\u00c1ri\u00f0 1997 fengu Robert C. Merton og Myron Scholes N\u00f3belsver\u00f0launin \u00ed hagfr\u00e6\u00f0i. (\u00dea\u00f0 er reyndar ekki alveg r\u00e9tt, \u00fev\u00ed umr\u00e6dd ver\u00f0laun veitir s\u00e6nski se\u00f0labankinn og kallar \u201ever\u00f0laun til minningar um Alfred Nobel\u201c, og \u00feeir eru til sem telja a\u00f0 \u00feessi ver\u00f0laun s\u00e9u \u00e1l\u00edka mikill vir\u00f0ingarvottur vi\u00f0 Alfred og \u00feegar fri\u00f0arver\u00f0launin voru veitt Henry Kissinger, e\u00f0a Barack Obama um \u00fea\u00f0 leyti sem hann var a\u00f0 her\u00f0a \u00e1 herna\u00f0ara\u00f0ger\u00f0um \u00ed Afganistan, sem kosta\u00f0 hafa hundru\u00f0 e\u00f0a \u00fe\u00fasund saklausra borgara l\u00edfi\u00f0.)<\/p>\n
Ver\u00f0launin fengu \u00feeir Robert og Myron fyrir kenningar sem snerust um a\u00f0 meta ver\u00f0gildi fj\u00e1rm\u00e1lagerninga sem kalla\u00f0ir eru \u201eoptions\u201c \u00e1 ensku. \u00a0\u00deeir geta til d\u00e6mis falist \u00ed \u00fev\u00ed a\u00f0 \u00e9g semji vi\u00f0 \u00feig um a\u00f0 eftir t\u00edu \u00e1r s\u00e9rt \u00fe\u00fa skuldbundin til a\u00f0 selja m\u00e9r t\u00edu \u00fe\u00fasund hlutabr\u00e9f \u00ed tilteknu fyrirt\u00e6ki, \u00e1 hundra\u00f0 kr\u00f3nur stykki\u00f0. \u00a0S\u00e9 marka\u00f0sver\u00f0 br\u00e9fanna 200 kr\u00f3nur gr\u00e6\u00f0i \u00e9g st\u00f3rlega (og \u00fe\u00fa tapar), en s\u00e9 gangver\u00f0 \u00feeirra l\u00e6gra en 100 kr\u00f3nur l\u00e6t \u00e9g vera a\u00f0 kaupa af \u00fe\u00e9r, og hef \u00fe\u00e1 a\u00f0eins tapa\u00f0 \u00fev\u00ed sem \u00e9g borga\u00f0i \u00fe\u00e9r upphaflega fyrir a\u00f0 tryggja m\u00e9r kaupr\u00e9ttinn.<\/p>\n
Robert og Myron voru lykilmenn \u00ed vogunarsj\u00f3\u00f0i sem h\u00e9t Long Term Capital Management, e\u00f0a LTCM. \u00a0\u00deetta var gr\u00ed\u00f0arlega st\u00f3r sj\u00f3\u00f0ur, sem upphaflega gekk vel, og var rekinn \u00ed samr\u00e6mi vi\u00f0 kenningar \u00feeirra f\u00e9laga. \u00c1ri\u00f0 1998, \u00e1ri eftir a\u00f0 Robert og Myron fengu \u201eN\u00f3belsver\u00f0launin\u201c, ur\u00f0u hins vegar \u00fdmsir atbur\u00f0ir sem leiddu til \u00feess a\u00f0 LTCM f\u00f3r \u00e1 hausinn me\u00f0 miklum hvelli, og me\u00f0 talsver\u00f0um eftirskj\u00e1lftum \u00e1 fj\u00e1rm\u00e1lam\u00f6rku\u00f0um.<\/p>\n
