监守自盗

根据这一点就显然得不出这个结论
Many prominent academics quietly make fortunes while helping
很多杰出学者通过帮金融业策划公众议题
the financial industry shape public debate and government policy.
帮助政府制定政策不声不响地赚了大钱
The Analysis Group,
安诺国际咨询公司
Charles River Associates,
查尔斯·里弗顾问公司
Compass Lexecon,
Compass Lexecon咨询公司
and the Law and Economics Consulting Group
还有法律经济咨询集团
manage a multi billion dollar industry
经营着一项价值几十亿的产业
that provides academic experts for hire.
专为各大公司提供学术专家
Two bankers who used these services
接受这一服务的银行家中有两位
were Ralph Cioffi and Matthew Tannin,
分别是拉尔夫·乔菲和马修·坦尼
Bear Stearns hedge fund managers
他们是贝尔斯登对冲基金经理
prosecuted for securities fraud.
因证券欺诈被提起公诉
After hiring The Analysis Group,
雇佣安诺国际咨询公司后
both were acquitted.
他们都被无罪释放
Glenn Hubbard was paid 100,000 dollars
格伦.哈伯德因出庭作证为其辩护
to testify in their defense.
获得十万美金
Do you think that the economics discipline has, uh,
你认为经济学这门学科
a conflict of interest problem?
有利益冲突问题吗
I’m not sure I know what you mean.
我不太清楚你什么意思
Do you think that a significant fraction of the economics discipline,
经济学科中很大一部分
a number of economists, have financial conflicts of interests
以及许多经济学家都牵涉利益纠葛
that in some way might call into question or color
你认为这是否会在某种程度上引起质疑或是…
Oh, I see what you’re saying. I doubt it.
我明白你的意思 但我不这样想
You know, most academic economists,
大多数经济学家
uh, you know, aren’t wealthy business people.
并不是富有的商界人士
Hubbard makes 250,000 dollars a year
哈伯德作为大都会人寿保险董事
as a board member of Met Life
年薪25万美元
and was formerly on the board of Capmark,
之前供职于嘉迈资融公司董事会
a major commercial mortgage lender during the bubble,
一家诞生于泡沫经济中的商业借贷公司
which went bankrupt in 2009.
于2009年破产
He has also advised Nomura Securities,
他还是野村证券
KKR Financial Corporation,
KKR金融集团
and many other financial firms.
还有很多其它金融公司的顾问
Laura Tyson, who declined to be interviewed for this film,
劳拉·泰森 拒绝了本片的采访
is a professor at the University of California, Berkeley.
她是加州大学伯克利分校的教授
She was the chair of the Council of Economic Advisers,
她先后供职于克林顿政府经济顾问协会
and then director of the National Economic Council
和国家经济委员会
in the Clinton administration.
担任主席
Shortly after leaving government,
离开政府部门不久
she joined the board of Morgan Stanley
她就加入了摩根·斯坦利董事会
which pays her 350,000 dollars a year.
年薪35万美元
Ruth Simmons, the president of Brown University,
鲁斯·西蒙斯 布朗大学校长
makes over 300,000 dollars a year
供职于高盛公司董事会
on the board of Goldman Sachs.
年薪30万美元
Larry Summers, who as Treasury secretary
拉里·萨默斯 作为财政部长
played a critical role in the deregulation of derivatives
在推行衍生品市场自由化中扮演了重要角色
became president of Harvard in 2001
于2001年就任哈佛大学校长
While at Harvard,
他任职哈佛大学期间
he made millions consulting to hedge funds
为对冲基金咨询获利上百万
and millions more in speaking fees,
演说费则更加丰厚
much of it from investment banks.
其中多由投行支付
According to his federal disclosure report,
根据关于他的联邦调查报告
Summers’s net worth is between 16.5
萨默斯的净资产在1650万
million and 39.5 million dollars.
到3950万美元之间
Frederic Mishkin, who returned to Columbia Business School
弗雷德里克·米什金 在离开美联储之后
after leaving the Federal Reserve,
回到了哥伦比亚商学院
reported on his federal disclosure report
他的联邦调查报告显示其净资产
that his net worth was between 6 million and 17 million dollars.
在600万到1700万美元之间
In 2006, you coauthored a study
2006年 你以共同一作的身份
of Iceland’s financial system. Right, right.
发表了关于冰岛金融体系的报告 没错
Iceland is also an advanced country with excellent institutions,
冰岛同样是一个拥有良好基建
low corruption, rule of law.
低腐败率和健全法制的国家
The economy has already adjusted to financial liberalization
其经济已经适应了金融自由化
while prudential regulation
与此同时 审慎的监管
and supervision is generally quite strong.
