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피셔 댈러스 연방은행총재, '리스크의 교훈' 주제 연설(원문)

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Risk Is a Many Splendored Thing: Lessons Learned
Remarks to the Austin Mortgage Bankers Association
Austin, Texas
April 4, 2007

Perceptions of risk lie in the eye of the beholder. Some see risk as a powerful force vital to capitalism; others consider it a four-letter word. The latter view may be gaining currency these days, with reports of risk coming home to roost in housing finance. Temporary problems in one industry, however, should not detract from the essential value of, need for and virtues of risk taking. We must be constantly mindful that prudent risk taking is the lifeblood of capitalism, and it is indeed a many splendored thing. If we had not taken risks, we would never have created from scratch the $13 trillion U.S. economy, the greatest economic machine in the history of the planet.

Ever since our ancestors decided that life was anything but predestined by supreme forces beyond their control, we have taken risks to advance our interests as we navigate our way toward the future. A young person who goes to college, for example, risks the certain income from today’s job, believing in the probability of a better paying one after graduation. Once we are in the workforce, life insurance hedges the risk that we might die before we have socked away enough money to provide for our families. As we accumulate excess savings, we place them at risk by investing in stocks and bonds to secure our retirement. We take risks by borrowing to finance our homes and our businesses, with the expectation that a brighter future will enable us to repay our debts and then some.

The impulse for risk gives rise to agents to service it, like the good people assembled in this room. Banks, insurance companies, investment banks, money managers, hedge funds and other financial intermediaries provide the means to package and distribute risk. In the old days, their job was fairly straightforward. The agents packaged straight-up risk instruments like letters of credit, banker's acceptances, commercial paper, simple loans and stocks, and fixed-rate mortgages. Today, assisted by technology and computational power that can assess probabilities faster than you can say “Keep Austin Weird,” financial intermediaries offer products to satisfy almost any risk taker’s needs.

In contemplating the present situation of our economy, one can easily become confused and distracted by the enormous array of risk instruments now available and by trying to figure out where the buck really stops. In sorting through it all, I find it helpful to bear in mind certain patterns that reemerge throughout history—patterns that are imprinted in human nature, independent of advances in financial sophistication. I would like to remind you of them today.

The views I am about to express, as always, are my own and not those of any other participant in the Federal Open Market Committee or the Federal Reserve. They are conditioned by personal experience.

A substantial part of my personal experience involved spending some 20-odd years as a professional investor and hedge-fund manager pursuing the time-honored goal of buying a dollar’s worth of underlying value with nickels and dimes invested in publicly traded securities, including those of distressed banks, thrifts and other financial institutions in the aftermath of the 1980s. As mentioned in Bernie’s introduction, my partners and I succeeded in those endeavors more often than not, but that is not the point. The point is that I have experienced the process of risk taking as a market operator—the upside and the downside—at the microlevel, not just as a macroeconomic analyst.

And yet, I am now the beneficiary of the collective knowledge of the Dallas Fed’s bank supervisors and analysts—those battle-hardened souls who navigated their way through Texas’ savings and loan, banking and real estate crises of the 1980s.

Against that backdrop, the following is one man’s perspective on the current scene.

First, a little not-terribly-ancient history. In the 1980s, the euphoria of oil prices approaching $80 a barrel in today’s dollars led to a frenzy of lending activity in the Eleventh Federal Reserve District. At least I think that’s what any reasonable observer would call the annual growth rate of business loans of over 40 percent at Texas banks and annual growth in commercial real estate lending of almost 50 percent that we saw in the early part of that decade. Booking assets at such a rapid clip has a "come hither" seductive power. In pursuit of a seemingly sure thing, more than 550 new banks were chartered in Texas from 1980 through 1985. This made for a volatile brew, combining dramatic rates of growth in activity with a dramatic expansion of the number of players with limited experience in navigating a reversal of fate, or what econometricians call a reversion to the mean. The assumption of permanently high—or permanently rising—prices in an asset class—in this case, oil—invariably leads to regrettable decisions.

