联邦监管机构，重点聚焦金融机构薪酬制度【外文翻译】

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1、FederalRegulators’SpotlightFocusesOnFinancialInstitutionPayPracticesByBarbara-AnnGustaferroandDavidB.MillerAsresearchers,policyanalystsandmembersofthebankingindustrycontinuetodebatetheactualextenttowhichbankcompensationpracticesledtothefinancialcrisis,federalbankingregu

2、latorshavemovedforwardwitheffortstorequirebankingorganizationstoreconsiderand,inmanycases,revisetheirincentivecompensationpaydesignandpractices.ThepushbytheFedanditscounterpartfinancialregulatorstoaddressbankpaycomesaslittlesurprise.Inearly2009,mediareportsoflargebonuse

3、sbeingpaidtobankerswhoseemployershadreceivedbailoutfundsundertheTroubledAssetsReliefProgram(TARP)ignitedapublicfuroroverexecutivecompensationatfinancialinstitutions.TheFederalReserveanditscounterpartfinancialregulatoryagenciescameunderafirestormofcriticismforhavingallow

4、edrunawaybonusstructuresinthefinancialindustrytofuelheedlessrisktakingwhichultimatelyresultedintheeconomicmeltdownEvenifbankpayisfoundnottohaveplayedasignificantroleintheeconomiccrisis,theFedappearsdeterminedtoavoidbeingaccusedofinactiononthissubject.Itissupportedinitse

5、ffortsbysomefinancialeconomistswhoseeincreasedgovernmentoversightoffinancialinstitutioncompensationasessential,pointingtocertainfactorsthatmakebanksparticularlysusceptibletoimprudentrisktakingBecausebanksmakemoneybyhavingtheirdepositsflowtothoseinneedofcapital—andbythes

6、ametoken,don’tmakemoneyiftheydon’t—theytendtotakeonahigherproportionofdebtrelativetotheirequity.Althoughitisnormallythecasethatshareholderswillenjoytheupsideofrisktakingwhiledebtholderswillbearmostofthedownside,inthecaseoffinancialinstitutions,debtholderswillbedispropor

7、tionatelyvulnerablerelativetoshareholders.Government-provideddepositinsurancemakesbanks’creditorslesslikelytodemandthatbanksholdasmuchcapitalastheywouldabsentsuchinsurance.Themoralhazardof“toobigtofail”:Largeorsophisticatedfinancialinstitutionsmaybeparticularlywillingto

8、takeondangerouslevelsofrisk,inthehopesofbiggerpayoffs,becausetheybelievethat,intheworst-casescenario,thegovern