{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"9c884da5-4c5c-4613-91be-2dad1863fbfa","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"9c884da5-4c5c-4613-91be-2dad1863fbfa","id":"9c884da5-4c5c-4613-91be-2dad1863fbfa","uuid":"9c884da5-4c5c-4613-91be-2dad1863fbfa","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","normalized_title":"黑箱社会控制金钱和信息的数据法则theblackboxsociety","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","isbns":["9787508655208"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":318,"navigation_url":"https://workshop.closeclaw.top/ai/book/9c884da5-4c5c-4613-91be-2dad1863fbfa","title_url":"https://workshop.closeclaw.top/ai/title/%E9%BB%91%E7%AE%B1%E7%A4%BE%E4%BC%9A%20%E6%8E%A7%E5%88%B6%E9%87%91%E9%92%B1%E5%92%8C%E4%BF%A1%E6%81%AF%E7%9A%84%E6%95%B0%E6%8D%AE%E6%B3%95%E5%88%99%EF%BC%9DTHE%20BLACK%20BOX%20SOCIETY","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/9c884da5-4c5c-4613-91be-2dad1863fbfa/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/9c884da5-4c5c-4613-91be-2dad1863fbfa/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/9c884da5-4c5c-4613-91be-2dad1863fbfa","page_url":"https://workshop.closeclaw.top/api/ai/books/9c884da5-4c5c-4613-91be-2dad1863fbfa/page","search_url":"https://workshop.closeclaw.top/api/ai/books/9c884da5-4c5c-4613-91be-2dad1863fbfa/search"},"page":{"printed_page":150,"pdf_page":169,"physical_index":169,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"c1227ad6c36f82ce11aac4076d68ef2ab141d8cffb3963d37ac49f775b897496"},"chapter":"第三章","content":"当合同作为一种对冲风险的方式被用来交易时，它们也可以造成巨大的损失。例如，在1994年，当加利福尼亚州奥兰治县的财政资金在衍生品押注的投资组合中损失了74亿美元中的17亿时，该县成了美国历史上最大的遭遇破产的市政当局。(问题依然持续：至今仍有很多城市将大量的资金押注在不良衍生产品上面。)前交易员弗兰克·帕特诺伊(FrankPartnoy)在其《惨败》(Fiasco)一书中描绘了笑对不知情客户的银行家们。90年代初，反复出现的危机促使众议院中的自由派民主党人开始对这些“产品”进行调查，但他们的立法建议很快遭到封堵。\n\n美国商品期货交易委员会主席布鲁克斯利·伯恩(BrooksleyBorn)于1997年重新呼吁对此类交易进行监管审查。她警告国会，这些交易的迅速增长可能会“在联邦机构尚无意识的情况下威胁到我们的经济”。伯恩在一份机构文件中指出了对特定市场行为进行研究的必要性。需要注意的是，伯恩当时没有提出有关制定规则的具体建议，她仅仅是督促权威机构要更加深入地了解这个在华尔街交易中持续扩张的新生领域。当时的助理财政部长劳伦斯·萨默斯(Lawrence Summers)很快做出回应并称伯恩是一派胡言。他说：“我的办公室中有13位银行家，根据他们的说法，如果你持续散布这种言论，一定会引发二战’以来最严重的金融危机。”于是伯恩退缩让步了。\n\n黑箱社会The Black BoxSociety\n\n150","previous_page":149,"next_page":151}