Mais Sobre a Desregulamentação Financeira
Cito aqui alguns trechos de um interessante artigo publicado na revista The Nation sobre a onda de des-regulamentações que se formou nos EUA desde os anos 1970. Esta reportagem, aliás, serve de complemento ao documentário produzido pela PBS sobre o mesmo assunto, e que já foi assunto de um post passado neste mesmo blog.
“There were two pieces of legislation that facilitated our migration toward too big to fail… Interstate Banking and Branching Efficiency Act of 1994, which permitted banks to grow across state lines, and the Gramm-Leach-Bliley Act, which eliminated the separation of commercial and investment banking,” said Kansas City Federal Reserve president Thomas Hoenig in an August 6 speech before the Kansas Bankers Association. “Since 1990, the largest twenty institutions grew from controlling about 35 percent of industry assets to controlling 70 percent of assets today. Citibank, for example, transformed itself from a credit card issuer and commercial lender into a multitrillion-dollar behemoth, running hedge funds all over the world and gorging itself on subprime mortgages at home. The same story developed at Bank of America and JPMorgan Chase.”
“The risks of investment banking and securities trading became embedded in commercial banks. We were promised there would be firewalls, but they must have been gasoline-soaked firewalls, because they went up in flames pretty fast.” Of Riegle-Neal Dorgan says, “It really gave a green light for banks to expand, letting the big get bigger.”