Einhverjum \u00fe\u00e6tti l\u00edklega e\u00f0lilegt a\u00f0 svipta Robert og Merton ver\u00f0launum s\u00e6nska se\u00f0labankans, en svolei\u00f0is er v\u00edst aldrei gert (og reyndar eru N\u00f3belsver\u00f0launin \u00e1 flestum svi\u00f0um ekki veitt fyrr en l\u00f6ngu er or\u00f0i\u00f0 lj\u00f3st a\u00f0 sl\u00edk \u201ehneyksli\u201c geti bara ekki \u00e1tt s\u00e9r sta\u00f0, af \u00fev\u00ed a\u00f0 vi\u00f0komandi fr\u00e6\u00f0ikenningar geti alls ekki veri\u00f0 t\u00f3m \u00fev\u00e6la).<\/p>\n
\u00devert \u00e1 m\u00f3ti voru kenningar \u00feessara manna lei\u00f0arlj\u00f3s \u00ed starfi margra fj\u00e1rm\u00e1laverkfr\u00e6\u00f0inga eftir hrun LTCM, og a\u00f0 minnsta kosti n\u00e6stu t\u00edu \u00e1rin. \u00de\u00e1, \u00e1ri\u00f0 2008, var\u00f0 allsherjarhrun \u00e1 al\u00fej\u00f3\u00f0legum fj\u00e1rm\u00e1lam\u00f6rku\u00f0um, eins og allir vita.<\/p>\n
Samt er uppi r\u00f6kstuddur grunur um a\u00f0 umr\u00e6ddar kenningar, sem og \u00f6nnur \u201efr\u00e6\u00f0i\u201c sem stundu\u00f0 hafa veri\u00f0 \u00f3breytt gegnum endurtekin hrun st\u00f3rra fj\u00e1rm\u00e1lastofnana, s\u00e9u enn\u00fe\u00e1 grundv\u00f6llur fj\u00e1rm\u00e1lastarfsemi sem enn gerir \u00fe\u00e1 r\u00edku r\u00edkari og \u00fe\u00e1 f\u00e1t\u00e6ku f\u00e1t\u00e6kari, \u00ed skj\u00f3li r\u00edkisvaldsins, sem tryggir vi\u00f0komandi fj\u00e1rm\u00e1lastofnunum rekstrargrundv\u00f6ll, og jafnvel rei\u00f0uf\u00e9, \u00e1 kostna\u00f0 almennings.<\/p>\n
Til a\u00f0 b\u00e6ta gr\u00e1u ofan \u00e1 svart eru \u00edslenskir fj\u00f6lmi\u00f0lar svo daglega uppfullir af sp\u00e1m svokalla\u00f0ra \u201egreiningardeilda\u201c bankanna, og annara fj\u00e1rm\u00e1laspekinga. Fj\u00f6lmi\u00f0laf\u00f3lki\u00f0, a\u00f0 ekki s\u00e9 n\u00fa minnst \u00e1 hi\u00f0 vir\u00f0ulega vi\u00f0skiptafr\u00e9ttaf\u00f3lk, vir\u00f0ist hafa gleymt \u00fev\u00ed a\u00f0 h\u00e9r, og v\u00ed\u00f0ar, var\u00f0 svokalla\u00f0 hrun. Og a\u00f0 f\u00f3lki\u00f0 sem olli \u00fev\u00ed, og \u201es\u00e9rfr\u00e6\u00f0ingarnir\u201c sem s\u00e1u bara r\u00f3srau\u00f0a framt\u00ed\u00f0 \u00fear til ver\u00f6ld \u00feeirra hrundi (a\u00f0 mestu ofan \u00e1 saklaust f\u00f3lk), er sama li\u00f0i\u00f0 og \u00feetta fj\u00f6lmi\u00f0laf\u00f3lk slefar n\u00fa yfir \u00ed taumlausri a\u00f0d\u00e1un.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00c1ri\u00f0 1997 fengu Robert C. Merton og Myron Scholes N\u00f3belsver\u00f0launin \u00ed hagfr\u00e6\u00f0i. (\u00dea\u00f0 er reyndar ekki alveg r\u00e9tt, \u00fev\u00ed umr\u00e6dd ver\u00f0laun veitir s\u00e6nski se\u00f0labankinn og kallar \u201ever\u00f0laun til minningar um Alfred Nobel\u201c, og \u00feeir eru til sem telja a\u00f0 \u00feessi … Halda \u00e1fram a\u00f0 lesa