英文名称：Too Big to Fail
年代：2011
推荐：千部英美剧台词本阅读
| 时间 | 英文 | 中文 |
|---|---|---|
| [00:00] | ? Too Big to Fail ? Original Air Date on May 23, 2011 == sync, corrected by elderman == | |
| [00:03] | We have no intention of dismantling the regulatory agencies. | |
| [00:03] | 我们没有意图解散监管机构 | |
| [00:07] | However, we must come to grips | 不过我们需要严控 |
| [00:09] | with inefficient and burdensome regulations. | 无效和繁重的规章制度 |
| [00:11] | We will eliminate those | 而且我们将去除 |
| [00:13] | that are unproductive and unnecessary. | 那些低效和没必要的条款 |
| [00:15] | Tearing down these antiquated walls | 冲破旧有模式 |
| [00:17] | and granting banks significant new authority. | 赋予银行全新的权利 |
| [00:19] | (Female anchor) In a victory for the banking industry, | 作为整个银行业的胜利 |
| [00:22] | Congress has approved legislation which will allow | 国会批准法案将允许 |
| [00:22] | 1999年 克林顿政府提交国会通过 废除1933年制定的禁止商业银行和投行合并的<格拉斯-斯蒂格尔法案>,此举被认为是 导致08年次贷危机的元凶 | |
| [00:25] | commercial and investment banks to merge | 商业银行与投资银行合并 |
| [00:27] | and form institutions | 将形成具有前所未有的规模 |
| [00:29] | of unprecedented size and global reach. | 和全球影响力的新型机构 |
| [00:31] | <大到不能倒> 2011年5月23日首映 | |
| [00:33] | I think it’s very important | 我认为此点对我们来说 |
| [00:35] | for us not to introduce | 是重中之重 |
| [00:38] | regulation for regulation’s sake. | 即不是为了监管而监管 |
| [00:40] | I do believe in the American dream. | 我坚信美国梦的存在 |
| [00:43] | Owning a home is a part of that dream. | 拥有一个家便是这个梦想的一部分 |
| [00:48] | We are taking action | 我们在行动 |
| [00:50] | to bring many thousands of Americans | 为数以万计的美国人民 |
| [00:52] | closer to owning a home. | 实现拥有一个家的梦想 |
| [00:55] | This project not only is good | 这个法案不仅对 |
| [00:57] | for the soul of the country. | 国家的立国精神有益 |
| [00:58] | It’s good for the pocketbook of the country as well. | 同时也对美国经济大有裨益 |
| [01:00] | (Male anchor) The housing market has reached frantic proportions. | 房地产市场已经达到了令人咋舌的规模 |
| [01:03] | It seems that everybody is building, buying or selling. | 似乎大家都在建房 买房 卖房 |
| [01:06] | (Female anchor) The Dow and the S&P both breaking records, | 道琼斯指数和标准普尔都在刷新记录 |
| [01:09] | profits soared 93% at Goldman Sachs this year. | 高盛集团今年效益飙升93个百分点 |
| [01:14] | Hotshot traders and bankers can expect to take home | 明星操盘手和银行家预期将收获 |
| [01:17] | $10, $25, and in some cases $50 million. | 1千万 2千5百万 甚至个别 将赚足5千万美金 |
| [01:21] | Things that are too good to be true, are. | 形势好得令人难以置信 |
| [01:24] | – When you see something coming– – The real estate bubble. | – 当你能预感到一些事将要发生– – 房地产泡沫 |
| [01:27] | – Housing bubble– – Bubble. | – 房地产泡沫– – 泡沫 |
| [01:28] | –Don’t put it off. take action immediately. | –别拖延 立即采取行动 |
| [01:32] | Will there be a soft landing or will the bubble burst? | 经济形势将实现软着陆还是泡沫终将破裂? |
| [01:38] | (Male anchor) The new story– the mortgage meltdown. | 最新报导–次贷危机 |
| [01:41] | This morning in the mortgage meltdown, new numbers showing | 今早次贷危机的最新数据显示 |
| [01:44] | that a record number of Americans are losing their homes. | 创纪录的美国人在失去他们的房子 |
| 本电影台词包含不重复单词：1766个。 其中的生词包含：四级词汇：344个，六级词汇：206个，GRE词汇：205个，托福词汇：288个，考研词汇：378个，专四词汇：328个，专八词汇：64个， 所有生词标注共：655个。 定制生词标注的台词本和单词统计，请访问生词标注台词本 | ||
| [01:47] | More than 70 mortgage companies have failed | 全美逾70家房产抵押公司 |
| [01:49] | in the last few months in America. | 在过去的几个月中破产 |
| [01:51] | and now the biggest of the big companies– the Bear Stearns– | 但现在大公司中的龙头老大– 贝尔斯登公司– |
| [01:54] | the big banks are caught holding the bag. | 大型银行都在紧缩银根 |
| [01:59] | (Maria Bartiromo) The fifth largest investment bank in the country, | 全国第5大投资银行 |
| [02:02] | Bear Stearns, is being sold | 贝尔斯登公司被迫仅以 |
| [02:04] | for just $2 a share to J.P. Morgan. | 每股2美元的价格卖给摩根大通 |
| [02:04] | 因贝尔斯登股东反对 摩根大通最终 以每股10美元的价格完成收购 | |
| [02:07] | It’s being assisted by the government | 此次收购获得政府帮助 |
| [02:09] | which is stepping in to guarantee some $30 billion | 政府将为贝尔斯登在房产市场上的 |
| [02:12] | in Bear’s toxic real estate assets. | 大约300亿的有毒资产提供担保 |
| [02:17] | You’ve got to imagine that Hank Paulson | 你得相信 |
| [02:20] | didn’t think he signed up for this | 当布什总统任命汉克?保尔森 |
| [02:22] | when President Bush picked him | 出任财政部部长时 |
| [02:24] | to become Treasury Secretary. | 他并没预料到会签署这种文件 |
| [02:26] | Hank Paulson may now have to undo | 汉克?保尔森必须要撤销… |
| [02:28] | some of the deregulation measures | 一些当他管理高盛时 |
| [02:28] | 保尔森曾担任高盛董事长兼CEO | |
| [02:30] | that he and his peers on Wall Street pushed through | 与他的伙伴在华尔街大力推行的 |
| [02:32] | when he ran Goldman. | 放松监管的措施 |
| [02:35] | (Bartiromo) Treasury Secretary Hank Paulson | 财政部部长汉克?保尔森 |
| [02:38] | telling Matt Lauer this morning | 今早告之马特?劳尔 |
| [02:38] | NBC早间新闻主播 | |
| [02:40] | “We’re all over it. I’ve got great confidence in our markets. | “我们会度过难关 我对我们的市场充满信心 |
| [02:43] | They’re resilient. They’re flexible.” | 它们既有灵活性又有很强的恢复能力 |
| [02:44] | (Allan Chernoff) Ali, the truth is that Bear Stearns is | 阿里 事实上贝尔斯登 |
| [02:47] | only a very small fraction of this story. | 只是冰山一角 |
| [02:49] | our economy could face | 我们的经济系统可能要面对 |
| [02:51] | far worse than a recession. | 远比衰退还要严峻的局面 |
| [02:56] | (David Faber) In the wake of Bear’s collapse, | 贝尔斯登破产的当头棒喝 |
| [02:58] | Lehman Brothers is scrambling to reassure investors | 使雷曼兄弟疲于安抚投资者… |
| [03:01] | about the impact of the mortgage crisis | 对次贷危机对其资产带来影响的担心 |
| [03:03] | on its own assets, shares of the firm | 而公司的股份 |
| [03:05] | under a great deal of pressure this morning. | 也在今早面对巨大考验 |
| [03:07] | Dick Fuld, a 39-year veteran of Lehman | 迪克?富尔德 一位在雷曼打拼39年的老将 |
| [03:10] | and the longest-running CEO of a major investment bank on Wall Street, | 华尔街主要投行中任期最长的首席执行官 |
| [03:13] | has pulled the firm back from the brink during other crises. | 在其他危机中屡次将银行从生死边缘中救回 |
| [03:17] | But today, for the first time that I’m hearing it, | 但就在今天 我第一次听到 |
| [03:17] | 迪克?富尔德雷曼兄弟董事会主席兼CEO | |
| [03:20] | investors are questioning his leadership. | 投资者对其领导能力的质疑 |
| [03:23] | – Motherfucker. – One key question investors have for Lehman Brothers: | – 我操 – 雷曼兄弟的一位重要投资人 |
| [03:26] | What’s the true earnings power of this investment bank’s business? | 质疑这家投行的真正盈利力量 究竟是什么 |
| [03:33] | 乔?格雷戈里 雷曼兄弟的总裁兼首席运行官 | |
| [03:35] | – ( phone rings ) – Hey. | 嗨 |
| [03:38] | Get up here. We gotta start stacking sandbags. | 马上过来 我们得堵缺口了 |
| [03:42] | What are you talking about? | 你说什么呢? |
| [03:43] | We’re down 21%. On paper, | 我们下跌了21个百分点 账面意义上 |
| [03:45] | I just lost $90 million personally. | 我个人刚刚损失了9000万 |
| [03:49] | With investors pummeling Lehman shares, | 当投资者纷纷抛售雷曼的股票 |
| [03:52] | the big question this morning is– | 今天早上最大的问题是– |
| [03:54] | what options does Fuld have? | 富尔德还有什么选择? |
| [03:56] | So far he has failed to raise new capital | 截至目前他没有成功引来新的资金 |
| [03:58] | while virtually all of his rivals have already done so. | 显而易见他的所有竞争者都在这样做 |
| [03:58] | 亨利?保尔森 美国财政部长 高盛集团的前任主席兼CEO | |
| [04:01] | And now hedge fund manager David Einhorn | 目前对冲基金经理戴维?爱因霍恩 |
| [04:01] | 绿光资本的董事长 联合创始人 07年起就做空雷曼的股票) | |
| [04:03] | is publicly questioning the accuracy of the firm’s numbers. | 对这家公司公布的数字真实性 公开表示质疑 |
| [04:06] | Anything good? | 有什么好消息? |
| [04:07] | It’s a red-tailed hawk, the first one this year. | 今年的第一只红尾鹰 |
| [04:11] | Dick Fuld’s on one. | 迪克?富尔德在一号线 |
| [04:13] | (Einhorn) They haven’t been able to provide credible answers. | 他们无法提供可信的答案 |
| [04:15] | (Maria Bartiromo) So let’s go through a couple of those | 所以现在让我们看一下 |
| [04:17] | what you call discrepancies, because– | 这些你称之为矛盾的 因为– |
| [04:22] | Tough morning? | 今早很煎熬吧? |
| [04:24] | We show top-quality earnings. We beat every prediction. | 我们展示了一流的收益 打破了所有的预测 |
| [04:27] | – Yeah. – It’s the damn short-sellers. | – 没错 – 该死的空头 |
| [04:29] | You know the game– short and distort. | 你熟悉这游戏–做空者都爱歪曲事实 |
| [04:31] | They’re rumormongers. And they’re making a killing. | 他们造谣生事 大开杀戒 |
| [04:34] | What are your plans for a capital raise? | 你计划如何来筹集资金? |
| [04:36] | We’re way ahead of you. Now let me be clear: | 我们早都想好了 我就直说了吧: |
| [04:40] | we don’t need the cash. | 我们不需要现金 |
| [04:44] | You know, it’s about perception. | 你清楚 这和理念有关 |
| [04:46] | Buffett, Buffett. | 巴菲特 巴菲特 |
| [04:48] | We’re thinking of reaching out to Warren Buffett. | 我们计划联络巴菲特 |
| [04:52] | Great. | 不错 |
| [04:53] | You and Buffett go back, right? | 你和巴菲特是老交情了 对吧? |
| [04:57] | Do me a favor and call him. | 帮我个忙 给他打个电话 |
| [04:59] | Tell him Lehman is rock solid. | 告诉他雷曼稳如磐石 |
| [05:01] | As Treasury Secretary, I can’t advocate for a specific investment. | 作为财务部长 我不能力促某项具体投资 |
| [05:08] | Hank, you want me to raise capital or not? | 汉克 你到底想不想让我筹到资金? |
| [05:08] | 艾琳?卡伦 雷曼首席财务官 律师出身 被认为完全不够格担任CFO | |
| [05:13] | (Jim Wilkinson) Lehman Brothers is a hell of a lot bigger than Bear Stearns. | 雷曼兄弟的无底洞要比贝尔斯登乱很多 |
| [05:13] | 2008年5月24日 星期六 | |
| [05:16] | The market is terrified. | 市场已经怕了 |
| [05:18] | When I was running Goldman, I never even conceived | 我掌管高盛时也没想过 |
| [05:21] | of asking the Treasury Secretary to cut a deal for me. | 要财务部长帮我谈笔生意 |
| [05:24] | Yeah, but the Bear bailout created– | 没错 但贝尔斯登接受的紧急援助造成 |
| [05:25] | Please don’t call it a bailout. | 麻烦别说那是紧急援助 |
| [05:27] | Okay, the very large Bear Stearns purchase assistance package | 好吧 那笔数额巨大的贝尔斯登 收购案援助计划项目 |
| [05:31] | created an expectation. | 造成了一种期待 |
| [05:33] | Fuld’s counting on direct intervention from you. | 富尔德寄希望于你的直接介入 |
| [05:35] | Uh, Buffett’s a simple solution. | 找巴菲特倒是个简单法子 |
| [05:37] | I think you make the call. | 我觉得你应该打这个电话 |
| [05:37] | 吉姆?威尔金森 财政部首席顾问 | |
| [05:40] | As what? Warren’s friend? | 以什么身份? 沃伦的朋友? |
| [05:43] | His former banker? The ? | 他的前任银行家? 还是这个官位? |
| [05:45] | No. Fuld’s calling him. | 不行 得富尔德给他打电话 |
| [05:48] | Hopefully he’ll jump in and we can all relax. | 希望他愿意趟这趟浑水 这样我们都能松口气 |
| [05:49] | Relax? We just buried one investment bank; | 松口气? 我们刚解决掉一个投行 |
| [05:51] | We got another one that’s barely breathing. | 又来一个奄奄一息的 |
| [05:53] | This is a confidence game. People lose faith in Lehman– | 这是一场信心的较量 人们对雷曼失去信心– |
| [05:56] | these banks are gonna drop like dominos | 这些银行会像多米诺骨牌一样接连倒闭 |
| [05:58] | and I don’t have the authority to do a thing about it. | 而且我没有权力采取措施 |
| [06:01] | We’re late. | 太迟了 |
| [06:03] | We’ve been late on everything. | 我们在任何方面都晚了一步 |
| [06:05] | Neel’s team is working on some kind of a disaster scenario. | 尼尔的团队在制定某种灾难方案 |
| [06:05] | 尼尔?卡斯卡里 国际事务助理部长 | |
| [06:08] | We’re calling it the break-the-glass plan– | 我们称之为”击碎玻璃”计划– |
| [06:10] | what to ask Congress for if your back’s against the wall. | 如果告诉国会你已经无路可退 |
| [06:13] | ( Snickers ) Money… | 钱啊… |
| [06:15] | Is what you ask them for. | 你管他们要的可是钱 |
| [06:18] | The problem is, Congress won’t move | 问题是 国会不会出手 |
| [06:18] | 米歇尔?戴维斯 公共事务助理部长 | |
| [06:21] | until we’ve already hit the iceberg, | 除非我们已经碰到了大麻烦 |
| [06:23] | and at that point it may be too late. | 不过到了那时一切也都是徒劳 |
| [06:25] | So you’re saying, with the full weight | 所以你是说 |
| [06:27] | of the United States Treasury behind me, | 虽然我身后有整个美国财政部的鼎力支持 |
| [06:29] | all I can do is call Warren Buffett? | 但我能做的就是给巴菲特打个电话? |
| [06:33] | Hi, Warren. It’s Hank. | 嗨 沃伦 是我 汉克 |
| [06:37] | I understand you’ve been talking to Dick Fuld. | 我知道你刚和迪克?富尔德通完电话 |
| [06:40] | You know my misgivings, Hank, | 你知道我 |
| [06:40] | 沃伦?巴菲特 全球最富有的人之一 | |
| [06:43] | about investment banks. | 对投行的顾虑 汉克 |
| [06:45] | As soon as they started trading for themselves, | 他们一开始为了自己私利去交易 |
| [06:48] | the risk managers lost control. | 那些风险经理人就失去了控制 |
| [06:50] | I had a very unpleasant time with Solomon Brothers. | 我与所罗门兄弟合作的日子就很不好过 |
| [06:50] | 巴菲特在1991年担任临时董事长 拯救因国债问题濒临破产的所罗门兄弟公司 | |
| [06:53] | That’s fair enough. | 这样足够公平 |
| [06:56] | But we both know | 但你我都知道 |
| [06:58] | that investment banking is a profitable business. | 投行是个赚钱的买卖 |
| [07:00] | I figure it made you a billionaire somewhat. | 我猜也是投行让你成为了亿万富翁 |
| [07:04] | I gotta believe that if the price was right, | 我得相信假如价格还算说得过去 |
| [07:07] | you wouldn’t just walk away. | 你不会不闻不问 |
| [07:08] | You know a good deal when you see one. | 你知道哪种生意一看上去就是笔好买卖 |
| [07:11] | What say you? | 你怎么看的? |
| [07:13] | I gotta leave that to your judgment. | 我得让你做决定 |
| [07:17] | People act like we’re crack dealers. | 人们怎么看见我们就跟看见毒贩似的 |
| [07:19] | Nobody put a gun to anybody’s head and said, | 又没人拿枪指着谁脑袋说 |
| [07:21] | “hey, Nimrod, buy a house you can’t afford. | “嘿 猎手 买幢你负担不起的房子 |
| [07:23] | And you know what? While you’re at it, | 而且你知道吗? 你要是真坐在里面 |
| [07:25] | put a line of credit on that baby and buy yourself a boat.” | 用信用卡的最高限额去供这个宝贝 再给自己买艘船” |
| [07:27] | You heard anything from Buffett? | 你有什么巴菲特那里的消息? |
| [07:29] | He’s asking for preferred shares at 40 | 他要求每股40元的优先股 |
| [07:32] | with a dividend of 9%. | 和9%的分红 |
| [07:34] | We were just at 66. What the fuck? | 我们只有66元的股价 这他妈算怎么回事? |
| [07:36] | Maybe it’s just an opening gambit, Dick. | 可能这只是个开始 迪克 |
| [07:38] | Sounds more like a goddamn insult. | 听起来倒像是他妈的侮辱 |
| [07:40] | – Let me get that, Dick. – Thank you. | – 让我来 迪克 – 谢谢 |
| [07:42] | We’re at 36 right now. | 我们现在跌到36块了 |
| [07:43] | We haven’t been anywhere near 66 in months. | 我们已几个月都没有接近66元了 |
| [07:47] | The markets like Buffett. | 市场喜欢巴菲特 |
| [07:49] | His name will push the price up overnight. | 他的名声能一夜间把价格拉上去 |
| [07:50] | You know, I don’t care who he is, | 你知道我不在乎他是谁 |
| [07:52] | I am not spending $360 million a year | 我不会每年花3亿6千万 |
| [07:55] | for the pleasure of doing business with him. | 来买和他做生意的愉悦感 |
