监守自盗

至少22亿美金的AIG信用违约互换产品
It was so much
数额如此之巨
that Goldman realized that AIG itself might go bankrupt.
让高盛意识到AIG本身或许会因此破产
So they spent 150 million dollars
所以他们又花了一亿五千万
insuring themselves against AIG’s potential collapse.
为自己投保 以防AIG崩溃
Then, in 2007, Goldman went even further.
然后在2007年 高盛变本加厉
They started selling CDOs specifically designed
他们开始出售特别设计的CDO
so that the more money their customers lost,
这样他们的客户损失越多
the more money Goldman Sachs made.
高盛就赚得越多
Six hundred million dollars, Timberwolf Securities is what you sold.
你一共销售了六亿美金的森林狼证券
Before you sold them,
出售之前
this is what your sales team were tellin’ to each other.
你的销售团队里是这么讨论的
Boy, that Timberwolf was one shitty deal.
老天 那个森林狼真是单狗屎生意
This was an e mail to me in late June.
这是一封六月底寄给我的邮件
Right. And you’re callin’ Timberwolf..
是的 你管森林狼叫…
After the transaction.
那是在交易之后
No no, you sold Timberwolf after as well.
不 不 那之后你依然出售了森林狼
W , we did trades after that.
我 我们确实是在那之后交易
Yeah, okay.
好了
The next e mail, take a look, July 1, ’07
下一封邮件 看看 07年7月1日
tells the sales force, “The top priority is Timberwolf.”
告诉销售团队 “优先推销森林狼”
Your top priority to sell is that shitty deal.
你们优先推销的就是那单狗屎生意
If you have an adverse interest to your client,
如果你拥有客户的反向权益
do you have the duty to disclose that to your client
你是否有义务告知客户
to tell that client of your adverse interest?
你具有他们的反向权益
That’s my question.
这就是我的问题
Mr. Chairman, I just tryin’ to understand.
主席先生 我不太明白
No, I think you understand it.
不 我认为你明白
I don’t think you want to answer it.
你只是不想回答
Do you believe that you have a duty to act
你认为自己是否有义务
in the best interests of your clients?
代表客户的最高利益
Again, uh, uh, Senator, I,
再一次重申 参议员 我
I will repeat, you know,
我再重申一次
we have a, a duty to, to serve our clients
我们有义务为客户服务
by showing prices on transaction where they ask us to show prices for.
根据顾客要求 对其展示交易价值
What do you think about
出售这种
selling securities which your own people think are ?Crap?
自己人认为是垃圾的证券 你怎么看
Does that bother you?
你会觉得不安吗
I think they would, again, as a hypothetical?
我觉得他们会…再问一次 这是假设吗
No. This is real.
不 这是事实
Well then I don’t We heard it today.
好吧 我不 我们今天听说了
We heard it today: this is a shitty deal, this is crap.
我们都听到了 这是单狗屎生意 这就是垃圾
I, I, I heard nothing today
我今天没有听到任何
that makes me think anything, um, went wrong.
让我感到事态有变的消息
Is there not a conflict when you sell something to somebody,
你向别人出售一种产品
and then are determined to bet against that same security
然后你又赌它会亏损 而且不对买家透露
and you don’t disclose that to the person you’re selling it?
你不觉得这中间有矛盾冲突吗
In the… Do you see a problem?
在 你看到问题了吗
In the context of market making, that is not a conflict.
如果是为营造市场 这就不算矛盾冲突
When you heard that your employees, in these e mails, said,
当你听说员工在这些邮件里面说
“God, what a shitty deal, god, what a piece of crap”
“天哪 这真是单狗屎生意 真是垃圾”
do you feel anything?
你有什么感觉吗
I f…, I think that’s very unfortunate to have on e mail.
它出现在邮件里 我觉得很不合适
Are you b…
你这是吐槽…
And, and, and very unfortunate… I don’t, I don’t…
非常不合适 我不…
On e mail? How about feeling that way?
别扯没用的 你到底作何感想
I think it’s very unfortunate
我觉得任何人
for anyone to have said that, in any form.
在任何情况下这么说都不适宜
Is it your understanding
你是否认为
that your competitors were engaged in similar activities?
你们的竞争对手也从事类似活动
Uh, yes. And, and to a greater extent than us, in most cases.
是的 而且多数情况下比我们行为更甚
Hedge fund manager John Paulson
对冲基金经理约翰·保尔森
made 12 billion dollars
从抵押市场反向投保中
betting against the mortgage market.
获利十二亿美金
When John Paulson ran out of mortgage securities to bet against,
当约翰·保尔森没有按揭证券可以反向投保时
he worked with Goldman Sachs
他便与高盛和德意志银行合作
and Deutsche Bank to create more of them.
