次贷危机爆发的本质还是信用危机。事后，在危机中发现的大量金融欺诈、侵害金融消费者合法权益的现象表明美国无论是信用制度，还是信用文化都面临着挑战。以下是新华网关于美国高盛“欺诈门”事件报道的部分内容：

The subprime crisis or the essence of the credit crisis.afterwards,In a crisis found a large number of financial fraud/Infringe upon the legitimate rights and interests of the financial consumers phenomenon that the United States is whether the credit system,Or credit culture are faced with challenges.The following is a xinhuanet about American Goldman sachs"Fraud door"Events reported part of the content:

　　美国证券交易委员会近日对高盛集团及该公司高管法布里斯图尔提起民事诉讼，认为其涉嫌在一种次贷衍生金融产品的设计和销售中存在欺诈行为。鉴于高盛在金融行业的地位和影响，以及美国政府大力推行金融监管改革的政策环境，这一事件在全球被高度聚焦，一度引发市场明显震荡，更折射出金融监管呼声中美国金融和政治领域各方角力所展现的复杂图景。

The United States securities and exchange commission recently to Goldman sachs group and the company executives fabrice tuor to the filing of civil litigation,Think its suspected in a subprime derivative financial product design and sales of existing in fraud.In view of Goldman sachs in the financial industry status and influence,And the U.S. government made great efforts to carry out the reform of the financial supervision policy environment,This event in the world are highly focused,Once sparked clear concussion,More reflects the financial supervision in calls to the us financial and political field parties wrestling shows complex picture.

　　目前公开材料显示，高盛“欺诈门”始于一桩在2006年启动的抵押担保债券(又译担保债务凭证,CDO）交易。根据这一产品的设计和交易安排，一家对冲基金保尔森公司（与美国前财长保尔森无关）会因为这一CDO产品中相关标的资产价格的下跌而获利，德国的一家金融机构IKB和美国的一家资本管理公司ACA则相反，会因为相关资产价格的上涨而获利。事实结果是，作为空方的保尔森公司最终获利约10亿美元，多方的两家公司则累计亏损同样金额。这一产品由高盛应保尔森公司要求设计并销售，其部门副总裁法布里斯图尔直接负责相关业务。在这过程中，保尔森公司对标的债券组合的选择产生了很大的影响。这是一桩非常复杂的金融衍生品交易，其中涉及CDO、CDS（信用违约掉期）等多种债务风险转移、组合和对冲工具，但美国证券交易委员会的起诉材料指出，高盛作为这一产品的设计者和交易撮合者，在关键信息的披露上，存在“实质性”的误导和隐瞒行为，导致购买该产品的投资者不知道交易“对手方”就是参与债券组合选择的保尔森公司。如果投资者知晓保尔森公司既作为“中立观察员”又作为“竞争对手”的关键信息，是不会购买这一产品的。美国证券交易委员会公布的起诉书长达20多页，其间列举了大量细节，包括相关产品的分析，高盛、保尔森、ACA等关联方在此案中的角色、投资策略及往来文件以及当事人图尔的个人邮件等各种证据。美国证券交易委员会执法部门负责人罗伯特库扎米在公告中说：“这一产品是新颖且复杂的，但其骗术和（利益）冲突是简单而老旧的。”

