Monday, October 31, 2011

Fat Cats ou os Maranhenses das Finanças Internacionais

O sonho de todo vagabundo é extrair rendas sem fazer nada, mais ou menos como um tradicional político do Maranhão. A crise financeira paradoxalmente mostrou que rent-seeking, bandidagem, picaretagem das grossas caracteriza os CEOs de grandes bancos. Pululam propostas para reduzir suas rendas. Vejam esta proposta que erra pelo simples fato de ignorar que se fosse posta em prática, os banqueiros inventariam formas de torná-la rentável para si mesmos:
This week Andrew Haldane who leads on Financial Stability -- a name you may not have heard before, but certainly one you should watch out for -- made a powerful proposal about containing the pay of the overlords of finance. His argument is that both short-term investors and bank executives have extracted huge rents from the finance sector, at the expense of other groups like tax-payers and long-term investors. His suggestion is that rather than link bankers' pay to share value (return on equity) it should be tied instead to the return made on assets (for example, bank loans). A technocratic tweak? Well, it's one that bites. Haldane points out that if this approach had been followed in the US over recent decades then CEOs of top banks would have had to scrape by with salaries a mere 68 times the typical household income rather than their current ones which are 500 times that of the ordinary family.

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