Absichern synthetischer Wertpapiere

NEW YORK – Wir können sicher sein, dass Goldman Sachs den Zivilprozess, den die Börsenaufsichtsbehörde der Vereinigten Staaten (Security and Exchange Commission, SEC) gegen die Bank angestrengt hat, vehement anfechten wird. Doch unabhängig vom letztendlichen Ausgang hat der Fall weitreichende Auswirkungen auf die Gesetzgebung zur Finanzreform, über die der US-Kongress derzeit berät.

Ob Goldman schuldig ist oder nicht – die fragliche Transaktion hatte eindeutig keinen gesellschaftlichen Vorteil. Es ging dabei um ein komplexes synthetisches Wertpapier, das als Derivat von existierenden hypothekenbesicherten Wertpapieren erstellt wurde, indem diese geklont und zu imaginären Einheiten zusammengefasst wurden, die die Originale nachahmten. Diese synthetische Collateralized Debt Obligation (CDO) finanzierte weder den Besitz zusätzlicher Häuser und Wohnungen noch führte sie zu einer effizienteren Verteilung von Kapital; sie blähte lediglich das Volumen der hypothekenbesicherten Wertpapiere auf, die an Wert verloren, als die Immobilienblase platzte. Der Hauptzweck der Transaktion bestand darin, Gebühren und Provisionen zu erzeugen.

Der Fall macht deutlich, wie Derivate und synthetische Wertpapiere eingesetzt wurden, um aus dem Nichts imaginäre Werte zu schaffen. Tatsächlich wurden mehr CDOs mit AAA-Rating emittiert, als zugrundeliegende AAA-Vermögenswerte vorhanden waren.

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