监守自盗

究其最终 公司亏损责任在于董事会
‘Cause the board is responsible for hiring and firing the CEO
因为董事会负责任命和卸任总裁
and overseeing big strategic decisions.
做出重大战略决策
The problem with board composition in America
美国董事会结构的问题在于
is the way boards are elected.
董事会选举的方式
The boards are pretty much, in many cases, picked by the CEO.
很多情况下 董事会是由总裁选出的
The board of directors and the compensation committees
董事会和薪酬委员会
are the two bodies best situated
是最适宜决定
to determine the pay packages, uh, for executives.
高管薪酬的两个部门
How do you think they’ve done over the past 10 years?
你觉得过去十年 他们工作做得如何
Well, I think that, if you look at those,
我认为 这方面的话
uh, in, I would give about a B. Because…
我的评分是”良” 因为
A B? Yes.
“良”? 是的
Not an F. Not an F, not an F.
不是”不及格”吗 没有 不是
Stan O’Neal, the CEO of Merrill Lynch
美林银行总裁斯坦利·奥尼尔
received 90 million dollars in 2006 and 2007 alone
单在2006年到2007年间 就获利九千万美金
After driving his firm into the ground
搞垮公司后
Merrill Lynch’s board of directors allowed him to resign
美林董事会允许他辞职
and he collected 161 million dollars in severance.
他分批次收到一亿六千一百万美金
Instead of being fired, Stan O’Neal is allowed to resign
斯坦利·奥尼尔没被解雇 反被允许辞职
and takes away 151 million dollars.
还带走一亿五千一百万美金
That’s a decision that that board of directors made at that point.
这是董事会当时做出的决定
And what grade do you give that decision?
你给这个决定打多少分
Uh, that’s a tougher one.
这个比较困难
I don’t know if I would give that one a B as well.
这个我可能就不会给”良”了
O’Neal’s successor, John Thain,
奥尼尔的继任者约翰·赛恩
was paid 87 million dollars in 2007 and in December of 2008,
在2007年获利八千七百万 并于2008年12月
two months after Merrill was bailed out by U.S. Taxpayers
也就是美林被纳税人救助之后两个月
Thain and Merrill’s board handed out billions in bonuses.
赛恩和美林董事会拿出数十亿美元分红
In March of 2008
2008年5月
AIG’s Financial Products Division lost 11 billion dollars
AIG金融产品部损失110亿美金
Instead of being fired, Joseph Cassano, the head of AIGFP
当时的金融产品部主管约瑟夫·卡萨诺并未被解雇
was kept on as a consultant
而是作为顾问
for a million dollars a month.
拿着几百万月薪留了下来
And you want to make sure that the key players
要把核心管理层
and the key, key employees, uh, within AIGFP
和核心雇员留在AIG金融产品部
yeah, we retain that intellectual knowledge.
是的 我们要把这种智力资源保留
I attended a very interesting, uh, dinner,
我出席过一次很有趣的晚宴
organized by Hank Paulson a little more than one year ago
是一年多以前 由亨利·保尔森组织的
with some officials and a couple of,uh,
一起出席的还有一些官员和一些
CEOs from the biggest, uh, banks in the U.S.
美国大银行的总裁
And uh, surprisingly enough, all these gentlemen
出乎意料的是 这些先生
were arguing we were too greedy,
都说我们太贪心了
so we have part responsibility. Fine.
所以我们也是有部分责任 行
And then they were turning to the treasurer,
然后他们又把矛头指向财政部
to the secretary of the Treasury,
指向财政部部长
and say, you should regulate more because we are too greedy,
说你应该多监管一些 因为我们太贪心了
we can’t avoid it.
贪心我们改不了
The only way to avoid this is to have more regulation.
所以为避免这种状况 只能多加监管
I have spoken to many bankers about this question,
我跟很多银行家谈论过这个问题
including very senior ones.
包括一些非常资深的银行家
And this is the first time that I’ve ever heard anybody say
这还是我第一次听人说
that they actually wanted their compensation to be regulated.
他们希望有人监管自己的薪酬
Yeah, because it was at the moment where they were afraid.
对 因为就在那时候 他们害怕了
And after, when solution to the crisis began to appear
之后 一旦出现解决危机的办法
then probably they, they changed their mind.
他们可能就会改变主意
In the U.S., the banks are now bigger, more powerful,
如今美国的银行 规模空前巨大 实力空前雄厚
and more concentrated than ever before.
权力空前集中
There are fewer competitors, and a lot of smaller banks
他们几乎没有对手 很多小一点的银行
have been taken over by big ones.
都被大银行收购了
JP Morgan today is even bigger than it was before.
摩根大通如今的规模比以前还要大
JP Morgan took over first Bear Stearns and then WAMU
摩根大通先收购了贝尔斯登 然后是华盛顿互惠
Bank of America took over Countrywide and Merrill Lynch
美国银行收购了国家金融和美林银行
Wells Fargo took over Wachovia.
