监守自盗

Iceland is a stable democracy with the high standard of living
冰岛是一个稳定的民主化国家 生活水准很高
and until recently
直到最近
extremely low unemployment and government debt
极低的就业率和政府负债改变了这一事实
We had the complete infrastructure of a modern society:
我们具备现代社会的一切基础设施
clean energy, food production,
清洁能源 食物生产
fisheries with a quota system to manage them
配额制管理的捕鱼业
Good healthcare and good education,
良好的医疗服务以及教育
clean air, not much crime,
空气清新 犯罪率低
It’s good place for families to live
很适宜人居
We had almost end of history status
那时候简直是空前的好
But in 2000 Iceland
但2000年
government began a broad policy of deregulation
冰岛政府开始推行大规模放松管制政策
that would have disastrous consequences.
这种政策将造成灾难性后果
First for the environment and then for the economy
先是对环境 后是对经济
They started by allowing multinational corporations like Alcova
一开始 他们允许像美铝这类跨国公司
to build giant aluminum smelting plants
建造大型炼铝厂
and exploit Iceland’s natural geothermal and hydroelectric energy sources
大量开发地热和水电能源
Many of the most beautiful areas in the highlands
冰岛高地上那些风景优美
with the most spectacular colors are geothermal
艳丽如画的地区往往富含地热能源
So nothing comes without consequences.
所谓因果报应
At the same time the government privatized
与此同时政府还将
Iceland’s three largest banks
冰岛最大的三家银行私有化
The result was one of the purest experiments
最终使得冰岛彻底成为
in financial deregulation ever conducted
放松金融管制的实验场
Finance took over and uh,
当时金融独大
more or less wrecked the place
基本毁了这个国家
In a 5 year period this three tiny banks
五年之间 这三家小银行
which have never operated outside of Island
在之前从未做过境外操作的情况下
borrowed $120 billion
借入了1200亿美元
ten time the size of Iceland’s economy
是冰岛生产总值的十倍
The bankers showered money on themselves
银行家因此置身银山
each other and their friends
同时惠及他们的朋友
There was a massive bubble
当时泡沫巨大
stock prices went up by a factor of nine,
股价以九倍系数增长
house prices more than doubled.
房价涨幅超过百分之百
Iceland bubble gave rise to people
冰岛的泡沫经济使部分人发达起来
like Jon Asgeir Johannesson
其中就有扬·艾斯格·约翰森
He borrowed billions from the banks
他从银行借了几十亿美元
to buy up high end retail businesses in London
在伦敦投机高端零售业
He also bought a pinstriped private jet,
他还买了带条纹的私人飞机
a $40 million yacht
4千万的游艇
and a Manhattan penthouse
还有一间曼哈顿顶层公寓
Newspapers always had headlines:
那会的报纸头条总是
this millionaire bought this company
这个百万富翁在英国 芬兰
in UK or in Finland or in France or wherever
法国或是其他地方收购某公司
Instead of saying this millionaire took a billion dollars loan
而不说这位百万富翁是从冰岛本国银行
to buy this company
贷款十亿美元
and it took it from your local bank
来收购这家公司
The banks set up money market funds
银行还发行了货币市场基金
and the banks advised deposit holders to
并鼓励储户
withdraw money and put them in a money market funds
取出存款 投入货币市场基金
The Ponzi scheme needed everything it could, huh?
庞氏骗局就是尽量搜刮 不是吗
American accounted firms like KPMG
美国会计师事务所 比如毕马威
audit the Iceland’s banks and investment firms
对冰岛的银行做过审计
and found nothing wrong.
没发现任何问题
And American credit rating agencies
美国的信用评估机构
said Iceland was wonderful
还说冰岛情况好极了
In February 2007.
2007年的2月份
the rating agencies decided
这些评估机构决定
to upgrade the banks
将银行的信用等级
AAA级 to a highest possible rate AAA
提升至最高等级
It went so far as the government here
甚至政府官员都与银行家一起旅游
traveling with the bankers as a PR show.
