Kein Blankoscheck für Paulson

NEW YORK – Das 700 Milliarden-Dollar Rettungspaket von US-Finanzminister Hank Paulson ist auf dem Capitol Hill auf Widerstand gestoßen. Zurecht, denn es ist unausgegoren. Der Kongress würde sich seiner Verantwortung entziehen, wenn er dem Finanzminister einen Blankoscheck ausstellte. Der dem Kongress vorgelegte Entwurf enthielt sogar Passagen, wonach die Entscheidungen des Finanzministers von der Überprüfung durch Gerichte oder Verwaltungsbehörden auszunehmen sind – die endgültige Erfüllung des Traums der Bush-Administration von einer ungeteilten Exekutivgewalt.

Paulsons bisherige Bilanz lässt nicht das Vertrauen aufkommen, das nötig wäre, um ihm die Verantwortung für 700 Milliarden Dollar zu übertragen. Seine Aktionen von letzter Woche verursachten die Krise, die jetzt eine Rettung nötig werden lässt. Am Montag ließ er Lehman Brothers pleite gehen und weigerte sich, staatliche Mittel zur Rettung von AIG zur Verfügung zu stellen. Am Dienstag musste er zurückrudern und dem Versicherungsunternehmen AIG einen 85 Milliarden-Dollar-Kredit zu sehr strikten Konditionen gewähren.

Die Pleite von Lehman sprengte den Markt für Geldmarktpapiere mit kurzer Laufzeit. Ein großer Geldmarktfonds fiel unter die Nettovermögenswertschwelle von einem Dollar und die von den Geldmarktpapieren abhängigen Investmentbanken hatten Schwierigkeiten, ihre Geschäfte zu finanzieren. Bis zum Donnerstag erreichte der Ansturm auf Geldmarktfonds einen Höhepunkt und wir kamen einer Kernschmelze des Systems so nahe wie seit den 1930er Jahren nicht mehr. Paulson machte erneute eine Kehrtwende und schlug einen systemische Rettungsaktion vor.

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