献给银行家的十条切实建议

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.

又是一个月，又是一笔罚款。上周，有消息称，世界最大的五家银行将支付60亿美元了结关于它们操控外汇市场的指控。预料之中的认罪连同相应的罚款，能让银行翻过这一篇、向前迈进吗？它们希望能，而我认为恐怕不能。

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.

这是一次重大和解，但基本未解决任何问题。罚款多半还是要用股东的钱来付。没有哪位高管会进监狱。至于谁做了什么、谁未能尽到自己的责任，这些细节很可能会被再次扫到已然掩盖了不少东西的地毯下。

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.

责任与问责之间仍未建立起联系。这再次凸显出一种“双重”司法体制：它为公众准备了一套处罚，为那些自称服务公众的金融机构准备了另一套。金融危机爆发七年后的今天，正是这种极度不公助长了人们对银行的怨恨。

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.

银行家们，注意了。光支付罚款是不可能与公众实现和解的。而且，只要这种对银行的抨击持续下去，你们就能预想到接下来会有更多此类处罚。但你们并非束手无策。你们需要做的只是下面这简单的十条。

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，公开承认你们搞砸了。即使你们所在的那家机构没做错任何事，你们也最好承认自己所属的这个行业基本上肯定是做错了。

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，要让人们相信你们是真心对造成的损失表示歉意。迄今为止，那些忏悔之词基本上都是由国会或议院委员会逼你们说出口的。你们可以有更好的表现。

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，在你们道歉之后，还要紧接着说声谢谢。纳税人和他们选出的代表在本次危机期间帮助金融体系渡过了难关。这样才保全了你们的机构。把上面的这些话复述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，清理门户。把发生了不当行为的领域里所有未尽到监督职责的高管全都开掉。还要把所有难辞其咎的非执行董事赶出董事会。有污点的董事长应该以身作则、第一个离开。

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

第五，承认你们过去是受到公帑补贴的、而且将来不会再享有这一待遇。

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：你们在为股东打工，而不是股东在为你们打工。你们不应变得富有，除非股东先富起来。

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，修改你们的业绩目标——之前的目标让你们遭遇了麻烦，而且也没给你们的股东带来什么好处。你们干的这行是要服务客户并创造足够的风险调整后回报。如果你们做不到这点，还是改行吧。

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，你们要自立。管理流动性是你们的责任，不是政府的。央行是最后贷款人，不是有求必应的信贷机构。不要把贷款拨备不足归咎于会计规则。你们的工作与职责是部署足够多缓冲亏损的资本来应对风险。

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，要承认你们机构的安全系于一个更稳定的金融体系，而更稳定的金融体系系于银行杠杆的降低。

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，打起精神来。监管不是猫捉老鼠的游戏。监管机构不想替你们做事，而是想让你们做好自己份内的事。政府之所以出来斡旋，是因为你们当中有太多人未能尽到自己的责任。不要再抵制改革，而是要开始领导改革。西方的银行业领袖们，未来已经发生了改变。接受这一现实，你们才能开始翻过这一篇、向前迈进。照上面的指示做，你们的批评者自然就不会再抱怨什么——到那时，你们的忏悔时刻也就真正结束了。实际上，尽到对股东、客户和社会的责任，公众会为你们鼓掌叫好。否则，我们所有人都不会愉快。