You recall what ensued. By early 1981, reversion to the mean had begun. Real oil prices began to fall, contributing to an economic slowdown in the region’s most energy-sensitive areas, such as Houston. The regional economy held its own for a while, propelled by a red-hot commercial real estate sector. The state economy suffered a severe decline when oil collapsed to the current equivalent of $17 per barrel by mid-1986. Bank and thrift failures reached a frightful magnitude. More than 800 financial institutions went out of business in Texas during the 1980s and into the early 1990s. Nine of the 10 largest banking organizations based in Texas didn’t make it.

The energy bust reverberated through Texas, and it was keenly felt in both commercial and residential real estate markets. Office vacancies soared. In Dallas and Houston, they hovered around 30 percent, and they approached 40 percent here in Austin. Troubles in the residential sector got so bad that the city of Garland, a Dallas suburb, authorized a condo development project interrupted by the collapsed market to be set on fire; burning it to the ground seemed the best choice for the 240 unfinished condos that had become eyesores and safety hazards in the twinkle of a financial cycle’s eye.

That is pretty bracing stuff, but quickly forgotten when one looks around this state two decades later and sees a booming economy and rapid employment growth. Texas is attracting corporate headquarters and new citizens like bees to honey, is now the largest exporting state, is pumping on all economic cylinders, and is even having nice things written about its museums and restaurants in The New York Times. And the Houston and Austin and Dallas commercial real estate markets are hotter than Scarlett Johansson. Yet we mustn’t forget the dangers of miscalculating risk and the pain of corrections.

To be sure, we have made significant strides since the 1980s. Information technology has greatly improved the ability to measure and calibrate risk. The banking industry has taken advantage of the technology with its value-at-risk measurement and the formal statistical models that are the essence of the proposed Basel II bank capital requirements. It is now possible to mitigate risk through securitization and the use of derivative products to a degree that was unimaginable in the 1980s.

All these advances have increased liquidity, diversified portfolios and allocated risk to those more willing to bear it. At a very rapid rate, I might add. The majority of banks’ involvement in derivatives has been through interest rate swaps, which grew 26 percent last year. But the fastest growth has been in credit derivatives, which by some measures increased 55 percent last year and tenfold in the past three years or so.

By any accounting, growth in structured credit products has been enormous. As a result, many new players have now entered these markets—issuers and distributors as well as buyers. Slightly more than 40 percent of the collateralized debt obligations, or CDOs, backed by corporate loans and rated by Moody’s last year were set up by first-time issuers that have not yet managed through a downturn in the credit cycle.

The memory cells begin to tingle. We are reminded that investors and financial institutions need to consider fully the potential for broad swings in financial markets to cause losses across a range of asset classes, even when losses may seem uncorrelated in a more benign environment. As we learned from our own experience here in Texas, adverse performance may be more correlated across assets than many expect, and the ramifications for pricing errors can be enormous.

I often hear anecdotes of seemingly risk-laden financial deals fetching only bare-bones margins. Capital appears to be chasing one hot product after another, even as returns are compressed. In this regard, we should be mindful of the possibility that intense competition is causing investors to reach for yield and assume too much risk, just as Texas banks did in the 1980s with their aggressive shift from the faltering energy sector to the glitter of real estate.

To complicate the situation even further, there are reasons to suspect the recent surge in financial innovation, improperly understood, can intensify rather than mitigate the scope for error.

I have just returned from a spring break vacation in the Caribbean with my daughter. While we were there, a local ichthyologist explained that fish have no memories and tend to swim in schools.

When we were out of the water, my tutors in the Dallas Fed’s Research Department had me read a brief about the great economist Frank Knight—now best known as Milton Friedman’s teacher. And for pure reading pleasure, I took along a compendium of Charles Dickens’ works.

There are lessons about risk to be gleaned from all three: the fish expert, Frank Knight and Dickens. Let’s start with Knight.

