监守自盗

many of them still received AAA ratings.
其中许多仍然得到了AAA评级
Now it wouldn’t have been possible to create derivative products
原本可以创造出与如今这种同等免赔额
that don’t have this risks that carry the equivalent of deductibles,
但不具这种风险的金融衍生产品
where there are limits on risks
其风险程度有上限
that can be taken on and so forth.
在承受范围之内 等等之类
They didn’t do that, did they?
可他们并没这么做 对不对
They didn’t do that and
他们没有
in retrospect they should have done.
而且现在看来 他们应该这么做的
So these guys knew they were doing something dangerous?
也就是说 他们知道自己的行为很危险?
I think they did.
我认为是这样
All incentives that the financial institutions
金融机构给按揭经纪人
offered to the mortgage brokers
提供的刺激奖励
were based on sawing the most profitable products
是建立在瓜分这种最高盈利性产品的基础之上
which were predatory loans
也就是掠夺性贷款
The bankers makes more money
说服你申请次级贷款
if they put you on subprime loan
银行家能因此赚更多的钱
That’s what they gonna put you
他们就会这么对付你
Suddenly hundreds of billions of dollars a year
突然之间 每年有上千亿美元
were flowing through securitization chain
在证券链中流动
Since anyone can get a mortgage
因为任何人都能申请按揭
home purchases and house’s prices skyrocketed
房屋交易量和放假飙升
The result was the biggest financial bubble in history
造成的结果就是 形成史上最大金融泡沫
Real estate is real, they can see their asset
房地产是实实在在的 看得见摸得着
their can live in their asset, they can rent out their asset
可以自己住 也可以对外出租
You had huge boom in housing that had no sense at all
房地产业大井喷 但其毫无意义
The financing appetites of financial sector
金融业的金融偏好
drove what everyboby else did
控制着其他各方的一举一动
Last time we had a housing bubble was in the late 80s
上一次出现房地产泡沫是在八十年代后期
In that case the increasing home praises
相较而言 那一次的房价上涨
were relatively minor
幅度很小
That housing bubble led to relatively severe recession
那次房地产泡沫导致了较为严重的经济衰退
From 1996 until 2006 real home prices effectively doubled
1996年到2006年间 房价翻了一番
At $500 a ticket
以五百美元票价
they come to hear how buy
人们聚集于此聆听
their very own piece of American dream
如何买进自己的美国梦
Goldman Sachs, Bear Stearns,
高盛 贝尔斯登
Lehman Brothers, Merrill Lynch
雷曼兄弟 美林
were all in on this
都参与其中
The subprime lending alone
仅仅次级贷款这一项
increase from $30 billion a year in funding
十年间 资金从每年三百亿美元
to over six hundred billion a year in ten years
上涨到每年六千亿美元
they new what was happening
情况如何 他们心里明白
Countrywide Financial the largest subprime lender
美国国家金融服务公司 最大的次贷出贷方
issued $97 billion worth of loans
发行了价值970亿的贷款
It made over %11 million dollars in profits as a result
最终收益达一千一百亿
On Wall Street annual cash bonuses spiked
在华尔街 年终现金奖励飙升
traders and CEOs became enormously wealthy during the bubble
各位交易员和CEO 在泡沫中暴富
Lehman Brothers was the top underwriter of subprime lending
雷曼兄弟是次级贷款的首要承销商
And their CEO Richard Fuld
其CEO理查德·福尔德
took home $485 million
收获了四亿八千五百万美元
On Wall Street this housing and credit bubble
此次房地产以及信用泡沫
was leading to hundreds of billions of dollars of profits
为华尔街带来了上千亿的利润
By 2006 about 40% of all profits of S&P 500 firms
到2006年 标准普尔500公司全部利润的40%
was coming from financial institutions
都是来源于金融机构
It wasn’t real profits, it wasn’t real income
那不是真实利润 不是真实收入
It was just money that was been
不过是体系臆造出的钱
created by the system and booked as income
然后将其定义为收入
2 3 years down the road
两三年之后
this is a default it’s all wiped out
就会成为拖欠额 然后一笔勾销
I think it was in fact, in retrospect, a great big national,
我认为从现在看来 这是一场大规模全国性
and not just national global ponzi scheme
不仅是全国性 是全球性的旁氏骗局
Through the home ownership and equity protection act
通过住房所有权和权益保护法案
the Federal Reserve Board had brought authority
美国联邦储备委员会向按揭贷款产业
to regulate mortgage industry
引入权力机构进行监管