| [07:57] | Real estate will come back. | 房地产会回暖的 |
| [07:58] | The Koreans have been sniffing around. | 韩国人也在跃跃欲试 |
| [08:00] | There you go. And they won’t steal us blind. | 瞧见了吧 而且他们不会明着抢咱们 |
| [08:02] | I’ve seen this before– C.E.O.s panic and they sell out cheap. | 我之前见过类似的局面– 首席执行官们慌了 纷纷廉价抛售股份 |
| [08:05] | Right now the street’s running around with its hair on fire, | 虽然现在整条华尔街都乱成一团 |
| [08:07] | but the storm always passes. | 不过风暴总会平息 |
| [08:09] | We stand strong, and on the other side | 我们屹立不倒 另一方面 |
| [08:12] | we’ll eat Goldman’s lunch. | 我们就能从高盛那里分杯羹 |
| [08:16] | So what do we do about Buffett? | 那我们怎么回复巴菲特那里呢? |
| [08:18] | Screw Warren Buffett. | 去他娘的巴菲特 |
| [08:23] | He passed? | 他没接受? |
| [08:23] | 每周例行早餐会 | |
| [08:25] | Lehman dropped to 28 1/2 this morning. | 雷曼今天早上跌到每股28.5元 |
| [08:27] | What in the world is he thinking? | 他脑袋里想啥呢? |
| [08:28] | He’s not thinking. He’s delusional. | 他压根就没想 他疯了 |
| [08:30] | He thought the ask was too high. | 他觉得报价过高 |
| [08:32] | He’s got to raise cash. | 他得吸纳现金 |
| [08:34] | I told him that. | 本?伯南克 美国联邦储备银行主席 |
| [08:35] | 我跟他说了 | |
| [08:37] | I spoke to Greenspan. | 我和格林斯潘谈了 |
| [08:39] | Really? | 真的? |
| [08:41] | He says there’s too much housing supply. | 他说现在有太多的房源 |
| [08:44] | That’s the problem. | 这是个问题 |
| [08:47] | So we should buy up all the vacant houses | 所以我们得把那些空房子全部买下 |
| [08:50] | and burn them. | 接着一把火烧了 |
| [08:58] | Dick needs a buyer– someone with a grip on reality. | 迪克需要一个买家– 一个能操控市场的买家 |
| [09:02] | Barclays expressed some interest a couple of months ago, | 巴克莱银行几个月前表示过兴趣 |
| [09:04] | But I don’t think the price is low enough for them. | 不过我不认为价格低到他们能够接受 |
| [09:06] | Bank of America? | 美国银行如何? |
| [09:08] | Possible. Dick’s put out feelers there before. | 有可能 迪克之前回绝过他们的试探 |
| [09:11] | We have to keep it quiet though. | 我们不能声张此事 |
| [09:14] | If anyone hears that they’re trying to sell… | 如果有人得知他们要出售… |
| [09:16] | Lehman will be dead within the hour. | 雷曼一个小时内必死无疑 |
| [09:19] | The real estate investments are killing the firm. | 房地产投资真是害惨了我们 |
| [09:19] | 2008年6月11日 雷曼高级银行家紧急策略会议 | |
| [09:22] | We have to admit publically we’ve made some mistakes. | 我们得公开承认我们犯下了一些错误 |
| [09:25] | We need to make a senior management change, | 我们得做出一个高级管理层的调整 |
| [09:27] | Signal to the market that we get it. | 向市场释放一个信号 表明我们解决了问题 |
| [09:29] | Meaning what? | 意味着什么? |
| [09:31] | Meaning Joe Gregory. | 意味着 乔?格雷戈里 |
| [09:34] | Get the fuck out of here. | 一边玩去 |
| [09:38] | You are not gonna tell me how to run my company. | 用不着你们告诉我怎么经营我自己的公司 |
| [09:40] | Joe hasn’t had your back on risk, and everyone knows it. | 乔没有冒风险挺你 大家都清楚 |
| [09:43] | Erin Callan’s gotta go too. | 还有艾琳?卡伦 也得走人 |
| [09:45] | As far as the street’s concerned, she’s a joke. | 现在整条街都知道 她就是个笑话 |
| [09:47] | Joe Gregory has been with me | 乔?格雷戈里和我 |
| [09:49] | for 30 years. | 已经共事了30年 |
| [09:52] | And you want me to kick him to the curb | 现在你们想让我把他踢出局 |
| [09:54] | because we have a bad quarter? | 就因为我们本财季表现糟糕? |
| [09:55] | It’s not just a bad quarter. | 不仅仅是本财季表现糟糕 |
| [09:57] | The stock hit 23. | 股价已经跌到了23元 |
| [09:59] | 23. Most of our guys are paid in stock they can’t sell for years. | 23块 我们中多数人都靠多年禁卖的股票当薪水 |
| [09:59] | 斯科普?麦克吉 雷曼国际事务主管 投资银行家 | |
| [10:02] | They’ve lost most of their net worth over the last six months. | 他们在过去半年里损失了 几乎所有的净利润 |
| [10:05] | You don’t stabilize the price, | 你不能稳定股价的话 |
| [10:07] | Your traders are gonna jump ship. | 你的交易员纷纷弃船而逃 |
| [10:09] | Selfish fucks. | 只顾自己的混蛋 |
| [10:11] | It’s not just bankers and traders, Dick. | 不光是银行家和交易员 迪克 |
| [10:13] | Clients are pulling their money. | 客户们也在把他们的钱取出来 |
| [10:15] | There’s gonna be a run on this bank. | 这家银行在面临一次大逃亡 |
| [10:22] | Sources tell CNBC that both | 有消息告诉ABC财经频道 |
| [10:24] | Erin Callan and Joseph Gregory are out at Lehman Brothers. | 称艾琳?卡伦和乔瑟夫?格雷戈里 被踢出雷曼兄弟 |
| [10:27] | In a statement, the company’s chairman Dick Fuld said | 在一个声明里 公司主席迪克?富尔德称 |
| [10:30] | Replacing Gregory with 48-year-old Bart McDade | 由48岁的巴特?迈克达德接替格雷戈里 |
| [10:30] | 2008年8月4日 | |
| [10:32] | has been one of the most difficult decisions he’s had to make. | 这是他所作出最困难的决策之一 |
| [10:32] | 巴特?迈克达德 雷曼新任总裁兼首席运行官 | |
| [10:37] | Dick, the Koreans just arrived at Sullivan. | 迪克 韩国人刚到达苏利文 |
| [10:41] | Let’s make this happen. | 让这笔买卖赶紧做成吧 |
| [10:43] | My take is you’d be better off staying here for now. | 我的建议是你最好先在这里等会 |
| [10:48] | We need you to be our missing man. | 我们需要你缺席 |
| [10:50] | We’ll go in and push the deal as far as we can, | 我们进去尽最大可能促成交易 |
| [10:52] | And then we’ll bring you in at the end to top it off. | 接着我们带你进去最后拍板 |
| [10:56] | All right, fine. | 好吧 行 |
| [10:57] | Okay. | 好 |
| [11:06] | We are committed to our presence in New York. | 我们来到纽约是真心 想促成与贵方的合作 |
| [11:11] | But we need to know that the underlying numbers make sense. | 但我们需要知道眼前的数据真实可信 |
| [11:17] | We realize how things look. | 我们清楚公司的现状看着很不妙 |
| [11:19] | But our stock is getting hammered by the shorts. | 虽然我们的股票受到空头的重创 |
| [11:22] | The value is still there. | 但其价值并没有减少 |
| [11:26] | We just started. Min is excited, | 我们刚刚开始 闵很兴奋 |
| [11:26] | 闵裕圣 韩国发展银行CEO | |
| [11:28] | but we haven’t heard the terms. | 但我们还没有听到具体条款 |
| [11:30] | Where are you? | 你现在哪里? |
| [11:32] | I just stepped out to take the call. | 我刚出来接电话 |
| [11:34] | Get back in there. Don’t be rude. | 赶快回去 别失礼 |
| [11:37] | Okay. | 好 |
| [11:40] | We simply take the assets you don’t find appealing, | 我们会剔除你们不敢兴趣的资产 |
| [11:43] | spin them off into a separate company. | 将它们划入另一家独立公司 |
| [11:48] | – You don’t buy that bank. – I’m very sorry. | – 你们不是买了某家银行 – 我很抱歉 |
| [11:50] | You buy the good bank. | 你们买的是一家盈利的银行 |
| [11:55] | They don’t like the real estate. | 他们不喜欢房地产 |
| [11:57] | What do you mean, they don’t like it? | 什么叫他们不喜欢房地产? |
| [11:58] | Dick, we’re making real progress here, okay? | 迪克 我们在取得进展 行吗? |
| [12:00] | Let me stay on it for now. | 让我先着手处理这个 |
| [12:18] | Min, how are you? | 闵 你怎么样? |
| [12:20] | Great to see you. | 很高兴见到你 |
| [12:23] | I don’t want to interrupt. | 我不想打断 |
| [12:25] | Dick, great timing. | 迪克 来的真是时候 |
| [12:27] | We seem to be in sync on the broad strokes of the deal. | 我们似乎在这笔交易的主要内容上 取得了共识 |
| [12:30] | Shall we get back to the letter of intent? | 我们能不能回到谈意向书的话题上? |
| [12:33] | Min, I have to tell you, | 闵 老实讲 |
| [12:35] | I think you’re making a big mistake here. | 我觉得你犯了一个大错误 |
| [12:38] | There’s great value in the real estate assets. | 房地产资产的价值巨大 |
| [12:40] | How about we walk through the portfolio | 我们何不再回顾一下投资组合 |
| [12:44] | and I’ll show you? | 我给你展示一下? |
| [12:48] | We have looked at them. | 我们已经看过了 |
| [12:50] | Well, then you– | 这样啊 那你– |
| [12:52] | you must have looked at them in the wrong way. | 你一定是看错了方向 |
| [12:54] | I just don’t want to see you leave money on the table. | 我只是不想看着你白花钱 |
| [12:58] | Perhaps we should take a break. | 或许我们应该休息一下 |
| [13:06] | Min, I’m so sorry. | 闵 我很抱歉 |
| [13:08] | We have negotiated in good faith. | 我们一直友好商谈 气氛融洽 |
| [13:10] | Now all of a sudden we are going backward? | 现在突然间全都回去了? |
| [13:13] | We can work with you on the price. | 我们能接受你们的价格 |
| [13:14] | It is not about the price. | 和价格没关系 |
| [13:16] | It is about the way you have conducted this. | 是你们做事的方法 |
| [13:25] | I’d like to thank you, all of you, | 我想要表达谢意 感谢你们所有人 |
| [13:29] | but I don’t think we have a structure that works. | 但我不认为我们能在交易上达成共识 |
| [13:38] | What, that’s it? | 这 这算什么? |
| [13:40] | You’re just gonna pack up and go back to Korea? | 你们就打算这样收拾行李回韩国了? |
| [13:55] | – Hello. – Neel, it’s Dick Fuld. | – 你好 – 尼尔 是我 迪克?富尔德 |
| [13:57] | Listen, you know, | 听着 你知道 |
| [14:01] | if Hank wants me to find a buyer, | 如果汉克想让我找个买家 |
| [14:02] | you guys need to step up and help. | 你们大家得站出来帮帮忙 |
| [14:04] | The Koreans just walked out, okay? | 韩国人刚放弃交易了 明白? |
| [14:07] | Look, I’m just speaking for myself here, | 你看 我这只是说说个人意见 |
| [14:09] | but I think you need to do what’s right for the firm. | 但我认为你应该为公司 作出正确的选择 |
| [14:11] | Do what’s right? | 做什么正确的选择? |
| [14:13] | What is that supposed to mean? | 这话是什么意思? |
| [14:14] | If your stock price keeps sliding, | 要是你的股价继续下滑 |
| [14:16] | you may get an offer at a price that doesn’t look all that compelling, | 你接到的出价可能看起来没什么吸引力 |
| [14:19] | but you may have to take it just to keep the company intact. | 但为了保全公司 你可能不得不接受 |
| [14:22] | What kind of price are you talking about? | 你说的是什么样的价? |
| [14:24] | Could be– | 可能是… |
| [14:26] | I mean, it might be low single digits. | 我是说 可能低到个位数 |
| [14:30] | Last February | 去年二月 |
| [14:33] | we were at 66 a share. | 我们一股要66块呢 |
| [14:36] | Lehman Brothers is not bear stearns. | 雷曼兄弟不是贝尔斯登 |
| [14:41] | We’ve got a great business. | 我们经营得非常好 |
| [14:42] | Real estate’s gonna come back. | 房产业会复苏的 |
| [14:44] | I am not fucking giving this company away! | 我他妈的才不会把公司拱手送人! |
| [14:47] | While the real estate market | 在房地产市场让 |
| [14:49] | has put Lehman Brothers shares under pressure, | 雷曼兄弟的股价持续受压的同时 |
| [14:51] | mortgage giants Fannie Mae and Freddie Mac stocks | 房贷巨头 房利美和房地美股票 |
| [14:53] | are suddenly plummeting this morning after reports | 在新闻报道这2家公司可能需融资750亿 |
| [14:55] | the companies may need to raise $75 billion | 以保持偿还债务能力 |
| [14:58] | just to remain solvent. Because they guarantee | 因为他们要为占全国房贷市场中 极大一部分做担保 |
| [15:01] | such an enormous percentage of the nation’s mortgages, | 之后 今早他们的股价直线下挫 |
| [15:04] | there is renewed speculation that the government | 目前再度有推测称政府 |
| [15:06] | may have to step in and take them over– | 有可能不得不介入 接管… |
| [15:08] | a possibility Barack Obama has now raised on the campaign trail. | 一种可能 巴拉克?奥巴马目前在竞选中领先 |
| [15:12] | If Fannie Mae and Freddie Mac collapsed, | 如果房利美和房地美垮了 |
| [15:14] | then probably the financial system | 那很可能 金融体系将… |
| [15:18] | would receive such a body blow | 受到沉重的打击 |
| [15:21] | that it could be disastrous. | 那将会是灾难性的 |
| [15:23] | Freddie just dropped another 8%. | 房地美刚又跌了8% |
| [15:26] | Fannie’s down 5%. | 房利美掉了5% |
| [15:26] | 蒂莫西?盖特纳 美联储纽约分行行长 | |
| [15:28] | There’s– there’s no bottom here. | 这没…没有下限 |
| [15:31] | We need to do something now. | 我们得做点什么 立刻 |
| [15:34] | We’re working on a proposal for Congress, | 我们正在起草一份递交国会的提案 |
| [15:36] | see if we can get the authority to put some money in. | 看我们能不能让国会拿点钱出来 |
| [15:39] | I’d rather not go that way, | 我是不太愿意这么做 |
| [15:41] | but if we get there… | 但 要是走投无路的话… |
| [15:43] | Uh, I think– I think we’re already there. | 我觉得…觉得 我们已经走投无路了 |
| [15:48] | How much are you gonna ask for? | 你打算要多少? |
| [15:49] | A blank check. | 一张空白支票 |
| [15:51] | It has to be enough of a statement to reassure the market. | 数目必须得大到形成声明 以重新给市场信心 |
| [15:55] | They need to think I’ve got a bazooka in my pocket. | 他们得以为 我怀揣火箭筒 弹药充足 |
| [15:58] | I’m not saying that we use it, | 我不是说我们要用它 |
| [16:00] | but if we have the authority, | 但 如果我们得到国会支持 |
| [16:02] | everyone who’s dumping their shares | 所有狂抛股票的人 |
| [16:04] | will calm down, back off. | 就都会镇定下来 收手 |
| [16:06] | Okay, well, if you’re going to Congress, | 好吧 如果你想要找国会 |
| [16:08] | why don’t we give to the banks too? | 我们为什么不同时找各家银行呢? |
| [16:10] | ‘Cause Lehman is looking like shit and Merrill’s not far behind. | 因为雷曼的情况一塌糊涂 而美林离那也不远了 |
| [16:13] | We’ll be lucky to get them to move on Fannie and Freddie. | 能让他们从”两房”的泥潭里脱身 我们就算是运气了 |
| [16:15] | We do what we can do. | 我们只能量力而行 |
| [16:22] | ( Crowd cheering ) | 北京 奥运会开幕式 2008年8月8日 |
| [16:29] | (Reporter) Secretary, Mrs. Paulson, over here. | 部长 保尔森先生 这边 |
| [16:31] | (Reporter #2) Over here, please. | 请看这边 |
| [16:34] | (Reporter #3) Mr. and Mrs. Paulson. | 保尔森先生 夫人 |
| [16:37] | – Secretary Paulson. – Mrs. Paulson. Thank you. | – 保尔森部长 – 保尔森夫人 谢谢 |
| [16:41] | (Female reporter) Mrs. Paulson. | 保尔森先生 |
| [16:43] | Mr. Paulson. | 保尔森先生 |
| [16:44] | (Male reporter) Mr. and Mrs. Paulson, this way, please. | 保尔森先生和夫人 请看这边 |
| [16:50] | (Male reporter #2) Mr. Secretary, please. | 部长先生 请 |
| [16:53] | I got her. | 我来抱她 |
| [16:56] | (Male reporter #3) Right over here, Secretary Paulson, please. | 看这边 保尔森先生 |
| [16:58] | Big smile. Thank you. | 再笑一点 谢谢 |
| [17:00] | That’s just what I need– press photos | 这正是我需要的 |
| [17:03] | of the Treasury Secretary waving the Chinese flag. | 财政部长 挥着中国旗的新闻照片 |
| [17:05] | ( Chuckles ) Paulson the Communist. | 保尔森 共产主义者 |
| [17:08] | The look on your face was priceless. | 你脸上的表情 真是无价啊 |
| [17:11] | Hank, I must ask you about Fannie and Freddie. | 汉克 我得跟你问问”两房”的问题 |
| [17:18] | We have hundreds of billions invested. | 我们可是投了几千个亿 |
| [17:20] | You’ve assured us the investment is safe. | 你跟我们保证过 投资项目很安全 |
| [17:23] | And it is, absolutely. | 是很安全 绝对的 |
| [17:26] | We’re watching a great deal of our money disappear. | 我们眼睁睁看着我们大量的资金流失 |
| [17:30] | Share prices have dropped 60% | 过去两个月里 |
| [17:33] | in the last two months. | 股价已经掉了60% |
| [17:35] | Carrying your bazooka around has not helped matters. | 火箭炮光揣在怀里是没有帮助的 |
| [17:37] | Congress gave you the power. | 国会授予你的权力 |
| [17:40] | Perhaps it is time to use it. | 或许是时候用它了 |
| [17:42] | The market will stabilize. | 市场会稳定下来的 |
| [17:44] | We just have to give it some time. | 只需要给它点时间 |
| [17:46] | There was an approach last month from Russia. | 上个月俄方曾与我方接触 |
| [17:49] | They have considerable holdings | 他们也持有相当大量的 |
| [17:52] | in Fannie and Freddie as well. | “两房”股 |