Knight viewed probabilities in three ways. The first and simplest is something like a roll of a fair die, where the odds of a six can be computed as one-sixth. Second are repeatable events, such as the proportion of widgets that might break on a production line. Here, experience can be a good teacher. If we observe three of 1,000 widgets breaking on Tuesday, a similar proportion might be expected to break on Wednesday. Third, there are unique events where probabilities can only be formed through judgments. For example, what is the probability that a certain new product might eventually rival the iPod or the Blackberry in popularity?

In Knight's view, it is easiest to position for risk in the first two circumstances. The most difficult and most important business decisions involve the third type of probability, where judgment plays a decisive role.

There is an ever-present risk that financial markets may be treating recent innovations as if they were in the second category, where probabilities can be based on experience, when in fact many new financial products still belong to the third category—the most difficult one, for which sound judgment is paramount. Many of today’s new financial innovations arguably have not been around long enough for their loss probabilities to be accurately estimated, despite the comfort provided by stochastic models and theoretical formulas.

Danger lies in placing too much faith in historical value-at-risk estimates, especially when they are based on limited experience with new products. Wrong probabilities—whether they result from limited experience, model errors or just bad judgment—can lead to costly mistakes. The real world has a nasty habit of reminding us of this every so often—Texas in the late 1980s, Long-Term Capital Management in the 1990s and the subprime mortgage market today.

For these reasons, value-at-risk estimates must be supplemented with stress testing and, most important, prudent judgment. It takes extraordinary discipline for financial institutions and investors to exercise sound judgment when the fish are schooling, swimming in pools of liquidity, unencumbered by memory.

The possibility that recent innovations may have reshaped both the positive and negative parameters of risk is evident in supervisors’ calls for financial institutions to control counterparty risk, such as in the case of credit default swaps. In these transactions, the purchasers of protection can offload the risk of their original positions but depend on a third party as guarantor. Credit risk has simply been replaced by counterparty risk, about which we might not know as much as we should.

Here is where Dickens comes in. In his book Martin Chuzzlewit, one of his characters utters this classic description of financial markets:

“I can tell you,” said Tigg…, “how many of ’em will buy annuities, effect insurances, bring us their money in a hundred shapes and ways, force it upon us, trust us as if we were the Mint; yet know no more about us than you do of that crossing-sweeper at the corner.”

And then there is my favorite quote from Little Dorrit, sounding the alarm bells when, as Dickens put it, “a person who cannot pay gets another person who cannot pay to guarantee that he can pay.”

More than 150 years ago, Dickens foreshadowed one of today’s more vexing problems with structured products: knowing just where the risk is or who is ultimately holding it—who ultimately pays should things go wrong. A growing awareness of the potential domino effects of counterparty risk has been emerging, where knowledge of one’s counterparty depends on the counterparty’s counterparty.

If you’re looking for a financial market segment where these issues have come home to roost, you need look no further than the subprime mortgage industry.

Only recently have we seen widespread use of a number of innovative mortgage products, such as interest-only loans and option ARMs. And these innovations are now common even in the subprime sector, which itself has grown tremendously. The most innovative mortgage products have tended to be used more in markets with the greatest home-price appreciation, suggesting some homebuyers stretched themselves financially to purchase increasingly expensive homes. In many cases, homebuyers may have had no other choice if they wished to purchase a home.

By easing the qualifying process, these instruments have made home mortgage credit available to broader segments of society—bringing “money in a hundred shapes and ways,” to quote Dickens’ Tigg. Indeed, many families own homes today thanks to subprimes and mortgage product innovations. That’s the good news: Financial innovation has made it possible for more Americans than ever to have a tangible piece of the American Dream, including those whom some lenders know no more about than they do of the “crossing-sweeper at the corner.” The bad news is that these very innovations have left homebuyers exposed to a decline in the housing market or rising interest rates, or both. We must not forget that these new products have yet to be tested in a credit-cycle downturn.

A student of Dickens or of financial market history might have expected problems to arise in subprime lending. Relaxed standards and documentation requirements are typically part of aggressive lending strategies that accompany asset price booms, and subprime lenders are no exception. Some subprime agents on the West Coast and in Florida and elsewhere in the nation seem to have been as aggressive and as undiversified as the Texas banks and S&Ls were in the 1980s. Just as we had oil prices fueling our lending boom in the 1980s, today’s mortgage explosion has been fed by a combination of low interest rates and some spectacular growth in home prices.

