首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic
admin
2015-01-09
24
问题
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic recovery it is easy to vow that next time lenders’ losses will be pushed onto their creditors, not onto taxpayers.
But cast your mind back to late 2008. Then, the share prices of the world’s biggest banks could halve in minutes. Reasonable people thought that many firms were hiding severe losses. Anyone exposed to them, from speculators to churchgoing custodians of widows’ pensions, tried to yank their cash out, causing a run that threatened another Great Depression. Now, imagine being sat not in the observer’s armchair but in the regulator’s hot seat and faced with such a crisis again. Can anyone honestly say that they would let a big bank go down?
And yet, somehow, that choice is what the people redesigning the rules of finance must try to make possible. The final rules are due in November and will probably call for banks in normal times to carry core capital of at least 10% of risk-adjusted assets. This would be enough to absorb the losses most banks made during 2007-2009 with a decent margin for error.
But that still leaves the outlier banks that in the last crisis, as in most others, lost two to three times more than the average firm. Worse, the crisis has shown that if they are not rescued they can topple the entire system. That is why swaggering talk of letting them burn next time is empty. Instead, a way needs to be found to impose losses on their creditors without causing a wider panic - the financial equivalent of squaring a circle.
America has created a resolution authority that will take over failing banks and force losses on unsecured creditors if necessary. That is a decent start, but may be too indiscriminate. The biggest banks each have hundreds of billions of dollars of such debt, including overnight loans from other banks, short-term paper sold to money-market funds and bonds held by pension funds. Such counterparties are likely to run from any bank facing a risk of being put in resolution—which, as the recent crisis showed, could mean most banks. Indeed, the unsecured Adebt market is so important that far from destabilising it, regulators might feel obliged to underwrite it, as in 2008.
A better alternative is to give regulators draconian power but over a smaller part of banks’ balance-sheets, so that the panic is contained. The idea is practical since it means amending banks’ debt structures, not reinventing them, although banks would need roughly to double the amount of this debt that they hold. It also avoids too-clever-by-half trigger mechanisms and the opposite pitfall of a laborious legal process. Indeed, it is conceivable that a bank could be recapitalised over a weekend.
The banks worry there are no natural buyers for such securities, making them expensive to issue. In fact they resemble a bog-standard insurance arrangement in which a premium is received and there is a small chance—of perhaps one in 50 each year—of severe losses. Regulators would, though, have to ensure that banks didn’t buy each other’s securities and that they didn’t all end up in the hands of one investor. Last time round American International Group became the dumping ground for Wall Street’s risk and had to be bailed out too.
Would it work? The one thing certain about the next crisis is that it will feature the same crushing panic, pleas from banks and huge political pressure to stabilise the system, whatever the cost. The hope is that regulators might have a means to impose losses on the private sector in a controlled way, and not just face a binary choice between bail-out or oblivion.
The author is showing his______in writing this passage.
选项
A、reason
B、rage
C、worry
D、objection
答案
A
解析
态度题。作者在整篇文章中都采取客观的论述和推理,有理有据,不带有个人的感情色彩,因此[A]正确。
转载请注明原文地址:https://kaotiyun.com/show/F8dO777K
0
专业英语八级
相关试题推荐
Whenpeoplelearnaforeignlanguageforexternalgoalssuchaspassingexams,financialrewardsorfurtheringacareer,wesay
It’softendangeroustogeneralize,butunderthreat,IwouldsaythatAmericansaremore"downtheline."Theydon’thidethei
CharacteristicsofAmericanCultureI.PunctualityA.Goingtothetheaterbe(1)_____twentyminutesprior(1)______B.Eate
GiventheunevendevelopmentinChina,ruralareasarenowingreatneedoftalents.Collegegraduates,however,tendtolookfo
______istheoldestwrittenconstitutionintheworld.
A、neverdreamedofbecominganactressB、alwaysdreamedofbecominganactressC、wasnotgoodatspeakingD、alwaysthoughtshec
AdvertisingI.Thedefinitionofadvertising—【B1】______butencouragingpresentationofgoodsandservices【B1】______II.Theim
Stoppingcigarettesmokinghasbecomeabigproblemforallgovernments.Indemocraticcountries,theeconomicstrengthofthe
PresidentLincolnissuedtheEmancipationProclamationinSeptember1862,because______.
在电影刊物上看见一个影片的名字;《我若为王》。从这影片的名字,我想到和影片毫无关系的另外的事。我想,自己如果作了王,这世界会是怎样的光景呢?这自然是一种完全可笑的幻想,我根本不想作王,也根本看不起王,王是什么东西呢?难道我脑中还有如此封建的残物么?而
随机试题
下列哪一项不是黄疸发生的原因
进口食品必须符合国家卫生标准和卫生管理办法的规定,国内市场上的进口食品由谁进行监督
女,15岁,凸面型,鼻唇角小,面下1/3长,磨牙中性关系,尖牙远中关系,前牙Ⅲ度深覆,覆盖6mm,上颌前牙段拥挤4mm,下颌前牙段拥挤6mm,ANB5.5°。目前下列哪项指标对确定治疗方案最重要
男性,30岁,患十二指肠溃疡4年,突发上腹剧痛5小时,继而全腹痛、大汗。查体:全腹压痛,反跳痛。考虑有溃疡病穿孔的可能如为胃溃疡穿孔,在哪一部位多见
到2010年,沿海港口分层次布局进一步完善,()集装箱等运输体系大型专业化码头布局基本形成。
根据《水利水电工程施工通用安全技术规程》SL398—2007,施工设施的设置应符合()及职业卫生等要求。
会计人员看人办事:“官大办得快,官小办得慢,无官拖着办”。这一现象违反了()的会计职业道德规范的要求。
用“世界上规模最大的宫殿建筑群”来形容北京故宫的宏伟,而不是面面俱到地去描述,这种导游讲解技巧是()。
齐文化遗存主要集中在()跗近。
下列关于单一制国家结构形式的说法,正确的有()。
最新回复
(
0
)