¿Demasiado grande como para una reforma?

LONDRES – Se dice que el mejor periodismo es el primer borrador de la historia. Too Big to Fail de Andrew Ross Sorkin sin duda merece esa designación. Como actor secundario de los eventos dramáticos descritos por Sorkin (soy director independiente de Morgan Stanley en mi tiempo libre), puedo confirmar que refleja con exactitud la atmósfera de caos e incertidumbre que reinaba en Nueva York en el otoño de 2008.

Fue una época en que las placas tectónicas parecían estar moviéndose debajo de nosotros. Las instituciones que parecían sólidas como peñones de Gibraltar se revelaron como volcanes humeantes, en riesgo de disolución inminente en lava y cenizas. Incluso Goldman Sachs siguió existiendo gracias a las amables atenciones de la Reserva Federal de los Estados Unidos. Al otro lado del Atlántico, el gobierno británico se encontró orgulloso propietario del 80% del Royal Bank of Scotland, que, según algunas mediciones, había sido desde hace algún tiempo el banco más grande del mundo.

La experiencia fue una lección para los bancos, los reguladores, los bancos centrales y los tesoros, que comprensiblemente no estaban preparados para una crisis así de amplia. No tenían ni las herramientas ni las competencias.

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