监守自盗

Another, Merrill Lynch, was forced to sell itself today
另有美林银行 也于今天迫出售
Crisis talks are underway…
危机言论正在蔓延
World financial markets are way down today
全球金融市场今日陷入低迷
following dramatic developments for two Wall Street giants….
随之而来的是两位华尔街巨头戏剧性的收场
In September 2008
2008年9月
the bankruptcy of US investment bank Lehman Brothers
美国雷曼兄弟投资银行破产
and the collapse of the world
世界第一大保险公司
largest insurance company AIG
美国国际集团(AIG)崩塌
triggered the global financial crisis.
引发了全球性金融危机
…fears gripped markets overnight
一夜之间 恐惧弥漫了整个市场
with Asian stocks slammed by…
亚洲股票板块狂跌…
Stocks fell off a cliff
股价出现跳水
the largest single point drop in history
创下有史以来单日最大跌幅
Share prices continued to tumble in
雷曼公司资产清算过程中
the aftermath of the Lehman collapse
每股份额不断走低
The result was the global recession
最终导致全球经济低迷
which costs the world tens of trillions of dollars
造成数万亿美元的损失
rendered 30 millions people unemployed
三千万人口失业
and doubled the national debt of the US
美国国家负债翻番
If you looked at the costs of it:
危机造成社会经济结构受损
the structure of equity wealth, of housing wealth
包括产权资产结构 住房资产结构
then the structure of income, of jobs,
收入结构和工作结构
15 million people globally
全球1500万人
could end up below the poverty line again
可能要重回贫困线以下
This is just a hugely, hugely expensive crisis
这场危机代价实在太大 太大了
This crisis was not an accident
这场危机并非偶然
It was caused by an out of control industry.
一项失控的产业导致了这场危机
Since the 1980s
自20世纪80年代起
the rise of US financial sector has led to a series
美国金融业的崛起已引发一系列
of increasingly severe financial crises
一次甚于一次的经济危机
Each crisis has caused more damage
危机所致损失逐次增大
while the industry has made more and more money
该行业所得收益却日趋增多
After the Great Depression, United States
经济大萧条之后四十年里
have 40 years of economic growth
美国经济持续增长
without a single financial crisis
此间没有发生经济危机
the financial industry was tightly regulated
金融业处在严密监管下
most regular banks were local businesses
大多数银行都是本地产业
and they were prohibited from speculating
同时 法律禁止银行动用储户资金
with depositors savings
进行投机行为
Investment banks which handle stock and bond tradings
投资银行 作为处理股票债券业务的银行
were small private partnerships.
当时都是小型私人合伙机构
In the traditional investment banking partnership model
传统的投资银行伙伴关系模式
the partners put the money up
是各位合伙人集资
and obviously the partners watch that money very carefully
所以大家都密切注意这笔钱的动向
They wanted to live well
他们希望生活富足
but they didn’t want to bet the ranch on anything
但却不想拿钱冒任何风险
Paul Volcker served on the treasury department
保罗·沃尔克当时在财政部供职
and was chairman of the Federal Reserve from 1979 – 1987
并于1979年至1987年间担任美联储主席
Before going into government,
进入政府部门之前
he was a financial economist at Chase Manhattan Bank
他是大通曼哈顿银行的一名金融分析师
When I left Chase to go in Treasury in 1969
1969年我离开大通进入财政部时
I think my income was in the neighbour of $45000.
收入大约是45000美元吧
$45000 a year.