| [17:53] | They suggested we coordinate | 他们建议我们联手 |
| [17:56] | and without warning dump hundreds of billions | 毫无预警地 向市场抛出上千亿的 |
| [17:58] | of Fannie and Freddie’s bonds onto the market. | “两房”债券 |
| [18:03] | That would be… | 那将会是… |
| [18:05] | Yes. | 没错 |
| [18:07] | The amount of debt your country carries | 你们国家所背的大量债务 |
| [18:10] | is a terrible vulnerability. | 是个相当严重的弱点 |
| [18:17] | But you– | 但你… |
| [18:18] | we declined respectfully. | 我们礼貌地拒绝了 |
| [18:23] | Even in the U.S. it seems | 就算是在美国 似乎 |
| [18:26] | the relationship between the government and private industry | 政府和私企之间的关系 |
| [18:29] | isn’t so simple. | 也不是那么简单的 |
| [18:35] | Was it a threat? | 那是威胁吗? |
| [18:36] | No no, it was a friendly reminder | 不 不 是善意友好的提醒 |
| [18:40] | that with a single phone call to Moscow | 只要一个电话打到莫斯科 |
| [18:42] | they can take down the entire U.S. economy. | 他们就可以搞垮整个美国经济 |
| [18:52] | Well, the book says | 书上说 |
| [18:55] | Fannie and Freddie are a nightmare. | 房利美和房地美就是个恶梦 |
| [18:57] | They are in the hole easily tens of billions of dollars. | 他们正深陷少说上百亿的大坑 |
| [18:59] | In another few weeks they’re gonna start defaulting on their debts. | 再过几周 他们就无法偿还债务了 |
| [19:02] | We’re gonna have to step in. | 我们将不得不介入 |
| [19:03] | I don’t see how we can avoid it. | 我是看不出 我们要怎么避免如此 |
| [19:08] | Turns out a bazooka’s not that useful | 结果火箭炮也不是那么有用嘛 |
| [19:10] | unless you fire it. | 除非你真正地用它开火 |
| [19:14] | Lehman’s down another 10%. | 雷曼兄弟的股价再次下挫10% |
| [19:16] | You are not gonna let me get down a single bite, are you? | 你是一口都不打算让我吃了 是吧? |
| [19:18] | That’s why I have oatmeal. | 所以我才吃燕麦粥啊 |
| [19:20] | Dick is trotting around the world with his head in his hands | 迪克已经捧着脑袋满世界跑了 |
| [19:22] | and no one will give him any money. | 可就没人肯给他钱 |
| [19:24] | Korea walked out on him. Mexico told him to shove it. | 韩国放弃了与他的交易 墨西哥叫他自己玩去 |
| [19:27] | No one’s interested. All the dumb money’s already in. | 没人有兴趣 而不理智的资金 都已然全数入场了 |
| [19:29] | What about B of A? Are they still in the mix? | 那美国银行呢?他们依然有意并购? |
| [19:31] | And Barclays is sniffing around again, | 还有巴克莱又在试探了 |
| [19:33] | now that they think it’s a fire sale. | 现在他们认为这是灾后大甩卖 |
| [19:35] | That’s promising. | 这很有希望啊 |
| [19:36] | I don’t know. The British– | 我不清楚啊 英国佬… |
| [19:38] | they do a lot of talking. They never close. | 他们倒是老爱谈 就是不成交 |
| [19:42] | B of A is still our best bet. | 美国银行仍是我们最有希望的赌注 |
| [19:44] | This can’t be another Bear. | 这不能变成又一个贝尔斯登 |
| [19:46] | Absolutely not. | 绝对不能 |
| [19:47] | They want Lehman– they buy it outright. | 他们想要雷曼兄弟 就去买下来好了 |
| [19:49] | But they may need a little hand-holding. | 但可能需要 一些中间力量参与 |
| [19:50] | They just bought Countrywide. They’re spread a little thin. | 他们刚买下国家金融服务公司 购买力有些薄弱 |
| [19:53] | You may have to give them a break | 在资金需求上 |
| [19:55] | with the capital requirements. | 你恐怕得让他们歇一歇了 |
| [19:56] | You want me to allow them to raise their leverage | 你希望我允许他们提高杠杆 |
| [20:00] | so they can buy a bank that’s about to fail | 好让他们买下一家 |
| [20:02] | because it was overleveraged? | 因为过度使用金融杠杆 而濒临垮台的银行? |
| [20:04] | You got a better idea? | 你有更好的主意吗? |
| [20:07] | Breaking news just coming in: Sources telling CNBC | 刚接到爆炸性消息 消息人士向 CNBC(消费者新闻与商业频道)透露 |
| [20:11] | that the government has just taken control | 政府刚接管了 |
| [20:13] | of Fannie Mae and Freddie Mac. | 房利美和房地美 |
| [20:15] | Back in July, you remember, Hank Paulson said | 就在7月 您应该还记得 汉克?保尔森说过 |
| [20:17] | that he wanted the power to step in, | 他希望政府力量介入 |
| [20:19] | but he probably wouldn’t use it. | 但他很可能不会动用 |
| [20:21] | It certainly sounds like Paulson | 听起来保尔森确实是 |
| [20:23] | just pulled the trigger on that bazooka. | 刚刚用他的火箭炮开了火 |
| [20:24] | Despite the move nationalize Fannie and Freddie, | 尽管 “两房”已经国有化 |
| [20:24] | 2008年9月11日 纽约 | |
| [20:27] | the market is still in negative territory across the board. | 市场依然全面消极 |
| [20:30] | Investors now focusing their attention on Lehman Brothers | 投资者们目前都将注意力 集中在了雷曼兄弟身上 |
| [20:33] | amid fresh reports that the nation’s fourth largest investment bank | 各方最新消息均称 全美第4大投行 |
| [20:36] | may be on the brink of bankruptcy. | 有可能处在破产的边缘 |
| [20:38] | – Rodge. – Chris. | – 罗基 – 克里斯 |
| [20:41] | Bring your money today, huh? | 今天带着你的钱来了 哈? |
| [20:46] | Make sure Fuld’s not keeping any bad news out of the mix. | 保证富尔德在并购过程中 没有隐藏任何负面资讯 |
| [20:46] | 克里斯?弗劳尔斯 银行收购专家 | |
| [20:49] | It’s open kimono, to quote Dick. | 按迪克的话说 这是件敞开的和服 |
| [20:49] | 雷曼兄弟的律师 罗基?科恩 | |
| [20:53] | There’s a revolting image. | 这比喻太恶心了 |
| [20:58] | Did you get a look at the numbers? | 你看了数据了吗? |
| [21:01] | The real estate’s the issue. | 房地产是个问题啊 |
| [21:02] | They got it marked at $30 billion. | 他们定值在300亿 |
| [21:04] | It’s worth maybe half of that. | 可实际只值一半吧 |
| [21:06] | Don’t look so nervous. | 别这么紧张 |
| [21:08] | You’re about to get a Wall Street bank for the price of a hot dog. | 你就要用买份热狗的价钱 买到家华尔街的银行了 |
| [21:11] | I know that Paulson told Ken Lewis that he’s not gonna pay for this. | 我知道保尔森跟肯?路易斯说过 他不会为此买单 |
| [21:11] | 格里格?柯尔 美国银行企业策划部主任 | |
| [21:15] | And I don’t see how we can do it | 可我看不出 这事我们要怎么办 |
| [21:17] | unless the government takes some of the downside. | 除非政府能够消除一些负面因素 |
| [21:19] | Paulson is posturing. | 保尔森是摆姿态 |
| [21:21] | He’ll write a check just like he did | 他会开出支票来的 |
| [21:22] | for Jamie Dimon on the Bear deal. | 就跟在贝尔斯登那一单 给杰米・戴蒙的待遇一样 |
| [21:24] | He has to. He can’t lose | 他必须这样 他不能在 |
| [21:25] | another major bank in an election year. | 大选之年再失掉一家主要银行 |
| [21:28] | Besides, the guy made, like, | 再说 那家伙 |
| [21:30] | a half a billion bucks at Goldman Sachs. | 在高盛赚差不多5亿 |
| [21:32] | He lets Lehman die– Goldman’s biggest competitor– | 他让高盛最大的竞争对手雷曼垮了 |
| [21:35] | makes him look like he’s still working for Goldman; | 会让他看起来像是仍替高盛工作 |
| [21:37] | he’s just doing it out of the desk at Treasury. | 只不过是改用财政部的办公桌而已 |
| [21:42] | Where are the donuts? | 甜甜圈在哪呢? |
| [21:45] | Exactly. If you’re the CEO of one of these financial firms, | 一点没错 如果你是这几家 金融机构的CEO |
| [21:48] | you’ve already seen what the government was willing to do. | 你已然了解政府愿意采取何种措施 |
| [21:50] | Why wouldn’t you play chicken with them and say, | 你干嘛不跟他们装孬 然后说 |
| [21:53] | “Sure I’ll help you out. But you gotta throw in a sweetener, | 当然 我会帮你脱困的 但你得先抛点甜头过来 |
| [21:56] | just like you did for those guys”? | 像是你为那些家伙做的一样 |
| [22:00] | They just assume I’m gonna bail out Dick Fuld | 他们都想当然地认为我会 替迪克・富尔德解围 |
| [22:03] | like I’m the guy behind the elephant with the shovel. | 就好像我是跟在大象后面铲屎的 |
| [22:06] | They’re all drawing a line from Bear | 他们都在把贝尔斯登 |
| [22:08] | and Fannie and Freddie right to Lehman. | 还有”两房”直接跟雷曼联系起来 |
| [22:10] | There’s no way the taxpayers are gonna go for another bailout– | 纳税人是绝不会同意再次救市的 |
| [22:11] | (together) A very large purchase assistance package. | 采取数额巨大的并购协助措施 |
| [22:14] | We need to come up with a private-sector solution, | 我们得想出个私营部门救助方案 |
| [22:17] | get the investment banks to bridge the gap. | 让各投行填上这个大坑 |
| [22:20] | Okay, but that’s never gonna work, | 可这是不会成功的 |
| [22:21] | unless they believe that you’ve drawn a line. | 除非 他们相信你会区别对待 |
| [22:23] | I know you don’t like leaking, but let us reach out to the press. | 我知道你不喜欢泄露风声 就让我们去跟媒体接触 |
| [22:33] | Okay. | 好吧 |
| [22:37] | Mr. Flowers, | 弗劳尔斯先生 |
| [22:39] | there’s a call for you– Bob Willumstad from A.I.G. | 有电话找你 美国国际集团的 鲍勃・维伦斯坦德 打来的 |
| [22:41] | He’s very insistent. | 他坚持要找你 |
| [22:49] | Mr. Flowers. | 弗劳尔斯先生 |
| [22:51] | My people tell me you’re the man to talk to. | 我的人告诉我 该找你谈 |
| [22:51] | 鲍勃・维伦斯坦德 美国国际集团CEO | |
| [22:53] | We’ve got a real problem here. | 我们这里有大麻烦了 |
| [22:55] | Yeah? What kind of problem? | 是吗?什么样的麻烦? |
| [22:56] | It looks very much like we are about to run out of cash. | 看来似乎 我们就要没有现金了 |
| [22:59] | A.I.G.? | AIG(美国国际集团)? |
| [23:01] | We’ve sent over a document. It’s a spreadsheet. | 我们送去了一份文件 是份报表 |
| [23:03] | It’s confidential, of course, but it might give you some insight. | 当然是保密资料 但它或许能 让您对情况有一些了解… |
| [23:06] | I’m in the middle of Lehman. I’m working with B of A. | 我正处理雷曼的事情 和美国银行合作 |
| [23:09] | Is there any way you could come over tomorrow? | 你明天有没有可能过来一趟呢? |
| [23:11] | I’ll take a look at the numbers | 我会看看数据 |
| [23:14] | and we’ll talk. | 然后我们再谈吧 |
| [23:21] | Mr. Flowers. | 弗劳尔斯先生 |
| [23:26] | Somebody put the TV on. | 谁去把电视打开 |
| [23:28] | CNBC’s talking about Lehman. | CNBC正在说雷曼的事情 |
| [23:35] | …Person familiar with Paulson’s– | …一位很熟悉保尔森 |
| [23:39] | Treasury Secretary Hank Paulson’s thinking, | 财政部长 汉克・保尔森想法的人士 |
| [23:41] | and he is saying there will be no government money | 说政府不会出资 |
| [23:43] | in the resolution of this situation. | 解决这个状况 |
| [23:46] | They’re saying two things make the Lehman deal different: | 他们说让雷曼收购案 与众不同的原因有两点 |
| [23:48] | The market’s been aware and had time to prepare | 市场早有感知 并有超过6个月的准备期 |
| [23:50] | for over six months; And the second is… | 而第二点是… |
| [23:53] | Is that just TV bullshit, | 这只是电视上瞎说 |
| [23:55] | or is that Paulson sending us a message? | 还是 保尔森在给我们吹风呢? |
| [23:59] | Chris? | 克里斯? |
| [24:08] | Yeah? Sorry. | 什么?不好意思 |
| [24:13] | What exactly does | 到底 |
| [24:14] | “a person familiar with the Treasury Secretary” mean? | “熟悉财政部长的人士”是什么意思? |
| [24:17] | That could mean a lot of things. | 那可以有很多解读 |
| [24:19] | Did one of your staffers do this? | 这是你手下做的吗? |
| [24:21] | Please tell me someone got fired 10 minutes ago. | 拜托你告诉我 10分钟前 已经有人被解雇了 |
| [24:23] | The leak came from me. | 那消息是我放出去的 |
| [24:27] | Hank, a public statement like that | 汉克 这种公开言论 |
| [24:28] | can have a lot of unintended consequences. | 可能会产生很多意想不到的后果 |
| [24:31] | We had to send a message to the other banks. | 我们必须得给其他银行透个消息 |
| [24:32] | They need to step up. | 他们得站出来 |
| [24:34] | I don’t have another rabbit I can pull out of my hat. | 我已经黔驴技穷了 |
| [24:37] | Rodgin Cohen just called me. | 罗基・科恩 刚给我打过电话 |
| [24:39] | The B of A team is sitting there playing brick breaker on their phones. | 美国银行的团队正坐在那里 拿手机玩俄罗斯方块 |
| [24:43] | They don’t want this deal. | 他们不想做成这一桩交易 |
| [24:44] | The deal is hanging by a thread | 这桩交易岌岌可危的原因是 |
| [24:47] | because the closer they get to Lehman | 他们越多了解雷曼 |
| [24:49] | the more it looks like a toxic waste dump. | 雷曼看来就越像个有毒废料场 |
| [24:51] | Which is why at the end of the day we may have to help them, | 这也就是为什么 最后我们 可能还得帮他们 |
| [24:54] | which would be a lot easier if we didn’t publicly state that– | 那样做会容易很多 如果我们没有公开声明… |
| [24:58] | We can’t, Tim. Legally we can’t. | 我们不能 蒂姆 法律规定我们不能 |
| [25:00] | Legally we haven’t figured out | 从法律的角度 我们还没有想出 |
| [25:03] | how yet. | 该怎么做而已 |
| [25:06] | I am concerned | 我很担心 |
| [25:10] | we are limiting our options | 在我们本就没有多少选择的情况下 |
| [25:13] | at a time when we have very few, | 我们在自己缩小 |
| [25:16] | if any, available. | 任何可能的选择范围 |
| [25:21] | I want all the C.E.O.s in a room. | 我要把所有的CEO们都弄到一间屋子里 |
| [25:25] | We’ve got the weekend. | 我们有一整个周末的时间 |
| [25:27] | We lock them in a room at the Fed | 把他们弄到美联储关在一个屋子里 |
| [25:29] | and we don’t let them out until they have a solution on Lehman. | 在雷曼的问题上 他们不拿出个 解决方案来 我们就不放他们出去 |
| [25:33] | Your oatmeal’s getting cold. | 你的燕麦粥要凉了 |
| [25:35] | They’ll figure it out. They’ll all throw in some money. | 他们会想清楚的 他们都会出些钱 |
| [25:39] | Well, Tim is advocating strongly | 蒂姆强烈提倡 |
| [25:41] | that we reconsider some kind of Fed support. | 我们重新考虑 美联储的支持 |
| [25:43] | Tim wants us to pick up the tab on everyone. | 蒂姆希望我们把所有人的帐都付了 |
| [25:46] | I can’t be Mr. bailout. | 我不能当 救市先生啊 |
| [25:48] | The Lehman hole is twice what Bear’s was. | 雷曼的娄子有贝尔斯登的两倍大 |
| [25:52] | Investors are pulling their accounts. | 投资者都在撤资 |
| [25:54] | You want to lend into a run? | 你想在大家都撤的时候借钱出去? |
| [25:56] | What about Barclays? Are they still interested? | 巴克莱呢? 他们还有兴趣吗? |
| [25:59] | They can’t afford the risk any more than B of A can. | 他们能担的风险跟美国银行一样有限 |
| [26:01] | I don’t doubt your ability to talk anybody into submission, | 我对你说服别人的能力深信不疑 |
| [26:05] | but it is still a long shot. | 但这依然希望渺茫 |
| [26:07] | And there’s a very real possibility that Lehman goes under. | 而雷曼垮台的可能性却是很大 |
| [26:11] | There’s a deal to be made here. | 这桩交易必须要完成 |
| [26:14] | I’m gonna make the deal. | 我会促成这桩交易的 |
| [26:17] | (David Faber) With just a little more than an hour | 离收盘只剩下 |
| [26:19] | left until the market closes, | 1小时多一点的时间 |
| [26:21] | shares of Lehman Brothers have taken another tumble. | 雷曼兄弟的股价再次下挫 |
| [26:24] | The stock is now trading at a new low– | 目前 该股股价再创新低 |
| [26:26] | under $4 a share. | 每股不到4美元 |
| [26:28] | And judging from the selling, | 而根据抛售情况判断 |
| [26:30] | there doesn’t appear to be a bottom in sight. | 显然这还远未探底 |
| [26:35] | So Blankfein has a speech | 布兰克・费恩 |
| [26:37] | he’s trying to get out of, but the rest have confirmed. | 有个演讲要推掉 但其他人都确定了 |
| [26:39] | – Tell him it’s not optional. – Yeah. | – 告诉他这是强制的 – 好 |
| [26:42] | Good afternoon, Chairman. Thank you so much for joining us. | 主席 下午好 多谢您能来参加 |
| [26:42] | 克里斯托弗・考克斯 美国证券交易委员会主席 | |
| [26:44] | Whose plane is this? | 这是谁的飞机? |
| [26:46] | Uh, that’s a rental. | 呃 那是租来的 |
| [26:48] | Hank put it on his card. | 汉克付帐 |
| [26:50] | Sir, you know Neel and Michele Davis, public affairs. | 先生 您认识尼尔的 还有 米歇尔・戴维斯 负责公共事务 |
| [26:53] | Hi. Pleasure. | 你好 幸会 |
| [26:54] | This is Dan Jester– our new numbers guy. | 这位是 丹・杰斯特 我们的数字专家 |
| [26:56] | Hi. | 你好 |
