A3U 美元泥沼 23O - 补充阅读 - OTD 之名人观点 - 附全文

checonomics

OTD - Originate To Distribute - extra reading 2

Opinions on Originate to distribute model

名人观点

Part 1 - Who is Turner?

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英国金融服务管理局(FSA)前主席阿代尔•特纳勋爵(Lord Adair Turner)

Keyward: INET, Adair Lord Turner

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Adair Lord Turner has combined careers in business, public policy and academia. He became Chairman of the United Kingdom Financial Services Authority as the financial crisis broke in September 2008, and played a leading role in the redesign of the global banking and shadow banking regulation as Chairman of the International Financial Stability Board’s major policy committee. He is now a Senior Fellow of the Institute for New Economic Thinking, and at the Centre for Financial Studies in Frankfurt.

Prior to 2008, Lord Turner was a non-executive Director at Standard Chartered Bank from 2006 to 2008; Vice Chairman of Merrill Lynch Europe from 2000 to 2006; and Director General of the Confederation of British Industry from 1995 to 1999. He was with McKinsey & Co. from 1982 to 1995.

Part 2 - The news

Turner defends 'originate to distrubute' model

Published Jan 29, 2009

Speaking at The Economist's inaugural City Lecture, Lord Adair Turner, chairman of the FSA, said the "originate to distribute" model still had an important part to play in the banking system despite liquidity seizing up, but he added more stringent regulation and transparency was required.

Lord Turner argued in many ways the recent boom and bust cycle was no different to those that had preceded it, whether it was in equities, property, south sea project participations or tulips.

He said: "One of the crucial questions we therefore have to ask is whether this originate to distribute model is inherently riskier than the one that it has partially replaced - or whether, provided we regulate it more effectively, it is capable of being a more stable system, or indeed of delivering the positive benefits of increased financial stability which its advocates originally proposed."

In the originate to distribute model banks create financial instruments to sell debt from their balance sheets to third parties who carry some or all of the risk. While this model initially enhanced the flow of liquidity, the lack of risk transparency has also led to it seizing up.

While accepting that the regulator had been caught out by the failure of Northern Rock, Lord Turner said the FSA had been more open about mistakes made than any other institutions involved in the current crisis.

A failure to identify risk within the whole banking system should be globally shared by bankers, regulators, central banks, finance ministers and academics, according to Lord Turner.

He said: "In future, regulators need to do more sectoral analysis and be more willing to make judgements about the sustainability of whole business models, not just the quality of their execution.

"Central banks and regulators between them need to integrate macroeconomic analysis with macro prudential analysis, and to identify the combination of measures which can take away the punch bowl before the party gets out of hand."

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Note:

FSA - United Kingdom Financial Services Authority

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Note:

Tulipmania:郁金香狂潮, 荷兰“郁金香泡沫”

Tulip mania or tulipomania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed.

荷兰郁金香事件--金融风暴 从1634年开始，荷兰百业荒废，全国上下都开始为郁金香疯狂。与所有的投机泡沫一样，参与的人们最初都实际赚到了钱。由于价钱节节上升，你只需低买高卖，买高卖更高。得了甜头后，大家信心大增，倾家荡产地把更多的钱投入郁金香的买卖，希望赚取更多的金钱......为了方便郁金香交易，人们干脆在阿姆斯特丹的证券交易所内开设了固定的交易市场......在1841年出版的《非同寻常的大众幻想与群众性癫狂》一书中，苏格兰历史学家查尔斯•麦凯对这次郁金香狂热（Tulipmania）作了非常生动的描写......1637年2月，一枚“永远的奥古斯都”的售价曾高达6700荷兰盾。这一价钱，足以买下阿姆斯特丹运河边的一幢豪宅，或者购买27吨奶酪！......1637年1月，1.5磅重的普普通通的“维特克鲁嫩”球茎，市价还仅为64荷兰盾，但到2月5日就达了1668荷兰盾！搜索别忘了，当时荷兰人的平均年收入只有150荷兰盾。

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seize up 英 [si:z ʌp]美 [siz ʌp]

机器等）卡住，停顿

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