金融庁にも監査が必要！？
英国金融サービス機構（FSA）は説明責任を欠く！
（インスティチューショナル・インベスターズ誌）
Financial Advisers Suggest Audit Of
FSAは徴収した巨額の罰金の使途やスタッフ増の説明をしないとして、監査対象にすべきという批判を浴びています。
A British financial adviser has suggested that the
独断的コメント：
わが国の官庁の透明性の無さは、世界に冠たるものがあり、加えて最近の金融庁は業者の不正摘発に辣腕を振るうようになっており、行き過ぎれば嘗ての裁量行政に戻りかねません。その意味では、英国以上に金融庁の監査が必要でしょうが、会計検査院はこれまた役に立たない機関です。
駐車違反を民間委託したように、民間業者に監査をアウトソースする可能性は無いでしょうか？
更に興味のある方は、 ↓
http://www.dailyii.com/article.asp?ArticleID=1041158&LS=EMS76895
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ポールセンのメンタル・アカウンティング？
ポールセンの損得勘定（エコノミスト誌）
Hank Paulson
Riddle solved（謎は解けた）
From The Economist print edition
Why it pays to become America's treasury secretary
ゴールドマンのCEO、ハンク・ポールセンは４０百万ドルの年収を捨てて、年間2０
百万円で嘘つきブッシュの財務長官になります。
利に聡いインベストメント・バンカーが、名誉や権勢を求めて決断をしたという話は誰も信じません。そこで、皮肉屋エコノミスト誌の推測です・・・・・。
SIGNING Hank Paulson, chief executive of Goldman Sachs, as
When his appointment was announced, Mr Paulson explained that he was motivated by the “honour” of service. Doubtless he was, but the price of honour looked pretty high. His pay would drop from around $40m a year to $183,500 and he would have to sell his $700m-worth of Goldman shares—meaning, on the face of it, a gigantic bill for capital-gains tax.
Happily, this is not so. It turns out that for someone, like Mr Paulson, who has lots of shares in one company, becoming treasury secretary comes with a whopper of a tax benefit. Possession of a stack of shares in Goldman Sachs is hardly a cause for pity, but even so it is a bit of a financial albatross for the company's chief executive. Selling is next to impossible—not only because of the capital-gains tax, which for Mr Paulson could have exceeded $200m, but also because holding the shares expresses the boss's confidence in the firm better than words ever can. Mr Paulson often made a point of noting that he had kept every share he had ever received. （後略）
独断的コメント：
イエローカード2枚でも退場しようとしない中銀総裁もいますが、民間人が公職に着くときは利害相反を避けるため、資産の整理と申告が必要というのは先進国の常識です。
米国では、出身母体の株式を処分して、他の投資に振り替えなければなりませんが、その際生じるキャピタル・ゲインは繰り延べできるという便宜が図られています。
ポールセンの資産のほとんどはゴールドマンの株式7億ドルと見られていますが、巨額の税金を繰り延べしながら卵をひとつの籠に入れている状態から分散投資に移行できるというメリットは大変貴重ではないか、とエコノミストは指摘しています。
加えて、活況を呈しているIB業界もピークアウトしつつあるとすれば、丁度売り抜けの機会でもあるわけです。
更に興味のある方は、 ↓
http://www.economist.com/finance/PrinterFriendly.cfm?story_id=7065901
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透明性に欠く大学の基金
機関投資家も透明性が問われる
（インスティチューショナル・インベスターズ誌）
Study: Universities Need A Lesson In Transparency
米国の大学が有する基金は資本市場で無視できない機関投資家ですが、その運用内容はかなり不透明だというのがこの報告です。
Universities and colleges tend not to disclose their investment holdings and proxy records to the public, and not even to their students, according to a survey by the Sustainable Endowments Institute. The study found that 67% of the 216 participants reveal their holdings only to trustees and senior administrators, while 22% will share that information with the public, and 12% make this information available just to students and the college community in general. Those that do not disclose their voting and investment information argue that to do so would compromise a competitive advantage, but the survey found that a full two-thirds of respondents, with $65 billion in endowment assets among them, do share this information without fear of losing their advantage. According to the study, only 5% of those polled – including heavy hitters Harvard University, Yale University, Stanford University, Columbia University, the University of Pennsylvania, Dartmouth College, Brown University, Williams College, Pomona College and Swarthmore College – have shareholder responsibility committees to assist in vote proxies.
