监守自盗

from engaging in risky investment banking activities
进行风险投资银行业务活动
It was illegal to acquire Travelers.
当时买进旅行家集团是非法的
Greenspan said nothing.
但格林斯潘什么也没说
The Federal Reserve gave him exemption
美联储免了他们一年税金
for a year and then they got the law passed
然后取消了这项法案
In 1999 at the urging of Summers and Rubin
1999年在萨默斯和鲁宾的敦促下
Congress passed the “Glemm Leach Bliley Act”
议会通过了金融服务现代化法案
Known to some as the Citigroup Relief Act
也称花旗集团救济法案
It overturned “Glass Steagal”
其完全推翻了格拉斯 斯蒂格尔法案
and clear the way for future mergers
也为之后的合并铺平了道路
Why do you have big banks
为什么会出现大银行
because banks like monopoly power
因为银行希望有垄断力
because banks like lobbying power,
希望有说服力
because banks know that when you are too big
因为他们知道一旦规模巨大
they will be bailed
就会有政府援助
Markets are inherently unstable
这个市场有内在不稳定因素
or at least potentially unstable
或者说 至少有潜在不稳定因素
and appropriate metaphor is the oil tankers
一个恰当的比喻就是 有一艘油轮
they were very big and therefore
体型非常巨大
you have to put in compartments
因此需要在里面分成隔间
to prevent the sloshing around of oil
防止油乱晃
from capsizing the boat
导致油轮倾覆
the design of the boat has to take it into account
设计船舶时就该考虑这一点
and after the Depression
而大萧条之后
the regulation actually introduced
金融监管就将防水隔间
this very watertight compartments
引入到市场这艘巨型油轮中
and deregulation has led to
而放松管制
the end of compartmentalisation
则终结了这种隔离区划
The next crisis came at the end of the 90s
接下来一场危机发生于90年代末
The investment banks fuel the mass of the bubble in internet stocks
投资银行推动网络股泡沫持续膨胀
Which were followed by a crash in 2001
此后于2001年全面崩盘
that caused $5 trillion dollars in investment losses
造成了五万亿的投资损失
The Securities and Exchange Commission
证券交易监督委员会(证监会)
The federal agency which had been created
作为大萧条期间为管制投资银行业
during the depression to regulate investment banking
而产生的联邦行政机构
had done nothing
毫无作为
In the absence of meaning for federal action
由于联邦监管行为毫无意义
and there has been none
而且联邦也无所作为
and given the clear failure of self regulation
鉴于其自我监管已明显失败
It is become necessary for others to step in
现在必须有人介入
and adopt the protections needed
采取必要保护措施
Eliot Spitzers investigations revealed that
埃利奥特·斯皮策调查结果显示
the investments banks had promoted internet companies
投资银行明知一些网络公司必将破产
they knew would fail
却依然推销其股票
Stock analysts were being paid
股票分析师的收入
based on how much business they brought in
与其所办理业务的多少挂钩
and what they said publicly
而他们在公开场合
was quite different from what they said privately
与私下所言大相径庭
Infospace given the highest possible rating
Infospace公司虽然有着最高评级
dismissed by the analysts as the “Piece of junk”
却被分析师们贬为”垃圾”
Excite also highly rated
同属最高评级的Excite公司
called “Such a piece of crap”
则被称做”狗屎一坨”
The defence that was proffered
这些投资银行
by many of the investment banks
所给出的辩解之词
was not, you’re wrong, it was…
不是说”你说错了” 而是说
everybodies doing it and everybodies knew what’s going on
大家都这么做 大家都明白怎么回事
and therefore nobody should rely on this analysts anyway.
因此大家不应该信赖这些分析评级
In december 2002 ten investment banks
2002年12月 十家投资银行
settle the case for a total of $1.4 billion
以总计14亿美元了结此案
and promised to change their ways.
