Folha de S.Paulo - = Gustavo Franco: A crise (n=E3o) banc=E1ria

From: Subject: =?Windows-1252?Q?Folha_de_S.Paulo_-_Gustavo_Franco:_A_crise_=28n=E3o=29?= =?Windows-1252?Q?_banc=E1ria_-_20/09/2008?= Date: Sat, 20 Sep 2008 10:56:28 -0300 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C91B0F.8860E280" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C91B0F.8860E280 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www1.folha.uol.com.br/fsp/opiniao/fz2009200806.htm Folha de S.Paulo - = Gustavo Franco: A crise (n=E3o) banc=E1ria - 20/09/2008

<= FONT=20 size=3D1>
S=E3o Paulo, s=E1bado, 20 de setembro de 2008=20

Texto = Anterior | Pr=F3x= imo=20 Texto | =CDndi= ce=20

GUSTAVO=20 FRANCO

A crise (n=E3o) = banc=E1ria

POR MAIS QUE pare=E7a um clich=EA, n=E3o h=E1 como evitar a = observa=E7=E3o: =E9 cedo=20 para avalia=E7=F5es sobre uma cole=E7=E3o t=E3o extraordin=E1ria = de eventos como o da=20 semana que passou. Foram estonteantes as idas e vindas dos = mercados diante=20 de eventos de dif=EDcil compreens=E3o n=E3o apenas para o leitor = como para os=20 profissionais do ramo, muitos dos quais nunca haviam visto nada=20 parecido.
Tudo parece muito novo nesta crise, a come=E7ar pelo = fato de=20 que n=E3o =E9 uma crise banc=E1ria, ao menos por enquanto. = Entender este=20 aparente paradoxo j=E1 =E9 um bom peda=E7o do caminho para se = situar nessa=20 confus=E3o.
A despeito de a crise ter sua origem no cr=E9dito = imobili=E1rio=20 dito "de segunda" (o j=E1 popular "subprime"), o que estamos = vendo, ap=F3s um=20 ano de reconhecimento de perdas (de cerca de US$ 500 bilh=F5es) e = de=20 recapitaliza=E7=F5es (de cerca de US$ 350 bilh=F5es) em bancos = comerciais, =E9 que=20 as =E1reas conflagradas s=E3o outras, adjacentes.
As = inova=E7=F5es financeiras=20 que geraram problemas -criaturas conhecidas como "cr=E9dito = estruturado" e=20 "derivativos de cr=E9dito"- procriaram em um terreno que n=E3o =E9 = propriamente=20 dominado por bancos comerciais, mas por um complexo de = institui=E7=F5es=20 financeiras n=E3o-banc=E1rias, incluindo securitizadoras, fundos = m=FAtuos de=20 tipo variado, seguradoras e, especialmente, as "megacorretoras", = as=20 estrelas de Wall Street, erroneamente misturadas entre bancos, = pois nem=20 recebem dep=F3sitos, nem fazem cr=E9dito.
Pois bem, com mais de = um ano de=20 crise, nenhum grande banco comercial foi objeto de = interven=E7=E3o, e os=20 maiores "eventos" se deram exatamente nessas institui=E7=F5es = n=E3o-banc=E1rias:=20 securitizadoras (Fannie May e Freddie Mac), "mega-corretoras" = (Bear=20 Sterns, Merrill Lynch, Lehman Brothers) e uma seguradora=20 (AIG).
Curiosamente, os bancos comerciais, que estiveram no = centro do=20 problema durante o ano que passou, terminam a semana como parte=20 proeminente da solu=E7=E3o. Eles j=E1 digeriram boa parte do lixo = t=F3xico=20 encontrado em seus balan=E7os, e a sensa=E7=E3o =E9 a de que a = regula=E7=E3o n=E3o=20 falhou inteiramente a=ED, mas no planeta vizinho, o do sistema=20 "n=E3o-banc=E1rio". Foram as a=E7=F5es dos bancos que reagiram = mais acentuadamente=20 =E0 not=EDcia da cria=E7=E3o de uma ag=EAncia governamental com = vistas =E0 aquisi=E7=E3o=20 de cr=E9ditos ou t=EDtulos com lastro em cr=E9dito hipotec=E1rio, = =E0 semelhan=E7a do=20 que foi feito na =FAltima crise hipotec=E1ria, nos anos = 1980.
Ao fim das=20 contas, as crises banc=E1rias, ou n=E3o-banc=E1rias, acabam, ou = n=E3o acabam,=20 todas parecidas.

gh.franco@uol.com.br

=

GUSTAVO FRANCO escreve aos s=E1bados nesta=20 coluna.

Texto Anterior: Rio = de=20 Janeiro - Ruy Castro: Perene pirataria
Pr=F3ximo Texto: Frases=

=CDndi= ce=20

Copyright Empresa Folha da Manh=E3 = S/A. Todos os=20 direitos reservados. =C9 proibida a reprodu=E7=E3o do conte=FAdo = desta p=E1gina em=20 qualquer meio de comunica=E7=E3o, eletr=F4nico ou impresso, sem = autoriza=E7=E3o=20 escrita da Folhapress.=20

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