Las permutas de riesgo crediticio, en el banquillo de los acusados

CHICAGO – La demanda civil presentada por la Comisión de Valores de Estados Unidos contra Goldman Sachs por fraude con valores, acusando al banco de interpretar erróneamente la manera en que se había dado forma a una obligación de deuda colateralizada (CDO, por su sigla en inglés), ha reavivado el malestar público con las permutas de riesgo crediticio (CDS, por su sigla en inglés), el instrumento utilizado para apostar contra estas CDO. Antes de la crisis financiera de 2008, las CDS eran un producto esotérico, conocido exclusivamente por un número limitado de inversores sofisticados y académicos especializados. Hoy, son un nombre muy familiar, sinómimo de especulación descontrolada, codicia ilimitada y, en definitiva,  inestabilidad sistémica.

De hecho, se acusa a las CDS de ser una de las principales causas de la crisis financiera. La legalidad del comportamiento de Goldman Sachs será determinada por un tribunal de justicia, pero la odiosa reputación de las CDS está poniendo en peligro la supervivencia de este instrumento en el tribunal de la opinión pública.

Montados a la ola populista, varios políticos han propuesto una prohibición de las CDS. La reciente crisis griega galvanizó aún más al sector anti-CDS. Después de todo, ¿no es culpa de los avaros especuladores del mercado de CDS que Grecia estuviera al borde del impago y que los empleados públicos griegos hayan tenido que padecer profundos recortes salariales?

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