Le frottole delle grandi banche

WASHINGTON, DC – Esistono due visioni contrastanti dei recenti tentativi di riforma finanziaria e dei pericoli oggi associati ai grandi istituti bancari in tutto il mondo. Una delle due è sbagliata, l'altra è spaventosa.

Al centro della prima visione, condivisa dalla dirigenza del settore finanziario, vi è la convinzione che tutte le riforme necessarie siano già state adottate, o che lo saranno presto. Il debito delle banche in rapporto all’equity è inferiore rispetto ai livelli del 2007. Gli Stati Uniti hanno emanato nuove norme che limitano la portata delle attività bancarie, il Regno Unito si accinge a fare lo stesso con una legge ad hoc, e l'Europa continentale potrebbe seguire l’esempio. I sostenitori di questa tesi affermano, inoltre, che le megabanche stanno gestendo il rischio meglio di quanto non abbiano fatto prima dello scoppio della crisi finanziaria nel 2008.

In base alla seconda visione, le maggiori banche del mondo continuano a essere troppo grandi da gestire e troppo incentivate ad assumersi il tipo di rischi in grado di far crollare l’economia di un Paese. Le perdite associate a JPMorgan Chase per il caso "London Whale" dello scorso anno sono un esempio calzante. E, secondo i sostenitori di questa visione, quasi tutte le grandi banche mostrano sintomi di una cattiva gestione cronica.

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