Paul Lachine

La regolamentazione è davvero in vendita?

LONDRA – I rapporti tra le banche londinesi e i regolatori non sono proprio affettuosi in questo momento. Le ultime regole sui bonus emesse dal Comitato europeo di vigilanza (Committe of European Banking Supervisors, che presto si tramuterà in European Banking Authority) hanno ferito le anime sensibili dei banchieri. In futuro, il 70% dei loro bonus dovranno essere dilazionati. Vi immaginate come sarebbe vivere con soli 3 milioni di dollari all’anno, in attesa di altri 7 milioni, che saranno pagati solo se gli utili risulteranno reali? Si tratta di un cambiamento drastico.

Eppure, nei racconti della crisi finanziaria non manca mai la cosiddetta “cattura dei regolatori”, ossia l’influenza degli intermediari finanziari sull’attività legislativa e regolamentare. Will Hutton, un preminente giornalista britannico, ha descritto la Financial Services Authority, l’autorità di vigilanza britannica che ho presieduto dal 1997 al 2003 (anno in cui le cose hanno cominciato ad andare male!), come un’associazione commerciale per il settore finanziario. Sono state avanzate critiche ancor più feroci nei confronti dei regolatori americani – e, a dire il vero, anche nei confronti del Congresso – accusati di essere immanicati con banche di investimento, con hedge fund e con chiunque disponga di grandi quantità di denaro da investire su Capitol Hill.

Quanto è plausibile tale argomento? La regolamentazione si può davvero comprare?

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