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Khng D Kim
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Chapter Three: Protectors of the Public
25 Feb 2014
11 Apr 2014
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Chng Ba
NHNG NGI BO V DN CHNG
Trn thc t, tr chi Bo lnh n c p dng vi Penn Central,
Lockheed, thnh ph New York, Chrysler, Ngn hng Thnh vng chung
Detroit, Ngn hng First Pennsylvania, Continental Illinois; v bt u t
nm 2008, tt c cc ngn hng ln, AIG, cc cng ty sn xut t, v
thm ch l ngn hng ca cc quc gia khc cng c phn trong tr chi
ny.
Trong chng trc, ta ly v d v s tng ng gia tr chi bo
lnh n v mt trn u bng lm r nhng th on m cc nh khoa
hc chnh tr v tin t s dng bo lnh nhng ngn hng thng mi
trong khi D tr Lin bang. Tuy nhin, cch tip cn nh vy c th khin
c gi lm tng rng vn ny khng my nghim trng. Do , trong
chng ny ta hy b qua php so snh v cng xem xt thc t. Sau khi
nghin cu k lut chi, gi l lc chng ta kim tra bng nh gi ca
tr chi bo lnh ny, v mt khi hiu c cch thc tr chi c vn
hnh trn thc t, chng ta s nhn ra rng vn ny khng h tm
thng cht no. Hy cng bt u vi qu trnh gii cu hip hi cc
ngn hng nm gi nhng khon n kh i ca Cng ty ng st Penn
Central.
PENN CENTRAL
Penn Central l cng ty ng st ln nht Hoa K vi 96.000 nhn vin
v tin lng hng tun ca nhn vin ton cng ty ln ti 20 triu la
M. Nm 1970, Penn Central tr thnh v ph sn ln nht Hoa K. Cng
ty ny vay n ca hu ht cc ngn hng chp thun cho h vay, gm
c Chase Manhattan, Morgan Guaranty, Manufacturers Hanover, First
National City, Chemical Bank, v Continental Illinois. i li, nhng ngn
hng k trn c b nhim quan chc ca mnh vo ban gim c ca
Penn Central nh mt iu kin cho vay, qua nm quyn thao tng
ngnh ng st. Cc ngn hng ny cng nm gi mt lng ln c phn
ca Penn Central trong phng tn thc ca mnh. D nhin nhng quan

chc ngn hng trong ban gim c bit trc nhng thng tin c kh
nng nh hng n th gi c phiu ca Penn Central, rt lu trc khi
cng chng c c hi tip cn chng. Trong cun schNhng Ngy Cui
ca Hi, Chris Welles miu t nhng g xy ra nh sau:
Ngy 21 thng Nm, mt thng trc khi cng ty ng st ph sn,
David Bevan, k ton trng ca Penn Central, b mt thng bo vi i
din ca cc ngn hng ch n rng tnh hnh ti chnh ca Penn Central
nguy ngp n ni h buc phi hon li n lc thu gom 100 triu la M
thng qua pht hnh tri phiu b p cho ngun vn lu ng ang b
thiu ht trm trng. Bevan cng cho bit, thay v pht hnh tri phiu,
cng ty s theo ui mt hnh thc cho vay bo m no ca chnh
ph. Ni cch khc, tr khi c chnh ph lin bang bo lnh, cng ty
ng st s phi ng ca. Ngy hm sau, phng tn thc ca Chase
Manhattan bn ra 134.300 c phiu trong s c phiu ca Penn Central
m ngn hng ny ang nm gi. Trc ngy 28 thng Nm, khi cng
chng c thng bo v vic Penn Central hon pht hnh tri phiu,
Chase kp bn ra thm 128.000 c phiu na. Trong khi , David
Rockefeller, ch tch hi ng qun tr ca ngn hng ny vn hng hn
ph nhn co buc rng Chase hnh ng da trn ngun tin ni b. 32

Hu nh ton b cc quyt nh qun tr dn n kt cc ca Penn Central

u c a ra bi, hoc da trn s ng tnh ca ban gim c cng
ty, hay ni cch khc, chnh l cc ngn hng ch n ca cng ty. Cc
ngn hng khng th li cho ban gim c yu km ca Penn Central,
bi l h chnh l ban gim c ca Penn Central. Mt cuc iu tra do
Wright Patman, H ngh s ng thi l Ch tch y ban Ngn hng v Tin
t ca H vin, tin hnh nm 1972 cho thy nhng ngn hng ny
cung cp nhng khon vay khng l cho cc d n bnh trng tai hi ca
cng ty ng st, sau li tip tc cho vay hng triu la h tr c
tc cho c ng. iu ny to nn v ngoi thnh vng gi to v thi
phng gi c phiu ca cng ty trong thi gian di cng chng mua
vo khng cht nghi ng. T , cc quan chc ngn hng ng thi l
gim c cng ty xy dng mt m vng thu li nhun cho bn thn
mnh theo ba cch: h (1) va nhn c tc da trn nhng c phiu v gi
tr, (2) va thu li sut trn nhng khon vay dng chi tr chnh nhng

khon c tc , v (3) va tng kh c 1,8 triu c phiu d nhin l

sau khi hng c tc vi mc gi cao phi thc t.33 Bng cch ny,
nhng gim c cp cao ca cng ty bn sch c phiu ca h v thu
li hn 1 triu la cho bn thn mnh.34
CNG CHNG PHI GNH CHU THIT HI
Trong th m bo km theo bn bo co, H ngh s Patman tm tt
qu trnh ny nh sau:
C nh th tt c mi ngi u l thnh vin ca mt hi khng kht,
trong Penn Central v cc nhn vin trong cng ty c th ty tin vay
n m hu nh khng gp bt k kh khn g, bt k khon vay phc
v li ch chung ca cng ty hay li ch ring ca c nhn. Trong khi ,
cc quan chc ngn hng trong ban gim c cng ty lm ng trc
nhng g ang xy ra, mc cho ban gim c y cng ty n b vc ph
sn bng cch u t vo nhng hot ng ng ng v nhiu khi cn
tham gia vo cc hot ng phi php. i li, nhng ngn hng ny kim
sot hu ht nhng nghip v ngn hng bo b ca cng ty. khi tr chi
cn tip din, nhng giao dch ny s cn tip tc mang li li ch cho mi
thnh vin trong hi, trong khi mi tn tht s do ngnh ng st v
cng chng gnh chu.35

n cui tun, tnh trng thiu tin mt ca cng ty tr nn nguy kch, v

trnh cho tp on phi n xin ph sn vo sng th Hai, Ch tch
Fed Arthur Burns gi in n nh tng ngi ng u ca tng ngn
hng trong Cc D tr Lin bang trn khp c nc v yu cu h ngay
lp tc by t quan im sn sng cu tr ca Fed. Vo ngy Ch nht,
William Treiber, ph ch tch th nht chi nhnh New York ca Fed, lin h
vi gim c mi ngn hng ln nht New York v thng bo v vic Ca
s Chit khu ca Fed s m rng vo sng hm sau. iu c ngha l
Fed sn sng to ra dng tin mi cho cc ngn hng thng mi vay
cc ngn hng ny lm s tin tng ln nhiu ln v cho Penn Central
vay.36 Mc li sut ca dng vn ny thp b p ri ro ca khon
cho vay. Th Hai tun tip , Burns khoc lc v nhng vic din ra:
Ti buc Ban gim c phi hp gn nh c ngy thay i Quy nh
Q nhm a tin chy vo Chng ch tin gi ngn hng. S kin ny

 c Chris Welles ng tnh m t l thi hong kim ca Fed theo

nhn xt chung.37
D l thi hong kim hay khng, cui cng Ngh vin vn s phi vo cuc
bi l cc ngn hng s khng tham gia tr chi ny nu h khng c
m bo rng ngi np thu s k bo lnh khon n v bo m khon
vay c thu hi. Cc gim c, quan chc ngn hng, v i biu nghip
on ca Penn Central l lt ko n ra sc gii thch s cn thit ca
ngnh ng st i vi cng chng, tng lp nhn dn lao ng, v c
nn kinh t. Thm ch B Hi qun cn ku gi Ngh vin bo v ngun
lc quc phng ca quc gia. D nhin Ngh vin khng th nhn tm
pht l nhng li khn cu ny, v ra lnh c hiu lc hi t yu cu
tng lng cho ton b nhn vin nghip on thm 13,5%. Gnh nng
ny cng lm trm trng thm trnh trng khan him tin mt ca cng ty
ng st v y cng ty ny ln su hn vo h su n nn. Nhng ngay
sau , Ngh vin thng qua o lut Emergency Rail Services Act nm
1970 cp 125 triu la km bo lnh thanh ton ca chnh ph lin
bang.38
D vy, nhng bin php ny u khng nhm v cng khng gii quyt
c vn c bn. Ai cng bit rng sm mun ngnh ng st cng
s c quc hu ha, hay ni trng ra l n s tr thnh mt h en
ngn sch tin thu ca ngi dn. iu ny tr thnh hin thc vi s
ra i ca Tp on Vn ti ng st Quc gia (AMTRAK) nm 1971 v
Tp on ng st Hp nht (CONRAIL) nm 1973. AMTRAK tip qun
mng dch v vn ti hnh khch ca Penn Central, cn CONRAIL ph
trch vn hnh dch v vn ti. CONRAIL l mt tp on t nhn. Khi mi
ra i, 85% c phiu ca tp on ny thuc quyn s hu ca chnh ph.
S c phiu cn li do nhn vin tp on s hu. Rt may l s c phiu
ca chnh ph c cho bn ra cng chng vo nm 1987.
AMTRAK tip tc hot ng di s kim sot ca chnh ph v chu thua
l. Tnh n nm 1998, Ngh vin chi cho AMTRAK 21 t la. n nm
2002, tp on ny tiu tn hn 200 triu la tin thu mi nm. Nm
2005, tp on yu cu tng tin tr cp ln mc 1,8 t la mt nm. T
nm 1990 n nm 2009, tp on li thua l thm 23 t la na. Tri

