大而不倒（2011）

No, AIG has been struggling…
不
AIG后面照搬不翻了。
（AIG怎么这么多，立即去世！！！）
Why didn’t you guys head off this situation six months ago?
为什么6个月前你们不阻止情况发生呢？
Because the requisite magic wand wasn’t available, Doug.
这些条件完全不可能获得，道格
But if we do find one, you will be among the very first to know.
如果我们做到的话，你会是第一个知道的
Blankfein on four, urgent.
布兰克费恩在四号♥线上，他很急
I have to go.
我得走了
Hey, Lloyd.
嘿，劳埃德
The goddamn British bankruptcy administrator
该死的英国破产管理人
froze all of Lehman’s customer accounts.
冻结了雷曼的客户账户
You didn’t square this with the British before you did it?
在此之前你和英国佬都没试着做些什么吗？
SECRETARY: Geithner on five.
秘书：盖特纳在五号♥线上
People are freaking out. They can’t get their money.
人们给吓坏了。拿不到钱
Not investors, clients.
不是投资人，是客户
If customers think their money wasn’t safe with Lehman,
假如客户觉得他们在雷曼的资金是危险的
they’re not gonna trust us either.
他们不会再信任我们
No one will do business with us.
也没人会和我们做生意了
You’re gonna have to hang on.
等一下
Tim.
提姆
Dan spoke to Moody’s. They’re downgrading AIG tonight.
丹和穆迪公♥司♥谈了。他们
Would have happened anyway, but Lehman put the whole thing into hyperdrive.
事情已经发生了，雷曼引起的连锁反应根本停不下来
How far down are they?
到什么程度了？
SECRETARY: French Finance Minister on six.
秘书：法国财政部长在六号♥线
They don’t know.
不清楚
We’re working on it.
我们会跟踪情况
Christine.
克里斯汀
How could you let this happen with Lehman?
你怎么会让这种事发生在雷曼身上
法国财政部长
克里斯汀·拉加尔德
What on earth were you thinking?
你究竟在想些什么？
We did everything we could, Christine.
我们竭尽所能了，克里斯汀
You allowed it to fail, Hank. It was a horrifying mistake.
你同意雷曼破产，汉克，这错误简直太可怕了
It is having catastrophic consequences all over Europe.
对欧洲也会造成惨重的影响
And AIG would be even worse.
AIG更甚
The European banks have tremendous exposure to AIG.
欧洲银行和AIG也有大量的接触
We need assurance you will not fail to act, as you did with Lehman.
我们得确认你没有在行动上失信，就像对雷曼那样
It is not just an American problem.
这不仅仅是美国的问题了
MICHELE DAVIS: Thank you so much for…
米歇尔·戴维斯：非常感谢你…
John Mack.
约翰·马克
(STAMMERING)
（结巴）
John. SECRETARY: John, one.
约翰 秘书：约翰在一号♥线上
JOHN MACK: The fallout from Lehman is killing us.
约翰·马克：雷曼差点害死我们
The short-sellers are all over us. We’re down 10% already.
我们被人做空。跌了10%了
You guys have no idea what’s going on out here.
你根本不了解外面的情况
How are your earnings?
收益如何？
Strong. We’re gonna announce Friday.
还不错。我们会在周五宣布
Announce now.
现在就宣布
Okay, Lloyd, sorry.
好了，劳埃德，抱歉
Hank, if depositors see they can’t get their assets out of Lehman,
汉克，存款的人没办法把资产从雷曼抽出来的话
the next step is gonna be a massive pullout from all the investment banks.
紧接着就会是来自各银行的大量抛售
Jeff Immelt from GE.
通用电气公♥司♥的杰夫·伊梅尔特
Jesus, what’s Immelt calling you for?
老天爷，伊梅尔特联♥系♥你干嘛？
I have to go. Jeff.
我得挂了。杰夫
You gotta know what’s going on out here.
目前情况如何你得清楚
通用电气公♥司♥董事长兼首席执行官
杰夫·伊梅尔特
We’re having trouble funding our day-to-day operations.
日常运营的资金出现了问题
Our finance division is infecting the rest of our business.
资金的缺失影响到了其余事务
General Electric?
通用电气？
This thing is spreading way past Wall Street.
华尔街传遍千里
I get that nobody wants to touch mortgages,
没人想碰抵押贷款了
but we’re making planes and engines, light bulbs.
但我们正在制♥造♥飞机，引擎，灯泡
We’re a healthy company.
我们是个健康的企业
If we can’t finance our day-to-day operations,
若是无法♥正♥常提供日常运营的资金
every business in America’s gonna be shutting down.
每桩事务都会停滞不前
美国财政部
Where’s AIG? It closed at $2.
AIG如何? 每股2元收盘
Tim thinks we need to do something big. Ben agrees, and so do I.
提姆认为我们需要做些有影响力的事。本同意，我也是
What can we do? AIG’s not even a bank.
我们能干什么？AIG甚至都不是银行
The Fed can lend to non-banks under unusual and exigent circumstances.
在一些紧急的特殊情况下，美联储可以借款给非银行企业
We’re thinking of taking over 80% of the company.
我正考虑收♥购♥80%公♥司♥股份
Hank, we can’t.
