华盛顿和华尔街在监管问题上喋喋不休（下）

华盛顿和华尔街在监管问题上喋喋不休
译/王易见

   周一发布的文件赋予了政府一个新的角色------“市场平衡调节者”，它将对金融服务行业的每个枝节实施监控，而不仅限于商业银行。

 

   这将中止一些立法者和政府官员在贝尔斯登问题上的争论。如果美国第五大投资银行，贝尔斯登用大量杠杆购买按揭证券，当市场因没收的潮流而陷入崩溃的时候，这种做法将被证明是灾难性的。

 

   在过去的一周，鲍尔森已经表示支持赋予中央银行更大的监管和调查。他形象的称这个体系为“字母汤”，他希望看到美联储能牵头。

 

   同时，奥巴马在竞选演说中呼吁建立“二十一实际监管体系”，美联储直接监督各机构，最低限度的流动性以及资本需求，同时完善对投资银行用的“复杂金融工具”的管制。

 

   的确，在过去，华尔街有它自己的办法度过难关。投资银行已经冒险的管理了一些资产负债表外的产品，如结构化投资工具。他们一直依赖于基于具资产保证证券的投资组合，例如ABS，或者是抵押债券，如CDOs。

 

   “金融大腕儿们创造了这个市场，但他们并不懂得如何去取得平衡，因此，也不能屏蔽风险”，HarveyPitt说，HarveyPitt在2001年至2003年期间担任证券交易委员会的主席。

 

   “我们需要一个例如像金融服务管理局这样的独立的管理机构，”在一场新闻发布会上，Pitt这样回答记者的采访。“这个机构能审慎的实施监督，并且尽权利帮助人们做正确的事情，而不是像当今的哲学一样事后一味的惩罚。”

 

   有些人担心过度的监管可能对华尔街大公司造成伤害，从而损害美国金融体系并影响到海外的一些交易场所，例如伦敦、法兰克福和香港。这些市场已经因美国的信贷危机而和华尔街一道遭受痛苦。

 

   政府的这个计划是多方辩论的结果------在周二时，参议院银行、住房和城市事务委员会联合举行了关于金融市场的听证会。包括财政部长鲍尔森、美联储主席伯南克、证券交易管理委员会主席考克斯，以及贝尔斯登和摩根大通的CEO都出席了听证会。

 

 

以下是源于Google Fiance的原文：

 

    Theproposal to be outlined Monday, among other things, would allow theFed, in its new role as 'market stability regulator,' to dispatchexaminers to check the books not just of commercial banks but ofall segments of the financial services industry.

 

    Somelawmakers and government officials contend the problems at BearStearns might have been prevented with more oversight. Once thenation's fifth-largest investment bank, Bear Stearns used massiveamounts of leverage to buy mortgage-backed securities -- a tacticthat proved disastrous when the market collapsed amid a wave offoreclosures.

 

    Paulsonalready this past week endorsed giving the central bank greaterregulatory scrutiny. He has called the current system an 'alphabetsoup' of federal and state regulators, and wants to see the Fedtake the lead.

 

   Meanwhile, Obama, in a campaign speech, called for a '21st-centuryregulatory framework' that includes direct Fed oversight of allinstitutions, minimum liquidity and capital requirements, andenhanced rules for 'complex financial instruments' used byinvestment banks.

 

    Indeed,Wall Street has had its own alphabet soup to wade through in thepast year. Investment banks have been managing speculativeoff-balance sheet products like structured investment vehicles, orSIVs（结构性投资工具）; they've been relying on portfoliospacked（投资组合） with asset-backed securities（asset-backedsecurities）, or ABS, and collateralized debtobligations（抵押债券）, or CDOs.

 

    'Thefinancial wizards（金融奇才） who created this new market did notthemselves understand precisely how leveraged they allowedthemselves to become and, as a result, did not adequately protectagainst the risks,' said Harvey Pitt, who served as chairman of theSecurities and Exchange Commission between 2001 and 2003.

 

    'We needa single regulatory body like the UK's Financial ServicesAuthority（金融服务管理局）,' Pitt said in an interview with TheAssociated Press. 'One that practices prudential regulation andtries to help people get it right, rather than the currentphilosophy of punishing people after the fact.'

 

    There arefears that over-regulation could damage the big Wall Street firms,thereby hurting the U.S. financial system and pushing morefinancial transactions overseas to cities like London, Frankfurtand Hong Kong. Still, those markets are suffering along with WallStreet as a result of the credit crisis.

 

    Thegovernment's plan will be the subject of much debate -- especiallyon Tuesday, when the Senate Banking, Housing and Urban AffairsCommittee holds a hearing（举行听证会） on the financial markets.Witnesses will include Paulson, Fed Chairman Ben Bernanke, TreasurySecretary Henry Paulson, Securities and Exchange CommissionChairman Christopher Cox -- and the CEOS of Bear Stearns andJPMorgan Chase.

 

原文地址：http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-24112169.htm

 

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