Thus far, the damage from the subprime market has been largely contained, as many of my Federal Reserve counterparts have been saying. Why do we say so? To begin with, quality problems have risen primarily for adjustable-rate subprime loans, which are only about 8.5 percent of home mortgage debt outstanding. Also, much of this debt was packaged into private-label mortgage-backed securities with the downside risk spread out over a diverse group of investors. Nevertheless, because 40 percent of homebuyers last year were nonprime (subprime and Alt-A) borrowers, housing markets may feel some short-term pain, making it less clear whether housing construction has bottomed and how long the housing downturn may last. Fortunately, the financial system and the economy are strong enough to weather this storm.

While the subprime damage is largely contained, I do not mean that the market will or should refrain from punishing those who neglected time-proven rules of prudence. Nor am I suggesting that the neglect of prudent practices has not bled into other types of credit—such as the Alt-A market. Indeed, it would be atypical for lax lending standards in one area of credit not to lead to laxity in others. Nor am I placing excessive faith in models that have yet to be tested by real developments.

The subprime situation may well be a blessing in disguise. It reminds us that history does have the capacity to repeat itself. The old financial axioms—levelheaded notions such as “know your customer” (or your counterparty) and “there is a difference between price and value”—remain valid. I expect market discipline to reassert itself, swiftly punishing those who pressed the limits of imprudence or suffered selective amnesia, hopefully doing so in a way that staves off the impulse for lawmakers and regulators to interfere disproportionately.

I acknowledge that is a tall order. But I am encouraged by what I see developing. As a former market operator, I take comfort in knowing that over time markets always clear. To be sure, the economy will grow somewhat more slowly because of the correction in the housing market. At the same time, other pistons in our economic engine, particularly consumption, continue pumping. And a buildup in housing inventory means that responsible buyers will be able to purchase homes at more affordable prices. We may have had a glimpse into this process in the National Association of Realtors report of pending home sales released yesterday.

In addressing the subprime issue, regulatory agencies are working hard to avoid causing an overreaction with credit standards that would needlessly cause too much of a slowdown in housing or the overall economy. And we do not want to stifle financial innovation simply because some problems have arisen in one sector.

Policymakers can learn a great deal from what they did wrong in the debacle of the 1980s. Back then, regulators and lawmakers had imposed product restrictions—especially on thrifts—that made diversification difficult. These limits were later relaxed—but only after the thrifts had been weakened. Back then, interstate branching restrictions limited banks’ ability to diversify geographically. Tax laws encouraged commercial real estate investment in 1981, but new policies discouraged it in 1986. A policy of regulatory forbearance and its associated moral hazard problems contributed to the lending excess. So-called “zombie thrifts” were allowed to operate when they should have been closed down, encouraging otherwise-bankrupt institutions to “bet the bank” in highly speculative ventures. If it paid off, fine; if not, the taxpayer would foot the bill. In the end, it cost over $65 billion to clean up the Texas S&L industry alone.

I expect some of you will argue that the Federal Reserve also compounded the problem. It is true that breaking the back of looming hyperinflation in the 1980s required the FOMC to push short-term interest rates as high as 19 percent—way above the rates thrift institutions were earning on their older, fixed-rate mortgages. The resulting losses depleted much of the S&L industry’s capital. Back then, Texas and the other energy belt states felt the pain of the eventual correction, much as the coasts are currently feeling the aftershocks of an excessive speculation in housing that was fueled by a combination of low short-term interest rates and advances in financial technology.

By always bearing in mind the potential for policymakers to compound rather than solve problems, the Fed and other regulators are doing their level best to tread very carefully in dealing with the subprime situation. Mindful of this, I think the recent subprime mortgage statement put out for comment by the Fed and four other regulators gets the notion of sensible risk taking just about right.