li, CONRAIL lin tc c li k t khi c tr v cho b phn t nhn, v

hin tp on ny ang np thu vo ngn sch thay v tiu tn tin thu
ca chnh ph.
LOCKHEED
Nm 1970, Tp on Lockheed, nh thu quc phng ln nht Hoa K,
ang bn b vc ph sn. Bank of America v mt s ngn hng nh hn
cho g khng l ny vay 400 triu la. Khng mun mt ngun
thu nhp bo b t khon vay ny, h thng ng vi ban gim c, c
ng, v nghip on ca Lockheed y gnh nng cho Washington. Lun
iu m h a ra thuyt phc cc chnh tr gia l nu Lockheed
ph sn, 31 nghn ngi s mt vic, hng trm nh thu ph s phi
ng ca, hng ngn nh cung cp s lm vo cnh ph sn, v an ninh
quc gia s b e da nghim trng. duy tr hot ng tp on cn
vay tht nhiu tin, nhng vi tnh hnh ti chnh kh khn ca tp on
hin thi th khng bn no mun cho h vay c.
Mt k hoch cu tr nhanh chng c sp t bi B trng Ti chnh
John B. Connally, trong m bo thanh ton thm mt khon n tr gi
250 triu la na s tin ny s lm tng khon n ca Lockheed ln
thm 60% so vi trc . Nhng gi th iu cng khng cn quan
trng na. Cc ngn hng u sn sng cp vn khng e ngi mt khi
ngi np thu tr thnh ngi ng k tn trong ti khon.
Gi th chnh ph buc phi m bo rng Lockheed s ginh c tht
nhiu hp ng quc phng v thu v cng nhiu li nhun cng tt. y
l mt bin php gin tip hi l cc ngn hng bng tin thu m khng
lm dy ln s phn n ca cng chng. Cc nh thu quc phng khc
hot ng hiu qu hn s khng c nhn hp ng, nhng khng ai c
th chng minh c iu ny. Hn na, s khng my ai n mt
mc tng nh trong chi ph quc phng.
THNH PH NEW YORK
Nm 1975, New York chm n hn mc tn dng v khng th tr
lng cho cng chc ca thnh ph. Nguyn nhn dn n tnh trng ny
khng c g l b n. Thnh ph tr thnh mt h thng phc li x hi
thu nh, t c thnh cng v mt chnh tr nh v s nhng li ha v

phc li v tr cp cho ngi ngho. Trong khi mt thnh ph quy m

ln trung bnh c ba mi mt vin chc trn mi mt ngn dn, New York
c bn mi chin vin chc, v lng ca nhng ngi ny vt xa lng
trong khu vc t nhn. Mi tun mt k thut vin X quang trong mt
bnh vin t kim c 187 la, trong khi ngi phc v trn tu lm
vic cho thnh ph c tr 203 la. Giao dch vin ngn hng kim
c 154 la mt tun, trong khi change makers cho h thng tu in
ngm thnh ph nhn c 212 la. Ph cp ngoi ca thnh ph cng
nhiu gp i ca khu vc t nhn. Ngoi ra cn c gio dc i hc min
ph, tr cp nh , chm sc sc khe min ph, v v s cc chng trnh
phc li khc.
S thu thnh ph thu vo khng th b p chi ph cho mt x hi
khng tng nh vy. Trong ba cch gii quyt tnh trng thm ht ny tng mc thu ca thnh ph, ct gim chi tiu, hoc i vay n - c th d
dng on c phng n m thnh ph s la chn.
n nm 1975, lng tri phiu bn ra ca New York t mc bo ha
v thnh ph khng th tm c thm ngi cho vay. Mt nhm nh cc
ngn hng, c chi phi bi Chase Manhattan v Citicorp, l ch n ca
hai t la trong tng s n ca thnh ph t vic pht hnh tri phiu.
Khi thnh ph khng th tip tc tr phn tin li ca khon n ny, tr
chi bo lnh n bt u. Quan chc cc ngn hng v thnh ph i dc
b bin xung Washington v trnh by hon cnh ca h trc Ngh vin.
Theo l l ca h, chng ta khng th cho thnh ph ln nht th gii
ph sn c. Nhng dch v thit yu s b tm dng, rc thi s cht
ng v khng c ngi dn, hng triu ngi s sng trong cnh giao
thng ngng tr v thm ch khng c cnh st bo v. Nn i, bnh
dch, v ti phm s lan trn khp thnh ph. y s l mt ni h thn
ca nc M. David Rockefeller, Ch tch Chase Manhattan, thuyt
phc mt ngi bn ca ng ta l Helmut Schmidt, Th tng Ty c,
pht biu trc gii truyn thng rng tnh hnh ti t New York c th
gy ra mt cuc khng hong ti chnh ton cu.
D nhin Ngh vin khng h mun t New York vo tnh trng hn lon,
cng khng mun lm nc M mt mt hay gy ra s hong lon trn th

trng ti chnh ton cu. V vy thng Mi Hai nm 1975, Ngh vin

thng qua d lut cho php B Ti chnh cho thnh ph vay trc tip ti
2,3 t la, gp hn hai ln s tin m thnh ph hin ang n cc ngn
hng. Ngay lp tc tin li trn s n c li tip tc c thanh ton, v
nh vy mc tiu ca tr chi hon thnh. Thnh ph New York li tip
tc tr thnh mt thin ng phc li, nhng chc chn rng h s
khng bao gi thot c khi cnh n nn.
CHRYSLER
Nm 1978, Tp on Chrysler ang bn b vc ph sn. Khon n ca tp
on c gia hn nhiu ln v sp ti lc khng th gia hn thm
c na. Tp on cng khng mun vay tin tr li trn tng s n
hin thi. Thay vo , h yu cu mt khon cp vn mi tr gi hn mt
t la tip tc tham gia vo tr chi ny.
Mt ln na cc gim c, quan chc ngn hng v lnh o nghip on
li cu vin s gip ca Washington. Hy th hnh dung nu mt trong
nhng tp on ln nht nc M phi ng ca, hng ngn nhn vin v
gia nh ca h s lm vo cnh kh khn; nn kinh t s b tn hi nng
n do ln sng phn khng ca ngi tht nghip trn khp c nc; th
trng t s mt i mt i th cnh tranh khi ch cn hai hng sn xut
t ln thay v ba hng nh trc.
Ai n buc ti Ngh vin ch v h khng mun y nhng gia nh v ti
vo cnh ngho i, mun trnh cho nn kinh t khi b xo trn, ng
thi mun bo v quyn t do la chn ca cng dn c quy nh
trong Hin php? V th mt d lut c thng qua, ch th cho B Ti
chnh bo m mt khon vay mi tr gi ln ti 1,5 t la cho Chrysler.
Cc ngn hng chp thun xa 600 triu la n c cho tp on, ng
thi i khon n 700 triu la ly c phiu u i. C hai ng thi ny
u c ca ngi nh mt bng chng cho thy cc ngn hng sn sng
gnh chu nhng khon l khng l v li ch ca quc gia. Tuy vy, cng
cn lu rng gi tr ca nhng c phiu c dng i ly khon n
xu trc tng mnh ngay sau khi tin tc v tha thun ny c
thng bo. Hn th na, cc ngn hng chng nhng tip tc thu c
tin li trn nhng khon n c m cn thay th c phn n xa

bng nhng khon n mi tt hn nhiu do c ngi np thu bo

m thanh ton hon ton.
NGN HNG THNH VNG CHUNG DETROIT
Nm 1972, Ngn hng Thnh vng chung Detroit tr gi 1.5 t la tr
thnh trng hp tip theo c bo lnh. Ngn hng ny tng trng
chng mt ch yu nh vay n t ngn hng Chase Manhattan ti New
York. Khi Ngn hng Thnh vng chung b ph sn do u c chng khon
v qun tr yu km, Chase nm gi 39% c phiu ph thng ca ngn
hng ny v thc s nm quyn kim sot ngn hng nhm tm cch
thu hi li s tin cho vay. Gim c Tp on Bo him Tin gi M
(FDIC) ng Sprague miu t nhng bc i tt yu din ra sau :
Cc quan chc ca Chase ... gi rng cc c quan chnh ph cn phi
vo cuc bi vn ca Ngn hng Thnh vng chung c tc ng rt ln
n quyn li ca cng chng. Ni trng ra l Chase ang yu cu chnh
ph ra tay cu tr xut ny ng ngha vi vic yu cu bo lnh cho
cc c ng ca ngn hng, trong Chase chnh l c ng ln nht. 39

Cc gim c ngn hng lp lun rng khng th cho Ngn hng Thnh
vng chung ph sn c v h cung cp nhng dch v ngn hng thit
yu cho cng ng. L l ny da trn hai c s: (1) Ngn hng Thnh
vng chung phc v nhiu nhm khch hng thiu s trong vng v (2)
khng c ngn hng trong thnh ph tip qun hot ng ca ngn
hng ny m khng gy ra tnh trng nng lc cho vay tp trung trong tay
mt s t ngn hng.
FDIC khng mun b mang ting l th trc nhu cu ca cc nhm
thiu s hay hy hoi mi trng cnh tranh t do gia cc doanh nghip.
V vy, ngy 17 thng Mt nm 1972, Ngn hng Thnh vng chung
c gii cu bng mt gi cho vay tr gi 60 triu la km theo nhng
bo lnh ca chnh ph lin bang. Chase phi chu l cht t, nhng s tin
ny chng thm vo u so vi khon l h s phi chu nu khng c s
can thip ca FDIC.
Do Ngn hng Thnh vng chung cn tip tc tn ti trnh tnh trng
tp trung quyn lc ti chnh, FDIC sp t thng v bn ngn hng
ny cho Tp on First Arabian, mt cng ty ca Luxembourg c cp

