Paul Lachine

Kann man Regulierung wirklich kaufen?

LONDON – Die Beziehungen zwischen den Londoner Banken und ihren Regulierern sind zurzeit nicht gerade herzlich. Die jüngsten Bonus-Regelungen, die der Ausschuss der Europäischen Bankenaufsichtsbehörden CEBS (der schon bald in der European Banking Authority EBA aufgehen wird) festgelegt hat, haben die empfindlichen Seelen auf dem Börsenparkett verletzt und mit dem Gefühl zurückgelassen nicht geliebt zu werden. In Zukunft wird man 70% ihrer Boni aussetzen müssen. Man stelle sich vor, von nur drei Millionen Dollar pro Jahr zehren zu müssen und die anderen sieben Millionen werden nur ausbezahlt, wenn sich die Profite als real herausstellen, die man verdient hat! Eine schockierende Wende der Ereignisse.

Und doch ist regulatory capture, die Vereinnahmung des Regulierers durch die Regulierten, häufig ein wichtiger Bestandteil von Geschichten über die Finanzkrise. Will Hutton, ein prominenter Bush-Kommentator, hat die britische Finanzaufsichtsbehörde, deren Vorsitz ich von 1997-2003 führte (dem Zeitpunkt als die Dinge begannen schiefzugehen!), als Berufsverband des Finanzsektors beschrieben. Gegen amerikanische Regulierer – und sogar gegen den Kongress – wurde noch schärfere Kritik vorgebracht und behauptet sie würden in der Tasche von Investmentbanken, Hedge Funds und jedem anderen stecken, der in der Lage ist im amerikanischen Regierungsviertel Capitol Hill viel Geld zu lassen.

Wie plausibel ist dieses Argument? Ist wohlgesonnene Regulierung tatsächlich käuflich?

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