La necesidad de controlar los valores sintéticos

NUEVA YORK - Podemos estar seguros de que Goldman Sachs intentará rebatir con todas sus fuerzas la demanda civil entablada en su contra por la Comisión de Valores y Bolsa de los Estados Unidos (SEC). Más allá del desenlace, el caso tiene importantes consecuencias para las leyes de reforma financiera que el Congreso está debatiendo en la actualidad.

Sea Goldman culpable o no, es claro que la transacción en cuestión no generaba ningún beneficio social. Implicaba un valor sintético complejo que se derivaba de valores que estaban respaldados por préstamos hipotecarios existentes al clonarlos en unidades imaginarias que imitaban a los originales. Esta obligación de deuda colateralizada (CDO) sintética no financiaba la propiedad de ninguna vivienda ni asignaba capitales de manera eficiente; no hacía más que inflar el volumen de valores respaldados por créditos hipotecarios que perdieron valor cuando estalló la burbuja. La finalidad principal de la transacción era generar honorarios y comisiones.

Esta es una clara demostración de cómo los derivados y los valores sintéticos se utilizaron para crear valor imaginario de la nada. De hecho, se crearon más valores CDO de calificación triple A que la cantidad de activos triple A sobre los que se basaban.

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