El caos de las sanciones de los reguladores financieros

WASHINGTON – Cuando un atleta rompe las reglas, es fácil descifrar si el organismo disciplinario pertinente realmente quiere desalentar que se repitan las transgresiones. Suspender a un jugador del deporte -como sucede en el fútbol en caso de infracciones peligrosas- es un castigo real, no sólo para el individuo sino también para el equipo.

Consideremos el caso de Michael Clarke, el capitán del equipo australiano de cricket, que hace poco amenazó con lesionar físicamente a un jugador contrario. A pesar de los pedidos de disculpas públicos, Cricket Australia (el organismo gobernante) sólo impuso una multa pequeña (es decir, pequeña en relación al salario anual de Clarke). Más allá de si esto fue apropiado o no, Cricket Australia estaba dejando en claro que este tipo de comportamiento solamente merecía un castigo simbólico.

El reciente acuerdo por 13.000 millones de dólares entre el Departamento de Justicia de Estados Unidos y JPMorgan Chase (JPM), uno de los bancos internacionales más grandes del mundo, debería verse de la misma manera. Para quienes no estén familiarizados, la multa parece importante (lo que explica todos los titulares llamativos de la prensa) y ciertamente logró que los reguladores financieros norteamericanos parecieran ocupados y serios. Pero, al igual que Cricket Australia, el mensaje es claro: las cosas seguirán como siempre.

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