Zu groß, um am Leben zu bleiben

NEW YORK: Es ist eine erbitterte globale Kontroverse im Gange: Was für neue Regulierungsmaßnahmen sind erforderlich, um das Vertrauen in das Finanzsystem wiederherzustellen und dafür zu sorgen, dass nicht in ein paar Jahren eine neue Krise ausbricht. Der Chef der Bank von England, Mervyn King, hat sich für Beschränkungen bei der Art von Aktivitäten ausgesprochen, mit denen sich Megabanken beschäftigen können. Der britische Premierminister Gordon Brown widerspricht: Die erste britische Bank, die scheiterte und damit Kosten in Höhe von 50 Milliarden Dollar verursachte, – Northern Rock – sei schließlich mit dem alltäglichen Geschäft der Hypothekenvergabe befasst gewesen.

Browns Beobachtung impliziert, dass sich durch derartige Beschränkungen nicht garantieren lässt, dass es keine weitere Krise gibt; King jedoch hat Recht, wenn er verlangt, dass Banken, die zu groß sind, um sie scheitern zu lassen, an den Zügel gelegt werden müssen. In den USA, Großbritannien und anderswo sind die Großbanken für den Großteil der dem Steuerzahler entstandenen Kosten verantwortlich. Amerika hat allein dieses Jahr 106 kleinere Banken Bankrott gehen lassen. Es sind die Megabanken, die die Megakosten verursachen.

Die Krise ist ein Ergebnis mindestens acht klar unterscheidbarer, aber zusammenhängender Versäumnisse:

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