汉克，不行
This morning we were lecturing the entire country on moral hazard.
今晨我们才在全国面前说了道德风险
AIG has collateral. They have assets.
AIG有抵押的东西，他们有资产
Lehman didn’t. We couldn’t lend into a hole.
雷曼没有。我们不能把钱投到黑洞里
It’s not the same story.
两者情况不一样
Nobody’s gonna care.
没人会在乎
It’s another bailout with no legislation.
只是另一次违法的财政救援
The Hill’s gonna go crazy. The country’s gonna go crazy.
国会会抓狂的。全国都会疯掉
The plane that we flew in on this morning, leased from AIG.
今早那架飞机我们从AIG租来的
Construction downtown, AIG.
商业中心的AIG
Life insurance, 81 million policies with a face value of 1.9 trillion,
人寿保险，八千一百万份保险单，每张价值1.9万亿
billions of dollars in teachers’ pensions, it’s everywhere.
上十亿元的教师退休金，摆哪儿都是
You want too big to fail? Here it is.
想要大而不倒，这就是
You got a better idea? The suggestion box is wide open.
你有更好的主意？意见箱开着呢
I hate to do this right now,
这么做让我觉得恶心
but I’m gonna have to have a press call first thing,
可我必须先召开新闻发布会
and I really don’t know what I’m gonna tell them.
我却不晓得该跟他们说些什么
Tell them Lehman exacerbated AIG. The simultaneous payouts of CDOs
告诉他们雷曼加剧了AIG的问题。同时支付的债务抵押债券
and credit default swaps put catastrophic pressure on…
和信贷违约交换，造成的巨大压力下…
Go back further.
之前呢
The global pool of investment capital…
全球的投资资本储备…
She has to do this in English. Start with the homeowners.
她得说人话别人才能懂。从房♥屋持有者说起
Okay, okay, here’s how you explain it.
行，行。这样来解释
Wall Street started bundling home loans together, mortgage-backed securities,
华尔街金融公♥司♥开始把住房♥贷款和住房♥抵押贷款证券绑在一起
and selling slices of those bundles to investors.
把其中一份卖♥♥给投资人
And they were making big money,
然后自己赚大钱
so they started pushing the lenders, saying,
之后又催促出借人，说
“Come on, we need more loans.”
“拜托，我们需要更多的贷款。”
The lenders had already given loans to borrowers with good credit,
出借人已经给了借款人信用良好的贷款
so they go bottom-feeding. They lower their criteria.
所以他们卖♥♥底料（指代次品）了。还降低了标准
Before, you needed a credit score of 620 and a down payment of 20%.
在此之前，需要信用评级达到620，支付20%的首♥付♥款
Now, they’ll settle for 500, no money down.
现在，信用评级设置成500，不必交首♥付♥款
And the buyer, the regular guy on the street,
跟大街上普通人长相似的的买♥♥家
assumes that the experts know what they’re doing.
认定专家知道他们在做的事
He’s saying to himself, “If the bank’s willing to loan me money,
他对自己说：“银行愿意给我贷款
“I must be able to afford it.”
我供得起房♥了。”
So he reaches for the American dream.
所以他终于触碰到了美国梦
He buys that house.
买♥♥下了房♥
The banks knew securities based on shitbag mortgages were risky.
银行知道建立在垃圾抵押贷款上的证券风险极大
You’ll work on “shitbag.”
你也为“垃圾”工作
So to control their downside, the banks started buying a kind of insurance.
为了控制损失，银行开始买♥♥进保险
If mortgages default, insurance company pays,
如果抵押贷款拖欠违约了，保险会赔偿
default swap.
违约交换了
The banks insure their potential losses to move the risk off their books
银行为潜在的损失保险，掩盖掉表面上的风险
so they can invest more, make more money.
因此，他们投资越多，赚钱越多
And while a lot of companies insured this stuff,
许多公♥司♥给这东西买♥♥上保险
one was dumb enough to take on an almost unbelievable amount of risk.
傻到足以让他们冒着不可思议的风险
AIG. And you’ll work on “dumb.”
美国国际集团。 你会为傻瓜做事的
And when they ask me why they did that?
那他们问我为什么银行要这么多呢？
Fees. Hundreds of millions in fees.
业务报酬啊。 上百万的业务报酬
AIG figured the housing market would just keep going up,
AIG以为房♥地♥产♥市场会一路飘红
but then the unexpected happens.
可他们没预料到
Housing prices go down.
房♥价持续下跌
NEEL KASHKARI: The poor bastard who bought his dream house,
尼尔·卡什卡利：买♥♥下梦幻之屋的那个可怜家伙
the teaser rate on his mortgage runs out.
抵押贷款该还息了
His payments go up. He defaults.
花费增多，他拖欠违约
Mortgage-backed securities tank. AIG has to pay off the swaps,
抵押贷款证券仍然在。AIG不得不偿还违约互换的那笔钱
all of them, all over the world, at the same time.
所有银行，全世界的银行，这时候都无法避免
AIGKASHKARI: AIG can’t pay. AIG goes under.
卡什卡利：AIG无法支付。都要破产了
Every bank they insure books massive losses on the same day.
同一天每家卖♥♥保险的银行账上都遭受不可估计的损失
And then they all go under.
都将破产
It all comes down.