显而易见的JP摩根问题

巴黎—过去一年,JP摩根大通银行日子不好过。它不但出现了十多年来第一个亏损季度;还达成了初步协议向美国政府支付130亿美元罚款作为不当出售按揭支持证券的处罚。还有其他巨大的法律和监管代价等着JP摩根。当然,JP摩根会恢复元气,但它的阵痛重新开启了关于银行“太大而不能倒”的问题的争论。

在美国,决策者决定将沃尔克规则(以美联储前主席保罗·沃尔克的名字命名)纳入多德-弗兰克法案,从而限制商业银行的自营交易,而不是重新采用某种形式的格拉斯-斯蒂格尔法案分离投资和零售银行。但手握重权的两位参议员伊丽莎白·沃伦和约翰·麦凯恩重新加入了战团。他们指出,最近的事件表明JP摩根规模太大,即使是CEO杰米·戴蒙也无法良好管理。即使是最激烈的戴蒙批评者也从未指责过他的能力。

尽管如此,沃伦-麦凯恩法案短期内不可能事实,因为总统奥巴马政府正忙于让政府开门和偿还债务,两党在哪天达成一致还未为可知,更不用说进一步的金融改革了。但怎样对付巨大、复杂、眼看难以控制、从隐性国家支持中获益的全能银行的问题仍没有解决。

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