Recapitalización de la Banca en U.S. y Dividendos

Hay una discusión entre especialistas y analistas sobre la decisión del Departamento del Tesoro de reacapitalizar la banca sin obligar a ésta a suspender el pago de dividendos. Acá tienen el link de un excelente artículo del New York Times sobre el tema. De este artículo extraigo dos párrafos interesantísimos sobre el conflicto de intereses entre accionistas y tenedores de bonos:

"Although dividends should be a matter of near indifference to shareholders of healthy companies, when companies are financially distressed there is a conflict of interest between shareholders and bondholders that leads shareholders to prefer immediate payouts.

Here’s why: Each dollar paid out as a dividend today is a dollar that cannot be seized by creditors in the event of bankruptcy. For a distressed company, dividends are not in the interest of the enterprise as a whole (shareholders and lenders taken together), but only in the interest of shareholders. They are an attempt by shareholders to beat creditors out the door."

Fuente: http://www.nytimes.com/2008/10/21/opinion/21stein.html?partner=permalink&exprod=permalink