First, it asks lenders to ensure that borrowers understand the risks in their mortgages. Second, it specifies that an institution’s analysis of a borrower’s repayment capacity should verify an ability to repay the debt by its maturity date at the fully indexed rate, assuming a fully amortizing repayment schedule.

These common sense principles should enable homebuyers who reasonably expect higher future incomes to temporarily benefit from lower initial mortgage payments. They also recognize that lenders need to see whether borrowers can be reasonably expected to handle the transition from an initial teaser rate or interest-only option.

You are mortgage bankers. You know what the situation is and what it calls for. I would simply ask that you stick to the basics in your lending practices and that you inform us regulators as to what reasonable measures might be contemplated to make sure that any problems in the subprime sector remain “contained” and do not lead to systemic contamination.

Subprime mortgages are a segment of the financial marketplace in which risk might have been abused. But this in no way denigrates the invaluable role that taking risk plays in our economy. It all comes down to a question of proportion. It is worth keeping in mind the old toxicology dictum that “the dose makes the poison,” a shortened version of a saying attributed to a 16th century Swiss chemist named Paracelsus. “All things,” Paracelsus wrote, “are poison and nothing is without poison, only the dose permits something not to be poisonous.”

I regard risk and risk taking as a good thing. Mae West once quipped that “too much of a good thing is never enough.” Paracelsus may not be as funny, but I prefer his message. The dose determines whether risk is healthy or ruinous.

Financial markets price risk 24/7. Whether they get it right, of course, is another matter. For mortgage bankers, knowing your customers and potential exposures is requisite to getting it right. A roll of the dice is something else, as is working under the presumption that returns can be made while someone else incurs all your risk. Remember that passage from Little Dorrit. Astute observers recognize that third-party assurances may provide only illusory protection from risk.

In talking about risk today, I have been a bit of a worrywart. That goes with the job. After all, we are the guys who have the reputation of taking away the punchbowl before the party gets out of hand. I think this is the proper role for the Fed to play, though it is hardly a strategy for winning popularity contests. That said, we believe in the elixir of risk, properly dosed. To thrive, capitalism needs risk taking. Risk is a many splendored thing that drives investment, innovation and growth. A wise man once said, “A ship in harbor is safe, but that is not what ships are built for.” Risk takers—mortgage bankers like you and countless others—build and launch the ships that sail our economy forward.

The elimination of risk can never be the goal of any type of policymaker in a capitalist system. Risk becomes a problem only when it is excessive or when it is abused—a proposition that is especially true in today’s environment, where financial markets are increasingly globally integrated and information moves with the click of a mouse.

The main concern for policymakers is the potential for excessive risk taking to result in systemic problems. So far, that has not happened, and we are working double time, overtime to make sure it does not. Policymakers need to remain vigilant in seeking the right balance between prudent and indiscriminate risk taking. As do you.

Amen to that. Amen to fish. Amen to Charles Dickens, Mae West, Frank Knight and Paracelsus. And to Bernie Bernfeld for inviting me to speak here today. Thank you.

About the Author

Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas.

Note

The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System.

