CrossTalk on Bankers: The Real Terrorists?

CrossTalk on Iran: The 20% drive to war?


“Lebanon central bank chief got it right.”
“Riad Toufic Salame bucked pressure in 2005 and kept Lebanese banks from investing in mortgage-backed securities. Now the sector is prospering amid the global downturn.”
“That meant tightening regulations and banking requirements so much that 35 banks were driven out of business. They just couldn't meet Salame's conservative balance-sheet requirements, including a rule that bars banks from lending more than 70% of deposits.”
“"We had criticism and some were saying that Lebanon could have bigger growth in its economy if there was not such regulation for credit," Salame recalled.”
“When the real estate boom crested this decade and investors began bundling debt into nebulous financial instruments fueled by easy credit, the pressure was on for Salame to let banks take advantage of the high yields.”
“He says the mortgage-backed securities worried him from the start. He watched curiously as investment bankers engaged in what he calls "rituals" to please the credit ratings agencies and got back such safe assessments of their products. He didn't get it. Why were these considered safe investments? They were just too complicated. They went against a major tradition in Lebanese and Middle Eastern banking: Know to whom you're fronting cash and who's going to pay you back.
"We could not really sense who would be responsible in the end to collect these loans," he said. "And we do not perceive banking as being a place to speculate on financial instruments that are not really concrete."”
Penso que esta notícia se torna importante, na medida em que vamos ter de pagar os custos da ganancia desmedida e a ausência de ética da alta finança. Com o evidente complô dos governantes.
Uma das desculpas muito em voga, e ainda hoje, foi/é que a crise era imprevisível...

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