| [26:57] | I’ve talked him into coming out of retirement. | 我劝他放弃了退休的念头 |
| [26:58] | – Excuse me? Retirement? – He was with us at Goldman. | – 什么? 退休? – 他以前跟我们在高盛工作过 |
| [27:01] | Got anybody at Treasury who wasn’t at Goldman? | 财政部有人没在高盛干过吗? |
| [27:03] | Chairman, just to be clear, | 主席 澄清一下 |
| [27:05] | there’s no question of conflict of interest. | 这里没有任何利益冲突的问题 |
| [27:07] | Hank sold all of his Goldman stock before he took office. | 汉克在上任之前就卖掉了 他在高盛所有的股份 |
| [27:10] | I wasn’t implying anything. | 我没有暗示什么 |
| [27:12] | Sorry. We’re a little touchy | 抱歉 在”高盛财政部”这个问题上 |
| [27:13] | about the whole government-Sachs thing. | 我们有点太敏感了 |
| [27:16] | Shall we? | 咱们走吧? |
| [27:21] | B of A keeps finding more toxic assets. | 美国银行不停地找出更多的不良资产 |
| [27:24] | They want you to reconsider a Jamie deal. | 他们希望你重新考虑一下 杰米的交易 |
| [27:26] | They’ll split the first billion in losses, | 他们会分摊最初的10亿美元损失 |
| [27:27] | but they want you on the hook for the next 40. | 但他们希望你为之后的40亿做担保 |
| [27:29] | – ( Laughs ) – You did it for Bear. | 就像你处理贝尔斯登的交易的做法 |
| [27:32] | Greg, let me get back to you. | 格里格 我待会打给你 |
| [27:34] | What do I have to– tattoo it on my forehead? | 那要我怎么做? 把它刻在我额头上? |
| [27:36] | We are not bailing out Lehman. | 我们不会给雷曼公司做担保 |
| [27:38] | Wall Street has a gambling problem. | 华尔街的投机问题很严重 |
| [27:40] | If government keeps covering their losses, | 如果政府继续承担他们的损失 |
| [27:42] | they never learn anything. | 他们什么教训都学不到 |
| [27:45] | What? | 怎么了? |
| [27:46] | I didn’t know if you wanted to keep lecturing me on moral hazard | 我不知道你是想继续给我 上投保危险的课 |
| [27:49] | or if I should just call B of A back. | 还是让我给美国银行回电 |
| [27:52] | – ( Phone ringing ) – We need to keep them at the table | 直到他们拿出私营部门解决方案前 |
| [27:54] | until they come up with a private-sector solution. | 都不能让他们离开谈判桌 |
| [27:56] | Tell them to stay with us. | 告诉他们和我们保持一致 |
| [27:59] | – Alistair, hello. – Hello, Henry. | – 阿利斯泰尔 你好 – 你好 亨利 |
| [28:01] | Hold on one second. | 稍等一会 别挂 |
| [28:04] | Chancellor of the Exchequer. | 是(英国)财政大臣 |
| [28:06] | I understand Barclays is one of your potential buyers for Lehman. | 我知道巴克莱是雷曼的潜在买家之一 |
| [28:10] | My banks are already under a great deal of stress. | 我的银行已经压力很大了 |
| [28:13] | They don’t want to become overextended. | 股东们不想过分扩张 |
| [28:15] | Lehman is problematic, but there’s value there. | 雷曼有很多问题 但还是有价值的 |
| [28:17] | We will find a way to make it attractive. | 我们会找办法让它变得有吸引力 |
| [28:19] | Just stay with us. | 和我们保持联系吧 |
| [28:22] | Talk soon. | 待会聊 |
| [28:23] | Bye. | 再见 |
| [28:25] | We’ll keep Barclays in the mix, | 我们会继续争取巴克莱 |
| [28:25] | 2008年9月12日 星期五 | |
| [28:27] | but B of A is still our best bet. | 美国银行仍是我们最好的赌注 |
| [28:30] | We’ve got the C.E.O.s of every major bank coming here tonight. | 今晚把华尔街所有大行的CEO都找来 |
| [28:33] | We have to make it clear that this their problem, | 必须让他们清楚这是他们的问题 |
| [28:36] | that we are their advisors and their allies, | 我们既是他们的顾问也是盟友 |
| [28:40] | but we are not their safety net. | 但不是他们的保护网 |
| [28:45] | What should we expect from these guys? | 想让他们做什么? |
| [28:51] | 美联储大楼 | |
| [28:57] | (Paulson) Jamie is smart. | 杰米很精明 |
| [28:59] | He doesn’t have as much cash to work with | 在收购贝尔斯登后 |
| [28:59] | 杰米・戴蒙 摩根大通银行董事会主席兼CEO | |
| [29:02] | since he bought Bear. | 他手上就没有多少可支配的现金了 |
| [29:04] | Lloyd’s a superstar. | 劳尔德是个巨星 |
| [29:07] | Goldman’s the smartest shop on the block. | 高盛是华尔街上最精的 |
| [29:10] | And just because I used to be his boss, | 虽然我曾经是他的老板 |
| [29:10] | 劳尔德・贝兰克梵 高盛集团董事会主席兼CEO | |
| [29:12] | it doesn’t mean he’s gonna listen to me. | 但并不意味着他会听我的 |
| [29:15] | John Mack used to run around the floor screaming, | 约翰・麦克过去经常在楼里大喊大叫 |
| [29:18] | “there’s blood in the water! Let’s go kill someone!” | “水里有血啊” “我们杀啊!” |
| [29:22] | He’s a fighter. | 他是个斗士 |
| [29:22] | 约翰・麦克 摩根斯坦利董事会主席兼CEO | |
| [29:26] | Thain was my number two at Goldman. | 塞恩是我在高盛时的副手 |
| [29:28] | He’s selfish. He’s a pragmatist. | 他很自私 是个务实主义者 |
| [29:30] | He knows– if Lehman goes, Merrill’s next. | 他很清楚 一旦雷曼倒闭 美林就是下一个 |
| [29:30] | 约翰・塞恩 美林证券董事会主席兼CEO | |
| [29:35] | Vikram Pandit is the new guy at Citigroup. | 维克拉姆・潘迪特是花旗集团的新掌门 |
| [29:39] | No one knows if he’s running Citi | 没人知道究竟是他在控制花旗 |
| [29:39] | 维克拉姆・潘迪特 花旗集团CEO | |
| [29:41] | or if Citi’s running him. | 还是花旗在控制他 |
| [30:07] | Thanks for coming down here on such short notice. | 感谢大家在这么短的时间内赶来 |
| [30:11] | Monday morning Lehman will no longer be able | 下周一早上雷曼将 |
| [30:13] | to honor its obligations. | 无法再履行应尽的义务了 |
| [30:17] | We have two potential buyers– B of A and Barclays. | 我们有2个潜在的买家 美国银行和英国巴克莱银行 |
| [30:20] | Neither will take the company unless someone else | 直到再有一个买家负担交易中的 其他部分经费 |
| [30:23] | finances part of the deal. | 在有第三方介入交易前 |
| [30:25] | The government is not in a position to step in. | 他们两家都不会收购雷曼 |
| [30:25] | 政府无意介入 | |
| [30:30] | I did the last one. You’re gonna do this one. | 我上次已完成任务了 这一次要看你们了 |
| [30:33] | Where is Dick Fuld? | 迪克?富尔德在哪? |
| [30:34] | Dick’s in no condition to make any decisions. | 迪克已经不适合再做决策了 |
| [30:37] | (Geithner) We’re breaking you into three groups. | 我将把你们分为3组 |
| [30:40] | The first one will try to value | 第一组要估算出 |
| [30:43] | Lehman’s toxic assets. | 雷曼的有毒资产 |
| [30:44] | The second one will work on some sort of structure | 第二组的任务是 假设你们所有人都投资雷曼 |
| [30:47] | for you all to invest in Lehman. | 如何设计组织架构 |
| [30:49] | And the third one works on the lights-out plan. | 第三组负责后备计划 |
| [30:52] | If Lehman files for bankruptcy, we need to figure out | 如果雷曼申请破产 我们必须想出 |
| [30:55] | how to contain the damage to the rest of you. | 办法如何分担损失 |
| [30:57] | Christ. | 天哪 |
| [30:58] | We’ve all seen this coming for miles. | 我们都关注了很久 |
| [31:00] | I don’t think the Lehman bankruptcy takes down our firms. | 雷曼的破产不会搞垮我们公司 |
| [31:04] | What, are we crossing our fingers? | 怎么办? 难道我们只能祷告吗? |
| [31:06] | You’re asking us to save a competitor. | 你是让我们去挽救一个竞争对手 |
| [31:09] | Let’s not act like you’re doing us a favor. | 不要搞得像在帮我们似的 |
| [31:11] | Gentlemen, gentlemen, you are great Americans | 先生们 先生们 你们是有爱国心的 |
| [31:16] | undertaking a patriotic duty. | 伟大的美国公民 |
| [31:17] | Your travail will earn you | 你们的努力会让你的祖国 |
| [31:20] | the love and gratitude of your country. | 爱护和感谢你们 |
| [31:24] | I think it was Thomas Paine who said that these are– | 我想应该是托马斯・潘恩说的 |
| [31:24] | 18世纪美国独立时期的思想家 | |
| [31:26] | Lehman is a trading partner for every bank in this room. | 雷曼公司是这里所有银行的贸易伙伴 |
| [31:28] | And their failure will be a massive blow to all of you. | 它的倒闭会给你们带来巨大的冲击 |
| [31:31] | This is your problem. | 这是你们的问题 |
| [31:33] | We can all argue about how we got here– | 可以争论我们是如何落到目前处境的 |
| [31:35] | deregulation, derivatives, | 放宽管制 衍生工具 |
| [31:38] | Dick Fuld made bad decisions. | 迪克?富尔德做了糟糕的决定 |
| [31:39] | We’re all responsible. It’s a catastrophic mess. | 我们都有责任 这是个灾难性的危机 |
| [31:43] | The government’s done whatever it can do. | 政府已经竭尽所能了 |
| [31:45] | It’s on you now. | 现在靠你们了 |
| [31:47] | You need to fix it and you need to pay for it. | 你们必须解决问题 并为此支付代价 |
| [31:50] | Let me be clear: | 把话说明白了 |
| [31:53] | We will remember | 任何在场却不愿帮忙的人 |
| [31:55] | anyone who’s not helpful. | 我们会记住你的 |
| [32:07] | 2008年9月13日 星期六 | |
| [32:21] | (Steve Liesman) Do you notice a little pattern here? | 你有注意到这个小模式吗? |
| [32:23] | We don’t deal with things until there’s some kind of emergency on the table. | 火烧屁股之前我们是不会着急的 |
| [32:26] | (Becky Quick) Yeah, we don’t deal with things until Friday– | 不到周五我们不干活 |
| [32:28] | (Liesman) Some kind of a weekend thing. When are we gonna figure out | 有点像周末发生的难题 我们怎么知道… |
| [32:31] | exactly how to handle the failure of an investment bank? | 如何去处理一家破产的投行 |
| [32:33] | Well, let’s do it over a weekend. | 我们周末搞定它 |
| [32:34] | Just I talked to a person who is monitoring | 我刚和一个 |
| [32:36] | The situation out there, and the person said | 密切关注形势的专家谈了谈 他说 |
| [32:39] | they all want the same deal Jamie Dimon got, | 他们都想要和杰米・戴蒙得到的 一样的交易 |
| [32:42] | and they’re not going to get it. | 但他们将不会得到 |
| [32:44] | Just a heads up– Chris Flowers is in the lobby. | 提醒一下 克里斯・弗劳尔斯在大厅里 |
| [32:44] | 高盛出身的JC弗劳尔斯公司总裁 | |
| [32:47] | He’s consulting for B of A on Lehman. | 他在为美国银行收购雷曼做顾问 |
| [32:51] | Hank pushed Flowers out of Goldman. | 汉克把弗劳尔斯挤出了高盛集团 |
| [32:54] | Yesterday we thought Lehman was holding | 昨天我们认为说雷曼持有 |
| [32:56] | $30 billion in crap. Today it’s $70– | 300亿美元的垃圾资产 今天却变成700亿 |
| [32:58] | $70 billion in assets that we’re valuing with a dartboard. | 700亿美元资产? 我们得用镖盘来算 |
| [33:01] | No, we’re gonna work this out. | 不 我们必须算出来 |
| [33:03] | Unless you step in, we’re ending this. | 除非你参与进来 不然我们就取消交易 |
| [33:05] | Don’t forget about Dick. | 不要忘记迪克 |
| [33:07] | Yeah, Dick Fuld keeps calling, | 是啊 迪克?富尔德一直在打电话 |
| [33:08] | hammering us to raise the price. | 让我们提高收购价格 |
| [33:12] | Excuse me. | 对不起 |
| [33:18] | $70 fucking billion | 靠 700亿美元 |
| [33:21] | and no collateral? | 还没有担保? |
| [33:25] | If Lehman Brothers fails this weekend, | 如果雷曼兄弟本周末倒闭 |
| [33:28] | there’s little doubt amongst the people I speak to | 毫无疑问 所有我与之交谈过的人都认为 |
| [33:30] | that Merrill Lynch will be next. | 美林证券将会是下一个 |
| [33:32] | Confidence is a very fragile thing. | 信心是个很脆弱的东西 |
| [33:34] | And in our financial markets it is eroding very quickly. | 特别是在金融市场 它丧失得更快 |
| [33:38] | Lehman’s not gonna make it. | 雷曼挺不过去的 |
| [33:40] | We’re next. We need to do something right now. | 我们会是下一个 必须马上采取行动 |
| [33:43] | B of A’s the only one out there. | 美国银行是唯一买家 |
| [33:45] | I can put in a call. It screws Lehman, but– | 我可以给他们打个电话 可那样做雷曼就完蛋了 |
| [33:48] | Lehman screwed themselves. Paulson has drawn a line in the sand. | 雷曼是自己搞砸了 保尔森已经划清界限 |
| [33:51] | Lehman is dead. | 雷曼完了 |
| [33:53] | Make the call. | 打电话 |
| [33:58] | We’d like you guys to look at taking a stake in Merrill, | 我们想让你们考虑下投资美林 |
| [34:01] | something in the neighborhood of 10%. | 10%的利润近在咫尺 |
| [34:04] | Well, I don’t know if I can generate any interest in 10%, | 我不清楚能不能真有10%的利润 |
| [34:08] | but if the whole company’s in play, | 但如果投资整个公司的话 |
| [34:11] | I bet that’s something that we’d consider. | 我们可以考虑一下 |
| [34:14] | Us and Lehman? | 我们? 和雷曼? |
| [34:16] | Deal of this size– there’s only room for one. | 这种规模的交易 我们只能买一家 |
| [34:26] | It is a lot of risk, no question, | 当然也有很大的风险 |
| [34:28] | but if you stay in the game, | 但如果你不中途放弃 |
| [34:30] | we all will find a private solution. | 我们可以私下找到解决办法 |
| [34:32] | Absolutely. | 当然 |
| [34:35] | Don’t get scared by the numbers. | 不要被那些数字吓到 |
| [34:37] | We’ll figure it out. Lehman is worth owning. | 我们会找到解决之道 雷曼值得收购 |
| [34:40] | Guys, you got a second? | 先生们 有时间吗? |
| [34:46] | I was at A.I.G. yesterday. | 我昨天在AIG |
| [34:48] | Next Wednesday they got | 等到下周三 他们就会出现 |
| [34:50] | a $5 billion hole, minimum. | 至少50亿美元的缺口 |
| [34:53] | I called Warren Buffett. | 我打给沃伦・巴菲特了 |
| [34:55] | He wouldn’t touch it with a stick. | 没别人参与 他不会出手的 |
| [34:58] | We’re looking into it. | 我们正在仔细调查 |
| [35:00] | It’s a very big company. | 那是家非常非常大的公司 |
| [35:05] | Thanks, Chris. | 谢谢 克里斯 |
| [35:06] | I appreciate all your help. | 感谢你的帮助 |
| [35:15] | They’re not on top of it. | 他们并没有完全控制局势 |
| [35:24] | Look at this. | 看这个 |
| [35:30] | Is this even possible? | 这怎么可能? |
| [35:32] | AIG? A.I.G.? | |
| [35:34] | Holy shit. | 靠 |
| [35:37] | Get into this. | 仔细查查 |
| [35:41] | John. | 约翰 |
| [35:48] | Do you see what’s happening here? | 你清楚现在的形势吗? |
| [35:51] | Are you watching out for yourself? | 还是只担心你自己? |
| [35:53] | I’m not thick. | 我不是傻瓜 |
| [35:55] | I’m working on something. | 我有事做 |
| [36:01] | You’re talking to B of A. | 是不是关于美国银行 |
| [36:05] | I’m sorry. | 对不起 |
| [36:08] | I know it’s not good for Lehman, | 我知道这样对雷曼不利 |
| [36:09] | but I have to take care of Merrill. | 但我必须操心美林 |
| [36:11] | Let me worry about Lehman. | 雷曼的事我来处理 |
| [36:14] | Barclays is still in the game. | 巴克莱还在准备交易 |
| [36:19] | Just get it done. | 搞定就好 |
| [36:32] | B of A is gonna buy Merrill. | 美国银行要收购美林 |
| [36:37] | We need to make Barclays work. | 我们必须让巴克莱采取行动了 |
| [36:40] | I thought you said the British never close. | 我记得你说英国佬一直不友好 |
| [36:43] | They’re here. | 他们已经来了 |
| [36:45] | They seem to really want it. | 他们看上去是真想收购 |
| [36:48] | If we hold their hands, they’ll close. | 如果我们和他们合作 他们就友好了 |
| [36:51] | Rodgin, what the fuck? | 罗基 这他妈怎么回事? |
| [36:53] | I can’t get Geithner. I can’t get Paulson. | 盖特纳不接电话 也打不通保尔森 |
| [36:56] | I can’t even get my own goddamn employees to pick up the phone. | 甚至连我自己的员工都不接电话 |
| [37:00] | There’s a lot happening down here, Dick. | 迪克 下面发生了很多事 |
| [37:02] | Oh fuck. | 靠 |
| [37:03] | You know what? You tell Geithner, | 你告诉盖特纳 |
| [37:06] | he doesn’t pull my ass out of the fire– Merrill’s gonna be next. | 如果他不帮我逃离火海 美林就是下个雷曼 |
| [37:09] | He knows that. Dick, he just told me | 他知道 迪克 他刚告诉我 |
| [37:12] | they’re working on a solution for Merrill. | 他们正在解决美林的问题 |
| [37:18] | Those cocksuckers are gonna bail out Merrill? | 政府那些贱人要拯救美林? |
| [37:20] | No no, not the Fed. | 不 不 不是美联储 |
| [37:22] | Well, there’s no private buyers. | 又没有私人买家 |
| [37:24] | There’s just B of A and– | 只有美国银行和… |
| [37:27] | they’re gonna put B of A together with Merrill? | 他们想让美国银行收购美林? |
| [37:29] | We still have Barclays. Hank feels that– | 我们还有巴克莱 汉克觉得… |
| [37:32] | the federal government is snaking my deal? | 政府部门在抢我们的交易? |
| [37:36] | I cannot fucking believe this shit! | 我靠 真他妈不敢相信 |