vn bi cc hong t A-rp. Ngn hng tip tc hot ng trong tnh cnh

kh khn cho n nm 1983 th c bn nt cho Cng ty Tn thc v
Ngn hng Detroit, nay l Comerica. Nh vy, cui cng th vin cnh
ng lo ngi v vic tp trung quyn lc ti chnh trong khu vc cng tr
thnh s tht, nhng l sau khi Chase rt khi tha thun v c b
p gn nh ton b s tin thua l ca h.
NGN HNG FIRST PENNSYLVANNIA
Ngn hng First Pennsylvania Philadelphia l trng hp c bo lnh k
tip vo nm 1980. Vi khi ti sn tr gi hn 9 t la, ngn hng ny
ln gp 6 ln Ngn hng Thnh vng chung. ng thi y cng l ngn
hng lu i nht nc M, tn ti t thi dating back to the Bank of
North America do Quc hi Lc a thnh lp nm 1781.
Ngn hng tng trng nhanh chng v thu v nhng khon li nhun
kch x nh phong cch lnh o xng xo ca Gim c iu hnh John
Bunting, nh kinh t trc y tng lm vic ti Cc D tr Lin bang v
l in hnh cho the era's go-go bankers. Bng vic gim cc h s an
ton, cho vay ri ro cao v u c tri phiu, ng ta khin cho doanh
thu ca ngn hng tng trng mnh m. Chng no nn kinh t cn pht
trin, chng ngn hng cn c th tha h hng li nhun t nhng phi
v mo him nh vy. Nhng khi th trng tri phiu din bin khng
thun li, ngn hng lp tc ri vo cnh thua l. n nm 1979, First
Penn buc phi bn i mt s cng ty con ang sinh li b p cho vn
hot ng do n xu ln ti 328 triu la, nhiu hn 16 triu la so
vi phn vn ch s hu ca ngn hng. n lc phi chuyn gnh
nng thua l ny sang vai ngi ng thu.
Cc quan chc ngn hng ti Washington trnh by trng hp ca
mnh: vic gii cu ngn hng First Penn khng ch l thit yu i vi
s tn ti ca ngnh ngn hng Philadelphia m cn cc k quan trng
i vi s n nh ca kinh t th gii. Theo h, ngn hng ny qu ln
n ni nu ph sn n s tr thnh qun c domino u tin ca cuc
khng hong ti chnh ton cu. Sprague nh li:
Ngay t u c nhiu bn cng gy p lc nhm ngn chn s sp
ca ngn hng ny: khng ch bn thn First Penn, cc ngn hng ln khc

cng nh trng ban ti chnh m c Fed cng ln ting. Ti nh l trong

mt phin hp, Ph ch tch Fed, Fred Schultz, cao ging tranh lun
rng chng ta khng cn con ng no khc c ngoi vic gii cu ngn
hng ny. ng y ni: ng c lng ph thm thi gian tho lun v bt
k phng n no khc na!40

Cc gim c ca FDIC khng mun tranh lun vi Cc D tr Lin bang,

v chc chn h cng khng mun b coi l th phm gy xo trn h
thng kinh t ton cu bng cch x qun c domino u tin. Do ,
mt gi bo lnh ra i ng lc, trong FDIC chp thun cho ngn
hng vay 325 triu la khng tnh li trong nm u tin v li sut u
i cho cc nm tip theo, ch bng khong mt na li sut th trng.
CONTINNENTAL ILLINOIS
u nhng nm 80, Continental Illinois Chicago l ngn hng ln th by
nc M. Vi khi ti sn tr gi 42 t la v 12 ngn nhn vin, danh
mc cho vay ca ngn hng ny tng trng mt cch ngon mc. Thu
nhp rng trn cc khon cho vay tng gp i ch trong vng 5 nm v
n nm 1981 t mc 254 triu la mt nm. Nh ngn hng
chng nhng c cc chuyn gia phn tch th trng v cng u i m
cn c Duns Review lit k trong s nm cng ty c qun tr tt nht
Hoa K. Nhng ngi dn dt d lun ny khng nhn ra rng thnh tch
ng n c c khng phi l nh chuyn mn trong lnh vc ngn
hng hay u t, m l do cc khon vay dnh cho cc doanh nghip yu
km v cc chnh ph nc ngoi khng th vay c t bt k ngun no
khc.
Mi chuyn ch v l vo cui tun l Quc khnh nm 1982 khi Ngn
hng Penn Square Oklahoma b ph sn. Ngn hng cng tn vi trung
tm mua sm Penn Square ny tr nn kht ting sau khi h u t
mt t la vo ngnh du kh v bn li khon n ny cho Continental
ngay trc khi th trng nng lng sp . Cng lc , nhng khon n
khc ca Continental cng pht sinh nhiu vn . Gia bi cnh cuc
khng hong n ti Mexico v Agentina cng lc cng cng thng v tin
tc v hng lot nhng v ph sn ca cc tp on ln trn ngp mt
bo hng ngy, khng may l Continental cho tt c cc tp on ny

vay nhng khon n ln vi li sut thp. nh hng ca nhng s kin

ny lm st gim mc xp hng tn dng ca Continental, v nhng ngi
gi tin thn trng bt u rt tin ca h ra khi ngn hng, trong khi
lng tin gi mi gim xung ch cn nh git. n lc ny, nhu cu tin
mt ca ngn hng chi tr nhng chi ph pht sinh hng ngy tr
nn thc s bc thit. H c tm cch thu ht ngun vn mi bng cch
bt u pht hnh chng ch tin gi vi mc li sut cao phi thc t. Cc
nhn vin tn dng c ngn hng phi i lung sc th trng chu u v
Nht Bn v thc hin mt chin dch quan h cng chng nhm thuyt
phc cc nh qun l th trng rng ngn hng vn ang n nh v
vng vng. David Taylor, ch tch ngn hng vo thi im , pht biu:
i Bo m Ngn hng Continental Illinois ca chng ti c thnh
lp v ta i khp th gii.41
n cui nm 1983, gnh nng n xu ca ngn hng ln ti mc kh
c th chng c v vn khng ngng gia tng mc ng bo ng.
Nm 1984, tng n xu ln ti 2,7 t la. Trong cng nm , ngn hng
phi thanh l b phn kinh doanh th tn dng ang hot ng c li
b p cho khon thua l v tr c tc nh k hng qu cho c ng. Bn
trong ngn hng hu nh suy sp hon ton, nhng h vn c gng
duy tr cng vic kinh doanh bn ngoi nh thng l.
Bin c u tin lm rn nt v ngoi n nh ca Continental Illinois xy
ra vo lc 11 gi 39 pht sng ngy th Ba, mng 8 thng Nm, khi hng
thng tn ca Anh Reuters a tin trn trang in t rng cc ngn hng
H Lan, Ty c, Thy S, v Nht Bn ng lot nng mc li sut
cho vay i vi Continental v thm ch mt vi ngn hng bt u rt
tin gi khi ngn hng ny. Bi bo cng trch dn thng bo chnh thc
ca Continental Illinois cho rng tin n v vic ngn hng ny sp ph
sn l hon ton v vn.
TRNG HP T BIN RT TIN GI U TIN TRN TH GII
QUA KNH IN T
Sng ngy tip theo khi mt tri va l rng, cc nh u t nc ngoi
bt u tho chy khi ngn hng. Ngay trong ngy u tin, mt t la
tin chu b rt khi ngn hng. Ngy tip theo ch hn 24 ting

sau khi Continental trn an d lun rng nguy c ph sn ch l tin n

tht thit khch hng lu nm ca ngn hng l Cng ty Thanh ton b
tr thuc Sn Giao dch yu cu rt 50 triu la. Tin tc v s tho
chy lan nhanh qua cc trang bo in t v ti chnh khin cho nhng
ngi gi tin bt u hong lon, dn n trng hp t bin rt tin
gi u tin trn th gii qua knh in t.
Sang ngy th Su, ngn hng buc phi vay 3,6 t la t Cc D tr
Lin bang b p phn tin gi b hao ht. Ngoi ra, mt nhm gm 16
ngn hng, ng u l Morgan Guaranty, cng ngh cung cp cho
Continental mt hn mc tn dng ho phng vi k hn 30 ngy, nhng
tt c vn cha thm vo u so vi nhu cu ca ngn hng ny. Trong
vng by ngy sau , s tin b rt khi ngn hng ln ti hn 6 t
la.
Ban u, hu nh ton b hot ng ny u c gi trong phm vi t
chc: cc ngn hng khc v cc qu c qun l mt cch chuyn
nghip theo di st sao tng chi tit nh trn cc th trng ti chnh.
Trong lc , cng chng khng h hay bit g v thm ha ny, thm ch
ngay c khi n xy ra. Chernow ni: Vic tin gi b t rt khi
Continental ging nh mt cu chuyn tng tng thi hin i: khng
cn hnh nh m ng ngi gi tin chen chc trong hn lon, cn c
mng thc s nm nhng thng tin hin th chp nhong mt cch bnh
thn trn mn hnh my tnh.42 Sprague vit: Bn trong ngn hng,
khng kh vn rt bnh thn, s lng khch hng ngoi quy giao dch
vn nh thng l, v nhn vin ngn hng nh li rng khng h c du
hiu no cho thy h ang c vn v thanh khon ngoi tr trong
phng giao dch in t. Nhn vin trong phng ny hiu r chuyn g
ang din ra khi thy lnh rt tin t v h thng, y Continental
n b vc ph sn. Mt s nhn vin khc.

43

Ngay t u, ch c mt cu hi quan trng duy nht: lm th no

nh la c ngi np thu chp thun vic gii cu ngn hng.
Nguyn tc ca tr chi bo lnh i hi mu ny phi c ngy trang
thnh mt n lc anh hng nhm bo v cng chng. Trong trng hp
ca Continental, c th d dng p dng th on ny do tm c ca

nhng con s l qu ln. C qu nhiu ngi gi tin ti ngn hng ny,

qu nhiu t la c nguy c mt trng, qu nhiu ngn hng b lin i,
v nh vy nn kinh t ca nc M cng nh ca c th gii chc chn
s b e da nghim trng. Ai dm m bo iu s khng xy ra?
Chng ta hn khng cn xa l g vi cu chuyn ca Sprague trong nhng
trng hp nh th ny:
Mt bui hp c t chc vo sng sm ngy th Ba, 15 thng Nm,
ti Cc D tr Lin bang Chng ti tho lun v cc phng n khc
nhau. Trn thc t gn nh khng cn la chn no khc [B trng B
Ngn kh] Regan v [Ch tch Fed] Volcker mt ln na by t s lo ngi
trc nguy c Continental ph sn s gy ra phn ng dy chuyn lm sp
h thng ngn hng quc gia. Volcker s rng mt cuc khng hong
s din ra trn ton th gii. Tt c chng ti u nhn thc su sc rng
t trc n nay cha bao gi c ngn hng no c quy m d ch gn
bng Continental ph sn. Khng ai bit liu nc M v th gii c th
phi i mt vi vn g. Nhng d l g i na, y khng phi l lc
mc cho thm ha xy ra ch tha mn tr t m.

