Paul Lachine

هل التنظيم للبيع حقا؟

لندن ـ إن العلاقة بين بنوك لندن والجهات المنظمة لعملها ليس دافئة في الوقت الحالي. والواقع أن القواعد التي تحكم المكافآت والتي أصدرتها مؤخراً اللجنة الأوروبية للمشرفين المصرفيين (التي من المفترض أن تتحول قريباً إلى الهيئة المصرفية الأوروبية)، جعلت أصحاب النفوس الحساسة في قاعات التداول يشعرون بأنهم مطحونون ومكروهون. ففي المستقبل سوف يتم تأجيل 70% من مكافآتهم. تخيل أنك مضطر إلى تدبر أمورك بنحو ثلاثة ملايين دولار فقط، في حين لا تحصل على الملايين السبعة الأخرى إلا إذا تبين أن الأرباح التي كسبتها حقيقية؟ إنه لتطور مؤسف للأحداث.

مع ذلك، وفي السرد المتصل بالأزمة المالية، فإن السجل التنظيمي كثيراً ما يشكل جزءاً مهماً من القصة. والواقع أن ويل هوتون، وهو معلق بريطاني بارز، وصف هيئة الخدمات المالية، التي توليت رئاستها أثناء الفترة 1997-2003 (التاريخ الذي بدأت فيه الأمور تصبح على غير ما يرام!) بوصفها جمعية نقابية للقطاع المالي. ولم يخل الأمر من انتقادات أشد عنفاً موجهة للأجهزة التنظيمية الأميركية ـ بل والكونجرس الأميركي ـ وتزعم أنها كانت في جيب البنوك الاستثمارية، وصناديق التحوط، وكل من يملك أموالاً طائلة ينفق منها على الكونجرس الأميركي.

ولكن إلى أي مدى نستطيع أن نعتبر هذه الحجة معقولة؟ وهل من الممكن حقاً شراء التنظيم الحميد؟

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