Soud nad swapy úvěrového selhání

CHICAGO – Žaloba americké Komise pro burzy a cenné papíry proti Goldman Sachs za podvody s cennými papíry, při nichž banka měla zkreslovat způsob sestavování kolateralizovaných dluhových obligací (CDO), oživila odpor veřejnosti vůči swapům úvěrového selhání (CDS), instrumentu používanému k sázkám právě proti CDO. Před krizí roku 2008 byly CDS ezoterický produkt, známý jen omezenému počtu zběhlých investorů a specializovaných akademiků. Dnes jde o dobře známý pojem, synonymum neukázněné spekulace, bezmezné chamtivosti a v posledku systémové nestability.

Ostatně CDS se dává za vinu, že jsou jednou z hlavních příčin finanční krize. O zákonnosti chování Goldman Sachs rozhodne soudní dvůr, ale mizerná reputace CDS ohrožuje přežití tohoto instrumentu před soudem veřejného mínění.

Někteří politici už se svezli na populistické vlně a navrhli zákaz CDS. Aktuální řecká krize tábor bojovníků proti CDS dále vyburcovala. Cožpak to, že Řecko bylo na pokraji bankrotu a že zaměstnanci řeckého veřejného sektoru musí snášet hluboké osekávání platů, nejde na vrub hrabivým spekulantům na trhu s CDS?

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