与督导也有非常强有力
Yeah. And that was the mistake. That it turns out that, uh,
对 错误就出在这一句上 结果表明
that the prudential regulation
冰岛的审慎监管
and supervision was not strong in Iceland.
和督导并不是很有力
And particularly during this period…
尤其是在这个时期
So what led you to think that it was?
那你当时为什么这么想
I think that, uh, you’re going with the information you have at
根据当时的所掌握的信息
and generally, uh, the view was that, that, uh,
还有所看到的
Iceland had very good institutions.
冰岛确实拥有良好基建
It was a very advanced country
它也曾是一个非常发达的国家
Who told you that? Who did, what kind of research did you do?
你是怎么知道的 你做了什么样的研究
you, you talk to people,
跟人交流所得
you have faith in, in, uh the Central Bank
而且对中央银行有信心
which actually did fall down on the job.
但它最后马失前蹄了
Uh, that, uh, clearly, it, this, uh
很显然 这个吧
Why do you have “Faith” in a central bank?
你为什么会对中央银行有信心
Well, that faith, you, ya, d , because you ha ,
这种信心吧 来源于
go with the information you have.
我所掌握的信息
Um, how much were you paid to write it?
写这篇文章你得到了多少稿酬
I was paid, uh, I think the number was, uh,
我得到了…我想具体的数额
it’s public information
你是可以查到的
Uh, on your CV, the title of this report has been
在你的简历中 这个报告的题目
changed from “Financial Stability
从《冰岛金融的稳定性》
in Iceland” To “Financial Instability in Iceland.”
变成了《冰岛金融的不稳定性》
Oh. Well, I don’t know, if, itch , whatever it is, is, the, uh
我不知道这事 我估计吧
thing ?If it’s a typo, there’s a typo.
这应该是印刷错误 没错 是这样
I think what should be publicly available is
我认为有一点必须公开
whenever anybody does research on a topic
那就是不论任何人做何种研究
they disclose if they have
研究者必须说明他们自身
any financial conflict with that research.
与这个研究课题是否有利益冲突
But if I recall, there is no policy to that effect.
但我记得没有特别针对这种情况的政策
I can’t imagine anybody not doing that
在我看来 发表文章的时候
in terms of putting it in a paper.
大家都会遵守这一点
You would, there would be significant
如果有违反的话
professional sanction for failure to do that.
会受到业界严厉制裁
I didn’t see any place in the study where
在这篇文章中
you indicated that you had been paid, uh,
没见你提起之所以撰写此文
by the Icelandic Chamber of Commerce to produce it.
是受冰岛商业协会之托 且收受了报酬
No, I Okay.
对 没提 好的
Richard Portes, the most famous economist in Britain
理查德·波茨 英国最著名的经济学家
and a professor at London Business School
也是伦敦商学院教授
was also commissioned by
在2007年
the Icelandic Chamber of Commerce in 2007
他同样受冰岛商业协会所托
to write a report which praised the Icelandic financial sector
撰写了一份赞誉冰岛金融业的报告
The banks themselves are highly liquid.
银行本身有很好的贴现能力
They’ve actually made money on the fall of the Icelandic krona.
他们在冰岛克朗贬值时依旧盈利
These are strong banks, their funding,
他们是有实力的银行 他们的基金
their market funding is assured for the coming year.
和市场基金来年依然坚挺
These are well run banks.
他们的运营情况非常好
Richard, thank you so much.
理查德 非常感谢
Like Mishkin, Portes’s report
与米什金一样 波茨在报告中
didn’t disclose his payment
也没有公开
from the Icelandic Chamber of Commerce.
他从冰岛商业协会得到报酬这一事实
Does Harvard require disclosures
哈佛大学有要求作者在发表论文时
of financial conflict of interest in publications?
公开其中的利益瓜葛吗
Um, not to my knowledge.
据我所知没有
Do you require people to report the compensation
你会要求学者们公开因走穴活动
they received from outside activities? No
而获得的报酬吗 不会
Don’t you think that’s a problem?
你难道不觉得这有问题吗
I don’t see why.
我不觉得
Martin Feldstein being on the board of AIG
马丁·费尔德斯坦身处AIG董事会
Laura Tyson going on the board of Morgan Stanley
劳拉·泰森身处摩根·斯坦利董事会
Larry Summers making 10 million dollars a year
拉里·萨默斯担任金融服务公司顾问
consulting to financial services firms
年入一千万
irrelevant
无关紧要吗
Well ?Yeah, basically irrelevant.