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신임 법무장관에 민변 출신 이용철 '성남라인' [서울=뉴스핌] 박찬제 기자 = 이재명 대통령은 6일 새 법무부 장관에 이용철(66·순창) 현 방위사업청장, 국세청장에 안덕수(55·부산) 서울지방국세청장을 후보로 지명했다. 청와대 새 정무수석으로는 최인호(60·창녕) 더불어민주당 재선 의원 출신인 주택도시보증공사 사장을 임명했다. 임광현 대통령 비서실장은 이날 오후 청와대 춘추관에서 인사 발표 브리핑을 했다. 임 실장은 "국민의 목소리를 더 많이 듣고 소통하겠다는 의지이며 국민 삶 속에 정책 변화와 효능감이 체감될 수 있도록 하는 데 중점을 뒀다"고 이번 인사 방향을 설명했다. 임 실장은 이 법무장관 후보에 대해 "민주사회를 위한 변호사 모임 출신으로 인권 보호와 민주 가치 증진에 힘써 온 변호사"라며 "참여정부 민정수석실 민정2비서관과 법무비서관을 역임하며 반부패와 제도개혁을 주도한 바 있다"고 소개했다. 임 실장은 "법조인이면서도 구조개혁 등 다양한 행정 경험을 갖춘 만큼 새로운 형사사법 체계를 안착시키고 누구도 소외되거나 억울한 일을 겪지 않는 법무 행정을 할 것으로 기대된다"고 이번 인선 배경을 설명했다. 임 실장은 이 후보가 과거 대장동 사건에 연루됐다는 언론 질문에 "그 부분은 검증 때 감안됐고 자세한 건 국회 인사청문회 때 본인이 소명할 걸로 기대한다"며 "적임자를 뽑기 위해 다양한 많은 분에 대한 검증이 있었다"고 밝혔다.  안 국세청장 후보에 대해 임 실장은 "국세청 1조사국장과 징세법무국장, 납세자보호담당관 등 주요 보직을 두루 거친 세무 행정 전문가"라며 소개했다. 임 실장은 "성실하게 세금을 내는 국민이 손해 보지 않도록 악의적 탈세와 숨긴 재산은 끝까지 추적해 조세 정의를 실현할 것으로 기대한다"고 인선 이유를 설명했다. 최 정무수석 내정자에 대해 임 실장은 "부산 지역 재선 국회의원 출신으로 민주당 최고위원과 수석대변인을 역임하며 소통과 통합의 가치를 실천해 온 정치인"이라고 소개했다. 임 실장은 "우리 사회의 통합과 성장을 위해 더 낮은 자세로 여야, 국민과 소통하며 국민이 하나 되는 정치를 뒷받침할 것으로 기대한다"고 인선 배경을 설명했다.  임 실장은 "청와대 내부 인사는 검토가 되는 대로 업무의 연속성과 개혁 성과, 국민 체감을 위해서 필요한 경우에는 적당한 시점에 인사를 하도록 하겠다"고 밝혔다. pcjay@newspim.com 2026-11-06 15:53
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한진칼 최대주주 오른 호반건설…항공업 진출? [서울=뉴스핌] 송현도 기자 = 호반그룹이 조원태 한진그룹 회장 측을 0.11%p(포인트) 차로 제치고 한진칼 최대주주(지분율 20.69%)에 오르면서 호반건설의 지분 매입 의도에 관심이 집중되고 있다. 단순 투자라는 공식 입장과 달리, 건설업 불황 속 한진칼 지분이 그룹의 재무적 가치를 뒷받침하는 핵심 자산으로 자리 잡은 데다 과거 금호산업 인수전부터 이어진 항공업 진출 구상에도 다시 힘이 실릴 수 있기 때문이다. ◆ 분양 반토막·PF 대위변제 덮은 6152억 평가차익… 호반의 '손익 방어막' [AI그래픽=송현도 기자] 6일 건설업계 등에 따르면 호반건설이 주택·건설 경기 침체 속에서도 수천억원을 투입해 한진칼 지분을 확보한 배경에는 재무적 실익이 자리 잡고 있다는 분석이 나온다. 한진칼 주가 상승에 따른 대규모 평가이익이 건설업 불황으로 악화한 그룹의 실적을 보완하는 역할을 하고 있다는 것이다. 