At present public material display,Goldman sachs"Fraud door"Started from a pile in 2006 launched mortgage-backed bonds(And translation of guarantee certificate of indebtedness,CDO)trading.According to the product design and trading arrangement,A hedge fund paulson company(And former U.S. Treasury secretary Henry paulson has nothing to do)Because the CDO products related underlying asset prices and profits,Germany's a financial institution IKB and American a capital management company ACA opposite,Because of the relevant asset prices and profits.The fact the result is,As the empty side of the paulson company finally profit of about 1 billion dollars,The two companies are accumulated losses the same amount.This product by Goldman sachs should be paulson request design and sales,The department's vice President fabrice diagram directly responsible for relevant business.In the process,Paulson company to mark the choice of bond portfolios has made a difference.It is a very complex financial derivatives trading,Involving CDO/CDS(Credit default swaps)And so on the many kinds of debt risk transfer/Combination and hedging tool,But the United States securities and exchange commission pointed out that the prosecution materials,Goldman sachs as the product designer and the dealmaker,In the key information on the disclosure of,exist"substantive"Misleading and hide behavior,Lead to buy the products of investors don't know trade"counterparty"Be involved in bond portfolio choice of Mr Paulson's company.If investors know paulson company both as"Neutral observers"And as a"competitors"Key information,Won't buy the product.The United States securities and exchange commission published indictment for more than 20 pages,It lists a lot of details,Including the analysis of the related products,Goldman sachs/paulson/ACA, etc in the role of the affiliated party/Investment strategy and correspondence and the parties tuor personal mail, etc. Various kinds of evidence.The United States securities and exchange commission law enforcement department chief Robert library firm meters in said in a notice:"This product is novel and complex,But the deception and(interests)Conflict is simple and old."

　　不过，高盛在迅速反驳这一指控后，又作出跟进声明，认为该指控“在法理上根本不成立，且与事实不符”。高盛还强调了四点关键内容：高盛也在交易中受损；交易各方都是“专业选手”，高盛已经披露了广泛的信息；尽管保尔森参与了债券组合选择的讨论，但最终“定案”是由最大投资者ACA作出的；高盛确实没有告诉ACA交易对手方是保尔森公司，但这是符合市场惯例的。高盛还说：“任何投资者的损失，乃整个行业总体表现欠佳所致，并非因某些证券最终被选入参考组合，亦和这些证券是如何挑选无关。”目前控辩双方各执一词，保尔森公司、ACA以及图尔本人也都三缄其口。这使此案疑云重重，耐人寻味。质疑高盛的人士指出，高盛在这一交易中的亏损可能只是表面现象，因为在设计和出售CDO时，高盛这样的做市商往往会“自购”一定份额，以便于推销，而其头寸风险可以借助其他金融工具得以对冲。

but,Goldman sachs in rapid rebuttal the charge after,And make follow-up statement,Say the charges"In the legal don't established,And with the facts".Goldman sachs also stressed the four key content:Goldman sachs also damaged in trading;Trading parties are"Professional player",Goldman sachs has revealed a wide range of information;Although Mr Paulson to participate in the bond portfolio choice of discussion,But in the end"finalize"Is the largest investor ACA make;Goldman sachs really didn't tell ACA transaction counterparty is paulson company,But it is in the market practice.Goldman sachs also said:"Any loss of investors,But the industry overall performance caused by poor,Not for some securities has finally been elected to the reference combination,Also, and these securities is not how to choose."At present the accused and the defendant of the finest,Paulson company/ACA and tuor I also clam up.This makes the case numerous clouds of suspicion,Afford for thought.Question of Goldman sachs analysts said,Goldman sachs in this transaction in losses may be just surface phenomenon,Because in the design and sell when the CDO,Goldman sachs such marketmaker often"Since the purchase"Must share,So as to promote,And the position risk can use other financial tools to hedge.

　　高盛“欺诈门”反映西方契约信用的先天不足

Goldman sachs"Fraud door"Reflect the western contract congenital deficiency of credit

　　虽然高盛是否涉嫌欺诈尚未有最终的定论。但是从次贷危机后美国金融监管改革不断加强金融消费者权益保护来看，华尔街确实存在许多“欺诈”行为，只不过很多“欺诈”最终可能如高盛所辩称的“在法理上是不成立的”。这恰恰体现了西方契约信用的先天不足。西方契约信用是以法律制度为基础，表现的是一种规则信用，是否守信是以遵循合同约定为判断标准。从历史文化的角度来考察，西方契约信用确立于17～18世纪，与西方理性主义思想紧密相连。近代西方理性主义认为“世界是按数学法则建立起来的巨大机器，只要掌握了世界的法则和数学，就可以做世界的主人”。这种思想体现在法制方面，就是试图通过理性法则“对各种特殊而细微的实情开列出各种具体的、实际的解决办法，它的最终目的是想有效地为法官提供一个完整的办案依据，以便使法官在审理任何案件时都能得心应手地‘引律据典’，同时又禁止法官对法律作任何解释”。

