監督大任成效不彰
資本主義的老大哥尚且難免灰頭土臉，則回頭看台灣的例子，更讓人憂心，台灣的「雷曼兄弟」不知道有多少？身負台灣金融監理大任的金管會，成立之初，以維護金融秩序、獨立監管金融產業運作為名，但運作幾年下來，二次金改是一筆爛帳，至今真相未明；過去數年有幾家大型銀行接連倒閉，金管會事先毫無警覺；而上市公司內線交易案頻傳，公司內部人士利用資訊不對等炒股，屢見不鮮、利用公司設立掏空股東資產，亦時有所聞；去年初的力霸掏空案大家記憶猶新，許多人家破財失，到現在求償無門；最近的連動債商品，則讓誤信理專謬論的投資者血本無歸……，一連串的金融弊案，金管會無法事先示警、事情發生後亦無法有效控管災情。由此看來，金管會雖具有獨立職權機關之外形，要有效達成金融監理的目的，以目前來說，恐怕還有很長的距離。當金融市場失序，美國可動員世界重要央行一起捐資救援、也可一擲7000億美金面不改色。

擁抱現金自求多福
不過，台灣有這樣的資本嗎？當政府的金融相關政策，不斷朝「自由開放」的路線走，相關的監理與法紀機關，卻效能不彰，事前的預防示警功能低落，事後亦無法期待其有效處理。再這樣下去，什麼時候會來一次具台灣特色的「雷曼破產」事件？下一支地雷股會爆在哪裡？哪家銀行會無預警倒閉？哪一項是不可買的黑心投資商品？恐怕大家只好擁抱現金，自求多福

While the subprime mortgage crisis that exploded last year continues to trouble markets, investment banking giant Lehman Brothers Holdings has gone into bankruptcy. Financial market tsunamis have hit the entire world for two consecutive years. The assets of many Taiwanese have shrunk in the crisis because the investors made decisions without sufficient information about risk.

This expensive financial lesson reminds us that the “free market” game is only meaningful if it follows a set of fair and healthy rules and regulations. Without thorough and independent supervisory control mechanisms and systems and rules to maintain a fair market order and promote business information transparency, the bad financial products that keep expanding under the modern capitalist system exist on the fringes of the legal system, waiting to swallow people’s savings.

Non-investors should not think that they will be able to remain aloof from the crisis. Once the crisis spins out of control, the government will inevitably seek to boost the market with taxpayers’ money. The US government’s proposed US$700 billion rescue plan serves as a prime example. In the end, we will all have to share the consequences; no one can escape.

The fact that the world’s leading capitalist country has problems extracting itself from the crisis makes one worry even more about Taiwan’s situation. How many “Lehman Brothers” are there in Taiwan?

In July 2004, the Cabinet set up the Financial Supervisory Commission to independently supervise and control the financial sector. Four years on, however, the government’s second financial reform is still a mess.

The commission was ahead of the curve when it came to the bankruptcies of several large banks. Insider trading in listed companies is frequently heard of. Dummy companies have been established to hollow out shareholder assets.

The Rebar scandal early last year — which ruined numerous families who are still seeking compensation — is still fresh in our memories. Other investors have lost everything after buying certain structured financial products recommended by glib and shameless financial agents.

The commission did not issue any advance warnings in a series of major financial scandals in recent years and there was no attempt at damage control in the aftermath. Although the commission is an independent supervisory body in name, it has a long way to go if it wants to supervise the financial sector effectively.

The US is mobilizing the world’s leading central banks in order to save the financial market, spending US$700 billion at a throw of the dice. Does Taiwan have this kind of capital?

Taiwan’s government has said it is moving toward a freer and more open market, but the performance of both the supervisory and judicial authorities has been very poor. They have failed to issued early warnings and have handled financial crises far from effectively.

When will we see the first Taiwanese-style Lehman bankruptcy? Where will the next landmine stock explode? Which bank will go into bankruptcy? What investment products are inferior products that should never be touched? I am afraid that all we can do is hold on tight to our wallets and pray.(Translated by Eddy Chang)