호반건설의 2025년 연결감사보고서에 따르면 지난해 연결 매출액은 1조2326억원, 영업이익은 1361억원으로 전년(매출 2조3706억원, 영업이익 2716억원) 대비 각각 절반 수준으로 줄었다. 주력 사업인 분양수익이 1조1476억원에서 2531억원으로 급감한 영향이 컸다. 영업활동 현금흐름도 4728억원 적자로 돌아섰다. 부동산 프로젝트파이낸싱(PF) 보증 의무에 따라 4395억원을 대위변제하면서 2381억원의 기타대손상각비를 인식하는 등 재무 부담도 커졌다. 올해 2월에는 대위변제에 따른 구상채권과 상계하는 방식으로 대구 황금동 주상복합 용지를 2750억원에 취득하기도 했다. 이 같은 본업 부진을 상쇄한 것은 한진칼 지분에서 발생한 평가이익이다. 취득원가가 6966억원인 한진칼 지분의 장부가액은 지난해 말 1조5544억원으로 늘었다. 호반건설은 이를 통해 한 해 동안 6152억원의 금융자산 평가이익을 인식했다. 영업이익이 큰 폭으로 감소했음에도 당기순이익은 4752억원으로 전년(2657억원)보다 78.8% 증가했다. 100% 자회사인 호반호텔앤리조트도 비슷한 구조다. 본업 영업이익은 182억원에 그쳤지만, 보유 중인 한진칼 주식(장부가액 5902억원)에서 2267억원의 평가이익이 발생하면서 당기순이익 1872억원을 기록했다. 호반호텔앤리조트는 이를 바탕으로 모회사 호반건설에 1000억원의 현금배당을 결의하며 자금 공급 역할도 했다. 결국 한진칼 지분은 호반그룹의 실적 방어와 현금 확보에 기여하는 핵심 자산으로 자리 잡았다. 향후 경영권 분쟁 가능성이 이어지면서 한진칼 주가가 추가 상승할 경우 평가이익 확대는 물론 그룹의 순이익과 배당 여력에도 긍정적인 영향을 미칠 수 있다.  ◆ '집중투표제' 무기 쥔 호반… 이사회 진입 시 한진 경영권 영향 호반이 내년 3월 정기주총에서 이사회 진입에 성공할 경우, 단순 주주를 넘어 한진그룹 지배구조 전반에 영향력을 행사하게 된다. 한진칼 반기보고서에 따르면 한진칼은 올해 3월 정기주총에서 상법 개정에 맞춰 정관 제30조의 '집중투표제 배제 조항'을 삭제했다. 집중투표제란 주주총회에서 2명 이상의 이사를 선임할 때, 주주가 1주당 선임할 이사의 수만큼 의결권을 부여받고 이를 특정 후보 1명에게 몰아주거나 나누어 투표할 수 있는 제도로, 내년 3월 주총이 한진칼에 집중투표제가 의무 적용되는 첫 무대가 된다. 내년 3월 20일 임기가 만료되는 사외이사는 배성례(ESG경영위원회·보상위원회 위원장), 송백훈(분리선출 감사위원 겸 감사위원장), 홍동표(감사위원 겸 독립이사후보추천위원장) 위원 등 3명이다. 특히나 분리선출 감사위원 표결에서는 최대주주와 특수관계인의 의결권을 합산 3%로 제한하는 강화된 '3% 룰'이 적용된다. 오는 12월 31일 주주명부 폐쇄일 기준 최대주주가 되는 쪽이 의결권에서 불리해지는 구조다. 조원태 회장이 예고대로 12월 중 지분 0.49%를 추가 매수해 최대주주를 탈환하면 조 회장 측 전체 의결권은 3%로 묶이는 반면, 2대 주주가 되는 호반 측은 계열사별로 나눠 총 6.32%를 행사할 수 있다. 호반 입장에서는 감사위원 표결의 실리를 챙기기 위해 연말까지 조 회장의 최대주주 복귀를 용인할 가능성도 거론된다. 일반 사외이사 선임에서도 호반이 주총 6주 전(내년 2월 중순)까지 보유 목적을 경영참여로 바꾼 뒤 집중투표제를 신청해 특정 후보에게 표를 몰아주면 이사회 진입 가능성이 높아진다. 호반 측 인사가 이사회와 감사위원회에 1석이라도 진입하면 상법상 회계장부 열람권과 주요 안건 의결권을 바탕으로 대한항공·아시아나항공 통합 자금 지원, 자회사 부동산 매각, 배당 정책 등에 관여할 수 있다. 