{"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":166,"pdf_page":185,"physical_index":185,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"64d19610fbc114b42a5c2c9a35ac7f17adc1e4b61587539eed1455b74a0a22a4"},"chapter":"第三章","content":"到了2008年，金融法已经千疮百孔，满是漏洞、例外和限制，同时储蓄管理局成为美国国际集团的主要监管人，而且在金融崩溃的多数情形下检查员无须负责。监管机构既无能又臃肿，即使是最危险的金融决策它们也发现不了。\n\n战略上的草率性\n\n即使监管机构严格地审查了美国国际集团的所有文件，它们可能也发现不了它的负债情况或其真实的披露程度。最终让该公司沉沙折戟的承付款项没有进行公开交易，也无法在真正的市场中进行定价。美国国际集团不是基于当前的市场价格对其资产进行计算(根据市场核算)，而是“根据模型”，也就是借助于复杂的运算程序估算其资产在正常情况下应该具有的价值。\n\n但什么算“正常”呢？大多数的真实产品都有一个较窄的市场价格范围，但评价复杂金融产品的模型却不尽其数。模拟核算可以掩盖公司真实的财务状况，因此除了公司所披露的信息之外我们对其他情况就一无所知了。该资产价值不是由市场共识所决定，而是根据局外人完全不懂的算法和复杂的法定分级来共同确定。这里的估值更像是医疗保险的管制价格，而不像是真实市场中对计算机和汽车等物品的定价。然而，至少医疗保险能够获得最近几十年的药品价格趋势，而新型金融工具的建模者面对的是一个（容易被人操纵的）迷宫。\n\n黑箱社会The Black BoxSociety\n\n166","previous_page":165,"next_page":167}