① Operation summary: Securitize bad debts, and credit rating agencies rate high-risk loans as "close to national debt" and low-risk, and then package and sell them to investors to transfer risks, while buying put options. ②Understanding: Because the creditor’s rights have been sold to the investor, the lender does not have to worry that the borrower can’t repay the money. On the contrary, because they bought the put option, they hope that the borrower can’t repay the money, the better, that is, the lender is more inclined to borrow Money is given to those who cannot afford it. The more the debtor can’t repay the money, the higher the borrowing rate, and the more expensive the creditor’s rights can be. This is the first money. At the same time, the "intrinsic value" of the put option bought is also higher, and when the option is exercised, a big profit is made, which is the second money. For such a high-return investment without any risk, profit-seeking capital is naturally inclined to this. ③Perception: Unlike the film's aggressive accountability to the "initiator", I personally think that punishment is necessary, but more importantly, it is to find institutional problems and avoid repeating the same mistakes in the future. (After all, it is difficult to change human nature. In comparison, it is more realistic to define rules to constrain people’s behavior.) ④Coping ideas: From the perspective of God, the first institutional problem is that those credit rating agencies that serve as market reference provide information. 's credit ratings are "personal opinions", they are not responsible for wrong ratings, which means they can "lie" without cost, whether it is appropriate to increase information disclosure or increase the cost of making mistakes? ; The second institutional problem is that securities companies can not only securitize assets, but also speculate on options on the financial products they sell. I wonder if they can strengthen supervision or consider separating the two rights. For example, asset securitization companies are not allowed to have Other financial speculation/hedging?
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