堵塞漏洞

慕尼黑-美国国会为了防止美国金融系统的崩溃,在痛苦和疑虑中,对华尔街进行了纾困。但是,将动用的七千亿美元可能流入一个竹篮子里,而且世界各政府拿出的数以亿计的资金也可能落得如此下场。

在2008年破产的美国金融机构(或者说,没有政府的帮助,它们肯定已经破产)遇到了麻烦,因为他们缺股本金。他们并非因为从来没有股本金而造成资金匮乏,而是因为他们前些年从大把的盈利中拿出太大的一部分给了股东,而其业务过于利用债务资本的杠杆效应。如果不采取措施让银行和其它金融机构提高最低股本金额度,目前这样的金融危机将来可能重演。

西方英语世界的金融机构的高股息是众所周知的。从欧洲的角度来看,竭力追逐红利并强调短期业绩目标是这些机构的特征,而这些特征既令人惊叹又令人害怕。尤其是投资银行,以最低的股本行事而著称。虽然一般的银行股本和资产比率需要至少为7 % ,但投资银行通常仅以4 % 的比率就可以运行。

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