大而不倒（2011）

As soon as they started trading for themselves,
一旦他们开始自行交易
the risk managers lost control.
风险管理者都失去了控制
I had a very unpleasant time with Salomon Brothers.
我和所罗门兄弟公♥司♥之间闹得很不愉快
That’s fair enough.
理所当然
But we both know that investment banking is a profitable business.
但我们都知道投资银行是赚钱的生意
I figure it made you a billion or so, huh?
估计这生意让你赚了十几亿元或更多的钱，啊哈？
I gotta believe that if the price was right, you wouldn’t just walk away.
我相信若价格合适，你不会让煮熟肥鸭从手中飞走
You know a good deal when you see one. What say you?
一笔好的交易放在眼前，你怎么办？
I gotta leave that to your judgment.
我得留给你自己下判断了
People act like we’re crack dealers.
人们就像毒贩似的
Nobody put a gun to anybody’s head and said,
没人拿枪放你头上说
“Hey, nimrod, buy a house you can’t afford. And you know what? While you’re at it,
“嘿，伙计，买♥♥座你没法负担的房♥子。知道吗，等你拿到手
put a line of credit on that baby and buy yourself a boat.”
把它给抵押了，给自己买♥♥艘船。”
(LAUGHS) You heard anything from Buffett?
（笑）你从巴菲特那儿听到啥消息没？
He’s asking for preferred shares at 40 with a dividend of 9%.
他想要以每股40美元买♥♥进优先股，还有9%的红利
We were just at 66. What the fuck?
我们才每股66美元。什么鸡♥巴♥玩意儿？
Maybe it’s just an opening gambit, Dick.
或许只是公开性的策略，迪克
Sounds more like a goddamn insult.
听起来更像侮辱。
Thank you. Let me get that, Dick.
让我来，迪克。 谢谢
We’re at 36 right now.
现在已经每股36美元了
We haven’t been anywhere near 66 in months.
几个月来我们还从没达到过66美元。
The markets like Buffett.
市场喜欢巴菲特。
I don’t care who he is, His name will push the price up overnight.
他的名字能在一夜抬高股价。 我不在乎他是谁
I am not spending $360 million a year for the pleasure of doing business with him.
我不会为了和他愉快地交易而在一年内花费3亿6千万
Real estate will come back.
房♥地♥产♥业又会火起来的
Koreans have been sniffing around.
韩国人正在旁边伺机而动。
There you go. And they won’t steal us blind.
说到这儿，他们可不会凭空做掉我们
I’ve seen this before. CEOs panic and they sell out cheap.
我经历过这些。首席执行官惊慌失措，把股票贱卖♥♥掉。
Right now, the Street’s running around with its hair on fire,
现在华尔街正处于燃眉之急中
but the storm always passes.
风暴总会平息。
We stand strong, and on the other side, we’ll eat Goldman’s lunch.
我们挺屹立不倒，高盛那边我们也能分到羹。
So, what do we do about Buffett?
所以巴菲特哪儿怎么办？
Screw Warren Buffett.
去他巴菲特的
He passed? Lehman dropped
他没接受。 雷曼跌到
to 28 and a half this morning. What in the world is he thinking?
28块半今早。他究竟在想些什么？
He’s not thinking. He’s delusional. He thought the ask was too high.
疯了估计，他觉得要价太高了
美国联邦储备委员会主席
本·伯南克
He’s gotta raise cash.
他得筹钱
I told him that.
我跟他说了
I spoke to Greenspan. Really?
我和格林斯潘谈过了。 真的？
He says there’s too much housing supply. That’s the problem.
他说住房♥供应太多，是个问题
So we should buy up all the vacant houses and burn them.
我们应该买♥♥下闲置空房♥，然后烧了它
Dick needs a buyer, someone with a grip on reality.
迪克需要有现金实力的买♥♥家
Barclays expressed some interest a couple of months ago,
几个月前巴克莱银行曾表示过意愿
but I don’t think the price is low enough for them.
但是我认为价格仍有些偏高
Bank of America? Possible.
美洲银行呢？ 可能
Dick’s put out feelers there before.
之前迪克试探过
We have to keep it quiet, though.
我们得保守消息
‘Cause if anyone hears that they’re trying to sell…
一旦有谁听到他们正设法卖♥♥出…
Lehman’ll be dead within the hour.
雷曼公♥司♥分分钟完蛋
The real estate investments are killing the firm.
房♥地♥产♥投资正在摧毁企业
雷曼资深银行家
2008年6月11日
We have to admit publically we’ve made some mistakes.
我们必须公开承认犯了错
We need to make a senior management change,
需要一个高层管理上的变化
signal to the market that we get it.
对我们占有的市场来个信♥号♥♥
Meaning what? Meaning Joe Gregory.
啥意思？ 乔·格雷戈里
Get the fuck out of here.
你♥他♥妈♥开玩笑
You are not gonna tell me how to run my company.
你不是在教我怎么管理我的公♥司♥吧
Joe hasn’t had your back on risk, and everyone knows it.
乔在危急时刻没帮你一把，所有人都晓得
Erin Callan’s gotta go, too. As far as the Street’s concerned, she’s a joke.
艾琳·卡兰也不得不离职，从长远考虑，她也不行
Joe Gregory has been with me for 30 years.
