Sécuriser les titres synthétiques

NEW YORK – On peut être certain que Goldman Sachs va contester énergiquement les poursuites engagées au civil à son encontre par la Commission des opérations de bourse américaine, la SEC. Mais indépendamment du résultat de ce procès, les conséquences seront bien plus lourdes sur la législation de la réforme financière actuellement à l’étude au Congrès américain.

Que Goldman soit coupable ou non, la transaction en question n’a entrainé aucun bénéfice social. Elle comprenait des titres synthétiques complexes obtenus en clonant des titres hypothécaires déjà existants en unités imaginaires qui imitaient les originaux. Ces titres hypothécaires nantis (CDO) transformés en titres synthétiques n’ont pas servi à financer l’acquisition d’autres biens immobiliers ou à répartir le capital de manière plus efficace ; ils n’ont servi qu’à gonfler le volume des titres hypothécaires dont la valeur s’est effondrée lorsque la bulle de l’immobilier a explosé. La fonction première de cette transaction était de générer des frais et des commissions.  

Cela démontre clairement comment ces produits dérivés et ces titres synthétiques étaient utilisés pour créer de la valeur à partir de rien. En effet, plus de CDO triple-A ont été créés que n’existaient de titres triple-A sous-jacents.

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