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Elisabeth Warren apresenta o relatório de Abril do Congressional Oversight Panel (COP): “Assessing Treasury’s Strategy: Six Months of TARP”.

CGD: Empréstimo Obrigacionista EUR 1.250.000.000,00
Agente Pagador: Citibank, N.A.
Sindicato:
Bookrunners: Caixa BI, Dresdner Kleinwort, Morgan Stanley, Natixis e RBS
Co-Líderes: DZ Bank e Banco Espirito Santo de Investimento
(PDF)

Na véspera da Páscoa, de mansinho, para que nem o Público desse por tal, a Caixa Geral de Depósitos publicou o prospecto da dívida de mais de mil milhões de euros que vai contrair para repor os seus depauperados rácios de capital. Embora o facto fosse esperado desde Novembro de 2008 (Público), todos gostariam de saber como é que um banco cujo único accionista é o Estado e para o qual afluem milhares de milhões de euros provenientes da poupança portuguesa —e mais recentemente, dezenas de milhar de contas bancárias fechadas em bancos privados virtualmente falidos—, precisa de aumentar o grau de segurança contra riscos oriundos sobretudo de operações financeiras mal escrutinadas e nada transparentes, sobre as quais nem o Banco de Portugal, nem a CMVM, disseram até hoje fosse o que fosse. Aliás, creio que nada dirão enquanto a nomenclatura partidária da Assembleia da República continuar entretida com os seus cálculos eleitorais.

O problema com as reservas da CGD não reside nos activos não financeiros da instituição, i.e. não tem origem nos seus activos imobiliários, lucros e juros a que tem direito, nem muito menos no volume dos depósitos que os portugueses, residentes e emigrados, têm vindo a engrossar de forma fiel ao longo das décadas. Não, o problema é outro, e é grave. Os especialistas chamam-lhe Tier I capital.

A good definition of Tier I capital is that it includes equity capital and disclosed reserves, where equity capital includes instruments that can’t be redeemed at the option of the holder (meaning that the owner of the shares cannot decide on his own that he wants to withdraw the money he invested and so cannot leave the bank without the risk coverage). Reserves are held by the bank, and are thus money that no one but the bank can have an influence on. (in Wikipedia)

Ou seja, tudo leva a crer que a Caixa Geral de Depósitos comprou e continua a comprar acções e veículos financeiros de duvidosa rentabilidade e retorno incerto! Creio até que parte do dinheiro que os portugueses têm vindo a retirar dos bancos zombies, depositando-o em seguida na CGD, está a regressar de forma encapotada e ilegítima aos mesmos covis financeiros de onde tem tentado escapar, pelos vistos sem êxito!

O Banco de Portugal deveria ser impedido de autorizar qualquer empréstimo obrigacionista, seja a que banco for, antes de realizar uma auditoria apropriada, divulgando publicamente as respectivas conclusões. Sobretudo depois do psicodrama encenado em Londres pelo G20, não há nenhuma justificação para tolerar a persistência da actual opacidade do sistema bancário. Pois como todos vamos começando a saber, tal falta de regras e de transparência apenas serve para alimentar os inúmeros esquemas de corrupção financeira que conduziram a economia mundial ao actual estado de colapso iminente.

O pico bolsista da semana passada, “liderado” pelo sector bancário, não reflecte mais do que o resultado episódico das gigantescas injecções de dívida pública aplicada ao sistema financeiro, cujo único efeito é voltar a atestar a carteira de quem passou as últimas duas décadas a engordar sem nada produzir, arruinando ao mesmo tempo boa parte das economias mundiais. Atrás de deflação, inflação virá…

Apesar da boa vontade de Elisabeth Warren para com o novo presidente americano, creio que o mais recente relatório vídeo da autora do decisivo estudo sobre a falência da classe média americana (The Two Income Trap — Why Middle-Class Parents Are Going Broke) aponta já, ainda que cirurgicamente, para os perigos que Barak Obama enfrenta ao ter-se deixado rodear por uma equipa de agentes descarados de Wall Street.