| [37:42] | B of A made a deal with Merrill? | 美国银行和美林达成交易了? |
| [37:44] | Yeah, Lehman’s still our problem. | 是的 雷曼还是个问题 |
| [37:44] | 2008年9月14日 星期日 | |
| [37:46] | I don’t think I can take another day of this. | 再这样一天我就疯了 |
| [37:49] | You’re getting out of a Mercedes | 你从奔驰车里出来 |
| [37:51] | to go to the New York Federal Reserve. | 走进纽约的美联储大楼 |
| [37:53] | It’s not a Higgins boat on Omaha Beach. | 这不是奥马哈海滩的希金斯登陆艇 |
| [37:53] | 二战诺曼底登陆时5个滩头战区中 最血腥的一个 盟军伤亡最为惨重 | |
| [38:03] | Okay okay, | 听着 听着 |
| [38:05] | we’ve been here a long time. | 我们已经在这坐了很久了 |
| [38:07] | Let’s stop fucking around. | 都不要瞎搞了 |
| [38:10] | Main Street wants Wall Street to pay. | 美国公众想要华尔街付出代价 |
| [38:13] | They think we’re overpaid assholes. | 他们认为我们是群赚钱过多的混蛋 |
| [38:16] | There’s no politician who’s gonna sign off on a bailout. | 没有政客会在紧急援助书上签字的 |
| [38:19] | Why would you bail out people | 为什么要给唯一工作只是 |
| [38:21] | whose sole job is to make money? | 赚钱的人以紧急援助? |
| [38:23] | So let’s make this real simple. | 让我们把问题简单化吧 |
| [38:28] | Hank thinks he can sell | 汉克觉得他能够… |
| [38:31] | the good parts of Lehman to Barclays, | 把雷曼公司有价值的资产卖给巴克莱 |
| [38:32] | but someone has to take the real estate crap | 但还要有人收购真正拖垮公司的 |
| [38:34] | that’s weighing down the company. | 那些垃圾房地产资产 |
| [38:37] | Nobody knows how much this shit is worth, | 没人知道这些垃圾值多少钱 |
| [38:39] | but we know somebody has to buy it to make a deal. | 但我们清楚必须有人收购它们 否则交易就吹了 |
| [38:41] | I don’t like it. | 我不喜欢 |
| [38:43] | Nobody likes it. | 没人喜欢 |
| [38:45] | Let’s just suck it up and do it. | 我们只能自己吞下苦果 掏出钱包 |
| [38:48] | How many of you can kick in a billion dollars | 你们多少人能参与投资10亿美元 |
| [38:51] | to stop Lehman from going down? | 来阻止雷曼破产? |
| [38:56] | I’m in. | 算我一个 |
| [38:58] | One billion. | 出10亿 |
| [39:11] | (Blankfein) Okay. | 好吧 |
| [39:19] | Goldman’s in for a billion. | 高盛出10亿 |
| [39:29] | John? | 约翰? |
| [39:32] | – ( Phone rings ) – Yeah. | 好吧 |
| [39:39] | Yes. | 好的 |
| [39:43] | Yeah. | 很好 |
| [39:46] | Yes. | 好 |
| [39:53] | We did it. Barclays came through. | 我们成功了 巴克莱方案通过了 |
| [39:56] | Too goddamn right! | 靠 太棒了 |
| [39:58] | Barclays won’t touch the real estate assets, | 巴克莱不会收购房地产资产 |
| [40:00] | but the other banks agreed to cover those. | 但其他银行同意承担这部分损失 |
| [40:04] | Call the board. Get everybody here. | 打电话 把所有人都叫过来 |
| [40:06] | We got a deal to make. | 我们有笔交易要做 |
| [40:08] | Okay. | 好的 |
| [40:15] | ( Sighs ) | |
| [40:18] | 伦敦 晚上9点 | |
| [40:19] | Did you get him? | 打通他的电话了吗? |
| [40:21] | Geithner doesn’t return my calls. | 盖特纳没回我电话 |
| [40:24] | We can’t get hold of any of those people. | 我们无法联络到那些人中的任何一位 |
| [40:26] | At the end of the day they can’t sign the deal without our say-so. | 我们不批准的话 他们今天就完不成交易 |
| [40:29] | Yes, but do they know that? | 是的 但他们知道吗? |
| [40:35] | Yes. | 什么事? |
| [40:37] | Yes, by all means, | 是的 当然可以 |
| [40:37] | 卡勒姆・麦卡锡爵士 英国金融监管局主席 | |
| [40:38] | now that he deigns to call, put him through. | 现在他屈尊来电话了 接过来 |
| [40:41] | Sir Callum, sorry I haven’t gotten back to you. | 卡勒姆爵士 对不起 到现在才回你电话 |
| [40:44] | We’re just sorting through | 我们刚整理完 |
| [40:46] | this Barclays deal for Lehman. | 巴克莱对雷曼的交易 |
| [40:48] | As Barclays’ regulator, | 作为巴克莱银行的监督方 |
| [40:51] | we have serious concerns about this proposed arrangement. | 我们对提出的方案有严重质疑 |
| [40:54] | What– are– are you saying | 什么? 你是说… |
| [40:55] | you won’t approve the deal? | 你不批准这笔交易? |
| [40:57] | Even if we were comfortable with the agreement, | 即使我们对你们的方案满意了 |
| [41:00] | which we are not, | 事实上并不满意 |
| [41:01] | Barclays would need at least 30 days | 巴克莱至少需要30天 |
| [41:03] | for shareholder approval. | 来获得股东的批准 |
| [41:05] | No no no no no no. | 不 不 不 不 不 不 |
| [41:08] | He can’t. He can’t do this. | 他不能 他不能这么做 |
| [41:10] | – Can they stop the deal? – Of course they can stop the deal. | – 他们能取消交易? – 当然能 |
| [41:13] | But even if they don’t stop it, the delay will kill it. | 即使他们不取消 那么长的延期也没戏了 |
| [41:15] | Let’s call the Chancellor of the Exchequer right now. | 马上打电话给英国财政大臣 |
| [41:18] | None of those assets | 巴克莱不收购… |
| [41:20] | would be part of Barclays. | 我们任何资产 |
| [41:24] | Yes, but if the F.S.A. were to– | 是的 但如果FSA(英国金融管理局)要… |
| [41:30] | of c– of course. | 当… 当然 |
| [41:36] | Yeah. | 好的 |
| [41:38] | I wish you good night. | 晚安 |
| [41:41] | Good night to you too. | 晚安 |
| [41:51] | “We don’t want to import your cancer.” | “我们不想进口你们的癌症” |
| [42:06] | Those of you | 你们中间那些 |
| [42:09] | who didn’t want to assist the Barclays deal, | 不想资助巴克莱交易的人 |
| [42:12] | you can breathe a sigh of relief. | 现在可以松口气了 |
| [42:15] | The deal’s not gonna happen. | 交易取消了 |
| [42:17] | – Hank, we have the money. – The deal’s dead. | – 汉克 我们有资金 – 交易完了 |
| [42:20] | The British regulator won’t sign off. | 英国金融管理局不批准 |
| [42:23] | There must be some pressure you can exert. | 你一定可以给他们施加点压力 |
| [42:25] | Trust me, I’ve done everything I can. | 相信我 能做的我都做了 |
| [42:27] | The British– | 英国佬… |
| [42:31] | they grin-fucked us. | 靠 笑里藏刀耍了我们 |
| [42:36] | Pason’s got 100,000 employees. | 保尔森有10万员工 |
| [42:38] | Geithner has 200 lawyers. | 盖特纳有200个律师 |
| [42:40] | Freaking Chris Cox has 3000 people. | 克里斯・考克斯有3000员工 |
| [42:42] | Not a single one of those assholes could pick up a phone, | 在周末他们压榨我们拿出现金之前 |
| [42:46] | call the British, find out if they’re was a deal to be made | 那些混蛋没一个拿起电话打给英国佬 |
| [42:48] | before they spend the weekend was sweating us for cash? | 看看有还没有交易可做 |
| [42:51] | Somebody dropped the ball. | 某人丢球了 |
| [42:53] | They didn’t drop the ball. | 他们没丢球 |
| [42:55] | They dropped the ball, kicked the coach in the nuts | 他们失球 踢中教练的要害 |
| [42:57] | and took a crap in the quarterback’s mouth. | 还把一坨屎塞到四分卫的嘴里 |
| [42:59] | Of course. | 当然 |
| [43:03] | The Fed will do something. | 美联储会做些什么的 |
| [43:07] | They have to. | 必须的 |
| [43:13] | We’ve got to announce the Lehman bankruptcy now. | 我们现在必须宣布雷曼公司破产 |
| [43:15] | If Asia opens and this isn’t locked down, | 到亚洲股市开盘 这个问题还没解决的话 |
| [43:17] | everyone’s gonna assume the worst. | 我们要做好最坏的打算 |
| [43:19] | The selloff will kill the Merrill-B of A deal. | 宣布贱卖会破坏 美林和美国银行的交易 |
| [43:21] | – Who’s gonna make the announcement? – I think it’s gotta be S.E.C. | – 谁来宣布? – 我觉得应该是SEC(美国证交会) |
| [43:24] | Yeah. | 很好 |
| [43:25] | Okay. | 好 |
| [43:30] | Let’s do it here. How soon can we set that up? | 现在就做 多久能准备好? |
| [43:33] | Right away. | 马上 |
| [43:35] | We could use the main floor, the entrance hall. | 我们可以用一层大厅 |
| [43:37] | With the statue behind me? Excellent. | 站在雕像前? 很好 |
| [43:44] | Did Lehman actually agree to file? | 雷曼同意申请破产了? |
| [43:55] | Chris, call Lehman. | 克里斯 打给雷曼 |
| [43:57] | Make sure they file right now. | 确保他们正式申请了 就现在 |
| [43:59] | Absolutely. | 好 |
| [44:13] | A.I.G.’s a huge problem. | AIG的问题极其严重 |
| [44:15] | The books are a mess. But from what I can tell, | 账面一塌糊涂 但就我知道的 |
| [44:17] | half the banks in the world are in bed with these guys. | 世界上一半的银行都和它有关系 |
| [44:20] | Everyone who had a piece-of-crap mortgage security | 持有这些垃圾抵押证券的所有银行 |
| [44:23] | bought insurance on their risk from A.I.G., | 都为交易风险在AIG投过保 |
| [44:25] | and I mean everyone. | 我是说每一家银行 |
| [44:26] | How could they let this happen? | 他们怎么能任此发生? |
| [44:29] | They must have figured real estate would never go down, ever. | 他们肯定认为房地产绝不会倒 |
| [44:33] | Hank, Lehman still hasn’t filed. | 汉克 雷曼还没有发布 |
| [44:38] | Cox has to make his announcement. Asia’s opening. | 考克斯得去发布消息了 亚洲股市开盘了 |
| [44:41] | Has he talked to them? | 他和雷曼谈过了不? |
| [44:43] | He hasn’t even called yet. | 他还没有打过电话 |
| [44:46] | We told Fuld about Barclays. We said Cox was gonna call. | 我们告诉了富尔德关于巴克莱的事 说了考克斯会打给他的 |
| [44:48] | He’s got his entire board sitting there– | 他已召集了全体董事会成员 |
| [44:50] | no call. | 没接到电话 |
| [44:52] | Cox is like a deer in the headlights. | 考克斯就像被摄影机逮到的小鹿斑比 |
| [44:54] | Son of a bitch! | 他妈的! |
| [45:02] | You are their regulator. Call the Lehman board now. | 你是监管者 现在打给雷曼董事会 |
| [45:06] | Hank, this is a complicated situation where– | 汉克 现在情况很复杂– |
| [45:09] | Asia’s opening. | 亚洲开市了 |
| [45:10] | They don’t announce– market goes in the toilet. | 他们不宣布–股市就完了 |
| [45:12] | We have to consider the appropriate role of government here. | 我们得考虑政府在这个问题上扮演的角色 |
| [45:15] | Can I as chairman of S.E.C. move forward and–? | 我能以证交会主席的身份出现和…? |
| [45:18] | You guys are like the gang that can’t shoot straight. | 你们简直就像一群枪法不准的黑社会 |
| [45:20] | This is your job. | 这是你的工作 |
| [45:23] | Make the damn phone call. | 快他妈打电话 |
| [45:33] | Chris, this is Dick Fuld. | 克里斯 我是迪克?富尔德 |
| [45:35] | The board is in session. Everyone is here– | 董事会都到齐了 所有人– |
| [45:37] | all the directors and the firm’s counsel. | 所有的董事 还有公司的律师 |
| [45:40] | We understand | 我们知道 |
| [45:42] | the Barclays deal has imploded. | 巴克莱的交易已经泡汤了 |
| [45:44] | We were hoping you might have some option | 我们希望你或许有… |
| [45:48] | that we haven’t thought of yet. | 我们尚未考虑到的选择 |
| [45:51] | Uh, the markets are in turmoil, as you know. | 市场已经乱成一团了 你知道的 |
| [45:54] | A Lehman bankruptcy will help | 雷曼破产会有助于 |
| [45:57] | settle that uncertainty and, we believe, calm the market. | 平息不确定性 还有 我们相信 可以稳定市场 |
| [46:00] | Both the Fed and SEC are in agreement about this. | 美联储和证交会关于此点达成了共识 |
| [46:03] | Well, let me under– | 让我理解下– |
| [46:04] | I’m sorry, let me see if I understand this. | 不好意思 我不知是否该这样理解 |
| [46:06] | Are– are you directing us | 你– 你是在指示我们 |
| [46:08] | to put Lehman into bankruptcy? | 要让雷曼破产吗? |
| [46:11] | Give us a moment. | 请稍等下 |
| [46:14] | – He’s muted. – What the hell was that? | – 他静音了 – 他妈的怎么回事? |
| [46:19] | Tell them to file. | 让他们宣布破产 |
| [46:21] | Everything said in that meeting is or will be public record. | 那次会上所说的都将公之于众 |
| [46:24] | I can’t tell a private company to file for bankruptcy. | 我不能让一家私人公司宣布破产 |
| [46:26] | I don’t have that power. | 我没那个权力 |
| [46:28] | Do I? | 不是吗? |
| [46:33] | Do it. | 快做 |
| [46:47] | The decision to file for bankruptcy protection | 董事会需要作出 |
| [46:50] | is one the board needs to make. | 申请破产保护的决定 |
| [46:53] | It is not the government’s decision. | 这不是政府该做的决定 |
| [46:56] | But we do believe… | 但是我们确实认为… |
| [47:01] | That the situation should be resolved. | 形势必须得到扭转 |
| [47:03] | So you’re not directing us to file? | 所以你是在指示我们宣布破产? |
| [47:05] | I’m not saying anything more than I’ve just said. | 我不会再多说了 |
| [47:08] | Thank you. | 谢谢 |
| [47:23] | Take the vote. | 投票吧 |
| [47:26] | – Mr. Akers. – Yes. | – 阿克斯先生 – 同意 |
| [47:28] | Sir Christopher. | 克里斯托弗爵士 |
| [47:32] | Yes. | 同意 |
| [47:33] | Admiral Evans. | 阿德曼尔・埃文斯 |
| [47:35] | I’m sorry, but yes. | 我很抱歉 但是 我同意 |
| [47:38] | Chairman Fuld. | 富尔德主席 |
| [47:43] | Dick? | 迪克? |
| [47:51] | Yes. | 同意 |
| [47:55] | Mr. Hernandez. | 赫尔南德斯先生 |
| [47:57] | Yes. | 同意 |
| [48:00] | Mr. Ainslie. | 阿斯莱尔先生 |
| [48:02] | Yes. | 同意 |
| [48:04] | – Mr. Berlind. – Yes. | – 贝兰德先生 – 同意 |
| [48:07] | – Mr. Cruikshank. – Yes. | – 科拉科斯先生 – 同意 |
| [48:09] | – Dr. Kaufman. – Yes. | – 卡夫曼博士 – 同意 |
| [48:12] | – Mr. Macomber. – ( Phone rings ) | 马克布先生 |
| [48:17] | P? | P? |
| [48:19] | – Lehman’s gone. – Oh honey. | – 雷曼倒了 – 亲爱的 |
| [48:22] | I should have know the British were gonna be a problem. | 我应该知道英国人那边有问题 |
| [48:24] | I spoke to them two days ago. I should have read between the lines. | 我2天前和他们谈过 我应该听出他们的言下之意 |
| [48:30] | You can’t take all this on. | 你不能都压到自己身上 |
| [48:32] | There’s a lot of other people involved. | 还有很多人牵涉其中 |
| [48:35] | It’s on me. I’m Treasury Secretary | 都怪我 我是财政部长 |
| [48:38] | and the fourth largest investment bank in the country | 国内第4大投行 |
| [48:41] | failed on my watch. | 在我任上就这么倒了 |
| [48:43] | I mean, I– I– | 我是说 我– 我– |
| [48:47] | I don’t know what’s gonna happen. | 我不知道还会发生什么 |
| [48:52] | Miss you too. | 我也想你 |
| [48:59] | 2008年9月15日 星期一 清晨6:30 | |
| [49:40] | ( Man whistles ) Taxi. | 出租车 |
| [49:46] | 行情播报板–专家称 “保尔森早就该拿华尔街开刀了” | |
| [49:55] | Jim, I’m at Midtown. | 吉姆 我在市中心 |
| [50:01] | what the hell am I looking at? | 我他妈看到了什么? |
| [50:04] | Hank, it’s good. | 汉克 没事 |
| [50:11] | “It is oddly reassuring | “财政部和美联储 |
| [50:13] | that the Treasury Department and the Federal Reserve | 让雷曼倒闭 |
| [50:16] | let Lehman Brothers fail.” | 看到这新闻反而让我舒了口气” |
| [50:18] | Oh, okay, here it is. Here it is. | 好的 好的 还有 还有 |
| [50:20] | Government intervention would have been seen | 政府干预被看做是 |
| [50:22] | a sign of extreme peril | 全球金融体系之下 |
| [50:24] | in the global financial system | 极端危险的信号 |
| [50:26] | or extreme weakness on the part of federal regulators.” | 或是联邦监管机构作用微弱的表现 |
| [50:29] | “The New York” fucking “Times.” | 该死的”纽约时报” |
| [50:31] | Yeah, and it’s not just them. It’s everybody. | 不光是他们 每一家媒体都是 |
| [50:34] | Thank you, Senator. I appreciate it. | 谢谢你 参议员 非常感谢 |
| [50:38] | Congress is liking it. | 国会很满意 |
| [50:40] | I’m not sure they should be so happy about this, | 我不确定他们是否应该感到高兴 |
| [50:42] | but they like that we let Lehman go. | 但他们很满意我们听任雷曼倒闭 |
| [50:45] | You stood strong. You’ve got brass balls. | 你表现强势 痛下决心 |
| [50:48] | It’s what people need at a time like this. | 正是眼下公众所需要的 |
| [50:51] | What is the market doing? | 市场反应如何? |
| [50:53] | Uh, Europe’s only down a little. | 欧洲只跌了一点 |
| [50:54] | Dow Jones futures only off 3%. | 道琼斯期指只跌了3% |
| [50:56] | So you need to build on this at the press conference. | 所以你要在新闻发布会上这么说 |
| [50:59] | The story is we did everything we could for Lehman. | 我们已为雷曼做了能做的一切 |
