Managerial

Download Finance: Servant or Deceiver?: Financialization at the by P. Dembinski PDF

By P. Dembinski

Throughout the last 30 years, finance has elevated not just its percentage of monetary job but additionally of people's aspirations. This has transformed society via more and more organizing it round the look for monetary efficiency. Is a society in keeping with primary values of loose judgment, accountability and cohesion nonetheless attainable?

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At the end of September 1998, the Federal Reserve Bank of New York called an emergency meeting of the fifteen leading Wall Street institutions that were linked to or held shares in LTCM. 5 billion. Following this forced increase in capital, the share owned by former shareholders – including the management team – was reduced to 10 per cent, the other 90 per cent going to the rescue consortium. It ultimately took help from thirty-five other financial institutions to save LTCM. The purpose of this coordinated arm’s-length intervention by the US government was to allow LTCM’s positions to be liquidated in a tidy manner, so as to prevent market panic and contain the risks to the whole system.

All that would then remain would be money-as-information, an 30 Finance: Servant or Deceiver? integral part of the social institution from which it derives its meaning and reason to exist – in Keynesian terms, ‘accounting money’. The dematerialization of money and its confinement to hermetic technological areas changed the very nature of payment. This now became a chargeable service which could only be carried out by intermediaries with access to the appropriate technological area. Economic players are increasingly encouraged to use technological payment systems.

Market authorities – which in most Western countries are private bodies operating under strict government supervision – deal with this by imposing very strict information standards on all quoted securities. These standards concern the frequency, validation and degree of detail of accounting information, which in turn is standardized. 32 This ‘primary’ information is used by a whole range of specialized players – rating agencies, advisers, experts and so on – to produce secondary information that is explicitly aimed at less professional clients.

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