Vale a pena ler na íntegra, a propósito do muito que falta fazer para pôr na ordem o cripto-corrupto sistema financeiro mundial, a entrevista realizada pelo The Wall Street/ Barron’s ao antigo vice-presidente do Federal Savings and Loan Insurance Corp., William Black, de que transcrevemos estas passagens reveladoras:

The current bank scandal dwarfs the 1980s savings-and-loan crisis — and could destroy the Obama presidency.

Barron’s: Just how serious is this credit crisis? What is at stake here for the American taxpayer?

William Black: Mopping up the savings-and-loan crisis cost $150 billion; this current crisis will probably cost a multiple of that. The scale of fraud is immense. This whole bank scandal makes Teapot Dome [of the 1920s] look like some kid’s doll set. Unless the current administration changes course pretty drastically, the scandal will destroy Barack Obama’s presidency. The Bush administration was even worse. But they are out of town. This will destroy Obama’s administration, both economically and in terms of integrity.

B: Summarize the problem as best you can for Barron’s readers.

WB: With most of America’s biggest banks insolvent, you have, in essence, a multitrillion dollar cover-up by publicly traded entities, which amounts to felony securities fraud on a massive scale.

These firms will ultimately have to be forced into receivership, the management and boards stripped of office, title, and compensation. First there needs to be a clearing of the air — a Pecora-style fact-finding mission conducted without fear or favor. [Ferdinand Pecora was an assistant district attorney from New York who investigated Wall Street practices in the 1930s.] Then, we need to gear up to pursue criminal cases. Two years after the market collapsed, the Federal Bureau of Investigation has one-fourth of the resources that the agency used during the savings-and-loan crisis. And the current crisis is 10 times as large.

There need to be major task forces set up, like there were in the thrift crisis. Right now, things don’t look good. We are using taxpayer money via AIG to secretly bail out European banks like Société Générale, Deutsche Bank, and UBS — and even our own Goldman Sachs. To me, the single most obscene act of this scandal has been providing billions in taxpayer money via AIG to secretly bail out UBS in Switzerland, while we were simultaneously prosecuting the bank for tax fraud. The second most obscene: Goldman receiving almost $13 billion in AIG counterparty payments after advising Geithner, president of the New York Fed, and then-Treasury Secretary Henry Paulson, former Goldman Sachs honcho, on the AIG government takeover — and also receiving government bailout loans.

B: So you are saying Democrats as well as Republicans share the blame? No one can claim the high ground?

WB: We have failed bankers giving advice to failed regulators on how to deal with failed assets. How can it result in anything but failure? If they are going to get any truthful investigation, the Democrats picked the wrong financial team. Tim Geithner, the current Secretary of the Treasury, and Larry Summers, chairman of the National Economic Council, were important architects of the problems. Geithner especially represents a failed regulator, having presided over the bailouts of major New York banks.

B: You say the evidence of a breakdown in the regulatory structure comes from the fact that America avoided an earlier subprime crisis in the 1990s.

WB: Exactly. Why had no one heard of the subprime crisis back in 1991? Because America’s regulators also faced down the crisis early. The same thing happened with bad credits being securitized in the secondary market. Remember the low-doc or no-doc mortgages done by Citibank? Well, the problem didn’t spread — because regulators intervened.

Obama, who is doing so well in so many other arenas, appears to be slipping because he trusts Democrats high in the party structure too much.

These Democrats want to maintain America’s pre-eminence in global financial capitalism at any cost. They remain wedded to the bad idea of bigness, the so-called financial supermarket — one-stop shopping for all customers — that has allowed the American financial system to paper the world with subprime debt. Even the managers of these worldwide financial conglomerates testify that they have become so sprawling as to be unmanageable.

B: What needs to be done?

WB: Well, these international behemoths need to be broken down into smaller units that can be managed effectively. Maybe they can be broken up the way that the Standard Oil split up back in the early 1900s, through a simple share spinoff.

The big problem for the last decade is that we have had too much capacity in the finance sector — too many banks have represented a drain on our talent and resources. All these mergers haven’t taken capacity out of the system. They have created even bigger banks that concentrate risk to the taxpayer, and put off dealing with problems.

And a new seriousness must be put into regulation. We don’t necessarily need new rules. We just need folks who can enforce the ones already on the books. — in “The Lessons of the Savings & Loan Crisis,” Barron/ WSJ (April 12, 2009)

OAM 571 13-04-2009 01:10 (última actualização: 10:51)

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