监守自盗

And together with investment bankers and hedge funds…
这中间还包括投资银行家和对冲基金
Create a different weapons? Absolutely.
造出了另一种武器 没错
As Warren Buffett said:
正如沃伦·巴菲特所说
“Weapons of mass destruction”
“大规模杀伤性武器”
Regulators, politicians and business people
市场监控者 政客和商界人士
did not take seriously
没有认真对待
the threat of financial innovation
金融创新对金融体系的稳定性
on the stability of the financial system.
所带来的威胁
Using derivatives
通过衍生品交易
bankers could gamble on virtually anything.
银行家可以对任何东西下注
They could bet on the rise or fall of oil prises
可以是油价涨跌
the bankruptcy of the company, even the weather.
公司是否破产 甚至包括天气
By the late 1990s
到上世纪九十年代末
derivatives were a $15 trillion unregulated market.
衍生品这个自由化市场资本已达十五万亿美元
In 1998 someone tried to regulate them.
1998年 有人试图监管这个市场
Brooksley Born graduated first in her class
布鲁克斯利·波恩以班级第一
in Stanford Law School
毕业于斯坦福法学院
and was the first woman to edit the major law review.
是首位主流法律评论女性编辑
After running derivatives practice at Arnold & Porter,
她曾在阿诺德 波特律所负责衍生品业务 此后
Born was appointed by president Clinton
克林顿总统任命波恩
to chair the Commodity Futures Trading Commission,
为美国商品期货交易委员会(CFTC)主席
which oversaw the derivatives’ market.
该机构负责监管衍生品市场
Brooksley Born ask me if
布鲁克斯利·波恩问我
I would come work with her.
是否愿意与她共事
We decided that this was a serious,
我们认定这个市场
potentially destabilizing market.
具有相当的潜在不稳定性
In may of 1998 the CFTC issued a proposal to regulate derivatives.
1998年5月 CFTC发布提案意图监管衍生品
Clinton Treasury department had an immediate response.
克林顿政府财政部迅速做出回应
I happened to go into Brooksley’s office
我碰巧去了布鲁克斯利的办公室
and she was just putting down a reciever on her telephone.
她当时正放下电话听筒
And the blood had drained from her face
脸上血色全无
And she looked at me and said:
然后她看着我说
“That was Larry Summers.
“是拉里·萨默斯的电话
He had 13 bankers in his office”
他办公室里坐着十三个银行家”
He conveyed it in a very bullying fashion,
他的表述方式非常强硬
sort of directing her to stop.
有点勒令她停手的意思
The banks were now heavily reliant
政府现在过分依赖银行
for earnings on this types of activities
通过此类衍生业务来赚钱收益
and that led to titanic battle
由此引出一场大规模战役
to prevent this set of instruments from been regulated.
以阻止此类收益手段被监管
Shortly after the phone call from Summers,
萨默斯来电后不久
Greenspan, Rubin and SEC chairman Arthur Levitt
格林斯潘 鲁宾和证监会主席亚瑟·莱维特
issued a joint statement condemning Born
发布联合声明 谴责波恩
and recomended legislation
并建议立法系统
to keep derivatives unregulated.
保障衍生品市场自由化
Regulations of derivatives transactions
对衍生品市场
that are privately negotiated by professionals
这种业内人士私下商议的产品市场进行监管
is unnecessary.
并无必要
She was overruled, unfortunately
很不幸 她的提案被驳回了
first by the Clinton administration
先是被克林顿政府驳回
and then by the Congress
而后在国会也是如此
in 2000 Senator phil Gramm took a major role
2000年 参议员菲尔·格兰姆作为核心人物
and getting a bill passed
让议案通过
that pretty much exempted derivatives from regulation.
使得衍生品在很大程度上免于监管
They are unifying markets they are reducing regulatory burden.
他们是在统一市场 减少管理负担
I believe that we need to do it.
我相信这正是我们该做的
But its our very great hope
我们深切希望
that it would be possible to
有可能的话
move this year on legislation in a suitable way,
今年在立法上能有适当的发展
goes to create legal certainty for OTC derivatives.
使得场外衍生品在法律上具有确定性
I wished to assosiate myself
我想说的是
with all of the remarks of secretary Summers.
我同意萨默斯部长的每一句话
In December 2000 Congress passed
2000年12月 国会通过
The Commodity Futures Modernization Act.
商品期货现代化法案
Written with a help of financial industry lobbyists,
这项法案在金融说客的协助下撰写而成
it banned the regulation of derivatives.
