woodpig
加入时间: 2008/01/02
文章: 463
经验值: 16418
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作者：woodpig 在 驴鸣镇 发贴, 来自 http://www.hjclub.org
Out of the Shadows and Into the Harsh Light
http://www.nytimes.com/2008/09/27/business/27charts.html?_r=2&adxnnl=1&oref=slogin&adxnnlx=1222996378-YiTyHaHjhoOoaBqSVklaxQ
NYTimes上有简略说明credit default swaps长期不受regulation的限制所带来的严重后果。
THE credit default swaps market — a market that for years was kept out of view and away from any regulation — has suddenly turned into a political hot potato in Washington.
Such swaps, which enable lenders to a company to purchase what amounts to insurance that will protect them if the company defaults on its debts, have grown exponentially in recent years, with the nominal amount of debt guaranteed rising to more than $62 trillion at the end of last year from $631 billion in mid-2001.
这里是说借贷给公司的人把违约保险当作金融商品(CDS)交换的数额在近几年中呈几何级数增长，从2001年中的6.31亿美元到去年的620亿美元。
In addition, speculators who think a financial firm will fail can buy credit-default swaps. They will profit if they are right. But even if the firm is not in trouble, an increase in the price of those swaps may scare other investors, and send the company’s stock down.
投机者会买有可能破产的金融企业的违约保险(CDS)，如果猜测成为现实，投机者获利。但是如果一个企业本身没有问题，违约保险的价格上涨会吓坏它的股票投资者大量恐慌性抛售，所以本来没问题的企业都会因此破产。
But Christopher Cox, the S.E.C. chairman, said Congress should act. “Neither the S.E.C. nor any regulator has authority over the C.D.S. market, even to require minimum disclosure to the market,” he testified. “The market is ripe for fraud and manipulation,” he added.
SEC的主席指出CDS市场缺乏基本的规范，甚至连最小的信息公开要求都没有做到，整个市场充满欺诈和暗地操纵的危险。
The S.E.C. is investigating possible fraud, although no charges have been brought, and is looking for cases where someone may have purchased credit-default swaps to drive up their price and persuade others that a company was in trouble.
现在SEC开始调查大量购买某个公司的违约保险使其价格上涨，同时使其他人相信这个公司有倒闭危险的欺诈案件。
The swaps market has been exempt from regulation since it began to grow, thanks to legislation the industry sought. The industry argued that regulation would drive business overseas, and that no regulation was needed because ordinary investors did not trade in the market.
违约保险市场从开始就免于监管，因为当时金融业界认为监管会驱使交易转向国外，而且争辩说普通投资者并不参与这个市场。
希望现在采取的监管行动还能有补救作用。
唉，这些天的新闻看得懂的看不懂的读了一通，感觉好象是资本主义世纪性的改良必须马上开始了。。。。。不能象历史上某某国似的，具体政治和经济政策的界限分明，“坚定不移走XX路线，xxx年不动摇”，“宁要XX的草，不要XX的苗”。。。。
作者：woodpig 在 驴鸣镇 发贴, 来自 http://www.hjclub.org |
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[转帖]算一下美国金融危机有多严重
