Verteidigung der Credit Default Swaps

CHICAGO – Die Betrugsklage der amerikanischen Börsenaufsicht gegen Goldman Sachs, in der man der Bank Anlegertäuschung hinsichtlich verbriefter Hypothekenkredite (Collateralized Debt Obligations -CDO) vorwirft, hat die öffentliche Empörung über Credit Default Swaps (CDS), jenem Instrument, mit dem man gegen CDOs wettet, erneut angefacht. Vor der Finanzkrise des Jahres 2008 waren CDS ein geheimnisvolles Produkt, das nur einer begrenzten Zahl von eingeweihten Anlegern und Experten bekannt war. Heute weiß jeder, was damit gemeint ist und CDS wurden zum Synonym für wilde Spekulation, grenzenlose Gier und letztlich für systemische Instabilität.

Tatsächlich werden CDS als eine der Hauptursachen der Finanzkrise betrachtet. Die Rechtmäßigkeit der Vorgehensweise von Goldman Sachs wird von einem staatlichen Gericht zu beurteilen sein, aber der miserable Ruf der CDS gefährdet das Überleben dieses Finanzinstruments vor dem Gericht der öffentlichen Meinung.   

In populistischer Manier fordern zahlreiche Politiker ein Verbot der CDS. Die jüngste Krise Griechenlands hat dem Anti-CDS-Lager erneut Auftrieb verliehen. Denn ist es nicht die Schuld des CDS-Marktes, dass sich Griechenland am Rande der Zahlungsunfähigkeit befand und die öffentlich Bediensteten des Landes drastische Lohnkürzungen in Kauf nehmen mussten, um die pekuniäre Unersättlichkeit habgieriger Spekulanten zu befriedigen?

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