Анатомия кризиса

БЕРКЛИ – Для того, чтобы выпутаться из нынешней финансовой неразберихи, нам необходимо понять, как мы в ней изначально оказались. Основной причиной, по мнению Мак-Кейна и ему подобных, послужили жадность и коррупция, царившие на Уолл-стрит. Не решаясь отрицать существование подобных элементарных мотивов, я всё же настаивал бы на том, что кризис коренится в ключевых стратегических решениях, принятых десятилетия назад.

В Соединённых Штатах было принято два ключевых решения. Первое, принятое в семидесятых годах, либерализовало комиссии, выплачиваемые биржевым маклерам. Второе в девяностых отменило запрет закона Гласса-Стиголла на слияние коммерческих и инвестиционных банков. Во времена фиксированных комиссий, инвестиционные банки имели возможность получать весьма удовлетворительный доход, занимаясь торговлей акциями. Ослабление государственного контроля означало конкуренцию и меньшую прибыль. Впоследствии отмена закона Гласса-Стиголла позволила коммерческим банкам посягать на остальные традиционные средства инвестиционных банков.

В ответ на это инвестиционные банки расширили свою деятельность в новых видах бизнеса: например, выпуском и размещением комплексных вторичных ценных бумаг. Они занимали деньги и пускали их в оборот для поддержания прибыльности. Этим были спровоцированы первые причины кризиса: возникновение модели секьюритизации, основанной на выпуске и размещении, и чрезмерное использование заемных средств.

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