创造出更多的按揭贷款证券
Morgan Stanley was also selling
摩根士丹利同样出售了
mortgage securities that it was betting against,
自己反向投保的按揭贷款证券
and it’s now being sued by the government employees retirement fund
如今正被维京群岛公务员退休基金
of the Virgin Islands for fraud.
以诈骗罪名起诉
The lawsuit alleges that
诉讼书中声称
Morgan Stanley knew that the CDOs were junk.
摩根士丹利明知这些CDO毫无价值
Although they were rated AAA,
尽管它们的评级为AAA
Morgan Stanley was betting they would fail.
摩根士丹利仍下注其会亏损
A year later, Morgan Stanley had made hundreds of millions of dollars,
一年后 摩根士丹利从中获利上百亿美元
while the investors had lost almost all of their money.
而投资者 则近乎倾家荡产
You would have thought that pension funds would have said,
你原本以为退休基金会说
“Those are subprime why am I buying them?”
“这是次贷 我们买这些干嘛”
And they had these guys at Moody’s
然后那些穆迪和标准普尔的人
and Standard and Poor’s who said, that’s a AAA.
就会告诉你 这些都是AAA级的
None of these securities got issued
没有得到许可
without the imprimatur, you know,
证券就无法发行
the Good Housekeeping Seal of Approval, of the rating agencies.
也就是评级机构的内部批准章
The three rating agencies
三大评级机构
Moody’s, S&P, and Fitch
穆迪 标准普尔和惠誉
made billions of dollars giving high ratings
通过给高风险证券高评级
to risky securities.
赚了几十亿美元
Moody’s, the largest rating agency,
穆迪 作为最大的评级机构
quadrupled its profits between 2000 and 2007.
2000年到2007年间 利润翻了两番
Moody’s and S&P get compensated based on
穆迪和标准普尔获利方式
putting out ratings reports.
就是给出评级报告
And the more structured securities they gave a AAA rating to,
他们给出的AAA评级越多
the higher their earnings were gonna be for the quarter.
每季度获利就越多
Imagine if you went to the New York Times,
就像是 如果你去《纽约时报》报社
and you said, look, if you write a positive story,
然后说 你写一篇正面的报道
I’ll pay you 500,000 dollars.
我就给你五十万美元
But if you don’t, I’ll give you nothing.
如果你不写 那就一分都没有
The rating agencies could have stopped the party, and said:
评级机构本可以停止这场闹剧 然后说
We’re sorry. You know. We’re gonna tighten our standards.
很抱歉 我们准备提高标准了
This is ?And,
现在这样…
and, and immediately cut off
然后马上切断
a lot of the flow of funding to risky borrowers.
大量流向危险借贷者的资金
AAA rated instruments mushroomed
发出去的AAA评级
from just a handful to thousands and thousands.
迅速从少量膨胀到数千
Hundreds of billions of dollars, uh, were being rated.
价值上千亿美元的产品 接受评级
You know ?And…
知道吗 而且…
Per year. Per year; oh, yeah.
每年吗 是的 每年
I’ve now testified before both houses of Congress on the credit rating agency issue.
我已在国会两院就信用评级机构问题作证
And both times, they trot out
那两次 他们都请出
very prominent First Amendment lawyers,
专攻宪法第一修正案的大律师
and argue that when we say something is rated AAA,
辩解称我们给出AAA级时
that is merely our opinion you shouldn’t rely on it.
那只是我们的”一家之言” 不应过分依赖
S&P’s ratings express our opinion.
标准普尔评级代表我们的意见
Our ratings are, uh, are our opinions.
我们的评级仅是我们的意见
They are opinions.
一家之言
Opinions. And those, they’re just opinions.
一家之言 只是一家之言
I think we are emphasizing the fact that our ratings are,
我觉得我们要强调一个事实 我们的评级
are opinions.
只是一家之言
They do not speak to the market value of a security,
他们不告知证券的市场价值
the volatility of its price,
价格的易变性
or its suitability as an investment.
以及是否适合用作投资
We have so many economists coming on our air, and saying,
有很多经济学出现在我们直播中 都说
oh, this is a bubble, and it’s going to burst,
这是泡沫 迟早会破灭的
and this is going to be a real issue for the economy.
这会对经济造成巨大影响
Some say it could even cause a recession at some point.
有人说甚至有可能会导致经济衰退
What is the worst case scenario, if in fact we were to see
假设说全国房价真的大幅下跌
prices come down substantially across the country?
所导致的最坏的情况会是怎样
Well, I, I guess I don’t buy your premise.
我不认同你的前提假设
It’s a pretty unlikely possibility.
这几乎不可能出现
We’ve never had a decline in house prices