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危影重重:联存险保护储户30年

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Editer Recommend

这本书着眼点并不是那些有关资本、流动性的神秘和鬼画符似的细节,也不是银行监管者工作的技能,而是把真实的面孔展现到金融危机的起因和影响中。这里描述的是一些真人真事,有些人在巨大的压力下就复杂议题展开争论,有些人努力争取使得自己和别人得到政府的公平对待,而有些人则滥用体系漏洞为个人谋利。

--摘自"引言"

银行破产乱况和联存险应对之策中的现实版真人故事

约翰·博文齐(John Bovenzi)作为银行监管者在联邦存款保险公司(简称联存险)中工作了将近30年。在这段职业生涯中,他总共和10位联存险主席和众多其他资深政府官员共事过。这本书让人了解到这家被媒体忽略的重要机构,同时揭示了联存险如何演变成为一个影响美国金融市场的重要且独立的力量,以及10位完全不同的主席是如何塑造这个机构和整个美国的金融监管体系的。

Content Description

从20世纪80年代至今已经有3400多家银行破产了。这些银行破产案没有规律性,也难以预测。一段时间的风平浪静之后往往就会有狂风暴雨。繁荣后面紧跟着衰退,祥和的满足之感有时也会转化为猛然的毁灭打击。

银行破产,谁来保护存款人的利益?

缴纳联存险的银行是否就可以高枕无忧?

强制缴纳联存险会不会导致银行的道德风险,因为有联存险的背书,银行会不会任意吸储或者放贷?

如何既激励银行的积极运转,又保证所有存款人利益?

本书给出了联存险30年的成长经验。作为一位在联存险有着长期工作经历的银行监管者,约翰·博文齐在本书中为我们观察这家经常被误解的监管机构提供了一个难得的视角。博文齐把生动具体的人物放到金融危机的发展历程中,生动介绍了联存险如何在复杂环境中努力确保各利益方能够得到公平对待。再现了这家机构从无到有,逐步演变成为一个影响美国金融市场的重要并且高度独立的力量,进而影响美国金融监管体系的曲折历程。

本书让读者深入到银行破产发生时的各种混乱当中,近距离地了解个人和商业机构是如何受到暴风雨冲击的。银行业者、金融专业人士以及任何与未来发展相关的人都会看到,本书可以提供长期策略,从而预防走进繁荣-萧条-纾困这样的经济死循环。

Author Description

作者

约翰·博文齐(John Bovenzi),奥纬咨询(Oliver Wyman)公司的合伙人。他在联存险的资深主管位置上服务了28年,最后10年出任了这家机构的副主席兼首席运营官。


译者

王闻,哈尔滨工业大学(威海)经济管理学院副教授,清华大学金融工程博士,曾经在浙江大学和上海金融与法律研究院任职。主要研究方向是债券市场、利率和信用风险。

Catalogue

推荐序/宋逢明

译者序

致谢

序言

第1章

印地麦克 / 1

回头来看,印地麦克破产案就像是一场地震。它把人们带离出安全区域,并且带来创伤。突然我们会发现事情并不会很平顺地发展。一段长时期的平静之后,往往会出现未预期和突然的反转。

第2章

20世纪80年代:繁荣、萧条和纾困 / 24

如果某次纾困是值得的,那么是否意味着它是公平的?并非如此。有时候,操作上或者其他的约束会让所有可行的选项变得不受欢迎和不公平,比如当我们要面对一个被认为是大而不倒的破产机构。

第3章

清盘 / 54

到了20世纪90年代早期,联存险和处置信托需要应对的诉讼案比世界上任何其他组织都多,也因此它们拥有了世界上最大的法律部门,总计雇用了超过1000名的律师和助理人员。

第4章

信贷紧缩 / 71

银行监管者被困在两头当中。他们的职责是保证银行维持适当的贷款标准。他们知道如果这些标准过于宽容,那么就会有更多的贷款,这也意味着最终将让借款人和贷款人都置于财务困难的境况中。同时他们也知道如果这些标准过于严厉,以至于贷款太少,这将延缓就业岗位的创造以及整体经济的复苏。

第5章

制止法拍 / 88

这个特别的故事很极端。国会干涉,再加上强烈的媒体审查以及由此导致的公众压力,都戏剧性地改变了确定一笔贷款调整案是否恰当所通常经历的过程,由此很可能会导致一个不公平的结果。尽管如此,这个故事也极具象征性地表明了在确定是否法拍财产的时候所遇到的挑战。

第6章

这个笨蛋关闭了美驰? / 105

商誉诉讼引发了联存险两方面的担心。首先,如果破产银行股东直接起诉政府并且获胜,那么偿还款将直接到他们手里,而不是其他拥有更优先求偿权的债权人手中。其次,如果这些股东发起诉讼从而绕过法定的求偿权优先顺序,那么未来将如何阻止其他破产银行的债权人和股东在其他情况下不会做相同的事情呢?