but Federal Chairman Alan Greenspan refuse to use it
但美联储主席格林斯潘无意使用该法案
Alan Greenspan said: “No,
格林斯潘说”不行
that regulation, I don’t even believe in it”
我根本就不信任那个法案”
For 20 years
二十多年内
Robert Gnaizda was the head of Greenlining
罗伯特·那兹达一直是格林宁研究所
a powerfull consumer advocacy group
这个消费者权益协会的领袖
He met with Greenspan on a regular basis
他定期会见格林斯潘
We gave him an example of Countrywide
我们向他提供了国家金融公司
150 different complex adjustable rate mortgages
一百五十份不同的可调利率复杂贷款范例
He said if you’d had a doctorate in math
他说 就算你有数学博士学位
you wouldn’t be able to understand them enough
也不能对其完全理解
to know which was good for you and which wasn’t
判断出哪些对你有益哪些无益
So we thought he was gonna take action
所以我们以为他会采取措施
but as the conversation continues
然而随着谈话深入
it was clear he was stuck with his ideology
就发现 很明显他还是坚持自己的想法
We met again with Greenspan at ’05
零五年我们又见到了他
often we met with him twice a year never less than once a year
通常我们一年见他两次 至少每年一次
and he wouldn’t change his mind
他还是不肯改变想法
In this amazing world of instant globalization,
当今世界全球化迅猛发展 令人称奇
The free and efficient movement of capital
高效自由的资本流动
is helping to create the greatest prosperity in human history
正协助制造出人类历史上的鼎盛时期
146 people were cut
共有146人
from the enforcement division of SEC
被证监会执法部裁员
Is that what you testified to? Yes.
你是来为此作证的吗 是的
Yeah, I think there has been a, a systematic
我想这是对部门及其承载力
gutting, or whatever you want to call it,
进行内部清理
of the agency and its capability,
或者你有别的说法
through cutting back of staff.
清理手段就是裁员
The SEC office of risk managment
证监会风险管理办公室
was reduce to stuff,
裁到最后只剩
did you say, of 1?
一个人 你是这意思吗
Year, when that gentelman would
是的 这位先生傍晚下班后
go home at night he could turn the lights out.
就可以把办公室灯关掉了
During the bubble the investment banks were borrowing heavily
在泡沫期 投行大量借款
to buy more loans and create more CDOs
以买入更多贷款 制成更多的CDO
The ratio between borrowed money and
借款与银行资产之比
bank’s own money was called leverage
称为举债经营比率
The more banks borrowed the higher their leverage
银行借款越多 举债经营比率越高
In 2004 henry Paulson the CEO of Goldman Sachs
2004年 高盛CEO亨利·保尔森
helped lobby the Securities and Exchange Commission
帮助游说证券交易监督委员会
to relax limits on leverage
放宽对举债经营比率的限制
allowing the banks to sharply increase their borrowing
允许银行大幅增加其借款数额
The SEC somehow decided to let
证监会不知作何考虑
investment banks gamble a lot more
允许投行加大赌注
That was nuts
简直疯了
I don’t know why they did that but they did that
不明白他们为何要这样 但他们就这么办了
We’ve said these are the big guys and clearly that’s true.
我们说过这些都是大公司 这显然没错
But that means if anything goes wrong,
可这意味着 一旦有任何差错
it’s going to be an awfully big mess.
就会引发大混乱
At this levels you’re obviously dealing
事情到这里 很显然
with the most highly sophisticated financial institutions
你所面对的是最顶级的金融机构
These are the firms that do most
这几个公司
of the derivative activity in the United States.
运作了全美几乎所有的衍生品业务
We talked to some of them as to
我们和其中几个公司
what their comfort level was.
就其心理上限谈过
The firms actually thought that the number was appropriate.
他们真的觉得当时数额很合适
Do the commissioners vote to adopt the
委员会成员是否听取员工建议
rule amendments and new rules as recommended by the staff?
投票决意采用规则修正案和新规则
We do indeed. Anonymous.
没错 匿名投票
And we are adjourned.
然后一直押后到现在
The degree of leverage in financial system
金融体系的举债经营比
became absolutely frightening
已经变得很吓人了
investment banks leveraging up to the level 33 to 1
投行的举债经营比已上升至33比1
which means that tiny 3 procent decrease in a value of asset base
也就是说资产基础只要下降区区3%
would leave them insolvent.
他们就会无力偿还债务
There was another ticking time bomb in the financial system
金融体系里还有另一个定时炸弹