Paul Lachine

监管可以被收卖吗?

发自伦敦——最近伦敦各大银行与其监管者之间的关系似乎并不特别融洽。因为欧洲银行监管委员会(即将转制为欧洲银行局)最新出台的薪酬管理条例令银行家们备感失落——该条例规定他们未来薪酬的70%将被暂缓发放。试想每年只有300万英镑维持生活,另外700万磅要等到你所赚的利润真正实现时才能发给你。这是多么令人难以接受的事啊!

但在人们对金融危机的叙述当中,规制俘虏理论(Regulatory Capture,指为公共利益服务的政府机构沦为私人机构的保护伞)经常会成为其中一个重要内容。比如英国著名时事评论员威尔·赫顿就将我于1997~2003年(危机起始之年!)主管的金融服务局比作为企业利益张目的“金融同业公会”。而对美国监管部门——以及国会——的某些抨击则更为辛辣,直接把他们说成是投资银行,对冲基金以及所有大财阀在国会山的走狗。

但这些言论中有多少是正确的?正规的监管真的可以被收买吗?

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