并承诺将改变运营方式
Scott Talbott is the chief lobbyist
斯科特·塔波特
for the Financial Services Roundtable
美国金融服务业圆桌组织首席说客
one of the most powerful groups in Washington
该组织位列华盛顿最高权力集团
which represents nearly all of the world’s
该组织代表了几乎所有
largest financial companies
世界顶级金融公司
Are you comfortable with the fact
你们的成员公司
that several of your member companies
从事大规模犯罪活动
have engaged in large scale criminal activity?
对此您能容忍吗
You’ll have to be specific Ok…
你得说具体点 好吧
And first of all criminal activity shouldn’t be accepted, period
但首先 犯罪行为绝对不能接受 毫无疑问
Since deregulation began
自放松管制以来
the world’s biggest financial firms
世界上最大的金融公司
have been caught laundering money,
被发现涉嫌洗钱
defrauding customers and cooking their books
欺诈顾客 做假账
again, and again, and again
一而再 再而三
Credit Suisse helped funnel money for Iran’s nuclear program
瑞信银行为伊朗核计划
and for the Aerospace Industries Organization of Iran
和航空航天工业组织提供资金
which built ballistic missiles
该组织专门制造弹道导弹
Any information that would identify it
只要有证据表明为伊朗资金
as Iranian would be removed
就会被清除
The bank was fined $536 million
该银行被处以五亿三千六百万美元的罚金
Citi bank helped funnel $1.5 million
花旗银行协助将一百五十万毒资
of drug money out of Mexico
转移至墨西哥境外
Did you comment that she should
你说过她应该
“Loose any documents connected with the account”
“别管和该账户有关的文件”吗
I said that in a kidding manner
我说开玩笑说的
it was at the early stages of this.
是在这个项目早期说的
I did not mean it seriously.
我并没有真想如此
Between 1998 and 2003
1998年至2003年
Fannie Mae overstated its earnings
房利美将其收入
by more than $10 billion
夸大上百亿
This accounting standards are highly complex
该认定标准十分复杂
and required determinations over which experts often disagree.
还需作出专家存在异议的决断
CEO Franklin Raines
CEO弗兰克林·雷恩斯
who used to be President Clinton’s budget director
曾任克林顿总统的预算主管
recieved over $22 million and bonuses
收益超过两千两百万美元 外加奖金
When UBS was caught
瑞士银行被控
helping wealthy Americans evade taxes.
帮助美国富人逃税时
they refused to cooperate with US goverment
他们拒绝配合美国政府
Would you be willing to supply the names?
你愿意供出姓名吗
If there is a treaty framework…
要是有条约框架
No treaty framework,
没什么条约框架
you’ve agreed you participated in a fraud
你都已经承认参与欺诈了
But while the company is faced an unprecedented fines
但当公司面临数额空前的罚金时
the investment firms do not have to admit any wrong doing
投资公司却不需承认任何过错
When you this large and you are dealing
一旦你的公司规模如此之大
with this many products and this many customers
有如此多的产品和这么多的顾客
mistakes happen
出错是难免的
The financial services industry
金融服务业
seems to have level of criminality that is,
对犯罪行为的判定标准
you know, somewhat distinctive.
似乎比较独特
When were the last time when
有的公司就很少出问题
CISCO or Intel or Google or Apple or IBM you know…
比如思科 英特尔 谷歌 苹果和IBM
I’m totaly agree with you about
高科技行业比金融业稳定
hightech versus financial services.
我完全同意你这个说法
But hightech is fundamentally creative business
但高新科技这个行业是从根本上创新
where value generation and income derives
当你确实发明了与众不同的新东西
when you actually create something new and different
便由此产生价值 获得收入
Begining at 1990s
自上世纪九十年代起
deregulation and advances in technology
放松管制加上科技进步
led to an explosion of complex financial products,
导致复合型金融产品大爆发
called derivatives.
称为衍生品
Economists and bankers
经济学家和银行家们
claimed they made markets safer.
声称衍生品稳定了市场
But instead they made them unstable.
但事实上正相反
Since the end of Cold War
冷战之后
a lot of former physicists and mathematicians
大批曾经的物理学家以及数学家
decided to apply their skills
决定将其技能
not on Cold War technology
应用于金融市场
but on financial markets.
而非冷战科技