44

y chnh l thi im vng Cc D tr Lin bang v FDIC chng t vai

tr ca mnh. Nu chnh ph khng vo cuc, l ra Continental sp
ko theo ton b s tin u t ca cc c ng, gy thit hi nng n
cho nhng ngi gi tin, nhng i li ngnh ti chnh s hiu ra rng
cc ngn hng khng th ch ni sung m phi thc s qun l mt cch
thn trng. Thng l qun l ngn hng l ra s c thay i mt cch
trit , v li ch kinh t trong di hn m nc M (v c th gii) ng
ra s c hng l v cng to ln. Nhng s can thip ca chnh ph
lm gin on quy lut ca th trng t do, v ngi np thu tr thnh
i tng gnh chu ton b ph tn do s ph sn v gian ln ca ngn
hng. Nhng ngi gi tin vn tin tng vo s an ton gi to ca h
thng ngn hng, trong khi cc ngn hng tha h gian ln v hot
ng mt cch liu lnh v h bit rng cc chnh tr gia s sn sng gii
cu h nu c bt k rc ri no xy ra.
GI CU TR CUI CNG
Trong bui hp ngy 15 thng Nm, B trng Ngn kh Regan hng hn
din thuyt v tm quan trng ca th trng t do v vic cn phi

cc ngn hng t mnh vch ra k hoch gii cu nhm gii quyt t nht
l mt phn n ca ngn hng. Ngay sng ngy hm sau, mt bui hp
cp cao gia ch tch ca by ngn hng ln nht Hoa K c t chc
tho lun v k hoch ny:
D c s tham gia ca c by ngn hng Morgan Guaranty, Chase
Manhattan, Citibank, Bank of America, Chemical Bank, Bankers Trust v
Manufacturers Hanover, nhng thc cht bui hp ny ch mang tnh
chiu l. Cc quan chc ngn hng bit qu r rng chnh quyn Raegan
khng i no mun mo him tin chnh tr trc mt v ph sn
ngn hng ln n vy. Vic Continental v n s lm xu i hnh nh ca
Tng thng v Ngh vin trong t bu c li. D vy, nhm duy tr hnh
nh cng rn trong mt cng chng, chnh ph vn phi thc hin mt s
bin php mang tnh hnh thc. Bn cnh , s thc gic t pha Fed v
B Ngn kh buc cc ngn hng phi chp thun mt khon gii cu
tr gi 500 triu la tnh ra trung bnh mi ngn hng ch ng gp 71
triu la, thp hn rt nhiu so vi nhu cu cu tr thc t. Chernow m
t k hoch ny l mt "tr a" v nhn xt rng "n lc cu tr ca h
ch l gi v.45 Sprague cho chng ta bit thm mt s chi tit nh sau:
Cc quan chc ngn hng ni rng h sn sng tham gia mi k hoch
gii cu, nhng h li khng mun mt cht tin no c. H khng khng
i c bo lnh. H va mun hng ting tt l tham gia ng gp
tin cu tr, li va mun c m bo rng s tin h ng gp s
khng mt i u c n 7 gi 30 pht sng chng ti vn cha t
c tha thun ng k no. Chng ti ngh rng ch vi ting na
thi tnh hnh s hon ton vt khi tm kim sot. Continental sp bc
sang mt ngy lm vic mi, v th trng chng khon s m ca lc 10
gi. Isaac [mt gim c khc ca FDIC] v ti hi cng nhau ngoi
hnh lang. Chng ti nht tr tin hnh gii cu m khng cn s h tr
ca cc ngn hng. Chng ti trnh by k hoch vi Conover [gim c
th ba ca FDIC] v ng y cng tn thnh...
[Sau ], Bernie McKeon, gim c khu vc ca FDIC ti New York, thng
bo cho chng ti rng cc quan chc ngn hng chp nhn mo him
v ng tham gia cu tr. Thc ra, gi th chng cn ri ro no na v

thng bo ca chng ti m bo bo lnh hon ton cho khon cu

tr.46

Gi cu tr cui cng thc cht ch l mt s di tr. V cn bn, chnh

ph tip qun Continental Illinois v thay h chu ton b cc khon thua
l. FDIC mua li s n xu tr gi 4,5 t la ca Continental vi gi 3,5 t
la v b p s tin chnh lch bng cch bm thm 1 t la vo
ngn hng di hnh thc mua c phiu. Nh , lc ny chnh ph tr
thnh c ng chnh nm gi 80% c phiu ca ngn hng, ng thi trt
c ton b n xu ca ngn hng ln vai ngi np thu. Nh vy, mc
d b ngoi Continental vn l mt t chc t nhn, nhng thc cht ngn
hng ny b quc hu ha.
Cho n nm 1984, Cc D tr Lin bang v B Ngn kh chi 8 t la
mt s tin ln n mc chong vng gii cu Continental. n u
nm 1986, con s ny ln ti 9,24 t la v vn tip tc tng. Bin
minh cho vic tiu tn qu nhiu tin thu vo Continental, Ch tch Fed
Paul Volcker ni: Hot ng ny l chc nng c bn nht ca Cc D
tr Lin bang. y chnh l l do v sao Cc D tr Lin bang c thnh
lp.47 Pht biu ca Ch tch Fed v tnh khng nh mt trong nhng
im gy tranh ci ca cun sch ny.
THIT HI CA CC NGN HNG NH
Nh cp trong phn trc, cc ngn hng ln nghim nhin c
FDIC bo lnh trong khi nhng ngn hng nh s b hy sinh. V bo lnh
Continental Illinois chnh l v d r rng nht cho thc t ny.
Nm 1983, Continental np 6,5 triu la vo FDIC bo him cho
khon tin gi tr gi 3 t la ti ngn hng ny. Tuy nhin, ton b
khon n ca ngn hng - bao gm c tin gi ca cc t chc v tin gi
t nc ngoi trn thc t ln gp 10 ln con s , c FDIC bo
lnh thanh ton ton b. Sprague tha nhn rng Cc ngn hng nh
tr nhiu tin bo him hn cc ngn hng ln nhng li c t c hi c
bo lnh trn gi nh trng hp ca Continental hn.48
Chnh xc l nh vy. Trong cng tun Continental Illinois FDIC v Fed
cung cp gi gii cu tr gi hng t la cho, h ng ca nhng
ngn hng nh khc nh Ngn hng Ht Bledsoe ti Pikeville, Tennessee,

Qu tn thc Ngi trng trt v Qu Tit kim ti Opelousas, Louisiana.

Trong na u nm , 43 ngn hng vi quy m nh lm vo cnh
ph sn m khng nhn c bt k khon cu tr no ca FDIC. Trong
hu ht cc trng hp, cc ngn hng nh c sp nhp vo mt ngn
hng ln hn.
nh hng ca s bt bnh ng ny l v cng to ln. V hnh trung, cc
quan chc ngn hng v ngi gi tin ngm hiu rng cc ngn hng
nh s b ng ca ngay nu c vn , trong khi cc ngn hng ln
lun lun an ton bt k chng c qun l mt cch yu km v gian
ln n th no. Tr li phng vn ca phng vin, mt chuyn vin u
t ti New York cho rng, Continental Illinois, d va b ph sn, r rng
l ngn hng an ton nht c nc m bn nn gi tin vo.49 Khng k
hoch no c th hon ho hn trong vic y nhng ngn hng nh c
lp vo cnh ph sn hoc buc h phi t bn mnh cho nhng g khng
l. K t nm 1984, trong bi cnh hng trm ngn hng nh b ng ca,
quy m trung bnh ca cc ngn hng cn tn ti tng hn gp i.
Hn chng ta cn nh rng li th ca cc ngn hng ln trc cc ngn
hng nh chnh l mt trong s nhng mc tiu ca k hoch c vch
ra trn o Jekyll.
S V CA TH TRNG CHO VAY DI CHUN
n nm 2008, c my hy dit ang trn chy ht cng sut. Li sut
c gi mc thp trong hng chc nm cm d nhng ngi ch s
hu nh, nhng k u c v c cc nh bng cng tham gia vo th
trng bt ng sn vi hy vng kim bn tin nh gi nh t khng
ngng leo thang. Cc ngn hng ln bit r rng h s c Fed bo lnh
nu gp rc ri, nn h khng h phng g v sn sng cho vay v ti
v, min l ngi vay k vo giy vay n, bt chp h c kh nng tr n
hay khng. Nhiu ngn hng thm ch cn gi mo giy t khai khng
gi tr ca ti sn th chp cng nh thu nhp ca ngi i vay, v sau
cung cp cc khon vay cn ln hn c gi tr ca ti sn th chp. Lut
chi rt n gin: Cho vay di chun cng nhiu cng tt, sau tp hp
cc khon n c c im tng ng li thnh nhng mn n ln, t
cho chng mt ci tn tht n tng, chng hn nh Qu "Prime

Diversified Fund," sau bn li s n ny cho nhng nh u t ngy

th. Hai trong s nhng t chc ln nht ng vai tr trung gian cho m
mu ny l Fannie Mae v Freddie Mac, loan re-packagers do chnh ph ti
tr.
K hoch ny tm thi pht huy tc dng do li sut c Fed gi mc
thp to nn cn st bt ng sn v ko gi nh tng cao chng
mt. Nhng ngi trc kia trt i vay v khng c kh nng tr n gi
y c th bn nh ca mnh v thu c li nhun cho d h khng tr
c n. Him khi c v tch bin ti sn no xy ra, v dng nh tng
lai ca cc gi u t vn rt vng chc. Tuy nhin, khng nm ngoi quy
lut ca mi cn st do cc tc nhn th trng b thao tng gy ra, cn
st bt ng sn cui cng cng phi chm dt. Hu qu ca cn st ny
cng tr nn trm trng hn trong bi cnh lm pht lan trn, thu cao,
quy nh crippling regulation, v v s vic lm b mt i trc p lc cnh
tranh ca cc nc khc. Tt c nhng yu t gp phn dn n suy
thoi kinh t.
S v tch bin ti sn bt u gia tng cng l lc Fannie Mae, Freddie
Mac, cc ngn hng ln v nhng ngi cho vay gp rc ri. Chng nhng
phi i mt vi nguy c khng thu hi c nhng khon n xu, h cn
tr thnh b n trong hng trm v kin ca cc nh u t t chc nn
nhn ca nhng gi u t la o do h tung ra. Mt ln na, Cc D tr
Lin bang li phi vo cuc gii cu nhng i tng ny bng cch
pht hnh mi mt nghn t la. Phng vin Ambrose Evans-Prichard
vit trn t London Telegraph:
Nh c gi cu tr khn cp, B Ngn kh Hoa K nm ton quyn bm
vn cho Fannie Mae v Freddie Mac hai t chc cho vay th chp khng
l ng vai tr s hu hoc bo m cho mt na trong tng s c phiu
t cc khon vay mua nh tr gi 12 nghn t la trn ton nc M. Mt
ln na trn n cng ca Hoa K c ni rng thm 800 t la, cho
php B Ngn kh c th h tr hai t chc ny vi ngun lc gn nh
khng gii hn. Trong khi , C quan Qun l Nh Lin bang (Federal
Housing Authority - FHA) cng cam kt cho vay mi 300 t la, nhm ti
i tng l nhng ch nh ang gp kh khn vi chi ph vay n tng vt,
thng l kt qu ca nhng hp ng "honeytrap" contracts.

