论文部分内容阅读
2008年的全球金融危机虽已告一段落,但其对经济、金融领域的深远影响却仍在警示世人,危机中美国第四大投资银行——雷曼兄弟破产,意味着这家具有158年历史的投资银行走进了历史。2010年4月16日,华尔街再次传出重磅消息,美国证券交易委员会(SEC)指控高盛集团(GS)涉嫌欺诈投资者。SEC称GS在向投资者销售他们自己设计的一种抵押债务债券(CDS)时隐瞒了关键信息。这一CDS产品的表现与住宅次贷证券(RMBS)直接挂钩。该消息直接导致高盛股价暴跌、市值蒸发120亿美元,并牵连欧美股市、商品市场(包括金价、油价)、非美货币出现大跌。雷曼的倒闭,以及刚刚发生的高盛事件,都与曾经风光一时的结构性金融产品有着密切关系。到底什么是结构性产品?它真的像人们传说中的那么糟糕吗?本文以雷曼兄弟迷你债券Minibond为例,为大家揭开结构性金融产品的神秘面纱。
Although the global financial crisis of 2008 has come to an end, its far-reaching impact on the economic and financial fields is still alarming the world. In a crisis, the bankruptcy of Lehman Brothers, the fourth-largest investment bank in the United States, means the 158-year-old Investment bank into history. On April 16, 2010, Wall Street reported heavy news again. The Securities and Exchange Commission accused Goldman Sachs (GS) of alleged fraud in the company. The SEC said the company hid key information from selling a self-designed mortgage-backed bond (CDS) to investors. The performance of this CDS product is directly linked to residential sub-prime securities (RMBS). The news led directly to Goldman Sachs stock prices plunged, the market value evaporated 12 billion US dollars, and implicated European and American stock markets, commodity markets (including gold, oil prices), non-US currencies plunged. Lehman’s collapse, and the recent Goldman Sachs event, are closely linked to the once-buoying structural financial products. In the end what is a structured product? Is it really as bad as people legend? This article Lehman Brothers mini-bond Minibond, for example, to expose the mystery of structured financial products.