乔·格雷戈里跟我工作30年了
And you want me to kick him to the curb because we had a bad quarter?
就因为一个糟糕的季度，你们就让我叫他滚到市场外♥围♥去？
It’s not just a bad quarter.
不仅仅是这样
Stock hit 23.
股价跌倒了23美元.
Twenty-three. Most of our guys are paid in stock they can’t sell for years.
23块。我们大多数客户买♥♥的是多年没法卖♥♥掉的股票
休·麦吉（斯基普·麦吉）
Hugh “Skip” McGee III
They’ve lost most of their net worth over the last six months.
在过去6个月里他们中的大多数已经损失了资本净值
资本净值是公♥司♥的实在价值
net worth 资本净值 资本净值=资本-负债
You don’t stabilize the price, your traders are gonna jump ship.
不稳住价格，你的买♥♥家就会弃船离开
Selfish fucks.
自私的混♥蛋♥
It’s not just bankers and traders, Dick. Clients are pulling their money.
不仅是银行家和交易人，迪克。客户会抽走所有的资金
.There’s gonna be a run on this bank.
银行会走向倒闭的
Sources tell CNBC that both
美国全国广播公♥司♥财经频道得到消息
Erin Callan and Joseph Gregory are out at Lehman Brothers.
艾琳·卡兰和乔·格雷戈里从雷曼兄弟公♥司♥离职
In a statement, the company’s chairman, Dick Fuld, said
在申明中，公♥司♥董事长，迪克·福尔德说道
replacing Gregory with 48-year-old Bart McDade
让48岁的巴特·迈克达德代替格雷戈里
雷曼新任总裁兼首席运营官
巴特·迈克达德
has been one of the most difficult decisions he’s had to make.
是他必须做出的最艰难的决定
Dick, the Koreans just arrived at Sullivan.
迪克，韩国人刚到沙利文那儿
Let’s go make this happen.
让我们把它变成现实
My take is you’d be better off staying here for now.
我觉得你留在这里比较好
We need you to be our “missing man.”
我们需要你当个“不在场的人”
We’ll go in and push the deal as far as we can,
我们进去尽可能推动交易
and then we’ll bring you in at the end to top it off.
快结束时会带你进来完美谢幕
All right, fine.
好，没问题
Okay. Okay.
好，很好
We are committed to our presence in New York.
我们兑现了来纽约的承诺
(TRANSLATING)
（翻译中）
But we need to know that the underlying numbers make sense.
可我们得了解这些表面下的数据是没问题的
(CELL PHONE BUZZING)
（手♥机♥震动声）
We realize how things look. (TRANSLATING)
我们理解现在的情况。 （翻译中）
But our stock is getting hammered by the shorts.
股票因为空头持续遭受打击
The value is still there.
价值仍然在
We just started. Min’s excited, but we haven’t heard the terms.
会议刚开始。Min很有兴趣，可还没提到条款
Where are you?
你在哪儿？
I just stepped out to take the call.
我才走出来接你电♥话♥啊
Get back in there. Don’t be rude.
快回去，这太无礼了
Okay.
好
We simply take the assets you don’t find appealing,
我们简单地把你判定的不具吸引力的资产
spin them off into a separate company.
拆开来分给一个个独♥立♥的公♥司♥
(CELL PHONE BUZZING)
（手♥机♥震动声）
You don’t buy that bank. I’m very sorry.
不是买♥♥那家银行。 非常抱歉
You buy the good bank.
而是买♥♥家更好的银行
Look, they don’t like the real estate.
听着，他们不喜欢房♥地♥产♥
What do you mean, they don’t like it?
什么意思，不喜欢？
Dick, we’re making real progress here, okay? Let me stay on it for now.
迪克，我们在步步争取，好吗？让我继续下去
Min, how are you?
Min，最近怎样？
Great to see you.
真高兴见到你
I don’t want to interrupt.
我可不想打断你们
Dick, great timing.
迪克，正是时候
We seem to be in sync on the broad strokes of the deal.
看起来我们在交易上达成了共识了
Shall we get back to the letter of intent?
能回到意向书上来讨论下吧？
Min, I have to tell you, I think you’re making a big mistake here.
Min，我得告诉你，我们走错了
There’s great value in the real estate assets.
房♥地♥产♥巨大价值
How about we walk through the portfolio?
证券投资组合怎样？
and I’ll show you
我给你展示下
We have looked at them.
已经看过了
Then you must have looked at them in the wrong way.
那么你一定明白这样是错的
See, I just don’t wanna see you leave money on the table.
并不需要你把钱放在桌上
Perhaps we should take a break.
或许我们该休息一下
Min, I’m so sorry.
Min，抱歉
We have negotiated in good faith. Now all of a sudden we are going backward?
在信任的基础上协商这么久。现在我们突然又要倒回去？
We can work with you on the price.
价钱上我们能再商量
It is not about the price.
无关价钱
It is about the way you have conducted this.
而是你们做事的方式
I’d like to thank you, all of you,
谢谢你们
but I don’t think we have a structure that works.
但我们的协商并没有效果
What, that’s it?
什么，就完了？
You’re just gonna pack up and go back to Korea?
你就准备收拾行李回家了？
Hello? NeeI, it’s Dick FuId.
你好？ 尼尔，我是迪克·福尔德