory retention among problematic firms, which just might be less costly over the long term.

An independently funded SEC?

????The SEC says its budget is hampering its ability to act more boldly. Not only is its technology way out of date, last spring the regulator had to stop hiring expert witnesses for court cases and skimp on airfare to stay within its budget, Nester says. One way to address the funding issue would be to allow the SEC to determine its own funding requirements along the lines of the FDIC, a suggestion University of Rochester President Joel Seligman made in a New York Times op-ed two years ago.

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