Folha de S.Paulo - = Gustavo Franco: Responsabilidade limitada

From: Subject: Folha de S.Paulo - Gustavo Franco: Responsabilidade limitada - 18/10/2008 Date: Sat, 18 Oct 2008 13:00:09 -0200 MIME-Version: 1.0 Content-Type: multipart/related; type="text/html"; boundary="----=_NextPart_000_0000_01C93121.7328B820" X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2900.5579 This is a multi-part message in MIME format. ------=_NextPart_000_0000_01C93121.7328B820 Content-Type: text/html; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Content-Location: http://www1.folha.uol.com.br/fsp/opiniao/fz1810200806.htm Folha de S.Paulo - = Gustavo Franco: Responsabilidade limitada - 18/10/2008

<= FONT=20 size=3D1>
S=E3o Paulo, s=E1bado, 18 de outubro de 2008=20

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

GUSTAVO=20 FRANCO

Responsabilidade=20 limitada

A CRISE FINANCEIRA internacional tem muitos teatros de = opera=E7=E3o, pois,=20 na verdade, s=E3o v=E1rias crises. Originalmente havia as = hipotecas=20 "subprime".
Mas a concordata da Lehman Brothers, = reconhecidamente um=20 ponto de inflex=E3o neste enredo, parece apontar para uma "outra" = crise no=20 terreno regulat=F3rio, ou da governan=E7a no sistema financeiro. = Neste=20 assunto, os diagn=F3sticos devem ser precisos para que a energia = n=E3o se=20 perca em grandes narrativas e generalidades ideol=F3gicas.
Um = dos temas=20 cruciais nessa linha, e um que pode ter distorcido dramaticamente = tanto a=20 propens=E3o a correr riscos quanto o alinhamento intertemporal de = acionistas=20 e administradores, =E9 o que d=E1 t=EDtulo a este artigo.
Em = termos=20 simplificados, a lei americana institui que a responsabilidade dos = acionistas de um banco pelos preju=EDzos causados pela sua quebra = s=F3 vai at=E9=20 o valor das suas a=E7=F5es. E a dos administradores n=E3o = alcan=E7a os bens=20 pessoais desses senhores, exceto em casos de fraude. Neste regime, = cabe=20 perguntar se os incentivos a correr riscos est=E3o propriamente=20 alinhados.
Em condi=E7=F5es normais, a experi=EAncia parece = mostrar que sim,=20 mas a pergunta =E9 sobre a postura de administradores e acionistas = diante de=20 "riscos catastr=F3ficos", aqueles que se referem a eventos = remotos, mas que,=20 uma vez ocorrendo, quebram a institui=E7=E3o.
=C9 l=EDcito = perguntar se o=20 regime de responsabilidade limitada n=E3o cria uma certa = displic=EAncia com=20 rela=E7=E3o a esses riscos, pois, se se materializarem, os = preju=EDzos de=20 administradores e acionistas est=E3o limitados, mas os danos para = a=20 sociedade da quebra de um banco v=E3o bem al=E9m e acabam se = transformando em=20 custos para o contribuinte.
O fato =E9 que, aqui no Brasil =E9 = diferente. A=20 lei que regula a interven=E7=E3o e liq=FCida=E7=E3o de bancos (lei = 6024/74)=20 determina que, no momento da interven=E7=E3o, todos os bens dos=20 administradores fiquem indispon=EDveis para servir de = ressarcimento em caso=20 de preju=EDzo. Posteriormente, no =E2mbito do Proer (lei 9447/97), = esse=20 dispositivo foi estendido de modo a alcan=E7ar os bens dos = acionistas=20 controladores, e foram introduzidas responsabilidades para os = auditores.=20 No Brasil, portanto, n=E3o h=E1 responsabilidade limitada no = sistema=20 financeiro.
Nos EUA, sempre se considerou que a = responsabilidade=20 limitada =E9 uma salvaguarda essencial para o empreendedor. Pode = ser. Mas=20 cabe perguntar se isso deve valer para bancos do mesmo jeito que = vale para=20 as empresas n=E3o-financeiras.

gh.franco@uol.com.br

=

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

Texto Anterior: Rio = de=20 Janeiro - Ruy Castro: Perguntas que morreram no ar =
Pr=F3ximo Texto:=20 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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