K hoch ny nhm trnh tnh trng v n hng lot trong bi cnh th

trng bt ng sn tip tc lao dc khng phanh. Hn 740 nghn cn nh
b tch bin ch trong qu hai. Gi c phiu ca Fannie v Freddie, hai
th ch ti chnh ln nht th gii, gim gn 85%. 50

S SP CA NGI NH XY T NHNG QUN BI

Cho n lc ny, mi din bin mi ch l mn do u chm ri cho cuc
b in cung ca hng lot nhng thm ha ti chnh mi cng nhng
v gii cu khng l sp xy ra. y cng l lc ta nh xy t nhng
qun bi bt u sp. Thng Chn nm 2008, chnh ph lin bang tip
qun Fannie Mae v Freddie Mac v vo y hn 100 t la. Trong
cng thng, chnh ph cho Cng ty Bo him AIG vay 85 t la cu
cng ty ny thot khi cnh ph sn. C hai khon vay u do Cc D tr
Lin bang cung cp, v mi ngi u hiu rng cc t chc ny hon
ton khng c kh nng tr n. Ngi tiu dng s phi thay h gnh s
n di hnh thc lm pht trong tng lai. (Tht tnh c l trc
Fannie Mae v Freddie Mac ng gp 4,8 triu la cho chin dch
quyn gp cho cc H ngh s.51 ) Ngay sau khi c gii cu, cc gim
c AIG t chc mt cuc hp di chn ngy n mng vn may ca
cng ty v tho lun v ng i nc bc trong tng lai. Cuc hp din
ra ti khu ngh dng St. Regis trn bi bin Monarch, California, ni m
gi mi m ngh ln ti 500 la.52
Mt trong nhng chin lc c cc gim c AIG u tin mc cao nht
l lm th no che giu khon tin thng ca h, bi nhng ngi np
thu chc chn s khng chp nhn vic nhng k y cng ty vo cnh
ph sn li c trao thng bng chnh s tin m h phi vt v mi
kim c. AIG quyt nh gi nhng khon tin thng ny l khon chi
tr li nhun gi li. V sau, khi cng chng i hi lut php phi quy
nh gii hn ca khon chi tr li nhun gi li, AIG cng khng bun
quanh co chi ch na m trc tip nng lun mc lng v ph cp cho
cc gim c ca cng ty.53
V BO LNH NGN HNG TR GI 700 T LA (HAY 5 NGHN T
LA?)

Thng Mi nm 2008, d lut gii cu tr gi 700 t la c Ngh vin

thng qua nhm cu tr cho cc ngn hng ln nht nc ang ngp
ngh bn b vc ph sn. Nhng H ngh s b phiu tn thnh d lut
ny nhn c s tin quyn gp t cc ngn hng nhiu hn 54% so
vi nhng ngi b phiu chng.54 Cc phng tin truyn thng u chp
hnh yu cu ca Nh Trng v vic ngng s dng t bo lnh v thay
vo bng t gii cu.55
Trong lc th gii cn ang sng st trc s tin bo lnh khng l 700 t
la, thc t thm ch cn ti t hn. Credit Sights, mt hng nghin cu
c lp ti New York v London, xem xt tng s tin bo lnh, bao
gm c nhng tha thun khng c cng b rng ri ca Cc D tr
Lin bang v FDIC, v kt lun rng khon tin bo lnh thc t ln ti 5
nghn t la.56 iu ny ng ngha vi vic mi ngi M b mt i
mt khon tin tit kim v sc mua tr gi 16.500 la.
Khng lu sau , American Express c nhn s tin bo lnh 3,39 t
la. Cc gim c trong ngnh thp cng trin khai vn ng hnh lang
c hng tin bo lnh. GMAC, n v qun l ti chnh thuc
General Motors, cng c cho php chuyn i c cu thnh ngn hng
thng mi c iu kin c bo lnh. Ngay trc ngy l T n,
chnh ph tin hnh gii cu Citigroup vi s tin l 45 t la. Goldman
Sachs cng b l 2,1 t la v bt u m phn c bo lnh. Vo
thng 11, Bank of America nhn c s tin bo lnh tr gi 15 t la
v u t 7 t la vo Ngn hng Xy dng Trung Quc.57 Ch vi ngy
sau, B Ngn kh thng bo khon thm ht ngn sch k lc cha tng
c trong lch s Hoa K ln ti 1 nghn t la.
GI BO LNH TR GI HNG TRIU LA CHO NHNG NH SN
XUT T
Khng kh Washington lc ny rt tp np. u n hng tun, gim c
ca cc tp on sn xut t li bay n th trn nhng chic my
bay ring. H cn ngay lp tc hng t la tr li cho nhng khon
vay ngn hng sp n hn thanh ton tin li. C GM v Chrysler u
mun vay tin mt. Ford mun vay tn dng, bi h mun tip tc c
vay n t ngn hng thay v chnh ph, nhng cc ngn hng u t ra lo

ngi trc nhng ri ro ca tp on ny v t chi cho h vay thm. Gii

php cho vn ny v cng n gin: Ford ch vic yu cu chnh ph
ng vai tr ngi ng k tn v chp thun bo lnh cho khon n ca
mnh. Lm g c ngn hng no li khng ng cho vay mt khi c
chnh ph bo m thanh ton? Nhng cho d hnh thc cho vay l g i
na, ngi np thu vn l i tng cui cng phi chu gnh nng n
nn. Tng cng s tin cc cng ty sn xut t c vay l 17,4 t la.
Hai thng sau , Ford bt u sn xut t ti Trung Quc d h c
nh my ti Mexico, c, v Ty Ban Nha.58 Khng lu sau GM cng
theo chn Ford v cng b rng h s tng s lng xe hi sn xut
nc ngoi.59
NGI NP THU ANG HY SINH C HI VIC LM CA CHNH
MNH
Khng kh bt gp tnh trng tin cu tr do chnh ngi np thu
ng gp li gp phn hy hoi c hi vic lm ca chnh h. Trong thi
gian c nhn khon cu tr ln ti hn 150 t la t ngi lao ng
M, cc ngn hng M yu cu cp th thc c bit cho 21.800 ngi
nc ngoi thay th ngi M m nhim nhng cng vic cao cp nh
lut s doanh nghip, chuyn vin phn tch u t, lp trnh vin, v
chuyn vin nhn lc.60 Nguyn nhn lao ng ngi M khng c
tuyn dng mt phn l do cc doanh nghip coi vic ti a ha li nhun
l mc tiu ti thng, phn khc l do ngi c thm quyn tuyn dng
t coi mnh l ngi theo ch ngha quc t, v i vi h nc M chng
h c cht ngha no ngoi vic l mt con b sinh li cn tn dng
thng xuyn v trit ht sc c th. Nh chng ta s thy trong cc
chng tip theo, trong s ny c mt vi ngi cn thng qua cc t
chc nh Hi ng Quan h i ngoi (CFR) theo ui nhng chnh
sch nhm h thp tm quan trng ca nn kinh t Hoa K, to iu kin
d dng cho vic a chnh ph M ha nhp vi chnh ph ton cu. Vic
buc ngi lao ng Hoa K phi ng thu xy dng nn kinh t ca
cc nc khc chnh l mt bc i quan trng trong qu trnh hin thc
ha mc tiu .

n cui nm 2008, ch ring nhng v bo lnh cc t chc ti chnh

trong thi k chnh quyn Bush ngn ht hn 7 nghn t la, gp
mi ln con s c tnh ban u v gp i chi ph ca cuc chin tranh
th gii ln th hai.61 Mc d s tin bo lnh ny ln gp nhiu ln bt k
khon bo lnh no trong lch s, n vn ch c coi nh mt gii php
tm thi v quyt nh cui cng c trao cho chnh quyn mi ca Tng
thng Obama.62 D nhiu c tri trng i mt s thay i di thi
Obama, mi chuyn dng nh an bi: 90% s tin quyn gp cho l
nhm chc ca Tng thng Obama n t cc tp on ph Wall tng
c cu tr bng nhng khon vay tr gi hng t la v ang trng i
c nhn thm nhiu gi bo lnh tng t.63 Qu nhin h khng
phi tht vng.
MERRILL LYNCH: MN QU CHO BANK OF AMERICA
Ma thu nm 2008, cng ty mi gii chng khon Merrill Lynch lm vo
cnh thiu vn v ang trn b vc ph sn. Bank of America chp thun
mua li cng ty yu km ny vi gi 50 triu la. xut ca Bank of
America gy ngc nhin bi chnh bn thn ngn hng ny cng ang gp
kh khn v va phi nhn gi bo lnh tr gi 25 t la. Khi khon l
ln n mc chong vng trong qu bn ca Merrill Lynch c cng b,
ngn hng quyt nh rt khi thng v nhng khng cn kp na. Theo
li khai ca Ken Lewis, gim c iu hnh ca Bank of America, B
trng B Ngn kh Hank Paulson da s thay th ton b ban gim
c v hi ng qun tr ca ngn hng nu h khng chp nhn mua li
Merrill. ng sau li e da ny l Ch tch Cc D tr Lin bang Ben
Bernanke.64 Khi Lewis hi liu chnh ph c ng b l cho ngn hng
trong thng v ny hay khng, Paulson khng nh cu tr li l c
nhng khng mun ghi li iu ny, v theo ng ta th mt cam kt bng
vn bn s l mt s kin c th b cng b, v chng ta khng mun c
mt s kin no nh vy c.65
Ngy 30 thng 12, ban gim c ca ngn hng chp thun vic sp
nhp. Hai tun sau , B Ngn kh rt vo Bank of America thm 20
t la, ng thi cam kt mt khon b l tr gi 118 t la. Ton b s
tin ny mt ln na li c cht ln vai ngi dn M.

