Von Banken und Rettungsprogrammen

PALO ALTO – Erste Anzeichen eines in Asien bereits stark ausgeprägten Aufschwungs im Produktionsbereich geben Hoffnung auf eine bescheidene Erholung von der tiefen weltweiten Rezession dieser Tage. Eine starke und dauerhafte Expansion ist allerdings unwahrscheinlich, bis man Fortschritte bei der Bewältigung der toxischen Wertpapiere erzielt, die den Finanzinstitutionen die Bilanzen vergiften und Politikern beinahe überall Kopfschmerzen bereiten.  

Das Finanzsystem ist ein komplexes Interaktionsgeflecht aus Kreditgebern und Kreditnehmern, Käufern und Verkäufern sowie Sparern und Investoren. Wenn es gut funktioniert, befinden sich Risiken und Erträge sowie Innovation und Sicherheit im Gleichgewicht.

Banken und andere Finanzunternehmen leihen sich kurzfristig Geld – in zunehmenden Maße auf dem Wertpapiermarkt und nicht aus Einlagen – und verleihen langfristig zu höheren Zinssätzen, wobei sie sowohl das Kredit-(ausfall-)risiko und das Zinsrisiko übernehmen. Der zunehmende Einsatz von Fremdkapital treibt einerseits die Renditen in die Höhe, ist aber andererseits auch sehr riskant. Kein Wunder also, dass die großen gescheiterten Finanzunternehmen - Bear Stearns, Fannie Mae und Freddie Mac, AIG und Lehman Brothers – den höchsten Grad an Fremdkapital aufwiesen, der 30 bis 40 Mal höher lag als ihr Eigenkapital.    

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