Other forms of capital destruction, such as lending for consumption, are best discouraged.
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Hybrid forms of capital were meant to combine the cheapness of debt with the support that equity offers to banks in times of crisis.
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With regulations, limited human and financial capital are being wasted on achieving compliance with profit-sapping rules, as opposed to all forms of capital being directed to their highest, most productive, and profitable use.
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Few people are going to be overly impressed by debt reductions accomplished by issuing other forms of capital to replace them (and in this case, raising more new capital than the amount of the senior debt repayments).
One of the reasons Russia and Venezuela have turned to China is that other forms of capital are no longer available to them, not only because of the financial crisis, but because of their own recent expropriations of previous investments by Exxon, ConocoPhillips, and Statoil (in Venezuela's case) and BP and Shell (in Russia's).
By contrast, Mr Shimpi, who was a broker at Drexel Burnham Lambert and a banker at Chase before he joined Swiss Re, intuitively treats all forms of financial capital the same.
When consumers put more of their money in their savings accounts, the funds would be lent out to finance the production of factories, machines, computers and other forms of physical capital.
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What is your reaction to the growing acceptance in Asia of capital controls and other forms of interventions?
So you can think of earnings yield as the engine that drives both dividends and capital gains, the two forms in which shareholders receive most of their income from their shares.
In a world with highly mobile capital, tax policy needs to be neutral toward different forms of business activity and not succumb to the temptation to pick winners and losers.
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This is not a good development, as it reduces competition and siphons off more of the important capital and entrepreneurial resources needed for growth and innovation into activities such as filling out forms.
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