| [51:02] | – We did. – And the takeaway is… | – 的确是 – 接管是… |
| [51:04] | No more bailouts. | 不再有紧急援助了 |
| [51:06] | (All) Mr. Secretary. | 部长先生 |
| [51:08] | How should we read what happened with Lehman? | 我们应该如何解读雷曼事件? |
| [51:10] | Read it as I think it’s important | 可以解读为 |
| [51:12] | to maintain the stability | 这是维持金融系统稳定和秩序的 |
| [51:14] | and orderliness of our financial system; | 重要举措 |
| [51:18] | and, um, the… | 还有 呃 我… |
| [51:23] | Moral hazard is something I don’t take lightly. | 我们从不轻视担保风险 |
| [51:26] | Reporters: Mr. Paulson. Mr. Secretary, sir. | 保尔森先生 保尔森先生 先生 |
| [51:29] | (Woman) How do you see the health of the banking system today? | 你怎么看当下银行系统的健康状况? |
| [51:32] | The way the markets are performing today– | 市场今日表现– |
| [51:34] | it’s a testament to how the financial industry has come together | 是金融业在特殊环境下 |
| [51:37] | in an extraordinary set of circumstances. | 联合起来的证明 |
| [51:39] | The American people can remain confident | 美国人民仍然可以对 |
| [51:41] | in the soundness and the resilience | 金融体系的稳固性和适应力 |
| [51:44] | of the financial system. | 持有信心 |
| [51:46] | Thank you all. | 谢谢大家 |
| [51:48] | (Reporters) Mr. Secretary. Mr. Paulson. | 部长先生 保尔森先生 |
| [51:50] | What? | 什么? |
| [51:52] | Dow’s falling off a cliff– 400 points already. | 道指跌得很厉害– 已经400点了 |
| [51:55] | And the credit markets are frozen. | 信贷市场被冻结了 |
| [51:57] | Goldman and Morgan Stanley are getting slammed by withdrawals. | 高盛和摩根士丹利被严重冲击 |
| [52:00] | The Lehman thing’s killing them. | 雷曼事件快要害死他们了 |
| [52:04] | I should talk to the President | 我要和总统通话 |
| [52:06] | about how we’ll contain the damage. | 关于我们要怎么控制损害 |
| [52:08] | Before you speak to the President, | 在你和总统通话之前 |
| [52:11] | we’ve had another problem. | 我们还有一个问题 |
| [52:14] | AIG ( Whispers ) A.I.G. | |
| [52:16] | Mr. Geithner is working with A.I.G. | 盖特纳先生正和AIG商讨 |
| [52:18] | on a private-sector solution | 私营部门解决方案 |
| [52:20] | and the Secretary is monitoring | 部长目前正… |
| [52:22] | their progress very carefully. | 谨慎关注他们的进展 |
| [52:24] | He’s in close contact with the Congressional leadership, most– | 他和国会保持密切接触 |
| [52:29] | the White House wants a briefing on A.I.G. | 白宫想要一份AIG的简报 |
| [52:31] | They’re more informed about that than we are. | 他们获知的消息比我们还多 |
| [52:33] | We’ve got the same information they do. | 我们有的消息他们都有 |
| [52:34] | No, we don’t believe that Lehman’s bankruptcy | 不 我们不认为雷曼的破产 |
| [52:37] | is taking down all of Wall Street. | 会拖跨整条华尔街 |
| [52:39] | (Man) Okay, so how do you explain–? | 好的 那你怎么解释…? |
| [52:41] | The A.I.G. situation may have been, | AIG的情况可能 |
| [52:43] | you know, exacerbated by the– | 你知道 恶化… |
| [52:46] | and Barney Frank’s office. | 巴尼・弗兰克办公室来电 |
| [52:46] | 众议员 金融服务委员会主席 | |
| [52:49] | Yeah. | 是 |
| [52:50] | A surprise? No, A.I.G. has been struggling– | 惊喜? 不 AIG正深陷于… |
| [52:54] | Well, why didn’t you guys head off this situation six months ago? | 半年前你们怎么不阻止这种情况发生? |
| [52:57] | Because the requisite magic wand wasn’t available, Doug. | 因为那会儿没有必需的有效措施 道格 |
| [53:01] | But if we do find one, | 但如果我们找到了 |
| [53:02] | you will be among the very first to know. | 会第一时间通知你 |
| [53:06] | Blankfein on four, urgent. | 贝兰克梵在四号线 很紧急 |
| [53:08] | I have to go. | 我得挂了 |
| [53:11] | Hey Lloyd. | 嘿 劳尔德 |
| [53:12] | The goddamn British bankruptcy administrator | 该死的英国破产管理人 |
| [53:15] | froze all of Lehman’s customer accounts. | 冻结了雷曼所有的客户账户 |
| [53:17] | You didn’t square this with the British before you did it? | 你行动之前没有和英国人通个气? |
| [53:19] | Geithner on five. | 盖特纳 五号线 |
| [53:21] | People are freaking out. | 人们都抓狂了 |
| [53:23] | They can’t get their money. | 他们拿不到自己的钱 |
| [53:25] | Not investors– clients. | 不止是投资者– 还有客户 |
| [53:27] | If customers think their money wasn’t safe with Lehman, | 如果客户觉得自己的钱在雷曼不安全 |
| [53:30] | they’re not gonna trust us either. | 他们也不会信任我们 |
| [53:32] | No one will do business with us. | 没人会和我们做生意了 |
| [53:35] | You’re gonna have to hang on. | 你等下 先别挂 |
| [53:37] | Tim. | 蒂姆 |
| [53:38] | Dan spoke to Moody’s. They’re downgrading A.I.G. tonight. | 丹和穆迪那边通了话 他们准备今晚调低AIG的评级 |
| [53:41] | Would have happened anyway, but Lehman put the whole thing into hyperdrive. | 这事迟早会发生 但雷曼事件促使它大大提前 |
| [53:44] | How far down are they? | 还能撑多久? |
| [53:46] | French finance minster on six. | 法国财政部长 6号线 |
| [53:47] | They don’t know. | 他们不知道 |
| [53:50] | We’re working on that. | 我们正在处理中 |
| [53:52] | Christine. | 克丽丝蒂娜 |
| [53:54] | How could you let this happen with Lehman? | 你们怎么能让雷曼破产? |
| [53:54] | 克丽丝蒂娜・拉加德 法国财长 国际货币基金组织的新任主席(2011年) | |
| [53:56] | What on earth were you thinking? | 你们到底在想什么? |
| [53:58] | We did everything we could, Christine. | 我们已经尽了全力 克丽丝蒂娜 |
| [54:01] | You allowed it to fail, Hank. | 你容忍它破产 汉克 |
| [54:03] | It was a horrifying mistake. | 这是一个非常可怕的错误 |
| [54:05] | It is having catastrophic consequences all over Europe. | 这会给整个欧洲带来灾难性的后果 |
| [54:07] | And A.I.G. would be even worse. | AIG的情况会更糟 |
| [54:09] | The European banks have tremendous exposure to A.I.G. | 欧洲银行对AIG有大量敞口 |
| [54:13] | We need assurance you will not fail to act as you did with Lehman. | 我们需要确保你不会像雷曼问题上 一样犯错 |
| [54:17] | It is not just an American problem. | 这不只是美国的问题 |
| [54:21] | (Davis) Thank you so much for… | 非常感谢… |
| [54:22] | John Mack. | 约翰?麦克 |
| [54:23] | Hey– uh… ( Snaps fingers ) | 嘿… 呃… |
| [54:25] | – John. – Secretary: John– one. | – 约翰 – 约翰– 一号线 |
| [54:28] | The fallout from Lehman is killing us. | 雷曼破产的影响快要害死我们了 |
| [54:31] | The short-sellers are all over us. | 空头们都在集中打击我们 |
| [54:34] | We’re down 10% already. | 我们的股价已经跌了10% |
| [54:35] | You guys have no idea what’s going on out here. | 你都不知道外面什么情况嘛 |
| [54:38] | How are your earnings? | 你们的收益如何? |
| [54:40] | Strong. We’re gonna announce Friday. | 很强劲 我们将在周五公布 |
| [54:43] | Announce now. | 现在就公布 |
| [54:46] | Okay, Lloyd, sorry. | 好的 劳尔德 抱歉 |
| [54:48] | Hank, if depositors see they can’t get their assets out of Lehman, | 汉克 客户不能从雷曼取出其资产 |
| [54:51] | the next step is gonna be a massive pullout | 下一步将会是从所有投行 |
| [54:53] | from all the investment banks. | 大规模撤资 |
| [54:55] | Jeff Immelt from G.E. | 通用电气的杰夫・伊梅尔特 |
| [54:58] | Jesus, what’s Immelt calling you for? | 老天 伊梅尔特打给你干吗? |
| [55:00] | I have to go. | 我得挂了 |
| [55:02] | Jeff. | 杰夫 |
| [55:04] | You gotta know what’s going on out here. | 你该知道外面什么状况 |
| [55:04] | 全球最大企业 通用电气董事会主席兼CEO | |
| [55:06] | We’re having trouble funding our day-to-day operations. | 我们日常经营的资金都有问题了 |
| [55:09] | Our finance division is infecting the rest of our business. | 我们的金融部门正在传染其他部门 |
| [55:13] | General Electric? | 通用电气? |
| [55:15] | This thing is spreading way past Wall Street. | 问题已经从华尔街蔓延开来 |
| [55:18] | I get that nobody wants to touch mortgages, | 没人愿意碰抵押贷款 |
| [55:20] | but we’re making planes and engines, and light bulbs. | 但我们制造的是飞机 引擎和电灯泡 |
| [55:23] | We’re a healthy company. | 我们是一家财务健康的公司 |
| [55:26] | If we can’t finance our day-to-day operations, | 如果我们不能筹措日常经营用资金 |
| [55:29] | every business in America’s gonna be shutting down. | 美国的每一家企业都要关门了 |
| [55:40] | Where’s A.I.G.? | 美国财政部 |
| [55:40] | AIG什么情况? | |
| [55:42] | It closed at $2. | 收盘价为2美元 |
| [55:44] | Tim thinks we need to do something big. | 蒂姆认为我们该动作大一点 |
| [55:46] | Ben agrees, and so do I. | 本同意了 我也是 |
| [55:48] | What can we do? A.I.G.’s not even a bank. | 我们能做什么? AIG甚至不是家银行 |
| [55:50] | The Fed can lend to nonbanks | 美联储在非正常紧急情况下 |
| [55:52] | under unusual and exigent circumstances. | 可以借钱给非银行机构 |
| [55:54] | We’re thinking of taking over 80% of the company. | 我们在考虑接管80%的公司股权 |
| [56:00] | Hank, we can’t. | 汉克 我们不能这么做 |
| [56:03] | This morning we were lecturing the entire country on moral hazard. | 今早我们就担保风险还对全国发表讲话 |
| [56:06] | A.I.G. has collateral. They have assets. | AIG有担保 他们有资产 |
| [56:09] | Lehman didn’t. We couldn’t lend into a hole. | 雷曼没有 我们不能投进一个无底洞 |
| [56:12] | It’s not the same story. | 不是一回事情 |
| [56:14] | Nobody’s gonna care. | 但没人没在意这点的 |
| [56:16] | It’s another bailout with no legislation. | 这就是又一次没有立法程序的紧急援助 |
| [56:19] | The Hill’s gonna go crazy. The country’s gonna go crazy. | 国会会疯的 全国都会疯的 |
| [56:21] | The plane that we flew in on this morning– | 我们今早乘坐的飞机– |
| [56:23] | leased from A.I.G. | 是从AIG租用的 |
| [56:25] | Construction downtown– A.I.G. | 市区的建筑物– AIG |
| [56:27] | Life insurance– 81 million policies | 人寿保险– 8100万份保险 |
| [56:30] | with a face value of $1.9 trillion, | 面值1.9万亿 |
| [56:33] | billions of dollars in teachers’ pensions– it’s everywhere. | 数十亿的教师退休金–无处不在 |
| [56:36] | You want too big to fail? Here it is. | 大到不能倒? 这就是 |
| [56:38] | You got a better idea? | 你有更好的主意? |
| [56:40] | The suggestion box is wide open. | 意见箱大开着 |
| [56:49] | I hate to do this right now, | 我现在很不想这么做 |
| [56:52] | but I’m gonna have to have a press call first thing, | 但首先我得通知媒体 |
| [56:54] | and I really don’t know what I’m gonna tell them. | 我真不知道该怎么对他们说 |
| [56:56] | Tell them Lehman exacerbated A.I.G., | 就说雷曼加剧了AIG的恶化 |
| [56:59] | the simultaneous payouts of C.D.O.s | 同时CDO(债务抵押债券)支出 |
| [57:02] | and credit default swaps put catastrophic pressure on– | CDS(信用违约互换)让灾难性的压力– |
| [57:04] | Go back further. | 从头开始说 |
| [57:08] | The global pool of investment capital– | 全球投资资本池– |
| [57:10] | she has to do this in English. | 她得说点普通人能听懂的 |
| [57:12] | Start with the homeowners. | 从房屋所有者说起 |
| [57:14] | Okay okay, here’s how you explain it. | 好 好 这么解释 |
| [57:17] | Wall Street started bundling | 华尔街打包住房贷款 |
| [57:22] | home loans together– mortgage-backed securities– | 和住房抵押贷款证券 |
| [57:24] | and selling slices of those bundles to investors. | 把这些卖给投资者 |
| [57:27] | And they were making big money, | 他们赚了大钱 |
| [57:29] | so they started pushing the lenders, saying, | 所以他们刺激贷款人 说 |
| [57:32] | “come on, we need more loans. | “快来 我们需要更多贷款” |
| [57:34] | The lenders had already given loans | 贷款人已经对 |
| [57:36] | to borrowers with good credit, | 信用良好的借款人放款了 |
| [57:38] | so they go bottom-feeding. They lower their criteria. | 于是他们放眼下层 降低标准 |
| [57:40] | Before, you needed a credit score of 620 | 之前 你需要有620的信用得分 |
| [57:43] | and a downpayment of 20%. | 20%的首付款 |
| [57:45] | Now they’ll settle for 500, no money down. | 现在500就行 首付款为0 |
| [57:48] | And the buyer– the regular guy on the street– | 买家– 那些没房的普通人 |
| [57:50] | assumes that the experts know what they’re doing. | 认为专家们知道他们在做什么 |
| [57:52] | He’s saying to himself, “if the bank’s willing to loan me money, | 他们会对自己说 “如果银行愿意借给我钱 |
| [57:54] | I must be able to afford it.” | 我肯定是能负担得了” |
| [57:56] | So he reaches for the American dream. | 于是他实现了美国梦 |
| [57:59] | He buys that house. | 买了房子 |
| [58:00] | The banks knew securities based on shitbag mortgages were risky. | 银行知道基于狗屁垃圾贷款的证券有风险 |
| [58:03] | You’ll work on “shitbag.” | 你要用”狗屁垃圾” |
| [58:05] | So to control their downside, | 为了控制风险 |
| [58:06] | the banks started buying a kind of insurance. | 银行开始购买一类保险 |
| [58:08] | If mortgages default, insurance company pays– | 如果贷款逾期 保险公司付钱 |
| [58:11] | default swap. | 信用违约互换 |
| [58:13] | The banks insure their potential losses | 银行确保潜在损失 |
| [58:15] | to move the risk off their books | 将风险移出账面 |
| [58:17] | so they can invest more, make more money. | 于是他们能投资更多 赚更多钱 |
| [58:19] | And when a lot of companies insured this stuff, | 当很多公司投保这种险 |
| [58:22] | one was dumb enough to take on an almost unbelievable amount of risk. | 就有一家傻逼到承担不可置信的 数量风险的公司 |
| [58:25] | – A.I.G. – And you’ll work on “dumb.” | – AIG – 你要用”傻逼”? |
| [58:28] | And when they ask me why they did that? | 别人问我 他们干嘛那样做? |
| [58:30] | – Fees. – Hundreds of millions in fees. | – 费用 – 收取数十亿管理费用 |
| [58:32] | A.I.G. figured the housing market would just keep going up, | AIG认为房产市场会一直保持上升势头 |
| [58:35] | but then the unexpected happens. | 但意想不到的情况发生了 |
| [58:36] | Housing prices go down. | 房价开始下降 |
| [58:38] | The poor bastard who bought his dream house– | 那些买了梦想之屋的穷人 |
| [58:40] | the teaser rate on his mortgage runs out. | 低息贷款没有了 |
| [58:42] | His payments go up. He defaults. | 付不上钱了 逾期了 |
| [58:45] | Mortgage-backed securities tank. | 住房抵押贷款证券的巨压 |
| [58:47] | A.I.G. has to pay off the swaps– | AIG得偿付信用违约互换– |
| [58:49] | all of them all over the world | 所有金融机构 遍布全世界 |
| [58:51] | at the same time. | 同一时间 |
| [58:53] | A.I.G. can’t pay. A.I.G. goes under. | AIG付不起 就要破产 |
| [58:56] | Every bank they insure | 向他们投保的每一家银行 |
| [58:59] | books massive losses on the same day. | 同一天都要记入巨大的损失 |
| [59:03] | And then they all go under. | 然后他们全都会破产 |
| [59:05] | It all comes down. | 都要倒 |
| [59:08] | The whole financial system? | 你是说整个金融体系? |
| [59:15] | And what do I say | 要被问到我们为何没履行监管义务 |
| [59:18] | when they ask me why it wasn’t regulated? | 我怎么回答? |
| [59:20] | No one wanted to. | 没人想要监管 |
| [59:24] | We were making too much money. | 都在赚大钱 |
| [59:38] | You’ll work on | 你可以说 |
| [59:40] | “we were making too much money.” | “都在赚大钱” |
| [59:54] | Hey, Hank, | 嘿 汉克 |
| [59:57] | um… | 呃… |
| [59:59] | These are really mild, | 这个药性很温和 |
| [1:00:01] | but they work. | 但是也有效果 |
| [1:00:04] | I know the whole Christian Scientist thing– | 我知道基督教科学– |
| [1:00:07] | that you don’t take medicine. | 你不吃药 |
| [1:00:10] | But you need to sleep. | 但是你需要睡眠 |
| [1:00:15] | Jim– | 吉姆– |
| [1:00:16] | Hank, not just for your own sake. | 汉克 不只是为你自己 |
| [1:00:19] | Okay? | 好吗? |
| [1:00:25] | You don’t look so good. | 你看起来不怎么好 |
