银行业

BANK SPECULATION
Lex专栏:银行可能放弃投机吗?


美联储前主席沃克尔日前建议打击银行自营交易和投机活动,但银行一切行为几乎都算赌博,并购交易是投机性最强、价值破坏性也最大的银行活动。

“There is not . . . a rationale for public funds protecting and supporting essentially proprietary and speculative activities.” Last weekend, these words by former Federal Reserve chairman Paul Volcker – the basis of the so-called Volcker Rule – enjoyed the support of no less than five ex-Treasury secretaries. All agree that taxpayers should not provide a backstop for speculation. But it is a tricky distinction: almost everything a bank does is a punt.

“公共基金没有……理由保护和支持本质上属于自营交易和投机行为的活动。”上周末,美联储(Fed)前主席保罗•沃尔克(Paul Volcker)——所谓的“沃克尔规则”(Volcker Rule)的发起者——的这番言论,得到了至少5位前财长的支持。大家一致认为,纳税人不应成为投机活动的后盾。但区分投机活动并非易事:银行做的几乎每一件事都算得上赌博。

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