戴蒙听证会引发银行风险模式质疑

    有一件事，戴蒙是对的。他的闲钱需要有地方放。监管部门不让他全部用于放贷。他放在任何地方都会有一定的风险。问题是他已开始依赖这一投资组合作为收入来源和保护屏障。他曾说过不得不担心利率风险。假如他把所有闲钱都放在美国国债中，利率上升，他就可能亏钱。除了买美国国债，戴蒙还可以买掉期，以减少利率上涨的风险。这样，他要承担的唯一风险是山姆大叔违约风险，目前这种风险仍相对较小。当然，这样投资组合的收益也很少，这就是为什么他没这么做的原因，即便他应该如此。

    “这就是为什么我们需要监督，”密歇根大学的法学教授迈克•巴尔表示，2009-2010年他曾在美国财政部帮助起草银行业改革方案。“如果不加约束，各行其是的话，金融机构就会不断越界。”

    译者：早稻米

    Dimon is right about one thing. He's got to put his extra cash somewhere. Regulators wouldn't let him lend it all out either. And anywhere he puts it will have some risk. The problem is he has come to rely on that portfolio as a source of income as well as protection. In the past, he has said he has got to worry about interest rate risk as well. And if he were to put all his extra money into Treasury bonds he would open himself up to loses if rates were to go up. But that's only partially true. On top of Treasury bonds, Dimon could also buy swaps that would limit or eliminate the risk of rising rates. As a result, the only risk he would be taking on was the risk that Uncle Sam defaults, which is still relatively small. Of course, that portfolio would generate very little income as well, which is exactly why he won't do it, even if he should.

    "This is why we need oversight," says Michael S. Barr, a law professor at the University of Michigan, who served in the Treasury Department from 2009-2010 helping to write banking reforms. "Left to their own devices financial institutions are going to push the envelope."