나아가 호반호텔앤리조트(리솜리조트)와 한진칼 산하 호텔·관광 계열사(칼호텔네트워크, 한진트래블) 간의 사업 시너지나 자산 매각 협상을 요구할 기반도 확보하게 된다. 반면 한진칼은 지난해 8월 보유 자사주 44만44주(0.66%)를 사내근로복지기금에 전량 출연해 현재 방어에 쓸 수 있는 보통주 자사주가 3주뿐이다. 올해 1월 자회사 칼호텔네트워크가 그랜드하얏트인천 웨스트타워를 2100억원에 매각해 한진칼 본사 현금성자산(단기금융상품 포함 3201억원)은 늘어났지만, 회사 자금으로 자사주를 사들여 방어에 나설 수는 없어 조 회장 개인과 우호 세력의 자금 부담이 커지는 상황이다. ◆ 금호산업 인수전부터 이어진 항공업 진출 시도… 산은 지분 매각이 승부처 재계와 투자은행(IB) 업계에서는 호반의 목표가 단순 차익 실현을 넘어 한진그룹 경영권 인수에 맞춰져 있다는 시각이 나온다. 김상열 호반그룹 창업주는 지난 2015년 아시아나항공의 모회사였던 금호산업 인수전에 단독 응찰하며 항공업 진출을 시도한 바 있다. 당시 채권단과의 가격 이견으로 무산됐지만, 이후 리솜리조트와 퍼시픽랜드를 인수해 레저 사업을 확장했고 2022년 사모펀드 KCGI로부터 한진칼 지분을 사들이며 항공·레저 수직계열화를 추진했다. 주택 사업에 편중된 그룹의 포트폴리오를 바꿀 카드로 한진칼을 낙점했다는 평가다. 내년 3월 주총에서는 조 회장 측과 델타항공, 한국산업은행(10.58%) 등 우호 지분이 과반에 육박해 당장 경영권 확보가 쉽지 않다. 한진칼 시가총액이 적정 가치(3조3000억원 추산)를 웃도는 12조3000억원대까지 올라, 장내에서 지분 1%를 추가 확보하는 데 1230억원이 드는 점도 부담이다. 호반건설의 지난해 말 연결 현금 및 단기유동성 금융자산이 1조1916억원 수준이지만, 단기금융부채 역시 1년 새 679억원에서 5172억원으로 늘어 장내 매수를 지속하긴 어렵다. 결국 향후 승부처는 항공 산업 구조 개편이 끝난 뒤 시장에 나올 산업은행의 한진칼 지분 10.58%다. 대한항공은 올해 5월 아시아나항공 흡수합병을 결의한 데 이어 8월 12일 소규모합병 승인 이사회 결의를 완료하며 연말 통합 항공사 출범을 앞두고 있다. 내년 3월 저비용항공사(LCC) 3사 통합까지 마무리되면 산은이 지분을 보유할 정책적 명분은 사라지고 공적자금 회수 절차가 진행된다. 산은은 2020년 11월 체결한 투자합의서에 따라 의무 위반 시 5000억원의 위약벌을 부과할 담보로 조원태 회장의 한진칼 주식 385만8869주(약 5.78%)에 근질권을 설정해 두고 있으며, 유사시 조 회장 지분까지 묶어 제3자에게 팔 수 있는 동반매각요구권과 동반매도참여권을 보유하고 있다. 호반이 20%대 지분을 바탕으로 이사회에 진입해 경영에 관여하다가 향후 산은 지분 10.58% 인수전에 참여해 이를 확보할 경우, 지분율을 31% 이상으로 끌어올릴 수 있다. 건설업계 관계자는 "산은 지분 인수나 경영권 확보가 여의치 않더라도, 과거 대우건설·금호산업 사례에서 보듯 지분 가치를 높인 뒤 조 회장 측 우호 세력에게 경영권 프리미엄을 얹어 블록딜로 넘기는 출구 전략을 택할 수도 있다"고 설명했다. dosong@newspim.com 2026-11-06 15:07
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  • Caterpillar Inc. Industrials
    우크라이나 전쟁 장기화 시 건설 및 중장비 수요 불확실성 직접적. 글로벌 인프라 투자 지연으로 매출 성장 둔화 가능성 있음.
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