Opiniones diversas:

R. Rajan:
http://www.ft.com/cms/s/0/13a60574-862b-11dd-959e-0000779fd18c.html
"I would propose a more direct solution. The need of the hour is to recapitalise the financial system. Why not ask the shareholders of financial companies to do it? Financial companies have been reluctant to raise capital thus far. One difficulty is that an equity issuance may send a negative signal, suggesting to the market that there are more losses to come. It may also be difficult for them to cut dividends to stem the outflow of capital, for such cuts may signal management’s lack of confidence in the company’s future. Another difficulty comes from what is known as the debt overhang problem: when a highly indebted entity issues equity, much of the value raised effectively bolsters the value of the risky debt. Because of this value transfer, essentially at the expense of existing equity, equity holders are unlikely to look upon a recapitalisation favourably. Yet this reluctance is hurting the system, and ultimately, financial company shareholders."

Charles Goodhard:
http://www.ft.com/cms/s/0/06873ccc-858c-11dd-a1ac-0000779fd18c.html

"The time to worry about moral hazard is in the boom. The first priority is to get out of the present hole. Worrying about moral hazard in current circumstances is rather like refusing to sell fire insurance just after the Great Fire of London for fear of adversely affecting future behaviour."