| [1:00:32] | Just minutes ago CNN has confirmed | 几分钟前 CNN证实 |
| [1:00:34] | that the Federal Reserve is negotiating | 美联储正在协商谈判 |
| [1:00:36] | to rescue insurance giant AIG | 拯救保险业巨头AIG |
| [1:00:39] | The negotiations could include | 谈判包括 |
| [1:00:41] | an $85 billion temporary loan | 一笔850亿美元的临时贷款 |
| [1:00:43] | to stave off AIG’s imminent collapse. | 以避免AIG迫在眉睫的危机 |
| [1:00:45] | This is a blockbuster, folks. | 这真是一项爆炸性举措 |
| [1:00:47] | About this time last night, many on Wall Street | 昨晚这个时候 |
| [1:00:50] | were fearing total disaster today. | 华尔街还害怕今日将出现灾难 |
| [1:00:52] | So another federal bailout | 于是第二笔联邦紧急援助 |
| [1:00:54] | of another Wall Street giant– | 拯救了又一名华尔街巨头 |
| [1:00:56] | again, as we mentioned, big big financial news. | 正如我们所说 重大财经消息 |
| [1:00:58] | And this affects almost everyone out there who has a 401k. | 这一举措影响了每一位参与401K计划的人 (美国养老金计划) |
| [1:01:02] | The news comes about 3 1/2 hours | 这则消息在证交所收盘后3个半小时发布 |
| [1:01:04] | after the stock exchange closed on… | 今日大盘收于… |
| [1:01:06] | Motherfucker. | 他妈的 |
| [1:01:09] | We want to go straight right now to Ali Velshi | 我们现在转到阿里・韦尔什 |
| [1:01:09] | CNN 首席商业记者 | |
| [1:01:11] | to kind of give us a bottom line on this, Ali. | 带给我们进一步分析 阿里 |
| [1:01:13] | And then we’re gonna get a lot more in depth… | 我们将更深入地了解情况 |
| [1:01:15] | AIG securing an 85… | AIG获得一笔850亿… |
| [1:01:17] | The credit markets are still frozen solid. | 信贷市场仍然冻结 |
| [1:01:19] | We keep dumping money into these companies | 我们不断向这些公司投钱 |
| [1:01:21] | so the markets will stabilize, | 来稳定市场 |
| [1:01:24] | and nothing helps. | 一点别的方法也没有 |
| [1:01:26] | We can’t keep doing this. | 我们不能一直这么做 |
| [1:01:28] | We rescued Bear with no legislation, | 我们没走立法程序就营救了贝尔斯登 |
| [1:01:31] | A.I.G. with no legislation. | AIG也是 |
| [1:01:34] | People think Fannie and Freddie was a bait-and-switch. | 人们认为两房是个诱饵 |
| [1:01:37] | I don’t like it any more than you do, | 我也不想这样 |
| [1:01:38] | but they were exceptional situations. | 但这是特殊情况 |
| [1:01:40] | This situation demands an endgame | 这种情况最后阶段 |
| [1:01:43] | that does not rely on unilateral action from the Fed. | 不能只依靠美联储单方的行动 |
| [1:01:47] | This is a democracy. | 这是民主国家 |
| [1:01:48] | We cannot be men behind the curtain pulling the strings. | 我们不能躲在幕后操纵 |
| [1:01:51] | We need some kind of an overall solution | 我们需要某种全局性的解决方法 |
| [1:01:53] | that heals the entire system. | 能拯救整个金融系统 |
| [1:01:56] | And it has to be legitimate. | 必须走合法程序的 |
| [1:01:58] | We’ve been putting off going to Congress. | 我们已经推迟去国会的时间了 |
| [1:01:59] | It’s two months before an election. | 离总统大选只有2个月了 |
| [1:02:01] | They can’t vote yes to a massive bailout | 他们不会对拯救整个银行系统的 |
| [1:02:04] | of the entire banking system. | 大规模紧急援助投赞成票的 |
| [1:02:06] | They’d never get reelected. | 因为如果那样做 他们就别想再次当选 |
| [1:02:08] | – Hank– – We go to Congress, | – 汉克– – 我们去国会 |
| [1:02:10] | publically state we don’t have the firepower | 公开宣称我们没有能力 |
| [1:02:12] | to control this anymore, | 再控制当下局面了 |
| [1:02:15] | and then they say no– | 他们再投反对票– |
| [1:02:17] | that is really the nightmare scenario. | 那才真是噩梦 |
| [1:02:21] | The nightmare scenario’s already here, my friend. | 噩梦已经开始了 朋友 |
| [1:02:26] | We’re in it. | 我们都身处其中 |
| [1:03:28] | P | P. |
| [1:03:41] | You can’t put this all on your own shoulders. | 你不能一个人独自承担这些 |
| [1:03:43] | We’re running out of options. | 我们的办法都用光了 |
| [1:03:45] | Then you just keep trying. | 那么继续试试别的 |
| [1:03:48] | That’s what you do. | 这才是你要做的 |
| [1:03:50] | Eventually something’s gonna work. | 最后总有会起效果的 |
| [1:03:52] | I’m not sure that that is true anymore. | 我想不可能了 |
| [1:03:55] | There’s not a bank in the world | 这世上没有一家银行 |
| [1:03:58] | that has enough money in its vault | 金库里有足够的钱 |
| [1:04:00] | to pay its depositors. | 付给存款人 |
| [1:04:01] | It’s all built on trust. | 都是建立在信用体系上 |
| [1:04:04] | And– and, Wendy, we– | 还有 还有 温迪 我们– |
| [1:04:06] | we are so very close. | 我们接近崩溃边缘了 |
| [1:04:13] | Morgan Stanley, Goldman are an inch away. | 摩根士丹利 高盛已经走到悬崖边了 |
| [1:04:16] | If the other banks stop trusting them, | 如果其他银行不再信任他们 |
| [1:04:19] | if they pull back on interbank lending, | 如果他们撤回同业拆借 |
| [1:04:22] | it’s over in a matter of hours. | 几小时内就会全盘崩溃 |
| [1:04:24] | And from there it goes | 再往后 |
| [1:04:27] | too fast to stop– a run– | 局势便无法遏制 |
| [1:04:29] | and not just on that one bank. | 不只是一家银行 |
| [1:04:32] | I mean, on the whole system. | 而将波及整个系统 |
| [1:04:34] | And average people wondering, | 老百姓会问 |
| [1:04:37] | “is my money safe?” | “我的钱安全吗?” |
| [1:04:39] | They start pulling their cash. | 他们会开始提出现金 |
| [1:04:44] | And after that– | 在那之后 |
| [1:04:46] | lines outside the banks, smashed A.T.M.s. | 银行将排起长队 掏空取款机 |
| [1:04:49] | A couple of weeks– | 再过几周 |
| [1:04:53] | there’s no milk in the store. | 商店里连牛奶都没有了 |
| [1:04:56] | (Steve Liesman) For the second time this week | 本周华尔街 |
| [1:04:57] | there was a massive selloff on Wall Street, | 出现了第二次大规模抛售 |
| [1:04:59] | the Dow Jones Industrials freefalling some 450 points | 在政府用纳税人的钱拯救AIG的 |
| [1:05:03] | on news of a taxpayer-funded bailout | 消息传出后 道琼斯工业指数 |
| [1:05:05] | of the A.I.G. Insurance company. | 直落450点 |
| [1:05:07] | Three of the five investment banks are gone. | 五大投行中的3家已倒下 |
| [1:05:09] | The country’s biggest mortgage lender is gone. | 全国最大的放贷商已倒下 |
| [1:05:12] | Fannie Mae and Freddie Mac brought under government control. | 房利美和房地美由政府接管 |
| [1:05:14] | The financial system is holding right now, | 金融系统仍在苦苦支撑 |
| [1:05:17] | but for how long? | 但还能坚持多久? |
| [1:05:18] | All the King’s horses and all the King’s men | 政府正召集所有人手 竭其所能 |
| [1:05:21] | are being brought to bear to keep this thing together. | 让一切恢复原貌 |
| [1:05:50] | Hi Tim. | 嗨 蒂姆 |
| [1:05:51] | I’m on the street, Hank, | 我正在华尔街上 汉克 |
| [1:05:53] | and people are just going about their business. | 人们像往常一样去上班 |
| [1:05:55] | They have no idea the whole thing is about to fall down. | 全然不知即将到来的灾难 |
| [1:05:59] | We’re gonna have to go to Congress. | 我们要去找国会 |
| [1:06:01] | We don’t have a choice anymore. | 我们别无选择 |
| [1:06:03] | Okay. | 好 |
| [1:06:04] | How fast do you think you can get them to move? | 你觉得要多久才能说动他们? |
| [1:06:06] | It’s gonna be at least a couple days. | 少说也要好几天 |
| [1:06:09] | Goldman and Morgan Stanley are going down now. | 高盛和大摩正在步向破产边缘 |
| [1:06:12] | We gotta do something today. | 我们今天就得行动 |
| [1:06:14] | Like what? | 怎么做? |
| [1:06:15] | The market doesn’t like investment banks, right? | 市场不欢迎投行 对吗? |
| [1:06:17] | The money’s saying fuck you to the whole business model. | 连金钱也唾弃他们的商业模式 |
| [1:06:19] | Yeah. | 是的 |
| [1:06:21] | Yeah, so merge them with commercial banks, | 那就让他们跟商业银行合并 |
| [1:06:24] | turn them into regular banks regulated by the Fed. | 让他们变成受美联储管制的普通银行 |
| [1:06:26] | They can use depositors’ cash. | 他们可以动用储户的钱 |
| [1:06:28] | It will give them access to the discount window. | 给他们开放贴现窗口 |
| [1:06:30] | It’s cheap government cash. | 给他们廉价的政府资金 |
| [1:06:33] | – You want to make them bigger? – It’s a trade-off, Hank. | – 你还想扩大他们的规模? – 这是权宜之计 汉克 |
| [1:06:36] | The upside is it’ll stabilize them. | 好处是可以稳定他们 |
| [1:06:40] | The downside is, | 坏处是 |
| [1:06:42] | yeah, they’ll be really fucking big. | 他们会大到令人发指 |
| [1:06:46] | Do it, Tim. | 就这么做 蒂姆 |
| [1:06:50] | Godspeed. | 火速进行 |
| [1:07:10] | Get me Blankfein. | 给我接贝兰克梵 |
| [1:07:14] | Lloyd, call Vikram Pandit, talk to him about a merger. | 劳尔德联系维克拉姆・潘迪特 跟他谈谈合并的事 |
| [1:07:16] | Tim, we’re looking at all our options. | 蒂姆 我们正考虑所有选择 |
| [1:07:18] | You don’t have options, Lloyd. | 没别的选择了 劳尔德 |
| [1:07:20] | There’s a run on your bank. | 你的银行正在崩盘 |
| [1:07:22] | You need money– Citi has deposits. | 你需要钱 花旗有存款 |
| [1:07:23] | Citi is a mess– you’re organized. Call Pandit. | 花旗很混乱 而你组织有序 联系潘迪特 |
| [1:07:36] | Yeah. | 喂 |
| [1:07:37] | I want you to look at merging with Morgan Stanley. | 我要你考虑跟摩根斯坦利合并 |
| [1:07:39] | What, are you kidding me? I just bought Bear. | 开玩笑吧? 我刚买了贝尔斯登 |
| [1:07:41] | We’re still trying to make that work. | 我们还在处理那事呢 |
| [1:07:42] | You didn’t buy Bear. You got Bear as a Christmas present. | 你们没买贝尔斯登 那只是个圣诞礼物 |
| [1:07:45] | The market’s a fucking disaster, Jamie. | 市场正面临灾难 杰米 |
| [1:07:46] | Talk to John Mack. | 去找约翰?麦克 |
| [1:07:49] | Hey, Geithner says we should talk about a merger. | 盖特纳让我们谈谈合并 |
| [1:07:51] | – You want to do a deal? – No. | – 你想合并吗? – 不 |
| [1:07:54] | Then why the fuck did he tell me to call you? | 那他妈的干嘛让我联系你? |
| [1:07:56] | I’m under orders to try and help you. | 我只是奉命尝试帮助你 |
| [1:07:58] | You’re a prince, Jamie– a real prince. | 算你狠 杰米 你真是白衣骑士 |
| [1:08:05] | Apparently some people seem to think | 显然有人认为 |
| [1:08:07] | combining our firms would be a good idea. | 我们两家合并是个好主意 |
| [1:08:09] | Well, I want you to know I’m flattered by this call. | 要知道 接到这通电话 我受宠若惊 |
| [1:08:12] | Vikram, I’m not trying | 维克拉姆 我可不是 |
| [1:08:15] | to flatter you, believe me. | 在讨好你 相信我 |
| [1:08:17] | (Woman over intercom) Geithner’s calling. | 盖特纳找你 |
| [1:08:18] | Oh, here comes goddamn eharmony. | 该死的电话红娘 |
| [1:08:21] | Hey, guess what. Jaime’s not interested. | 你猜怎么着 杰米没兴趣 |
| [1:08:25] | Do Wachovia. | 找美联银行 |
| [1:08:27] | They were writing mortgages with their eyes closed. | 他们闭着眼发贷款 |
| [1:08:29] | Tim, it’s a shit sandwich. Forget it. | 烂到家了 省省吧 |
| [1:08:37] | Well, I haven’t been able to reach you for four hours. | 我4个小时都联系不上你 |
| [1:08:39] | That is– that is totally fucking unacceptable on a day like today. | 在今天这种日子是绝不可接受的 |
| [1:08:43] | I had to run my team through the Goldman proposal. | 我让我的人翻阅了高盛的提议 |
| [1:08:46] | It’s not gonna work. | 这行不通 |
| [1:08:47] | You passed on Goldman without even talking to me? | 你不跟我说一声就拒绝高盛了? |
| [1:08:51] | I don’t need another trillion dollars on my balance sheet. | 我不想再在资产负债表上 添1万亿差额了 |
| [1:08:58] | Next time I call, pick up. | 下次我打给你 要接 |
| [1:09:03] | Fucker. | 混蛋 |
| [1:09:05] | The problem is the toxic assets. Let’s just buy them. | 问题在于有毒资产 我们买下就是了 |
| [1:09:08] | Ooh, call it cash-for-trash. | 现金换垃圾 |
| [1:09:10] | When the market stabilizes, we’ll unload them. | 等市场稳定了 再放出去 |
| [1:09:13] | Hopefully Treasury will get its money back. | 财政部有望把钱收回 |
| [1:09:15] | – Is that in the break-the-glass plan? – Basically. | – 这也是”击碎玻璃”计划的一部分? – 算是吧 |
| [1:09:18] | My copy’s missing some pages. | 我这份好像少了几页 |
| [1:09:20] | Could someone else show me the rest of– | 谁给我看一下其余的… |
| [1:09:21] | It’s succinct. | 本就这么简明 |
| [1:09:23] | We’ve got one shot with Congress. | 我们在国会上只有一次机会 |
| [1:09:25] | You want them to write a piece of legislation based on three pages? | 你希望他们凭这3张纸就通过方案? |
| [1:09:29] | (Dan Jester) Look, guys, | 听着 |
| [1:09:30] | buying toxic assets is gonna be a nightmare. | 收购有毒资产将是个噩梦 |
| [1:09:33] | Nobody knows what the stuff’s worth. | 没人知道它们的价值 |
| [1:09:35] | It’ll take forever to untangle. These banks are going down now. | 猴年马月才能起作用 银行现在就不行了 |
| [1:09:37] | So what do we do? | 那怎么办? |
| [1:09:39] | You want to unfreeze credit, right? | 你想解冻信贷市场 |
| [1:09:40] | You want the banks to lend people money? | 想让银行借钱出去? |
| [1:09:42] | – That’s the goal. – So give them money to lend. | – 就是这个目的 – 那就给钱让他们借出 |
| [1:09:47] | Capital injections? | 资本注入? |
| [1:09:49] | Dan, come on. | 丹 得了吧 |
| [1:09:51] | I can’t believe you’re pulling out the “n” word. | 你竟然提出禁忌话题 |
| [1:09:52] | I’m not saying nationalize the banks. | 我不是说让银行国有化 |
| [1:09:53] | I’m saying isolate the ones | 只是把有麻烦的银行 |
| [1:09:55] | that are really in trouble and make an investment. | 分离出来进行投资 |
| [1:09:57] | It’s unamerican. | 这不是美式作风 |
| [1:09:58] | It’s– it’s sure unrepublican. | 也不是共和党作风 |
| [1:09:58] | 主张大市场小政府 和民主党正相反 | |
| [1:10:00] | You make the government a stockholder– | 你把政府变成股东 |
| [1:10:03] | what, do we tell them | 要我们来告诉他们 |
| [1:10:04] | how to manage themselves, what to buy and sell? | 如何管理 买卖什么东西吗? |
| [1:10:07] | Run them like the post Office? | 像经营邮局一样? |
| [1:10:09] | ‘Cause that works like a dream. | 那简直是做梦 |
| [1:10:10] | We make it temporary. | 只是暂时的 |
| [1:10:11] | We make ourselves nonvoting stockholders. | 成为无投票权的股东 |
| [1:10:14] | You can’t just hand the banks massive piles of cash. | 总不能直接把钱扔给银行吧 |
| [1:10:17] | Nobody’s gonna go for it. | 没人愿意这样 |
| [1:10:19] | To the Republican’s it’s nationalization. | 对共和党而言 是国有化 |
| [1:10:21] | To the Democrats it’s a bailout. | 对民主党而言 是财政援助 |
| [1:10:23] | And the banks are gonna go ballistic. | 银行会气炸了 |
| [1:10:25] | Sorry, Dan, not gonna happen. | 抱歉 丹 不可能 |
| [1:10:27] | Kudos for out-of-the-box thinking. | 独到的想法还是值得赞赏 |
| [1:10:29] | Neel, if we go with your plan to buy the assets, | 尼尔 如果照你说的收购有毒资产 |
| [1:10:32] | how much is it gonna cost? | 要花多少钱? |
| [1:10:35] | It won’t work. | 没用的 |
| [1:10:36] | Look, the plan is three pages long, totally vague. | 听着 计划书只有3页 含糊其辞 |
| [1:10:39] | If buying the assets doesn’t work, | 要是收购资产不管用 |
| [1:10:41] | we’ll nationalize the banks for you, okay? | 就按你说的国有化银行 好吗? |
| [1:10:43] | How much? | 多少钱? |
| [1:10:45] | To be safe, maybe a trillion. | 保险起见 1万亿 |
| [1:10:48] | The Congress will never do a trillion– never. | 国会绝不会同意的 绝不 |
| [1:10:51] | Well, there’s $11 trillion in residential mortgages. | 有11万亿住房贷款抵押 |
| [1:10:55] | There’s $3 trillion in commercial mortgages. | 3万亿商业贷款抵押 |
| [1:10:57] | That’s $14 trillion, right? | 总共14万亿 对吧? |
| [1:11:00] | You gotta figure about 5% default rate. | 假设有5%贷款违约 |
