por David Areias, em 18.03.13
The Devil's Derivatives
Harvard Business Review Press, 2011
"Back in the 1980s, Fed chairman Paul Volcker decided banks needed a 'speed limit' to curb their risky lending practices, but the large, sophisticated banks created collateralized loan obligations (CLOs) to evade the new rules. Volcker's successor, Alan Greenspan, argued that regulators should not impede the investment innovations, and in 1998, new rules loosened the restraints on the big banks. It was soon obvious, however, that regulators didn't have the skills or power to prevent banks from abusing the system. Given a last chance to tighten the rules in 2005, they blew it."
"After the banking crisis was tamped down, and the markets were swamped by newly printed money, the next challenge came not from the financial sector, but from a spendthrift nation on Europe's fringe: Greece, a country that for a decade had fiddled the books in plain sight, with the eager assistance of investment banks. In July 2003, my account of Goldman Sachs's use of swaps to help the Greek government conceal some $3 billion of its debt languished in the pages of an industry trade magazine. The head of Greece's debt management office wrote a huffy letter to the editor who had published my article, insisting that the transaction was 'based on prudent debt management rather than accounting concerns,' and concluding, 'It is hard to see why this merits chover-story treatment."
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