Paul Lachine

¿Se puede comprar realmente la regulación?

LONDRES – La relación entre los bancos londinenses y sus instancias de regulación no están en su mejor momento. Las reglas más recientes relativas a las bonificaciones emitidas por el Comité Europeo de Supervisores Bancarios (que pronto se convertirá en la Autoridad Bancaria Europea) afectaron la sensibilidad de los corredores de bolsa, que ahora se sienten maltratados e ignorados. En el futuro, 70% de sus bonos tendrán que ser diferidos. Imaginemos vivir con solo 3 millones de dólares al año, con la posibilidad de obtener los 7 millones restantes únicamente a condición de que las ganancias sean reales. Es un cambio radical.

Sin embargo, un elemento importante de las descripciones de la crisis financiera es la desviación de la potestad reguladora. El destacado comentarista inglés, Will Hutton, ha descrito la Autoridad de Servicios Financieros (que presidí de 1997 a 2003, ¡cuando las cosas empezaron a funcionar mal!) como una asociación de comercio del sector financiero.  Las instancias de regulación estadounidenses e incluso el Congreso, han recibido críticas aún más agresivas  en las que se ve a los reguladores como entidades al servicio de los bancos de inversión, fondos de cobertura, y cualquiera que tenga mucho dinero que gastar en el Capitolio.

¿Cuán válido es este argumento? ¿Realmente se puede comprar una regulación favorable?

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