Henry Paulson is Wrong

芝加哥-当一个赚钱的公司受到一个非常大的债务打击的时候,解决办法应该不是让政府以高价收购其资产。相反,解决的办法是在破产法下受到保护,这在美国是指第11章。

根据第11章,具有坚实的基本业务的公司一般来说把债券变成股权。老股东没有了,在以新的资本结构继续运行的新实体中,旧有债权转化为股权要求。另一做法是,债权人可以同意减少债务的面值,以换取一些认股权证。那么为什么不利用这个建立良好的办法来解决金融业当前的难题呢?

显然,答案是我们没有时间; 一般来说,按第11章解决问题的程序是漫长而复杂的,而目前的危机已经到了时间是至关重要的地步。但是,我们处在非常时期,政府已经采取和准备采取前所未有的措施。看来,抢救大保险公司AIG和禁止所有的卖空金融类股似乎还不够,现在美国财政部长保尔森建议购买(用纳税人的钱)金融界的不良资产。但代价是什么?

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