Cuentos fantásticos sobre bancos grandes

WASHINGTON, DC – Existen dos versiones opuestas sobre los recientes esfuerzos de reforma financiera y sobre los peligros que en la actualidad plantean los bancos grandes alrededor del mundo. Una versión está errada; la otra es aterradora.

En el centro de la primera versión, que es la preferida de los ejecutivos del sector financiero, se encuentra la postura que indica ya se han adoptado todas las reformas necesarias (o que pronto se las adoptará). Los bancos tienen menos deuda en relación con sus niveles de capital de la que tenían en el año 2007. Se han implementado nuevas normas que limitan el alcance de las actividades bancarias en los Estados Unidos, y pronto dichas normas se convertirán en ley en el Reino Unido – y Europa continental podría seguir este ejemplo. Los partidarios de esta postura también afirman que los megabancos están gestionando mejor el riesgo en comparación con su forma de gestión antes de que estalle la crisis financiera mundial en el año 2008.

En la segundo versión, los bancos más grandes del mundo siguen siendo demasiado grandes para ser administrados y tienen fuertes incentivos para participar precisamente en el tipo de toma de riesgos excesivos que puedan hacer caer a las economías. Las pérdidas en transacciones bursátiles incurridas el año pasado por la “Ballena londinense” en JPMorgan Chase son un ejemplo de lo mencionado. Y, según los defensores de esta versión, casi todos los grandes bancos muestran síntomas de una mala administración crónica.

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