The US regulatory agencies will in the coming months be bedevilled by unanticipated adverse outcomes as they translate the Dodd-Frank act’s broad set of principles into a couple of hundred detailed regulations. The act’s underlying premise is that much of what occurred in the market place leading up to the Lehman Brothers bankruptcy was excess (hardly controversial) and that its causes would be readily addressed by this wide-ranging statute (questionable).
未來幾個月,隨著美國監管機構把《多德-弗蘭克法案》(Dodd-Frank Act)的廣泛原則細化為數百條具體規定,未曾料到的負面后果將讓它們頭疼不已。這部法案的基本前提假定是,導致雷曼兄弟(Lehman Brothers)破產的市場行為大多屬于過度行為(幾乎無可爭議),而其成因將通過覆蓋廣泛的《多德-弗蘭克法案》得到輕松解決(令人質疑)。
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