The problem is that bankruptcy today is no more capable of restructuring a failed financial firm than it was in 2009; a failed Lehman in 2014 would be no less disruptive to the world economy. US regulators, for example, cannot first try bankruptcy before deploying their expanded powers under the 2010 Dodd-Frank financial-reform legislation; if they did, the bankrupt firm’s counterparties in the derivatives and repo markets would close out their contracts and dump their collateral as soon as they could.
问题在于今天的破产不再像2009年那样有能力处理倒闭金融公司的重组；若雷曼在2014年倒闭，其对世界经济的破坏力不会比当年小。比如，美国监管机构首先无法在根据2010年多德-弗兰克（Dodd-Frank）金融改革立法扩大权力之前尝试破产；如果它们尝试了破产，破产公司的衍生品和回购市场对手方将了结它们的合约，尽快甩卖它们的抵押品。