禁止了衍生品监管
Once that was done it was off to the races.
法案一经通过立即投入实施
And use of derivatives and financial innovation
衍生品以及金融创新的应用
exploded dramatically after 2000.
在2000年后出现大井喷
So help me God So help me God
愿上帝保佑我 愿上帝保佑我
By the time G.W. Bush took office in 2001,
到2001年乔治·W·布什就任时
the US financial sector was vastly more profitable,
美国金融业盈利性高涨
concentrated and powerfull then ever before.
分布集中 权力强大 大大超出以往
Dominating this industry were 5 investment banks,
主导这个行业的是五家投资银行
two financial conglomerates,
两家金融集团
three securities insurance companies,
三家证券保险公司
and three rating agencies.
三家信用等级评价机构
And linking them all together
而链接它们的是
was a securitization food chain, a new system,
一条证券化的食物链 一个全新体系
which connected trillion of dollars, mortgages and other loans
将上万亿美元 抵押贷款及其他贷款
with investors all over the world.
与全世界投资者相关联
30 years ago if you wanted get a loan for a home,
三十年前 想要贷款买房
the person lending you a money
借给你这笔钱的人
expecting you to pay him or her back.
指望你能把钱还回去
You got a loan from a lender who wanted you to pay him back.
你从放贷人那里贷款 而他希望你能偿还
We’ve since developed securitization whereby
因此发展出资产证券化
people who made the loan
这样一来 放贷人
are no loger at risk of the failure of repay.
便不会再有借款无法收回的风险
In old system when home owner paid their mortgage every months
在旧的体系中 业主按月付按揭
the money went to their local lender.
钱直接返还给放贷人
And since mortgages took decades to repay
鉴于按揭付款需要几十年才能付清
lenders were carefull.
因此放贷人很谨慎
In a new system lenders sold the mortgages to investment banks.
在新的体系中 贷方将按揭贷款出售给投行
The investment banks
投资银行
combined thousands of mortgages and other loans,
将成千上万的按揭以及其他贷款
including car loans,
包括汽车贷款
student loans and credit card debt
助学贷款及信用卡债务
to create complex derivatives
组合成复合型衍生品
called collateralized debt obligation, or CDO.
称为债务抵押证券 或CDO
The investment banks then sold the CDOs to investors.
接下来 投行将这些CDO出售给投资者
Now when home owners pay their mortgages,
这样一来 当购房者支付按揭时
the money went to investors all over the world.
这笔钱流向世界各地的投资者
The investment banks paid rating agencies
投行付钱请信用等级评定机构
to evaluate the CDOs
对CDO进行估值
and many of them were given a AAA rating,
其中很多都获评AAA等级
which is highest possible investment rate.
即投资等级中的最高级别
This made CDOs popular with retirement funds
这就使得CDO很受退休基金的欢迎
which can only purchase highly rated securities.
因其只能购买信用等级高的证券
This system was a ticking time bomb.
这一体系无异于定时炸弹
Lenders didn’t care anymore about whether a borrower can repay.
贷方不再关心借款人是否有能力偿还
So they started making riskier loans.
于是他们开始放出更高风险贷款
The investment banks didn’t care either.
投行对偿还能力也不关心
The more CDOs they sold the higher their profits.
CDO卖得越多 他们的利润就越高
And the rating agencies which were paid by the investment banks
而接受投行佣金的信用评级机构
had no liability if their ratings of CDOs proved wrong.
若在评级中出现失误 也无任何责任
You were getting to be on the hook
你将被套在其中
and there weren’t regulationly constraints.
而且也不存在监管限制
So there were a green light to just pump out more and more loans..,
这就为越来越多的贷款开了绿灯
Bentween 2000 and 2003,
在2000到2003年间
the number of mortgage loans made each year
每年按揭贷款总额
nearly quadrupled.
几乎翻了四番
Everybody in this securitization food chain
这个证券化食物链上的所有人
from the very beggining until the end
从一开始到最后
didn’t care about quality of the mortgage.
都不在意按揭贷款质量
They caring about maximazing their volume
他们在意的是将贷款总量最大化
and getting a fee out of it.
然后从中抽取酬金
In the early 2000s there was a huge increase in the riskiest loans
二十一世纪初 一种风险最大的贷款大幅增多
called subprime.
即次级贷款
But when thousands of subprime loans
但当成千上万的次级贷款
were combined to create CDOs,
被合并在一起做成CDO时