Los grandes bancos y su danza en la sombra

WASHINGTON DC – Uno de los grandes mitos difundido por las instituciones financieras muy grandes es que, si nuevamente se las regula de manera eficaz, muchos inversores y transacciones financieras huirán hacia la «banca en la sombra».

Eso no suena bien. Cualquier cosa que exista en las sombras debe tener una intención desagradable, consecuencias potencialmente peligrosas, o ambas cosas. Y su propia oscuridad implica que no se puede hacer nada al respecto, sea lo que sea, debe estar más allá del alcance de las regulaciones o de la supervisión eficaz. Así que, si regulamos adecuadamente a los bancos que no están en la sombra, tal vez el riesgo del sistema financiero aumentaría en vez de disminuir.

Basta de cuentos de hadas. En realidad, existen tres tipos de actividades «en la sombra», todas son obvias y funcionan a plena luz del día, y pueden ser controladas de manera directa y responsable. Que tengamos la voluntad política de implementar controles eficaces es, como siempre, otra cosa; en gran medida porque los grandes bancos son muy poderosos y prefieren que las sombras se mantengan tan oscuras como en la actualidad.

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