以此作为公关秀
When Iceland’ banks collapsed at the end of 2008
2008年底 冰岛银行业崩溃后
unemployment tripled in 6 months
6个月内失业率翻至三倍
There is nobody unaffected in Iceland
这场危机下 无人幸免于难
So a lot of people here lost their savings Yes that’s the case
很多人倾家荡产 就是这么回事
The government regulators
作为政府监管机构
who should’ve been protecting the citizens of Iceland
本应保护冰岛人民
had done nothing.
却毫无作为
You have two lawyers
比如说有两个
from regulator company who’re coming to a bank
监管机构的律师去银行
to talk about some issues.
谈一些事务
When they approach the bank
到了后发现
SUV they would see nineteen SUVs outside the bank
门前停着19辆
so you went to the bank and you have
也就是说进去之后
nineteen lawyers sitting in front of you
有19个律师等着你
that very well prepared,
而且是有备而来
ready to kill any argument you make
将你所有异议扼杀掉
And then if you do very well
你要是表现特别好的话
they offer you job
他们就会拉你入伙
One third of Iceland’s financial regulators
冰岛金融监管机构里三分之一的人
went to work for the banks
都跳槽去了银行
But this is universal problem,
但这个问题是全球性的
in New York you have the same problem, right?
纽约也有这种问题 不是吗
What do you think of Wall Street incomes this days?
你觉得如今华尔街的收入情况如何
Excessive
过高
I’ve been told that it’s extremly difficult
有人告诉我说国际货币基金组织(IMF)
for the IMF to criticize United States.
根本没有资格批评美国
I wouldn’t say that
我不这么认为
We deeply regret our breaches of US law.
我们为违反本国法律 深感后悔
They’re amazed at
说来令人震惊
how much cocain these Wall Streeters can use
华尔街人每天吸食那么大量的可卡因
and get up and go to work the next day.
然后第二天爬起来继续工作
I didn’t know what credit default swaps are
我不知道信用违约互换是什么
I’m little bit old fashioned
我比较守旧
Has Larry Summers ever expressed remorse?
拉里·萨默斯有过忏悔之意吗
I don’t hear confessiones
我不听别人的忏悔的
The government just writing checks
政府只管写支票
that’s plan A, that’s plan B and that’s plan C.
这是A计划 那是B计划 那是C计划
Would you support legal controls on executive pay?
您支持法律监管高管薪酬吗
I would not
不支持
Are you comfortable with
您对金融服务业
law of compensation in financial service industry?
薪酬制度满意吗
If they’ve earned it, then yes, I am
如果是他们应得的 我就满意
Do you think they’ve earned it? I think they warranted.
你觉得是他们应得的吗 我觉得是
And so you help these people blow the world up?
这么说你帮这些人把世界搞的天翻地覆?
You could say that.
可以这么说
They were having massive private gains at public loss.
他们从公众的损失中获益匪浅
When you start thinking
你一旦想到
that you can create something all of nothing
自己可以无中生有之后
it’s very difficult to resist
这个诱惑会让你无法抗拒
I’m concerned that a lot of people want go back to the old way
我担心很多人会想重蹈覆辙
the way they were operating prior to the crisis
恢复危机之前的行事方式
I was getting a lot of anonymus e mails from bankers
我每天收到银行家们无数的匿名信
saying “You can’t quote me,
说到”请别署名”
but I’m really concerned”
“但我真的很担心”
Why do you think there isn’t
你为什么觉得
a more systematic investigation being undertaking?
他们没在进行全面调查
Because then you will find the culprits
因为那样就会找到罪魁祸首
Do you think that Columbia Business School
你觉得哥伦比亚商学院
has any significant conflict of interest problem?
有什么明显的利益冲突吗
Don’t see that we do
好像没有
The regulators didn’t do their job
监管人员没有尽到职责
They had the power to do every case
我任州检察长时那些案子
that I made when I was state attorney general.
他们都完全有能力解决
They just didn’t want it.
他们就是不想解决
Over the weekend, Lehman Brothers one of the most venerable
本周末 雷曼兄弟公司 这个曾经备受敬仰
and biggest investment banks,
同时也是最大的投资银行
was forced to declare itself bankrupt
被迫宣布破产