BIU TNG CA XUNG T LI CH

Henry Paulson (Hi ng Quan h i ngoi - CFR) l in hnh ca s kt
hp gia khi ngn hng v chnh ph. Bng cch li dng chc v v
quyn hn vi t cch l cu Gim c iu hnh ca Goldman Sachs, ng
ta h gc c ba i th c ca mnh. Khng ch dn xp thng v
bn Bear Sterns cho JP Morgan Chase, cho php Lehman Brothers ph sn,
v buc Bank of America phi mua li Merrill Lynch, ng ta cn cho
Goldman Sachs hng mt gi bo lnh rt ho phng. Nh vy ch cn
Goldman v Morgan l hai ngn hng u t ln trn th trng ti chnh.
Judicial Watch, mt c quan gim st citizen, thu thp c nhng ti
liu cho thy Paulson buc cc quan chc ngn hng phi chp nhn
gi cu tr cho d ngn hng ca h vn trong tnh trng bnh thng v
khng cn c bo lnh. L do l trnh vic cng chng c th pht
hin ra nhng ngn hng yu km thc s khi so snh chng vi cc ngn
hng c iu hnh tt.66
n thng 3 nm 2009, Fannie May yu cu thm mt gi bo lnh tr gi
15 t la. Chnh ph chng nhng p ng i hi ny m cn chp
thun khon tin thng trn li nhun gi li tr gi hn mt triu la
cho mi gim c cp cao ca Fanny May.67
Trong nhng ngy cui cng trc khi b Bank of America mua li (bng
ngun vn ca chnh ph), Merrill Lynch chi ra 3,6 triu la tin
thng vi s chp thun ca Bank of America.68 Mt khc, Bank of
America cng thng bo h ang cn nhc tng lng cho cc gim c
u t thm 70% thay v chi tin thng trnh gy xn xao d lun.69
NH LC HNG CNG CHNG BNG VN TIN THNG
Tin tc v nhng v gii cu v cp bc ca B Ngn kh dy c trn
khp cc mt bo, lm dy ln ln sng trn ton nc M phn i
nhng gim c doanh nghip c lng tham khng y. Rt nhiu chnh
tr gia hng hn din thuyt v vic cn phi c nhng b lut v quy
nh mi nhm ch ng con qu tin thng ny. y thc s l mt
mi nh hon ho gip hng s ch ca cng chng ra khi vn
nghim trng hn. Hn nhin vic nhng k y cng ty vo cnh ph sn
li c thng hng triu la l rt ng ch , tuy nhin vn ny

vn l cc k nh trc thc t rng nhng cng ty ny chi tin thng

sau khi c chnh ph bo lnh, rng quy trnh bo lnh l vi hin, v
rng s tin khng l c huy ng trong nhng v bo lnh ang lm
cho nc M suy yu dn. Gii truyn thng dn xp cuc tranh lun
sao cho nhng vn thc s quan trng khng h c cp n.
Cng chng ch cn bit bn khon v vn kch thc ca gi bo lnh,
nn bo lnh i tng no trc v lm cch no hn ch nhng
khon tin thng. kin mc cho nhng ngn hng yu km ph sn
nhm gip nn kinh t hi phc trong mt mi trng khng cn gian ln
khng c php xut hin trong dng tranh lun chnh.
M MU THANH TON N
Thng 12 nm 2009, Bank of America cng b h thanh ton xong
khon n tr gi 45 t la cho B Ngn kh. Cc quan chc chnh ph
c dp khoe khoang rng hnh ng cu tr ca h l hon ton ng
n v thm ch ngi np thu cn c li. Gii truyn thng cho rng kt
qu nh vy tht m mn v khng my may nghi ng g thng bo ny.
Ngi ta ni rng s tin dng tr n l t d tr tin mt v tin bn
c phiu mi; nhng chc chn vn y khng ch n gin nh vy.
Trc ht, ngn hng ny kh c th tr n bng ngun tin mt d tr, v
h vn ang trong tnh trng thiu ht tin mt v thua l. Cc khon
cho vay ca h lin tc gp vn , vi s v v n tng hn gp 3 ln
t qu mt n qu ba. N xu ca ngn hng ln ti 15%.70 Cch duy
nht gip ngn hng c c ngun tin mt d tr ln tr n l
tip nhn khon cu tr b mt t B Ngn kh - y cng chnh l mt s
kin khng th c cng b theo cch ni ca Paulson. Ni cch khc,
chnh ph ang b tin ra tr n cho chnh mnh, v nh vy thng tin
Bank of America tr ht n thc ra ch l mt mo k ton hay mt tr
qung co khng hn khng km, hng nh la cng chng rng nhng
v bo lnh thc cht l biu hin cho ti nng iu hnh t nc ca
cc chnh tr gia.
Cng khng th ni rng tin tr n n t ngun vn do bn c phiu ca
ngn hng, v trong thi gian cng chng chng nhng khng mua vo
m cn bn bn tho c phiu ca Bank of America. Vy th ngi mua

 u ra? Hay ngi mua, mt cch trc tip hoc gin tip, chnh l bn
thn B Ngn kh? Hay l mt s t nhng nh u t t chc c y
thc v c B Ngn kh m bo b l trong mt s kin khng th
c cng b? Chng ta bit rng vo thng 3 nm 2010, b Ngn kh
tin hnh bn u gi nhng chng quyn h ang gi vi vai tr l vt
bo m cho khon n ca cc ngn hng. Liu c phi s tin tr n
l t vic bn nhng c phiu ny hay khng? Chng quyn khng phi
l c phiu. Chng l nhng hp ng cho php ngi mua c quyn mua
c phiu trong tng lai ti mt mc gi c nh sn. Chng quyn l
mt cng c phi sinh, v ngi mua chng quyn thng nhm n mc
tiu u c ch khng phi l u t. Liu c phi bt k ai mua nhng
chng quyn ny u c chnh ph v Cc D tr Lin bang b mt cam
kt bo lnh trong trng hp canh bc h tham gia b tan v? Nhng cu
hi ny khng h phi l mt cht no nu chng ta xem xt cch x l gn
y ca b Ngn kh v Fed i vi nhng vn tng t, nhng chng
khng bao gi c cc phng tin truyn thng chnh thng cp n.
Theo bo co ca Cc D tr Lin bang New York, nhng ti sn m chnh
ph mua li trong v bo lnh AIG ang c li trn giy t. iu c
ngha l nu c bn trn th trng t do, nhng ti sn ny s c gi
cao hn so vi gi chng c mua vo ban u.71 Nu ng l s tht,
chng ta c quyn thc mc ti sao h li khng bn nhng ti sn i.
Cu tr li hp l l bi nhng nh kinh t ca Cc D tr Lin bang
chng khc no mt ngi mua mt chic xe hi xp x vi gi 900 la,
sau tuyn b c li trn giy t do anh ta c th bn n i vi gi
1000 la, trong khi trn thc t, may lm th anh ta cng ch c th bn
c chic xe vi gi 100 la m thi. Chng no nhng ti sn ny
cha thc s c bn ra, bt k tuyn b no v li nhun trn giy u
phi c xem xt k lng.
Tin v vic Bank of America tr ht n c tc dng xoa du s phn n
ca cng chng, v do khng lu sau nhng i tng tng c bo
lnh cng ua nhau thng bo h ang tip tc tr n, mc d bn thn
h cng ang b thua l. Citibank v General Motors ni rng h s tr n
bng cch pht hnh c phiu mi. Thng 4 nm 2010, General Motors

tuyn b h thc s tr ht n. Nhng ch cht! Sau khi iu tra tuyn

b ny, chng ta pht hin ra rng h thanh ton gi bo lnh th nht
bng ngun vn ly t gi bo lnh th hai. Khng mt ng tin tr n
no l t doanh thu bn xe hi hay thm ch l bn c phiu. Nh vy c
th thy mi chuyn ch l mt tr la bp nhm nh la cng chng.72
NGUY C QUC HU HA TR THNH S THT
Khi chnh ph cp vn cho bt k i tng no, h u kim sot i
tng ; v vic kim sot cng ng ngha vi vic chnh ph ang s
hu i tng . iu ny c chng minh rt r vo ngy 1 thng 4
nm 2009, khi B trng B Ngn kh Timothy Geithner (Hi ng Quan
h i ngoi - CFR), thng bo rng ng ta sn sng sa thi gim c iu
hnh ca bt k ngn hng no tng nhn c gi bo lnh nu ngi
khng iu hnh ngn hng mt cch ng n.73 Thc ra Geithner khng
nh ui vic ai c. Thng bo ca ng ta ch yu nhm mc ch thuyt
phc cng chng rng chnh ph hon ton c trch nhim v nghim tc
trong vic cho vay mt khon tin ln n vy, tuy nhin tm quan trng
ca tuyn b ny nm ch B trng B Ngn kh gi y c quyn sa
thi gim c iu hnh ca cc ngn hng m khng cn thng qua ban
gim c ngn hng . y chnh l c quyn ti thng ca quyn s
hu. Thc t ang xy ra l ngnh ti chnh v nhng b phn chnh ca
ngnh bo him v sn xut xe hi hin b quc hu ha, hay ni thng
ra l thuc quyn s hu ca chnh ph.
Thng 5 nm 2009, chnh ph cp cho GMAC (n v qun l ti chnh ca
GM) thm 7,5 t la, sau thm 3,8 t la vo thng 12, v 3.8 t
la na vo thng 1 nm 2010, tng cng l 16,3 t la. Nh vy chnh
ph nm quyn s hu kim sot n v ny vi 56% tng s vn.74
u nm 2010, chnh ph vo General Motors tng cng 57,6 t
la, ng thi nm lun quyn kim sot ti y. Gi th chnh ph tha h
iu hnh cng ty theo bt k cch thc no m h mun.
Thng 2 nm 2009, chnh ph s hu 80% s vn ca AIG (cng ty ny
mt ln na li cn kit ngun vn).75 Trong cng thng, cu Ch tch Cc
d tr Lin bang Alan Greenspan cng khai ku gi quc hu ha tt c