独断的コメント：
村上ファンドの突然の危機で慌てている出資者も多いと思います。こっそり預けていた日本の企業や金融機関は名前が出ないかと戦々兢々としているようですが、米国の機関投資家はそんなことは気にもせず、内規に従い粛々と解約を進めていくでしょう。
大学基金もその意味で腹の据わった投資家ではありますが、自身の運用については十分な受託責任は果たしていないようです。
更に興味のある方は、 ↓
http://www.dailyii.com/article.asp?ArticleID=1040994&LS=EMS76662
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インベストメント・バンカー必読！
トリプル・プレイのリスクテイクに走るインベストメント・バンク
（ビジネス・ウィーク誌）
Inside Wall Street's Culture Of Risk
Investment banks are placing bigger bets than ever and beating the odds -- at least for now
伝統的な収益源がコモディティー化する中で、インベストメント・バンクは例えばトリプル・プレイのようなリスク丸抱え取引に突き進みつつあります・・・・・・・・。
（前略） Investors argue that trading is booming now while most traditional banking businesses are languishing. Big firms can no longer subsist on underwriting or stock and bond trading as the combination of more rivals and cheap electronic trading drives down profit margins. "Wall Street doesn't get paid to not take risk anymore," says Merrill Lynch & Co. (MER
) financial-services analyst Guy Moszkowski. The big investment banks add value by "absorbing the risk that their clients are looking to get rid of."
Businesses that once accounted for most of the profits at investment banks are now viewed more as gateways that lead them into the lucrative land of risk. Even mergers and acquisitions, an area that's doing well now, is serving a larger goal. Say a private equity firm acquires a struggling foreign company but worries about currency and electricity price fluctuations. In the past a big bank advising on the deal might have tossed in a currency trade to relieve the firm of some of that risk. Now, it will take on virtually any risk the client wants to hedge, from jumps in electricity prices to hurricanes. And it might also go in on the acquisition itself with its private equity arm, taking on far more risk. Bankers call this a triple play: M&A, trading, and private equity all in one deal. The only sure money is the M&A advisory fee, a pittance compared with the potential private equity gains down the road.
FAT TAILS
More surprising, banks are also regularly agreeing to buy huge blocks of stock from trading clients even when they know they will likely lose money on the trade. It's a high-risk, low-reward endeavor designed to keep clients coming back to pay for more lucrative business in the future. Some executives estimate the dollar volume of such transactions has doubled in the past few years. Yet banks have barely broken even on about 30% of their big block trades this year, according to Thomson Financial (TOC
). That's because the share prices often fall during the time they hold the securities on their books. Even so, "banks are falling all over themselves to bid on blocks," says T. Rowe Price's Brooks. "It's not for the faint of heart." （後略）
独断的コメント：
ゴールドマンを筆頭に米国のインベストメント・バンクは近年高収益を享受してきました。収益力で格差をつけられたモルガン・スタンレーはCEOを挿げ替え、リスク・テイクを拡大することで、追いつこうとしています。
好調な収益は業界をバブル化させますが、リスク管理手法は高度化しているとはいえ、所詮ファット・テイルのリスクに対処できるかどうかは分かりません。
金融システミック・リスクは拡大しているのでしょうか？
更に興味のある方は、 ↓
http://www.businessweek.com/magazine/content/06_24/b3988004.htm
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プライム・ブローカレッジ業務の隆盛
ヘッジファンド・ブームとプライム・ブローカレッジ（エコノミスト誌）
Brokers and hedge funds
In their prime
From The Economist print edition
Brokers, feeling squeezed, are scrambling to serve hedge funds
最近の市場の変調で傷ついたヘッジファンドや証券会社も多いようですが、逆にボラティリティーで稼ぐのがヘッジファンドなので、ますます勢いづくところも多いでしょう。そのヘッジファンドに寄生するビジネスがプライム・ブローカレッジです。
（前略） In a recent report Morgan Stanley reckoned that revenues from prime brokerage at big investment banks surged by 29% last year, to $5.2 billion. That is still small compared with overall revenues, but they are expected to jump another 25% this year. Using a broader definition, TABB Group, a consultancy, puts total spending on prime brokerage in America at $10 billion (see chart). It is a lucrative business: historically, banks have recouped returns on equity from their prime-brokerage units of more than 40%. “The dirty secret about prime brokerage is it's all about the lending margins,” says one investment banker.
