獻給銀行家的十條切實建議

Another month, another fine. Last week it was announced that five of the world’s biggest banks would pay $6bn to settle allegations that they manipulated the foreign exchange markets. Will the expected admissions of guilt, together with the accompanying payments, permit the banks to put the past behind them? They hope it will; I fear it will not.

又是一個月，又是一筆罰款。上週，有消息稱，世界最大的五家銀行將支付60億美元了結關於它們操控外匯市場的指控。預料之中的認罪連同相應的罰款，能讓銀行翻過這一篇、向前邁進嗎？它們希望能，而我認爲恐怕不能。

This is a big settlement that settles little. Once again the fines are likely to be paid with shareholders’ money. No senior managers will go to jail. The details of who did what, and who failed in their responsibilities, are likely to be swept under an already lumpy carpet.

這是一次重大和解，但基本未解決任何問題。罰款多半還是要用股東的錢來付。沒有哪位高管會進監獄。至於誰做了什麼、誰未能盡到自己的責任，這些細節很可能會被再次掃到已然掩蓋了不少東西的地毯下。

The link between responsibility and accountability will remain broken. This looks once again like a two-tier justice system that has one set of penalties for the public, and another for the financial establishment that claims to serve it. Seven years after the crash, it is this utter unfairness that feeds the well of resentment against the banks.

責任與問責之間仍未建立起聯繫。這再次凸顯出一種“雙重”司法體制：它爲公衆準備了一套處罰，爲那些自稱服務公衆的金融機構準備了另一套。金融危機爆發七年後的今天，正是這種極度不公助長了人們對銀行的怨恨。

Bankers, take note. You cannot make peace with the public just by paying fines. And as long as the bank bashing continues, you can expect there to be ever more such penalties. But you are not helpless. Here, in 10 easy steps, is what you need to do.

銀行家們，注意了。光支付罰款是不可能與公衆實現和解的。而且，只要這種對銀行的抨擊持續下去，你們就能預想到接下來會有更多此類處罰。但你們並非束手無策。你們需要做的只是下面這簡單的十條。

First, admit publicly that you screwed up. Even if your particular institution did nothing wrong, acknowledge that the industry to which you belong most certainly did.

第一，公開承認你們搞砸了。即使你們所在的那家機構沒做錯任何事，你們也最好承認自己所屬的這個行業基本上肯定是做錯了。

Next, make people believe that you are truly sorry for the damage done. To date, words of regret have in the main been dragged out of you by congressional or parliamentary committees. You can do better.

第二，要讓人們相信你們是真心對造成的損失表示歉意。迄今爲止，那些懺悔之詞基本上都是由國會或議院委員會逼你們說出口的。你們可以有更好的表現。

Once you are done saying sorry, say thank you. Taxpayers and their elected representatives kept the system afloat during the crisis. That is what kept your institution above water. Repeat all of the above 100 times.

第三，在你們道歉之後，還要緊接着說聲謝謝。納稅人和他們選出的代表在本次危機期間幫助金融體系渡過了難關。這樣才保全了你們的機構。把上面的這些話複述100遍。

Next, clean house. Discharge any and all executives who failed in their supervisory duties in areas where wrongdoing took place. Dismiss any culpable non-executive board members, too. Tainted chairmen should set an example and be the first to go.

第四，清理門戶。把發生了不當行爲的領域裏所有未盡到監督職責的高管全都開掉。還要把所有難辭其咎的非執行董事趕出董事會。有污點的董事長應該以身作則、第一個離開。

Accept that you were subsidised by the public purse in the past, and that you will not be in future.

第五，承認你們過去是受到公帑補貼的、而且將來不會再享有這一待遇。

Remind yourselves every day that you work for the shareholder. The shareholder does not work for you. You should not get rich unless the shareholder does.

第六，每天提醒自己：你們在爲股東打工，而不是股東在爲你們打工。你們不應變得富有，除非股東先富起來。

Change your performance targets — the last ones got you into trouble and did little for your owners. You are in business to serve customers and produce adequate risk-adjusted returns. If you cannot do this, find another line of work.

第七，修改你們的業績目標——之前的目標讓你們遭遇了麻煩，而且也沒給你們的股東帶來什麼好處。你們乾的這行是要服務客戶並創造足夠的風險調整後回報。如果你們做不到這點，還是改行吧。

Stand on your own two feet. Managing liquidity is your responsibility, not the government’s. Central banks are lenders of last resort, not contingent credit facilities. Do not blame accounting rules for inadequate loan provisioning. Your job, and your duty, is to marshal enough loss-absorbing capital to deal with risk.

第八，你們要自立。管理流動性是你們的責任，不是政府的。央行是最後貸款人，不是有求必應的信貸機構。不要把貸款撥備不足歸咎於會計規則。你們的工作與職責是部署足夠多緩衝虧損的資本來應對風險。

Acknowledge that the safety of your institution depends on a more stable financial system, and that a more stable financial system depends on a reduction in banking leverage.

第九，要承認你們機構的安全繫於一個更穩定的金融體系，而更穩定的金融體系繫於銀行槓桿的降低。

And lastly, buck up. Regulation is not a game of cat and mouse. Regulators do not want to do your job; they want you to do your job. Governments are interceding because too many among you failed in their duties. Stop fighting reform. Start leading it instead. Banking leaders of the west: the future is not what it was. Embrace this fact and you will begin to put the past behind you. Follow these instructions and your critics will have no place to go — the time for remorse really will be over. Indeed, live up to your responsibilities to shareholders, clients and communities, and the public will applaud you. The alternative is unpleasant for us all.

第十，打起精神來。監管不是貓捉老鼠的遊戲。監管機構不想替你們做事，而是想讓你們做好自己份內的事。政府之所以出來斡旋，是因爲你們當中有太多人未能盡到自己的責任。不要再抵制改革，而是要開始領導改革。西方的銀行業領袖們，未來已經發生了改變。接受這一現實，你們才能開始翻過這一篇、向前邁進。照上面的指示做，你們的批評者自然就不會再抱怨什麼——到那時，你們的懺悔時刻也就真正結束了。實際上，盡到對股東、客戶和社會的責任，公衆會爲你們鼓掌叫好。否則，我們所有人都不會愉快。