cc ngn hng b ph sn (iu ny ng ngha vi vic quc hu ha a

s cc ngn hng).76
Khng kh nhn ra m hnh kinh doanh mi ca Hoa K. c im
chnh ca m hnh ny l s sp nhp ca chnh ph, bt ng sn, v
thng mi thnh mt cu trc duy nht c iu hnh mt cch st sao
t trn xung. y cng chnh l m hnh c s dng bi chnh quyn
X Vit, pht xt c, v cng sn Trung Quc.
H THNG T TI QUY M TON CU
Mt trong nhng phn ng ch nht ca v kch ny din ra trong mt
phng iu trn lin bang vo ngy 3 thng 3 nm 2009, khi Ch tch Fed
Bernanke lm chng trc y ban Ngn sch Thng vin. Khi c
Thng ngh s Bernie Sanders yu cu cung cp danh tnh ca nhng t
chc ti chnh nhn gi bo lnh, Bernanke ngng li mt cht v sau
ni Khng! mt cch thng thng. L do c vin n gii thch
cho s t chi ng kinh ngc ny l vic cng b tn s khin cho cng
chng mt nim tin vo nhng ngn hng ny v ua nhau rt tin, khin
cho vn cng tr nn trm trng. D vy, c th thy ng sau s b
mt ny cn n cha mt ng c khc km cao thng hn. C tin n
rng hng t la b tun sang cc ngn hng nc ngoi, v chc
chn nhn dn M s khng th yn lng khi nhng thng tin nh vy
c cng b.
Vn l liu nhng tin n ny c chnh xc hay khng? Nhng din bin
xy ra sau cho thy chng l s tht. Hai thng sau, IMF thng bo h
ang tin hnh bo lnh cho cc ngn hng ti Hy Lp vi s tin ln ti
145 t la, trong khon tin do Hoa K ng gp chim 20%. Nh vy
nhn dn M h tr 8 t la cho cc ngn hng ca Hy Lp.77
Tun k tip, Cc D tr Lin bang thng bo h s bo lnh cc ngn
hng chu u m khng cn c Ngh vin thng qua. Vic b qua s
chp thun ca Ngh vin khng phi l vn ln v thng th s chp
thun ny cng khng thc s quan trng. Vn thc s nm vic, gi
y Fed tha nhn vai tr ca mnh nh mt my in tin ca th gii.
Chng trnh mi ny bao gm ngn hng trung ng ca cc nc
Canada, Anh, Lin minh chu u, Thy in v Nht Bn. S tin dnh cho

nhng v bo lnh trong tng lai ti cc quc gia khc s c to ra bi

Cc D tr Lin bang M trong khi i tng chu thua thit li chnh l
ngi dn M (v h khng h c bit hay ng tnh vi k hoch ny).
Khon tin ny s c chuyn n ngn hng trung ng ca cc quc
gia k trn t phn phi ti cc ngn hng thng mi ca nc
.78 y thc s l mt tin tc quan trng, nhng truyn thng chnh
thng ch tng thut thng tin ny nh mt bn thng co bo ch kh
khan v khng cp g n tc ng bn cng ha ca chng trnh ny
i vi ngi dn M.
CU CHUYN CN TIP DIN
Thng 8 nm 2010, Freddie Mac mt ln na li phi yu cu gi bo lnh
mi tr gi 1,8 t la, nng tng s tin cu tr t chc ny c nhn
ln hn 64 t la. Ngy 12 thng 6 nm 2010, Tng thng Obama yu
cu Ngh vin ph chun khon tin 50 t la nhm bo lnh cho cc
thnh ph v bang ca nc M.79 Chnh quyn nhiu tiu bang v a
phng cn kit tin v phi yu cu chnh ph thanh ton nhng
khon n ca mnh, c bit l tin phc li. Theo h, nu nhng t sc
tr tin phc li khng xut hin trong hm th ca ngi nhn, s c bo
ng xy ra trn ng ph. ng nhin khng ai mong mun bo ng,
v cn phi c nhng khon bo lnh t qu lin bang m bo chc
chn iu khng xy ra.
Phn tip theo ca tr chi i hi phi to c o tng v vic nhng
khon tin bo lnh c thanh ton nh vo nhng khon li nhun
khng c tht bng cch s dng chnh nhng mnh khe k ton a
Jeffrey Skilling, Ch tch Tp on Enron, vo t. James Quinn, Gim c
Cp cao v Hoch nh Chin lc ca Quinn Advisors, m t qu trnh
ny nh sau:
Hn bn s rt phn khi khi bit rng li nhun ca ngnh ti chnh
ln cao ti mc ng kinh ngc. Cc D tr Lin bang ch cn xa 1,3
nghn t la n xu khi s sch ca cc ngn hng, nh gi nhng
khon cho vay cn li ca h cao ln 40%, vay tin t Fed vi li sut
bng khng, tn dng quyn chn bn Bernanke c th thoi mi giao
dch m khng lo thua l, v cui cng l h thp mc d bo l trong
tng lai c th gim bt cc khon d phng b l. Ngnh ngn hng

khng cn phi thc hin bt k nghip v no trong s nhng nghip v

truyn thng t nht nh cho cc doanh nghip nh vay na. Thay vo ,
vic m rng quy m v gian ln s sch mang li cho h li nhun ln
hn nhiu.

80

Chi ph cp vn cho chnh quyn cc tiu bang v a phng cng chnh

quyn lin bang v cc ngn hng v cc cng ty bo him cng cc hng
sn xut t cng cc ngn hng chu u v v s nhng cuc chin
tranh cng mt i qun thng trc trn quy m ton cu s lm tiu tan
ton b ti sn cn li ca tng lp trung lu Hoa K. Khng ai dm chc
tnh trng ny cn tip din trong bao lu na, nhng c mt iu chng
ta c th chc chn, l d sm hay mun th n cng phi chm dt.
Chng 25 v 26 s tho lun v xu hng ca tnh trng ny v cch n
kt thc.
L DO TH HAI T B CC D TR LIN BANG
Nhn nhn li mt cch nghim tc nhng hot ng ca Cc D tr Lin
bang s a chng ta n vi l do th hai v sao nn t b h thng ny:
Chng nhng khng phi l mt t chc bo v cng chng, y cn l
mt lin minh hot ng ngc li vi li ch ca cng chng.
TM TT
Tr chi mang tn bo lnh khng phi l sn phm ca tr tng tng
m hon ton c tht. Sau y l mt s tr chi vi quy m ln din
ra trong qu kh v kt qu cui cng ca chng.
Nm 1970, hng ng st Penn Central b ph sn. Nhng ngn hng
ch n ca hng tip qun nhng v tr trong ban gim c v y Penn
Central ln su hn na vo vng xoy n nn, ng thi tip tc cho
hng ny vay nhng khon vay ln hn b l. Cc gim c ca Penn
Central chng nhng khng cho c ng bit s tht m cn cho hng ny
vay thm tr c tc v tip tc gi c v ngoi n nh gi to. Cc
gim c v ngn hng ca h tng kh c s c phiu ca mnh ti
Penn Central vi gi cao phi thc t. Khi s tht c cng khai, cc c
ng ca hng hon ton trng tay. Khi Ngh vin c tin v ph sn ca
Penn Central s c tc ng khng khip n li ch ca cng chng, h
phn ng bng cch cung cp 125 triu la di hnh thc cho vay

m bo nhm trnh ri ro cho cc ngn hng. Penn Central c quc

hu ha tr thnh AMTRAK v tip tc hot ng trong cnh thua l.
Khi Lockheed phi i mt vi nguy c ph sn vo nm 1970, mt ln
na Ngh vin li c cnh bo nhng nguy c tng t. Hng nghn
ngi s b mt vic, nhng nh thu ph s phi ng ca, v tn hi cho
cng chng s l v cng to ln. Do Ngh vin bo m cho mt
khon vay mi tr gi 250 triu la, lm tng s n ca Lockheed ln
thm 60% so vi trc. Do ng ra bo lnh cho khon n ca
Lockheed, chnh ph cn m bo rng tp on ny hot ng c li, v
h m bo iu bng cch cho tp on hng nhng hp ng quc
phng bo b m khng phi cnh tranh u thu. Cc ngn hng cng
nhn c khon thanh ton cho s n ca Lockheed.
Nm 1975, Thnh ph New York City t n hn mc tn dng ti a.
Thnh ph vay rt nhiu tin duy tr mt b my quan liu tha thi
v mt h thng phc li x hi thu nh. Khi Ngh vin c tin cng
chng s b tn tht nng n nu cc dch v ca thnh ph b ct gim
v nc M s b mt mt trc ton th gii, h lin ph chun cho New
York vay thm 2,3 t la na, gp hn hai ln s n hin c ca thnh
ph. Cc ngn hng vn tip tc c nhn nhng khon thanh ton li
sut.
Nm 1978, Chrysler mp m bn b vc ph sn. Mt ln na Ngh vin
li c thng bo rng cng chng s chu thit hi rt ln nu nh cng
ty ng ca, v rng v ph sn ca Chrysler chng khc no c m
ging xung nc M mt khi quyn t do la chn ca cng dn b gim
xung ch cn 2 nh sn xut t thay v 3 nh trc. V vy Ngh vin
tip tc bo lnh mt khon n tr gi ln n 1,5 t la. S n xu trc
kia ca cc ngn hng c chuyn thnh mt ti sn c li sut v c
bo m thanh ton bi ngi np thu.
Nm 1972, Ngn hng Thnh vng chung Detroit, vi khi ti sn tr gi
1,5 t la, lm vo cnh v n. Ngn hng ny vay nhiu tin t
Chase Manhattan u t vo nhng phi v lm n ri ro cao nhng c
tim nng li nhun ln. Do , khi ngn hng ny vng phi rc ri th
Chase cng gp vn . Cc vin chc ngn hng ti Washington v

