????有一件事，戴蒙是對的。他的閑錢需要有地方放。監(jiān)管部門不讓他全部用于放貸。他放在任何地方都會有一定的風險。問題是他已開始依賴這一投資組合作為收入來源和保護屏障。他曾說過不得不擔心利率風險。假如他把所有閑錢都放在美國國債中，利率上升，他就可能虧錢。除了買美國國債，戴蒙還可以買掉期，以減少利率上漲的風險。這樣，他要承擔的唯一風險是山姆大叔違約風險，目前這種風險仍相對較小。當然，這樣投資組合的收益也很少，這就是為什么他沒這么做的原因，即便他應(yīng)該如此。

????“這就是為什么我們需要監(jiān)督，”密歇根大學的法學教授邁克?巴爾表示，2009-2010年他曾在美國財政部幫助起草銀行業(yè)改革方案。“如果不加約束，各行其是的話，金融機構(gòu)就會不斷越界。”

????譯者：早稻米

????Dimon is right about one thing. He's got to put his extra cash somewhere. Regulators wouldn't let him lend it all out either. And anywhere he puts it will have some risk. The problem is he has come to rely on that portfolio as a source of income as well as protection. In the past, he has said he has got to worry about interest rate risk as well. And if he were to put all his extra money into Treasury bonds he would open himself up to loses if rates were to go up. But that's only partially true. On top of Treasury bonds, Dimon could also buy swaps that would limit or eliminate the risk of rising rates. As a result, the only risk he would be taking on was the risk that Uncle Sam defaults, which is still relatively small. Of course, that portfolio would generate very little income as well, which is exactly why he won't do it, even if he should.

????"This is why we need oversight," says Michael S. Barr, a law professor at the University of Michigan, who served in the Treasury Department from 2009-2010 helping to write banking reforms. "Left to their own devices financial institutions are going to push the envelope."