Paul Lachine

紧缩政策与现代银行家

发自华盛顿特区——对于华盛顿互惠银行(已于2008年秋倒闭)的四名前高管来说,今年的圣诞老人已经提前降临了。联邦存款保险公司(FDIC)早前向这四人发起诉讼,指控他们在“明知房地产市场正处于‘泡沫’的情况下”依然承担巨额财政风险等行为。原告试图追回9亿美元款项,但四名被告最终将赔款额锁定在6400万美元,且绝大部分都由其保险公司支付;他们自己需要掏的估计只有40万美元。

毫无疑问,这几名高管不但丢了工作,同时也必须放弃向原倒闭企业追讨额外补偿金。但据联邦存款保险公司称,这四人在2005年1月至2008年9月间已经取得了超过9500万美元的收入。可见他们这次可算是成功脱身且依然富得流油。而这也是以往金融企业在未衡量风险的情况下向高管们发放“股本回报率”补偿时所发生的情景。年景好的时候高管们赚了大头;而当经济下滑风险爆发的时候,他们照样(几乎)毫发未伤。

与此同时,他们的行为——以及其他银行家的类似行为——却直接导致了住宅价格的上涨以及随后的毁灭性崩溃。此次崩溃以许多负面方式对银行界以外的人们造成了影响,其中就包括了超过800万职位的流失。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/Ikb1zE5/zh;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now