Die Vergütungen der Banker – wirklich die Wurzel des Finanzübels?

CHICAGO: Die Vergütungspraxis der Finanzunternehmen, so der Vorwurf, sei der Hauptgrund für die derzeitige globale Finanzkrise. Die Antwort sei, so heißt es, die Beschränkung der Bezüge der Banker. Aber können solche Beschränkungen funktionieren?

Bevor wir eine derart invasive Regulierung einrichten, ist zu prüfen, ob die Vergütungsstrukturen der Vergangenheit wirklich die Katalysatoren unserer jüngsten Probleme waren. Zu behaupten, dass dem so sei, impliziert drei Dinge: dass die leitenden Führungskräfte der Banken für kurzfristige Ergebnisse mit großen Mengen Bargeld belohnt wurden, dass die Führungskräfte der Banken keine ausreichend hohen Aktienbestände hielten, um ihre Interessen mit jenen der Aktionäre in Einklang zu bringen, und dass Führungskräfte mit kurzfristigerer Vergütung und weniger eigenen Aktien den größten Anreizen ausgesetzt waren, schlechte und übermäßige Risiken einzugehen und daher in der Krise eine schlechtere Performance hätten zeigen müssen.

Die Ökonomen Rüdiger Fahlenbrach und René Stulz haben diese Annahmen für die Jahre 2006-2008 anhand der CEOs von beinahe 100 großen Finanzinstituten überprüft. Sie begannen mit dem Jahr 2006, da dies der Zeitpunkt zu sein scheint, an dem einige Finanzunternehmen jene riskanten Positionen übernahmen, die zur Krise führten.

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