富国银行收购了美联银行
After the crisis, the financial industry
危机过后 金融业
including the Financial Services Roundtable
包括金融服务圆桌组织
worked harder than ever to fight reform.
愈加致力于反击改革
The financial sector employs 3,000 lobbyists
金融业雇佣了三千名说客
more than five for each member of Congress.
这个数量比国会成员五倍还多
Do you think the financial services industry
你是否认为在美国
has excessive political influence in the United States?
金融服务行业的政治影响力过大
No. I think that every person in, in the w ,
不 我认为每个人
in the country is represented here in Washington.
华府代表了每个公民的利益
And you think that all segments of American society
你认为美国社会的各个阶层
have equal and fair access to the system?
都有平等机会进入这个体制
The, you can walk into any hearing room, uh, that you would like.
听证室对所有人都是开放的
Yes, I do.
我认为是平等的
Um, one could walk into any hearing room,
听证室确实对所有人开放
one can not necessarily write
但不是每个人都能
the kind of lobbying checks that your industry writes
像你们行业那样花钱请说客
or engage in the level of
或是像你们行业那样
political contributions that your industry engages in.
给出到那种数额的政治献金
Between 1998 and 2008
在1998年至2008年间
the financial industry spent over 5 billion dollars
金融业花费了超过五十亿美金
on lobbying and campaign contributions.
用于游说和竞选赞助
And since the crisis, they’re spending even more money.
而由于危机的发生 此项花费愈增
The financial industry also exerts its influence in a more subtle way
金融业还以一种更加精巧的途径扩大影响
one that most Americans don’t know about.
这一途径并不为美国普罗大众所知
It has corrupted the study of economics itself.
它已侵染进了金融学本身
Deregulation had tremendous financial and intellectual support.
放松管制拥有巨大的经济和智力支持
Because, uh, uh, people argued it for their own benefit.
因为人们为了自己的利益极力主张
Economics profession was the main source of that illusion.
经济学界是这种假象的主要制造源
Since the 1980s, academic economists
自20世纪80年代以来 理论经济学家
have been major advocates of deregulation,
就一直是放松管制的主要鼓吹者
and played powerful roles in shaping U.S. Government policy.
并在美国政府政策制定中起着重大作用
Very few of these economic experts warned about the crisis.
少有经济学专家发出关于危机的警告
And even after the crisis,
即使在危机之后
many of them opposed reform.
很多专家仍反对改革
The guys who taught these things
教授金融学的这些人
tended to get paid a lot of money being consultants.
更愿意拿着丰厚薪酬当顾问
Business school professors don’t live on a faculty salary.
商学院的教授并不靠教师工资生活
They do very, very well.
他们过得非常富足
Over the last decade, the financial services industry
在过去十年 金融服务业
has made about 5 billion dollars’ worth of
共拿出了50亿美元
political contributions in the United States.
用于美国政治献金
That’s kind of a lot of money.
那可是一大笔钱
That doesn’t bother you?
你不会为此感到不安吗
No.
不会
Martin Feldstein is a professor at Harvard,
马丁·费尔德斯坦是哈佛大学的教授
and one of the world’s most prominent economists.
也是世界上最著名的经济学家之一
As President Reagan’s chief economic advisor,
作为里根总统的首席经济顾问
he was a major architect of deregulation.
他是放松管制的主要缔造者
And from 1988 until 2009, he was
1988年至2009年间 他同时任职于
on the board of directors of both AIG and AIG Financial Products,
AIG和AIG金融产品部董事会
which paid him millions of dollars.
为此获得百万薪酬
You have any regrets about having been on AIG’s board?
你后悔进入AIG的董事会吗
I have no comments. No, I have no regrets
无可奉告 不 我不后悔
about being on AIG’s board.
任职于AIG的董事会
None. That I can say, absolutely none. Absolutely none.
没有 我能说一点都没有
Okay. Um,
好的 那
You have any regrets about, uh, AIG’s decisions?
对于AIG的决策你是否有遗憾
I cannot say anything more about AIG.
我不想再讨论AIG了
I’ve taught at Northwestern and Chicago,
我曾任教于西北大学 芝加哥大学
Harvard and Columbia.
哈佛大学和哥伦比亚大学
Glenn Hubbard is the dean of Columbia Business School and was the
格伦.哈伯德现任哥伦比亚大学商学院院长
chairman of the Council of Economic Advisers under George W. Bush.
曾任布什政府经济顾问委员会主席
Do you think the financial services industry
你是否认为在美国
has too much, uh, political power in the United States?
金融服务行业的政治影响力过大
I don’t think so, no. You certainly,
我不这么认为 很显然
you certainly wouldn’t get that impression
金融业经常在华府受挫
by the drubbing that they regularly get, uh, in Washington.