Henry Paulson liegt falsch

CHICAGO: Wenn ein profitables Unternehmen von einer sehr großen Zahlungsverpflichtung getroffen wird, ist die Lösung nicht, dass der Staat seine Vermögenswerte zu überhöhten Preisen aufkauft. Die Lösung ist vielmehr Schutz nach dem Insolvenzrecht, was in den USA Gläubigerschutz nach Chapter 11 bedeutet.

Bei Inanspruchnahme von Chapter 11 können Unternehmen mit eigentlich solidem Geschäft in der Regel Schulden in Eigenkapital umwandeln. Die alten Kapitaleigner verschwinden, und alte Schuldansprüche werden in Eigenkapitalansprüche an dem neuen Unternehmen umgewandelt, das mit neuer Kapitalstruktur weiterbetrieben wird. Alternativ können sich die Schuldinhaber bereit erklären, im Austausch gegen Bezugsrechte den Nennwert der Schuld zu reduzieren. Warum also verwenden wir nicht diesen bewährten Ansatz, um die aktuellen Probleme des Finanzsektors zu lösen?

Die offensichtliche Antwort ist, dass uns hierfür die Zeit fehlt: Verfahren nach Chapter 11 sind im Allgemeinen lang und komplex, und die gegenwärtige Krise hat einen Punkt erreicht, wo der Zeitfaktor wesentlich ist. Doch dies sind außergewöhnliche Zeiten, und die Regierung hat bereits außergewöhnliche Maßnahmen ergriffen und ist bereit, es wieder zu tun. Als wären die Rettung des Versicherungsriesen AIG und das Verbot aller Leerverkäufe von Finanzaktien nicht genug, schlägt US-Finanzminister Henry Paulson nun vor, die Not leidenden Aktiva des Finanzsektors (mit dem Geld der Steuerzahler) aufzukaufen. Doch zu welchem Preis?

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