Although Goldman sachs is alleged fraud has not yet have the final conclusion.But from the subprime crisis after the United States financial regulatory reform continuously strengthen financial consumer rights and interests protection to see,Wall Street really exist many"fraud"behavior,Just a lot of"fraud"Could eventually such as Goldman sachs have argued that the"In the legal principle is not established".This just reflects the western contract congenital deficiency of credit.The western contract credit is a legal system as the foundation,Performance is a kind of rule credit,If credit is follow the contract for judgment standard.From the point of view of history and culture,The western contract credit established in the 17th and 18th century,And the western rationalism thoughts are closely linked.Modern western rationalism think"The world is set up according to the mathematical laws great machine,As long as the master of the world's rule and mathematics,Can do the world master".This kind of thinking is reflected in the legal aspects,Is to try to through the rational rule"To all sorts of special and subtle the truth open list all kinds of concrete/The actual solution,Its ultimate goal is to effectively for the judge to provide a complete case basis,In order to make the judge in any case trial can handy to‘Lead law according to the standard’,At the same time, prohibit the judge of legal explain anything".

　　随着市场经济的发展，社会分工日益深化，契约双方的信息不对称情况愈加明显，如果契约当事人缺乏基本的诚信，就会大大增加交易的成本（包括信用调查、法律诉讼等），影响市场经济的正常运转。这就必然要求社会要建立起一种普遍的信任感，这种信任感的基础不仅仅是法律制度，还要有一种诚信的文化，即所有人内心深处都有一种自觉的诚信理念和对他人信任的态度。因为制度是理性的产物，而理性是有限的，不是完美的，制度的缺陷和漏洞是必然存在的，它的完善是一个动态过程，在这个过程中如何保障市场经济不会因为理论上的制度缺陷而崩溃，就离不开信用文化的支撑。德国学者彼得科斯洛夫斯基在《伦理经济学原理》一书中说“没有信任即可信性的道德态度为前提，市场交易费用就增加，市场能力就降低，市场失灵的可能性就大增”。福山在他引起广泛关注的《信任：社会道德和繁荣的创造》中指出，社会成员之间的信任乃是文化对经济的影响途径和表现形式，直接会影响甚至决定经济效率。

With the development of the market economy,Social division of labor increasingly deepening,Contract both sides of the asymmetric information situation more and more obvious,If the parties to the contract lack basic integrity,Will greatly increase the cost of trading(Including credit investigation/Legal proceedings, etc),Influence the normal operation of market economy.This is inevitable requirement society to establish a common sense of trust,This kind of trust is not only the foundation of legal system,Have a good faith culture,That all people heart has one kind of aware the conception of good faith to others and the attitude of the trust.Because the system is the product of reason,And rationality is limited,Not perfect,The institutional defects and holes are inevitable existence,Its perfect is a dynamic process,In this process, how to guarantee the market economy will not because theoretical system defects and collapse,Cannot leave the credit culture support.The German scholar Peter coase love, in base[Ethical principles of economics]A book"Without the trust that the credibility of the moral attitude as the prerequisite,The market transaction cost increases,Market capacity reduces,The possibility of a market failure".Fukuyama in his cause of extensive concern[trust:The social morality and the creation of prosperity]that,Among the members of the society trust but culture's influence on the economy in ways and forms,Direct affect even decided to economic efficiency.

　　挖掘中国传统信用文化所倡导的“义”理属性的信用观价值 Mining traditional Chinese credit culture advocated"righteousness"Richard attribute credit view value

　　从他们的论述我们可以这样审视中国传统信用文化的价值：中国传统信用文化所提倡的人格化的道德诚信虽无法催生市场经济，但市场经济的高效运行却离不开对个人诚信道德的要求。而且随着市场经济的发展，作为经济活动主体的企业逐步转化为具有法人资格的经济组织，企业人格化的同时必然要求企业同个人一样具备道义上的诚信。

From their discourses we can examine this traditional Chinese credit culture value:The traditional Chinese credit culture advocate the personification of the moral integrity can't is ecbolic market economy,But the market economic efficient operation but is inseparable from the personal integrity moral requirements.And with the development of the market economy,As an economic activity subject enterprise gradually into the legal person status economic organizations,Enterprise personification and inevitable requirement enterprise with the individual have moral integrity.