第7章

过渡时期和联邦政府的权力 / 124

没有一项调查的速度或者进行方式是事前已知的。有些雇员向我抱怨说,他们成为毫无根据的调查对象,尽管他们投身公共服务已经多年了。我或者任何其他人都无法对此做任何事情,因为有些时候这样的调查的确会揭露出某些真正的错误。

第8章

次贷 / 136

麦康奈尔起初可能没有欺诈的想法。正如大多数的银行欺诈案例一样,一旦漏洞出现,诈骗就开始了。银行的管理不是很完善,这样就无法对自己承担的风险进行保护,同时它也负担不起麦康奈尔为自己和高层们提供的巨额薪资。

第9章

领导力很重要 / 152

对有关房价上升未来房市可能崩盘的警告,让联存险成为荒野中孤独的发声者。其他政府机构没有发出类似的警告,时任美联储主席艾伦·格林斯潘甚至断然否定了房地产市场出现泡沫的想法。

第10章

省钱才能生活更好 / 164

沃尔玛撤回申请不久后,就在墨西哥开办了一家银行。这里没有公众反对。墨西哥的消费者经常抱怨当地银行收取的高额费用,因此超过75%的家庭没有银行账户。他们欢迎沃尔玛努力更好地为当地没有银行账户的人服务。

第11章

大而不倒 / 182

9月15日,雷曼兄弟宣告破产,美国国际集团的股价下跌了61%。鉴于美国国际集团业务涉及领域极其广泛,而且雷曼破产带来了巨大的损害,财政部和美联储认为除了救助美国国际集团别无选择。第二天,美联储纽约分行借给美国国际集团850亿美元,这个数字甚至都超过了处置信托公司所有营救努力所耗费的纳税人成本。

第12章

我们需要同舟共济 / 201

虽然监管机构间关系有些紧张,但整体来讲合作还是很密切的。在一次监管机构间的会议上,众人对是否需要举办不同的新闻发布会还是一次公告来宣布过程以及结果产生了争议。贝尔扬言要求联存险退出。伯南克看着她平静地说:"我认为我们现在在一条船上。"最终,我们的确是在一起的。

第13章

向前看 / 215

我们应该要把更多的注意力放在以下3个方面:①确保金融市场监管机构独立于政治过程;②在监管体系中维持有效的制衡;③重视历史知识和专业人员的看法。

Introduction

当2008年的大事件逐步展开时,我们很少听到那些在火线上幕后人士的声音。他们的行动可能会让风暴消亡,并且用公平的手法来处置内在不公平的状况,但是他们也有可能让问题复杂化。这些经常被外界责难的行政官员们可以展现勇气、诚实和公平,但是也可以给世界带来恐惧、愤怒和混乱。

这本书的着眼点并不是那些有关资本、流动性的神秘细节,也不是银行监管者工作的技能,而是在与金融危机相关的事件中展现真实。这里描述的是一些真人真事,有些人在巨大的压力下就复杂议题展开争论,有些人努力争取使得自己和别人得到政府的公平对待,而有些人则滥用体系漏洞为个人谋利。

我作为银行监管者在美国联邦存款保险公司(Federal Deposition Insurance Company,FDIC,简称"联存险")工作了28年。在这段职业生涯中,我和10位联存险主席以及众多的政府高级官员一起共事过。

在大萧条时代后美国两次最大的金融危机中,我都是联存险最高层级的官员。在20世纪80年代和90年代初期的银行与储贷(S&L)危机中,我协助创立了处置信托公司(Resolution Trust Corporation,RTC,简称"处置信托"),并且亲自向乔治?布什总统报告说,联存险的存款保险

基金正在慢慢丧失殆尽。在2008年的金融危机中,我帮助制定了联存险的政策和运营动议,并且成为印地麦克(IndyMac)联邦储蓄银行的首席执行官,这家银行是过去20年间第一家破产后在政府控股的情况下重新营业的大型银行。

因此,我在这本书中的看法不常见于电视媒体以及专栏中有关金融业的讨论,而是为联存险和其他银行监管机构提供了一个不同的观察视角。读者可以看到:

一家过去几乎看不见的机构是如何变成影响美国金融市场的重要而又高度独立的权力部门;

10位联存险主席如何影响了联存险以及美国金融监管体系;

联存险和其他金融监管机构之间的冲突在银行倒闭和金融危机带来的压力和挑战中是如何产生和展开的。

我期待这本书能够就更长期的策略提供内容更丰富的讨论,这些长期策略能帮助我们抑制重复性的繁荣-萧条-纾困周期。我还期待其他人也能写出自己的经历,这样长期政府职员的历史视角也可以在其他监管领域内被纳入政策讨论中。

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Jingdong book