bo co vi FDIC rng cng chng cn phi c bo v khi nhng kh

khn v ti chnh c th s xy ra nu Ngn hng Thnh vng ph sn.
Do , FDIC chp thun cung cp khon vay tr gi 60 triu la cng vi
bo m thanh ton ca chnh ph lin bang. Chase cng b l mt cht
nhng b li h chuyn c hu ht cc khon n thnh nhng ti
sn do ngi np thu bo m.
Nm 1979, ngn hng First Pennsylvania ca Philadelphia b v n. Vi
khi ti sn hn 9 t la, ngn hng ny c quy m ln gp 6 ln ngn
hng Thnh vng chung. y cng l mt ngn hng hot ng nng n
trong nhng nm 70. Gi y cc quan chc ngn hng v Cc D tr Lin
bang u ra sc thuyt phc FDIC rng cng chng cn phi c bo v
khi thm ha ph sn ca mt ngn hng vi quy m ln nh vy, v
rng iu ny l v li ch ca nn kinh t M v ca c th gii. Do
FDIC cung cp cho ngn hng ny mt khon vay tr gi 325 triu la
khng tnh li sut trong nm u tin, v mt na li sut th trng
trong nhng nm tip theo. Fed cng cp tin cho cc ngn hng khc vi
mc li sut c tr cp h c th dng s tin cho First Penn vay.
Vi ng lc nh vy, cc ngn hng cho First Penn vay ngay lp tc
175 triu la km mt hn mc tn dng tr gi 1 t la.
Nm 1982, n lt ngn hng Continental Illinois ca Chicago b ph sn.
y l ngn hng ln th by Hoa K vi khi ti sn tr gi 42 t la.
Nm trc , li nhun ca ngn hng tng vt nh khon vay ca
cc doanh nghip u t mo him c ri ro cao v cc chnh ph nc
ngoi. Mc d c cc chuyn gia phn tch th trng u i, ngn hng
vn khng trnh khi cnh bi t khi dng tin ca h b m. Ch tch Fed
Volcker cnh bo FDIC v vin cnh khng khip s xy ra khi mt
ngn hng tm c nh Continental Illinois lm vo cnh ph sn v ko
theo nn kinh t ton cu b hy hoi. V vy, FDIC nhn bo lnh s n
xu tr gi 4,5 t la v ng gp 80% vn ch s hu ca ngn hng
bng hnh thc mua c phiu. Nh vy, v hnh trung ngn hng c
quc hu ha, nhng khng ai cng khai iu ny. Nhng v bo lnh tnh
n thi im ny vn cha l g so vi hng nghn t la c vo
cc ngn hng, cng ty bo him, cc nh sn xut xe hi, v cc ngn

hng nc ngoi t nm 2008 tr i. Mi rc ri bt u t s v ca

th trng cho vay di chun, hu qu ca mt chnh sch c tnh ton
ca cc ngn hng ln nht nc M nhm li ko nhng gia nh c thu
nhp thp chp nhn nhng khon vay th chp m h khng c kh
nng chi tr. Cc ngn hng gi nh rng gi nh s tng lin tc khng
ngng, do ngi i vay s c th tr n c bng cch vay nhng khon
n mi ln hn da trn gi tr ngy cng tng ca bt ng sn cm c.
Nhng khon vay th chp ny c tp hp li, t cho nhng ci tn
nghe tht ku v bn li cho cc qu u t v nh u t ngy th. Ngy
khon n o hn cng l lc hng triu ngi i vay th chp b mt ton
b s ti sn o tng ca h (v c ngi nh ca h na) trong khi hng
triu nh u t trng tay do ngi mua khng tr c n.
Nhng ngn hng phi chu trch nhim trc cn st bt ng sn ny
cng ang mp m b vc ph sn, nhng h tuyn b vi Ngh vin rng
h qu ln sp , bi l nu h sp th c nc M cng vy. Ngh
vin buc phi chp thun gn nh ton b mi yu cu ca cc ngn
hng ny v cung cp tin thu ca dn chng cho h cho d s tin h
yu cu l bao nhiu. Vic cp bc hp php ny c phi hp thc
hin bi Henry Paulson v Timothy Geithner, hai B trng B Ngn kh
ng thi l thnh vin ca hip hi ngn hng, li dng s tin tng
ca cng chng bo v v lm giu thm cho h thng ngn hng.
Ton b s tin l do Cc D tr Lin bang cung cp vi t cch ngi
cho vay cui cng. chnh l mt trong nhim v ca Cc d tr Lin
bang t khi mi thnh lp. Chng ta cn nh rng cm t ngi cho vay
cui cng c ngha l tin c to ra t khng g c - nguyn nhn gy
ra lm pht lm hao mn ti sn ca quc gia.

32 Chris Welles, The Last Days of the Club (New York: E.P. Dutton, 1975), trang 398-

99.

33 "Penn Central," 1971 Congressional Quarterly Almanac (Washington, D.C.:

Congressional Quarterly, 1971), trang 838.

34 "Penn Central: Bankruptcy Filed After Loan Bill Fails," 1970 Congressional Quarterly

Almanac (Washington, D.C.: Congressional Quarterly, 1970), trang 811.

35 Trch dn bi Welles, trang 404-05.

36 Gii thch v hiu ng s nhn, xem chng 8, C ch Mandrake.

37 Welles, trang 407-08.

38 "Congress Clears Railroad Aid Bill, Acts on Strike," 1970 Congressional Almanac

(Washington, D.C.: 1970), trang 810-16.

39 Sprague, trang 68.

40 Sprague, trang 88-89.
41 Trch dn bi Chernow, trang 657.

42 Chernow, trang 658.

43 Sprague, trang 153.

44 Ibid., trang 154-55, 183.

45 Chernow, trang 659.

46 Sprague, trang 159-60.

47 Trch dn bi Greider, trang 628.

48 Sprague, trang 250.

49 "New Continental Illinois Facing Uncertain Future," tc gi Keith E. Leighty,

Associated Press, Thousand Oaks, Calif., News Chronicle, ngy 13 thng 5, 1985,
trang 18.

50 "Fannie Mae and Freddie Mac: Congress backs rescue package," tc gi Ambrose

Evans-Prichard, Telegraph.co.uk (Net), ngy 28 thng 7, 2008.

51 "Fannie Mae and Freddie Mac Invest in Lawmakers," tc gi Lindsay Renick Mayer,

Open Secrets (Net), ngy 11 thng 9, 2008.

52 "Executives at bailed-out AIG stayed at $500 a night California resort," tc gi

Andrew Clark, Guardian (Internet), ngy 7 thng 10, 2008.

53 "AIG Says More Managers Get Retention Payouts Topping $4 Million," tc gi Hugh
Son, Bloomberg (Net), ngy 9 thng 12, 2008.
54 "House Members Who VotedYes on Bailout," Think Progress (Net), ngy 30 thng 9,

2008.

55 The White House Says "Rescue" not "Bailout," and Fox Does as It's Told, News

Hounds (Net), ngy 30 thng 9, 2008.

56 "Washington's $5 Trillion Tab," tc gi Elizabeth Moyer, Forbes (Net), ngy 12

thng 11, 2008.

57 "Bank of America's stake in China Construction Bank may play well," New York

Times, ngy 18 thng 10, 2008.

58 "Ford starts making Fiesta in China," Raw Story (Net), ngy 15 thng 1, 2009.

59 "Under Restructuring, GM To Build More Cars Overseas," tc gi Peter Whoniskey,

Washington Post (Net), ngy 8 thng 5, 2009.

60 "AP Investigation: Banks sought foreign workers," tc gi F. Bass v R. Beamish,

Yahoo (Net), ngy 1 thng 2, 2009.

61 "Financial Crisis Tab Already in Millions and Counting," CNBC, ngy 28 thng 11,

2008.

62 "U.S. Throws Lifeline to Detroit," tc gi J. McKinnon v J. Stoll, Wall Street Journal

(Net), ngy 20 thng 12, 2008.

63 "Wall Street Is Big Donor to Inauguration," tc gi C. Cooper, Wall Street Journal

(Net), ngy 9 thng 1, 2009.

64 Th ca Andrew Cuomo, B trng T php Hoa K, bang New York, gi

Christopher J. Dodd, Ch tch y ban Thng vin Hoa K v Ngn hng, Nh v

th, ngy 23 thng 4, 2009, (bn lu ti www.realityzone.com/footnotes.html).

65 "Threats and Secret Promises: Bank of America's Merger with Merrill Lynch," tc gi

Mack Sperling, Business Litigation Report (Net), ngy 24 thng 4, 2009.

66 Henry Paulson, Wikipedia (Net).

67 "Fannie Plans Retention Bonuses As Outlined by the Government." Tc gi Zachary

Goldfarb, Washington Post (Net), ngy 19 thng 3, 2009.

68 "Top Four Merrill Lynch Bonus Recipients Got $121 Million," tc gi Karen Freifeld,

Bloomberg (Net), ngy 11 thng 2, 2009.

69 "Bank of America May Increase Salaries for Investment Bankers," tc gi J.

Simmons v J. Fineman, Bloomberg (Net), ngy 28 thng 3, 2009.

70 "Bank of America TARP Repayment Premature, Analyst Says," Huffington Post

(Net), ngy 4 thng 12, 2009.

71 "Federal Reserve NY reports paper profit," BBC News (Net), ngy 30 thng 7, 2010.

72 "Grassley Slams GM, Administration Over Loans Repaid with Bailout Money," Fox

News (Net), ngy 22 thng 4, 2010.

73 "Ousting bailed-out U.S. bank CEOs: Geithner," Reuters (Net), ngy 1 thng 4,

2009.

74 "US bails out General Motors-related company GMAC with further $3.8bn," tc gi

David Teather, Guardian (Net), ngy 1 thng 1, 2010.

75 "AIG Seeks More US Funds As Firm Faces Record Loss," tc gi David Farber, CNBC

(Net), ngy 23 thng 2, 2009.

76 "Greenspan backs bank nationalization," bo K. Guha v E. Luce, Financial Times

(Net), ngy 18 thng 2, 2009.

77 "Guess Who's Paying for the Greece Bailout? That's Right - YOU," tc gi Henry

Blodget, Business Insider (Net), ngy 3 thng 5, 2010.

78 "Federal Reserve Opens Credit Line to Europe," Fox News (Net), ngy 10 thng 5,

2010.

79 "Obama pleads for $50 billion in state, local aid," tc gi Lori Montgomery,

Washington Post (Net), ngy 13 thng 6, 2010.

80 "Extend and Pretend is Wall Street's Friend," tc gi James Quinn, Financial Sense,
http://www.financialsense.com, 31 thng 3, 2011.