　　回到高盛“欺诈门”事件，我们会发现，如果从单纯的法律和合同层面来看，高盛的行为是很难说存在着法律意义上的违约，但高盛很难逃脱道义上的瑕疵。在资本主义市场经济条件下，追求个体利益最大化与这种道义上的诚信要求往往会发生冲突。虽然他们也承认社会公共利益，但是，个体利益在西方契约信用文化中是居于核心地位的，只要在法律制度上存在合法的形式，社会公共利益就会成为攫取的对象。正如美国作家费迪南德古恩伯格所言，“美国的哲学、资本主义精神就是从牛身上刮油，从人身上刮钱。在历史上的任何时期，只要可能，就会有置伦理道德于不顾的残酷无情的获利行为”。

Back to Goldman sachs"Fraud door"events,We will find,If from the pure law and contract level,Goldman's behavior is hard to say there are legal sense of breach of contract,But Goldman sachs is difficult to escape moral defects.In the capitalist market economy condition,The pursuit of individual benefit maximization and the moral integrity requirements often in conflict.Although they also acknowledge that the social and public interests,but,Individual interests in the western contract credit culture is the core status,As long as there are in the legal system in the form of legal,The social and public interests will be the object of grab.As American writer Rio Ferdinand's guen has said,"The philosophy of the United States/The spirit of capitalism is from cattle oil scraper,From humans scraping money.In the history of any period,Whenever possible,There will be set ethics in disregard of the merciless profit behavior".

　　高盛的“欺诈”行为是西方契约信用所包含的唯利是图精神的深刻体现，费迪南德古恩伯格对此批评道：“进入到金融资本发展阶段后，这种不顾伦理道德的尔虞我诈、巧取豪夺和冷酷无情都贯穿到了金融领域的每一个角落，且永远也不会消失。”与西方契约信用文化的利益观不同，中国传统信用文化一向倡导的是“信”的“义”理属性，即把“义”看作是“信”的基础和践约的前提，也就是说中国传统信用更加看重约定的正当性、合义性，超越了西方契约信用以个体利益为核心、更加注重约定形式的合法性要求。随着市场经济的深化，社会分工所导致的信息不对称越来越严重，而法制是一个动态完善的过程、存在着事实上的不完美，只有经济主体有一种自觉的个体利益和公共利益相协调、统一的价值理念，才能增加市场运行的信任感和效率。而以个体利益最大化为导向的西方契约信用在此方面存在明显局限性的，我们非常有必要挖掘中国传统信用文化所倡导的“义”理属性的信用观价值，丰富和完善现代契约信用文化。

Goldman's"fraud"Behavior is the western contract XinYongSuo contains venality spirit reflecting,Rio Ferdinand's criticism guen this way:"Into the financial capital development phase,This regardless of ethics used cars/Heist and callous all through the financial sector to every corner,And will never disappear."And the western contract credit culture concept of different,The traditional Chinese credit culture has always advocated is"letter"of"righteousness"Bedding attribute,the"righteousness"as"letter"The foundation and the premise of keep an appointment,That is the traditional Chinese credit more value agreed legitimacy/Close righteousness sex,Beyond the western contract credit to individual interests as the core/Pay more attention to contract form of legitimacy requirements.With the deepening of market economy,Division of labor in society caused by the information asymmetry is more and more serious,And legal system is a dynamic process of perfect/There are in fact is not perfect,Only economic main body has a consciousness of individual interests and public interests coordination/The value concept of unity,To increase the market operation of the sense of trust and efficiency.But by individual benefit maximization as the guidance of the western contract credit in the obvious limitations,We are very necessary mining traditional Chinese credit culture advocated"righteousness"Richard attribute credit view value,Enrich and improve the modern contract credit culture.

　　（作者均为中国人民银行武汉分行征信管理处课题组成员）

(The authors are wuhan branch of the people's bank of China credit management task group member)