Given the ties between hedge funds and banks, questions have arisen about how each has fared in the recent market sell-off. Although hedge funds can make money from volatility, some are thought to have lost in May half of the year's gains. Emerging-market and commodity funds have been hit hard. But many funds invested in stocks had a “net-long” bias—meaning they thought markets would go up: the pain has been widespread. （後略）
独断的コメント：
証券会社の伝統的な収益源である証券仲介はますます低マージンとなる傾向があるようですが、その中でヘッジファンドを顧客とするプライム・ブローカレッジは規模・率とも旨みのあるビジネスになっているようです。
更に興味のある方は、 ↓
http://www.economist.com/finance/PrinterFriendly.cfm?story_id=7008721
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経営者のボーナス算出法のからくり
株主と経営者の利害がますます乖離する米国企業
（ニューヨーク・タイムス紙）
June 1, 2006
Gilded Paychecks | Rewards, Guaranteed
Big Bonuses Still Flow, Even if Bosses Miss Goals
米国の経営者の報酬は高騰を続けていますが、報酬委員会も外部コンサルタントも株主価値の向上とリンクしていると言いますが、実際には様々な財務操作や経営改善を口実にしているようです。
（前略）Indeed, shareholders often find that the performance measures used by the company to determine pay can be very flexible. For example, Assurant, which is based in
For bonuses paid in 2004, Assurant adjusted the earnings performance measure to exclude losses related to hurricanes along the Atlantic coastline. This adjustment helped to increase the company's net operating income and therefore raised bonuses to the company's executives in 2004.
It is impossible to pinpoint precisely how much the hurricane exclusion bolstered the Assurant executives' bonuses in 2004. Company filings stated that without two exclusions, one of which was the hurricane impact, bonuses would have been equal to half of their target. Thanks to the adjustments, bonuses were paid at 1.72 times their target.
As James F. Reda, an independent compensation consultant in
"What a lot of these plans are trying to look at is core business, and it is a decent argument," Mr. Reda said. "But sometimes people get lazy and put all sorts of stuff in the restructuring bucket that don't belong there — like operating expenses. Once you give management a little wiggle room, being smart people, they can figure out ways to take advantage of it."
Often, company officials include everyday expenses — like those relating to sales and administration — in restructuring costs, making the company appear to be far more profitable. （後略）
独断的コメント：
損保会社の業績はハリケーン被害が大きければ低下し、株価も下落します。ボーナス査定にそのような損失額を除外するのは、株主を欺くものでしょう。経費に除外項目を多く設け、査定基準となる業績を高く操作したり、内部統制システムがきちんと出来たからという理由で特別ボーナスを出すというのもほとんどジョークに近いものです。
更に興味のある方は、 ↓
http://www.nytimes.com/2006/06/01/business/01bonus.html?pagewanted=print
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エンロン劇場の脇役が表舞台に！
無傷で来た弁護士業界も今回は逃れられない？
（ビジネス・ウィーク紙）
Lawyers: Enron's Last Mystery?
エンロン劇場では、会計事務所が破綻し、融資銀行が損害賠償を支払い、ケン・レイ、スキリングといった経営者にもいよいよ有罪判決が下りそうです。不祥事件で重要な脇役であった弁護士はこれまで無傷で来ていますが・・・・・・。
Was Enron’s law firm as blind to the company’s shenanigans as it maintains? Internal messages reviewed by BusinessWeek suggest the firm doubted the legitimacy of some of Enron’s business practices
Amid all the carnage that has surrounded Enron's collapse, one player in the drama has remained remarkably unscathed: Vinson & Elkins, the giant
But the firm's Teflon（タフな、スキャンダルに強い） days may be coming to an end. Enron's bankruptcy trustee is negotiating to settle claims with V&E for $30 million, BusinessWeek has learned. As part of the deal, the law firm will also drop its claim for $3.9 million in legal fees billed to Enron before the company went out of business, a small fraction of the $162 million the firm charged Enron from 1997 to 2001. Although the biggest fish at Enron, Kenneth Lay and Jeffrey Skilling, were convicted in a
The legal filing will shed light on one of the last remaining mysteries in the Enron drama: the role played by the company's main outside law firm. Were V&E's lawyers co-conspirators? Or were they merely scribes who unknowingly drafted documents that helped Enron fleece its shareholders? These questions have been hard to answer because only a small portion of V&E's handiwork has been made public. The firm insists it did nothing wrong and has long maintained that its attorneys played no role in helping Lay, Skilling & Co. perpetrate the most sweeping corporate fraud in recent history. （後略）
独断的コメント：
日米を問わず、企業不祥事で弁護士が処罰されることは稀ですが、ここにきてエンロン様ご愛用だった弁護士事務所がクラス・アクションで敗れる可能性が出てきています。
この弁護士事務所も無限連帯責任を逃れるために、パートナー制から有限責任組織に変更していますが、賠償保険として確保している150百万ドルもクラス・アクション対策に雇った弁護士への高額の支払いで余り残っていないようです。
更に興味のある方は、 ↓
http://www.businessweek.com/print/investor/content/may2006/pi20060531_972686.htm
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国家機密は粉飾決算を正当化する！
大統領はSOX法をコケにする？！
Intelligence Czar Can Waive SEC Rules
Now, the White House's top spymaster can cite national security to exempt businesses from reporting requirements
個人情報保護などは全く気にしないブッシュですが、今回は企業に情報秘匿を認めようとしています。
President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated
Unbeknownst to almost all of Washington and the financial world, Bush and every other President since Jimmy Carter have had the authority to exempt companies working on certain top-secret defense projects from portions of the 1934 Securities Exchange Act. Administration officials told BusinessWeek that they believe this is the first time a President has ever delegated the authority to someone outside the Oval Office. It couldn't be immediately determined whether any company has received a waiver under this provision.