每年45000
Morgan Stanley in 1972
1972年摩根斯坦利
had approximately 110 total personnel
旗下大约有110名员工
One office and capital of $12 000 000
一个办公室 1200万美元资产
Now Morgan Stanley has 50 000 workers
现在他们有五万雇员
and has capital of several billion
数十亿资产
and has offices all over the world
全球各地均有办事处
In the 1980s the financial industry exploded
20世纪80年代金融业大爆炸
The investment banks went public
投资银行上市
given them huge amount of stock holding money
股票发行为其融集大量资金
People on Wall Street started getting rich
华尔街的人越来越富有
I had a friend who was a bond trader
我有一个朋友上世纪70年代
at Merilyn Lynch in 1970s
在美林银行做债券交易
He had a job as a train conducter at night
他晚上兼职做列车调度员
Because he had 3 kids
因为他有三个孩子
and couldn’t support them
做债券交易赚的钱
on what a bond trader made
无法养活孩子
By 1986 he was making millions of dollars
到1986年 他年收入就几百万了
and thought it was because he was smart
我还以为是因为他聪明
The highest order of business before the nation
目前国家经济建设的重中之重
is to restore our economic prosperity
就是要恢复经济繁荣
In 1981 president Ronald Reagan
1981年罗纳德·里根总统
choses Treasury Secretary
任命美林银行CEO
the CEO of investment bank Merrill Lynch Donald Regan
唐纳德·里根为财政部部长
Wall Street and the President do see eye to eye
华尔街与总统确实英雄所见略同
I’ve talked to many leaders of Wall Street
我与许多华尔街领袖谈过
they also will be behind the President on 100%
他们也会全心全意支持总统
The Reagan administration
里根政府
supported by economists and financial lobbyist
在经济学家以及金融说客支持下
started the 30 years period of financial deregulations
开始了长达三十年的金融放松管制
In 1982 the Reagan administration
1982年 里根政府
deregulated savings and loan companies
对储贷公司放松管制
allowing them to make risky investments
允许他们动用储户资金
with their depositors’ money
进行风险投资
By the end of the decade
到80年代末
hundreds of saving and loan compnies had failed
数百家储贷公司破产
This crisis cost tax payers $124 billion
这次危机导致纳税人损失1240亿美元
and cost many people their live savings
使许多人的毕生积蓄付诸东流
It may be the biggest bank heist in our history
这可以说是有史以来最大的银行劫案
Thousands of saving and loan executives
几千名储贷公司主管
went to jail for looting their companies
因为抢劫自己的公司而入狱
One of the most extreme cases
其中最极端的例子就包括
was Charles Keating
查尔斯·凯丁
In 1985 when federal regulators
1985年联邦监管机构
began investigating him
开始对他进行调查时
Keating hired an economist named Alan Greenspan
凯丁雇了一位叫艾伦·格林斯潘的经济学家
In this latter to regulators
在这封致监管机构的信件中
Greenspan praised Keating’s sound business plan and expertise
格林斯潘赞扬了凯丁的合理商业计划和管理经验
and said he saw no risk in allowing
还说凯丁用客户的钱投资
Keating to invest his customers money.
在他看来 并无任何风险
Keating reportedly paid Greenspan $40 000
据报道 凯丁付给格林斯潘4万美元
Charles Keating went to prison shortly afterwords
此后不久 查尔斯·凯丁便锒铛入狱
As for Alan Greenspan
而艾伦·格林斯潘
President Reagan appointed him chairman of America’s central bank
则被里根总统任命为美国央行主席
The Federal Reserve
即美联储主席
Greenspan was reappointed
并被克林顿总统
by presidents Clinton and George W. Bush
和乔治·W·布什总统续聘
During the Clinton administration
克林顿政府执政期间
deregulation continued under Greenspan
金融市场在格林斯潘
And Treasury Secretary Robert Rubin,
时任财政部长的罗伯特·鲁宾
the former CEO of the investment bank goldman Sachs
同时也是高盛投资银行前任CEO
and Larry Summers Harvard economics professor
和哈佛经济学教授拉里·萨默斯的控制下持续自由化
The financial sector of Wall Street being powerful,
华尔街金融业 实力强大
having lobbyist, having lots of money
有自己的说客 资金雄厚
step by step captured the political system
一步一步掌控政治系统
both on the Democratic and the Republican side.
民主党和共和党都有浸润
By the late 1990s
到90年代末期
the financial sector had consolidated into few gigantic firms
金融产业合并为几家巨型公司
Each of them so large
每一家都规模巨大
that their failure can threaten whole system
一旦出现差错 将威胁到整个体系
And the Clinton administration
而克林顿政府
helped them grow even larger
则助其规模进一步壮大
In 1999 Citicorp and Travelers
1999年花旗公司和旅行家集团
merged to form Citigroup
合并为花旗集团
The largest financial services company in the world.
成为世界最大的金融服务公司
The merger violated the Glass Steagall act
但这违反了格拉斯 斯蒂格尔法案
A law passed after Great Depression
这项法案经济大萧条后通过的法案
which prevented banks with consumer deposits
不允许银行用储户存款