The timing of Bush's move is intriguing. On the same day the President signed the memo, Porter Goss resigned as director of the Central Intelligence Agency amid criticism of ineffectiveness and poor morale at the agency. Only six days later, on May 11, USA Today reported that the National Security Agency had obtained millions of calling records of ordinary citizens provided by three major U.S. phone companies. Negroponte oversees both the CIA and NSA in his role as the administration's top intelligence official. （後略）
独断的コメント：
嘘つきブッシュは最近は盗聴に熱心ですが、今回は企業の粉飾や虚偽報告に国家機密のお墨付きを与えようとしています。
お友達、エンロンのケン・レイはどうも助けられないようですが、テキサスの石油業界はじめ他にも熱心に献金してくれる産業界のお友達は沢山いるので、SOX法などクソ喰らえ、と啖呵をきりたいのでしょう。
透明性と説明責任に除外例ありという資本市場に投資家の信頼性が残るのでしょうか？
日本市場並みの後進国に逆戻りするのではないでしょうか？
更に興味のある方は、 ↓
http://www.businessweek.com/bwdaily/dnflash/may2006/nf20060523_2210.htm
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資本市場に向かう大学
学校債、登場！
University bonds
An education in finance
From The Economist print edition
America's colleges embrace the capital markets
日本の国立大学が特別行政法人となり、私大も格付けを求める時代に入っていますが、米国では、大学の債券発行が急増しているようです。
（前略） Lehman Brothers reckons that the overall market for higher-education debt has tripled since 2000, to $33 billion, and there are abundant reasons besides the recent trend to believe that the market will grow much bigger yet.
Largely this is because colleges are only belatedly becoming aware of how useful the financial markets can be. No doubt some of their hesitation has been cultural: academics may have been reluctant to look at their universities as businesses; or they may have misunderstood what was needed to help those businesses grow.
If they did look at their institutions in economic terms, people in education tended not to think that universities lacked capital. Rather, they thought that they had a structural inability to use capital and labour more efficiently. Unlike the car industry, say, which is continually cutting the number of worker-hours needed to assemble a vehicle, many schools felt that they must maintain, or even increase, the ratio of employees (teachers) to customers (students). Small class sizes are taken as a signal of high quality, so investing money to save on teachers' salaries is not an attractive strategy. （後略）
独断的コメント：
ハーバードを始め、米国の大学は巨額の資金を擁し、資本市場では運用者として有名ですが、これからは調達者としても存在感を示していくのでしょう。しかも、学校債の債務不履行率は非常に低いという実績もあり、インベストメント・バンクの眼差しは熱いものがあります。わが国も大学が銀行借り入れ、債券発行で資本市場に組み込まれる時代が来るのでしょうか？
更に興味のある方は、 ↓
http://www.economist.com/finance/PrinterFriendly.cfm?story_id=6958688
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中国のジェネラル・エレクトリック（GE）
中国でエコマジネーションを追求するGE（BBCニュース）
GE invests $50m in 'green'
US industrial giant General Electric has struck a deal with the Chinese government to invest $50m (£27m) on developing green technologies.
強かな中国を相手に、強かなジェネラル・エレクトリックがエコマジネーション戦略で成功できるか、興味あるところです。
GE, which employs 13,000 people in mainland China, said energy efficiency and water filtration were among the projects to be developed.
GE's Chinese unit currently brings in revenues of $5bn and the firm believes it could double its business by 2010.
Up to 40% of its revenue came from infrastructure projects, GE said.
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This made its plans a "good fit" with the Chinese government's aims as it modernises the economy, it added.
Much of the investment will go into GE's
GE has also signed a deal with
It will also train 2,500 managers and government officials in the country over the next five years.
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He said GE already sold environmentally sound products in
独断的コメント：
勝てない相手には協働しようというGEの戦略はこれまでのところ成功しているようです。その中でも、環境問題へのエコマジネーションというアプローチは経営の哲学さえ感じます。中国戦略についても、単なる低コスト生産地や新規市場開拓という単純なものでなく、付加価値のある強かな戦略を感じさせます。
更に興味のある方は、 ↓
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/business/5026496.stm
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