| [1:11:03] | 5% of $14 trillion | 14万亿的5% |
| [1:11:06] | is $700 billion. | 就是7千亿 |
| [1:11:13] | It’s better than a trillion. | 比1万亿好点 |
| [1:11:19] | (Paulson) The only way to get this done | 要通过 唯一的办法 |
| [1:11:19] | 晚上7点 | |
| [1:11:21] | is to just scare them shitless. | 就是吓得他们屁滚尿流 |
| [1:11:23] | That should be easy. I’m scared shitless myself. | 那该很简单 我已经屁滚尿流了 |
| [1:11:23] | 2008年9月18日 星期四 雷曼兄弟倒闭后3天 | |
| [1:11:38] | Troubled Asset Relief Program? | 问题资产救助计划? |
| [1:11:38] | 巴尼・弗兰克 马萨诸塞州民主党议员 美国众议院金融服务委员会主席 | |
| [1:11:41] | T.A.R.P. We’re calling it. | 简称TARP |
| [1:11:43] | This is your draft of the bill? | 这是议案的草稿? |
| [1:11:45] | Subject to revision certainly. | 当然还可以再改 |
| [1:11:50] | Well, I’ve only got three pages here. | 我这儿只有3页 |
| [1:11:50] | 克里斯・多德 康涅狄格州民主党参议员 参议院银行委员会主席 | |
| [1:11:52] | Am I missing something? | 是不是缺了什么? |
| [1:11:54] | No. | 没有 |
| [1:11:57] | You’re just looking for a big blank check in a hurry. | 你们真是急着来要空白支票啊 |
| [1:11:57] | 理查德・谢尔比 阿拉巴马州共和党议员 参议院银行委员会委员 | |
| [1:12:01] | It’s all for the banks. You don’t want a penny | 都是在为银行着想 全然不考虑 |
| [1:12:04] | for the average Joe that’s about to lose his house? | 那些就要无家可归的平民百姓? |
| [1:12:06] | There’s not a scrap of oversight built into this– | 完全没有提到任何监管 |
| [1:12:09] | not for the banks or for you for that matter. | 对银行和对你们的监管 |
| [1:12:11] | You want us to simply hand over | 你想让我们就这样给你 |
| [1:12:13] | $700 billion and trust you? | 7千亿并信任你? |
| [1:12:16] | How is it possible you didn’t see this coming? | 你们怎会没预料到会发展成这样? |
| [1:12:16] | 南希・佩洛西 加州民主党议员 众议院议长 | |
| [1:12:19] | If you want to rewind the tape, we can do that. | 如果可以倒带的话 就不会这样 |
| [1:12:21] | But right now the one thing we don’t have is time. | 但现在我们最缺的就是时间 |
| [1:12:25] | We need an announcement tonight to calm the market. | 我们要在今晚发布声明以安抚市场 |
| [1:12:27] | We need legislation next week. | 我们需要下周就通过援救方案 |
| [1:12:33] | I spent my entire academic career | 我整个学术生涯 |
| [1:12:38] | studying the Great Depression. | 都在研究大萧条 |
| [1:12:42] | The Depression may have started | 它的开始 可能是… |
| [1:12:45] | because of a stock market crash, | 由于股市崩盘 |
| [1:12:47] | but what hit the general economy | 但波及到整个经济系统 |
| [1:12:50] | was a disruption of credit– | 是由于信贷的瓦解 |
| [1:12:52] | average citizens unable to borrow money | 百姓借不到钱 |
| [1:12:54] | to do anything– to buy a home, | 什么也做不了 不能买房 |
| [1:12:56] | start a business, stock their shelves. | 不能创业 不能进货 |
| [1:13:01] | Credit has the ability to build a modern economy, | 信贷支撑着现代经济 |
| [1:13:04] | but lack of credit has the power to destroy it, | 缺乏信贷也能摧毁经济 |
| [1:13:07] | swiftly and absolutely. | 摧枯拉朽 片甲不留 |
| [1:13:11] | If we do not act boldly and immediately, | 如果不能大胆快速地行动 |
| [1:13:14] | we will replay the Depression of the 1930s, | 就会重演30年代的大萧条 |
| [1:13:17] | only this time it will be | 只不过这次 |
| [1:13:20] | far far worse. | 可怕许多 |
| [1:13:24] | We don’t do this now– | 如果不通过方案 |
| [1:13:26] | we won’t have an economy on Monday. | 下周一便无经济体系可言 |
| [1:13:38] | Geithner. | 盖特纳来电 |
| [1:13:44] | We took the proposal down to Congress. | 我们把提案交给了国会 |
| [1:13:46] | Are they gonna go for it? | 他们同意吗? |
| [1:13:48] | They didn’t like the fact that it was short. | 他们觉得太短了 |
| [1:13:49] | I thought concise was a plus. They thought it was flimsy | 我以为简明扼要会加分呢 他们觉得缺乏说服力 |
| [1:13:52] | or arrogant or something. | 或是太傲慢之类的 |
| [1:13:55] | I don’t know what they think. They couldn’t get past it. | 不知道他们怎么想 就是不让通过 |
| [1:13:58] | The market’s in a death spiral. They’re gonna sink the bill | 市场正坠入深渊 他们否决提案 |
| [1:14:00] | because the proposal is too fucking short? | 就他妈因为太短了? |
| [1:14:02] | They’re working on it. They’re gonna make it longer, | 他们正着手此事 把它加长一些 |
| [1:14:05] | among other things. | 还有其他修改 |
| [1:14:08] | Look, | 听着 |
| [1:14:10] | just tell me you got something. | 告诉我有所收获 |
| [1:14:14] | No. No, we’re nowhere. | 不 什么都没有 |
| [1:14:18] | Who’s left for Morgan Stanley? | 摩根士丹利还有什么选择? |
| [1:14:19] | China Investment Corporation. | 中投公司 |
| [1:14:19] | 天朝国企 全球最大的主权财富基金之一 | |
| [1:14:25] | Mae Mitsubishi. | 或许还有三菱 |
| [1:14:27] | No, the Japanese will never do this deal. | 不 日本人绝不会接受这笔交易 |
| [1:14:30] | How about Goldman? | 高盛呢? |
| [1:14:31] | Goldman’s looking at Wachovia, but they’re so fucked, | 高盛正盯着美联 但他们烂到 |
| [1:14:34] | even John Mack turned up his nose. | 约翰・麦克都嗤之以鼻了 |
| [1:14:39] | You gotta get that bill passed. | 一定要让提案通过 |
| [1:14:41] | I’m pushing. | 我正在施压 |
| [1:14:42] | Well, push harder, | 再狠点 |
| [1:14:44] | please. | 拜托 |
| [1:14:48] | This isn’t working, Hank. | 这办法行不通 汉克 |
| [1:15:05] | Hank? | 汉克? |
| [1:15:07] | Could you excuse me a moment? | 失陪一下 |
| [1:15:31] | Oh my God. | 天啊 |
| [1:15:31] | 2008年9月21日 雷曼兄弟倒闭后6天 | |
| [1:15:33] | GAO, GAO, | 高 (指中投公司总经理高西庆) |
| [1:15:36] | I am so sorry about this. There’s nothing we can do. | 很抱歉 我们无能为力 |
| [1:15:39] | It’s New York, you know. We’re lucky | 这是纽约 在扬基体育场 |
| [1:15:41] | we can still buy a beer at Yankee Stadium. | 能买到啤酒都已经算幸运了 |
| [1:15:43] | Don’t worry about it. I should quit anyway. | 没关系 反正我也该戒了 |
| [1:15:46] | When you’re ready, we’ll be inside. | 我们在里面等你们 |
| [1:15:52] | Is there any movement there? | 有什么进展吗? |
| [1:15:54] | They made an extremely low opening offer. | 他们开出了超低价位 |
| [1:15:56] | I pretended I didn’t hear it. | 我装作没听见 |
| [1:15:58] | (Paulson) The markets can’t open Monday | 不解决摩根斯坦利的问题 |
| [1:16:00] | without a resolution on Morgan Stanley. | 周一就没法开市 |
| [1:16:03] | We really need you to do a deal. | 我们真的需要你这么做 |
| [1:16:05] | – You need to call Jamie. – I called Jamie. | – 你要联系杰米 – 我找过他了 |
| [1:16:08] | He doesn’t want us. There’s too much overlap. | 他不想收购我们 业务重叠太多 |
| [1:16:10] | We’ve spoken to him. He’ll do it. | 我们跟他谈过了 他愿意 |
| [1:16:11] | For what, a dollar? Why would I do that? | 就为卖个每股1块钱? 我凭什么这么做? |
| [1:16:14] | I got China Investment | 中投和三菱 |
| [1:16:16] | and Mitsubishi kicking my tires. | 都对我有意 |
| [1:16:18] | I know those guys. They’re not gonna close a deal in time. | 我了解他们 他们不会及时谈妥的 |
| [1:16:21] | We want you to call Jamie. | 我们要你打给杰米 |
| [1:16:24] | Let me ask you a question. | 我问你个问题 |
| [1:16:26] | 35,000 jobs just disappeared in this city | 3万5千份工作随着AIG 雷曼 |
| [1:16:29] | between A.I.G., Lehman and Bear. | 和贝尔斯登的崩盘而蒸发 |
| [1:16:31] | We make a deal with Jamie– | 如果我们跟杰米达成协议 |
| [1:16:33] | he’ll fire 20,000 Morgan Stanley employees. | 他还会裁掉2万大摩员工 |
| [1:16:36] | You think that’s good public policy? | 你觉得这是优秀的公共政策? |
| [1:16:38] | John, we are looking at the whole system here. | 约翰 我们要放眼整个系统 |
| [1:16:42] | The Chinese are leaving. | 中国人要走了 |
| [1:16:44] | GAO found out we’re also talking to Mitsubishi. | 高得知我们也在跟三菱谈 |
| [1:16:45] | I gotta go. | 我得挂了 |
| [1:16:47] | All right, get me Kuroyanagi and a Japanese translator. | 给我接通畔柳信雄 找个日语翻译 |
| [1:16:47] | 三菱集团总裁 | |
| [1:16:50] | We’re closing with Mitsubishi tonight. | 今晚就要跟三菱谈妥 |
| [1:16:52] | Tim Geithner’s calling again. | 蒂姆?盖特纳又来电了 |
| [1:16:55] | Cover your ears. | 就当没听到 |
| [1:16:57] | You tell Tim Geithner to fucking blow me. | 告诉他有种就干掉我 |
| [1:16:58] | I’m trying to save my company. | 我正在拯救我的公司 |
| [1:17:03] | Put him on the schedule, but make sure it’s after lunch, | 把他安排进行程表 安排在午餐后 |
| [1:17:03] | 2008年9月22日 雷曼兄弟倒闭后7天 | |
| [1:17:06] | – because that way I can fit Maddle in beforehand. – ( Phone chimes ) | 那样我可以提前把麦迪找来 |
| [1:17:09] | Morgan just made a deal with Mitsubishi. | 摩根斯坦利跟三菱成交了 |
| [1:17:12] | So we’re the only bank | 我们是唯一一家 |
| [1:17:14] | with our dick still in the wind. | 生死未卜的银行了 |
| [1:17:16] | I’m calling Buffett again. | 我再打给巴菲特 |
| [1:17:24] | Grandpa, they keep calling. What if it’s important? | 爷爷 他们一直找你 要是重要事呢? |
| [1:17:27] | They always think it’s important. | 他们总自以为重要 |
| [1:17:31] | All right, I’ll make it fast. | 好吧 我快点解决 |
| [1:17:36] | Warren, thanks for calling back. How are you? | 沃伦 感谢回话 你好吗? |
| [1:17:38] | Just fine, Lloyd. | 还好 劳尔德 |
| [1:17:40] | What can I do for you today? | 又要我帮你什么? |
| [1:17:42] | I’d like to talk to you about taking a stake in Goldman Sachs. | 我想让你购入高盛股份 |
| [1:17:45] | What do you have in mind? Sounds expensive. | 你怎么想的? 听上去很贵 |
| [1:17:47] | Maybe not. | 或许不贵 |
| [1:17:51] | (Paulson) You’d better have good news, | 最好是好消息 |
| [1:17:54] | because I might be dead before we finish | 也许是否实施TARP的结论还没出前 |
| [1:17:56] | haggling over TARP. | 我就死了 |
| [1:17:59] | Buffett’s throwing $5 billion into Goldman. | 巴菲特向高盛注资50亿 |
| [1:18:04] | We’re off the ledge. | 我们无计可施了 |
| [1:18:07] | For a moment. | 只是暂时的 |
| [1:18:09] | The October surprise arrived a little early | 十月的惊喜来得早了一些 |
| [1:18:12] | with a game-changing jolt to the White House race. | 总统职位的竞争出现了转机 |
| [1:18:15] | Call it a master stroke | 是出奇制胜 |
| [1:18:16] | or a desperate Hail-Mary pass– | 还是放手一搏 |
| [1:18:19] | McCain announced he would suspend his campaign | 麦凯恩宣布暂停竞选活动 |
| [1:18:22] | and asked for this Friday’s debate to be postponed | 并要求推迟本周五的辩论 |
| [1:18:25] | So he can return to Washington to focus on the economic crisis. | 以返回华盛顿 处理经济危机 |
| [1:18:28] | Now is our chance to come together, | 现在是我们团结一致的机会 |
| [1:18:31] | to prove that Washington is once again | 再次证明华盛顿有能力 |
| [1:18:34] | capable of leading this country. | 治国安邦 |
| [1:18:37] | – Thank God he came back. – ( audience laughing ) | 谢天谢地 他回来了 |
| [1:18:40] | Like Daniel Day Lewis in “Last of the Mohicans,” | 就像电影<最后的莫希干人>中的 丹尼尔・戴・刘易斯 |
| [1:18:44] | he will find us! | 他会找到我们的! |
| [1:18:49] | – They’re blowing it up. – What happened? | – 他们要搞砸了 – 怎么回事? |
| [1:18:51] | McCain wanted to swoop in and save the day, | 麦凯恩想趁机介入 扭转局面 |
| [1:18:53] | but doesn’t have any idea how to do it. | 但根本不知道怎么下手 |
| [1:18:54] | It’s 100-page piece of legislation | 那可是我们谨慎协商了好几天 |
| [1:18:56] | we’ve been carefully negotiating for days. | 写就的100页法案 |
| [1:18:58] | What, did he think they were gonna sit around and spitball? | 他以为我们就坐在这扔纸团玩? |
| [1:19:01] | Yeah, when McCain got here | 是的 等麦凯恩过来 |
| [1:19:02] | and found out that the deal was basically done, he went apeshit. | 发现我们办得差不多了 他大发雷霆 |
| [1:19:06] | The Republicans fell in behind their guy. | 共和党没跟上进度 |
| [1:19:08] | They want to start all over again. | 他们希望重新来过 |
| [1:19:09] | Democrats flipped out. Republicans dug in. | 民主党发飙 共和党赖着不走 |
| [1:19:12] | (Together) Clusterfuck. | 一团糟 |
| [1:19:14] | – Where’s Hank? – Still talking to McCain. | – 汉克在哪? – 还在和麦凯恩谈 |
| [1:19:17] | If you or anyone else does anything | 如果你或任何人做了什么 |
| [1:19:20] | that causes a depression, it is not gonna be on me. | 导致经济萧条 我可不负责 |
| [1:19:23] | I have a big mouth, Senator– | 我是个大嘴巴 参议员– |
| [1:19:26] | – a very big mouth. – Hold on… | – 口风很松的 – 等等… |
| [1:19:27] | He’s not threatening | 他不会是在 |
| [1:19:30] | the Republican Presidential Nominee, is he? | 威胁共和党总统候选人吧? |
| [1:19:32] | – Something’s got to be done. – No no. Excuse me, please. | – 必须得做点什么 – 不行 对不起 先走一步 |
| [1:19:35] | Where are the Democrats? | 民主党的人在哪? |
| [1:19:37] | They’re right down this way. | 就在这边 |
| [1:19:39] | – Is Nancy there? – Yes. Yes, she is. | – 南希在那吗? – 在 |
| [1:19:40] | Thank you. | 谢谢 |
| [1:19:49] | Nancy… | 南希… |
| [1:19:55] | Gee, Hank. | 汉克你这是 |
| [1:19:57] | I didn’t know you were Catholic. | 我不知道你还是天主教徒 |
| [1:20:01] | I beg of you, don’t blow this up. It was a bad meeting, | 我求你 别毁了这个提案 这个会议很糟 |
| [1:20:03] | but we need to get together on this. | 但我们得达成共识 |
| [1:20:05] | We’re not the ones trying to blow it up. | 我们不是想否决的一方 |
| [1:20:07] | I just ask you to stay with us. | 我只是请你支持我们 |
| [1:20:11] | Please. | 求你了 |
| [1:20:15] | The House began debating the rescue bill | 今天上午 9点27分 |
| [1:20:16] | at 9:27 this morning. | 白宫开始讨论援助法案 |
| [1:20:18] | At about 1:28 pm Congress did finally act. | 约在下午1点28分 国会完成了最终投票 |
| [1:20:21] | – This is a squeaker of a vote. – (Man) We are down to it right now. | – 票数非常接近 – 马上来看看 |
| [1:20:23] | (Man #2) It looks like the Democrats delivered their caucus | 赞成票多数来自民主党 |
| [1:20:25] | and the Republicans so far have not. | 而目前看来共和党不大赞同此案 |
| [1:20:27] | (Man #3) What do you think they could do to change the bill | 你认为他们会怎样修改议案 |
| [1:20:30] | to get a few Republican votes over to the other side? | 以赢得更多共和党议员的支持 |
| [1:20:32] | (Man #4) If they hang Wall Street CEOs, | 如果他们吊死那些华尔街的CEO |
| [1:20:33] | I think that would get a few more votes. | 我想他们就能得到更多选票 |
| [1:20:35] | (Man #5) You know, I’m not– I’m not sure | 知道吗 我不– 不确定 |
| [1:20:37] | what they could do exactly. | 他们究竟会怎么做 |
| [1:20:39] | It is possible that the leadership of the Congress would conclude | 有可能国会的领导认为 |
| [1:20:42] | that there’s nothing that can get a majority of support | 他们无法得到多数人的支持 |
| [1:20:45] | and see what Hank Paulson can do and the administration can do– | 就看保尔森和政府会怎么做 |
| [1:20:50] | (Man #6) Leaders are negotiating right now | 领导们正在商议 |
| [1:20:52] | who’ll risk their seats. And that’s what I’m hearing. | 谁会愿意拿自己的仕途冒险 这就是我听到的 |
| [1:20:54] | Pelosi wouldn’t have brought the bill to the floor if she | 如果佩洛西认为这个法案无法通过 |
| [1:20:56] | didn’t think it would pass. | 她不会将其提上议程的 |
| [1:20:58] | (Man) I don’t know the answer to that, Charlie. I can’t answer. | 我不知道答案 查理 我无法回答 |
| [1:20:59] | I’m just reading an email that’s coming to me. | 我只是在读我的一封邮件 |
| [1:21:01] | (Man #2) I think the bottom line | 我想最终 |
| [1:21:03] | is they gotta go back to the drawing board. | 他们还是得重新筹划 |
| [1:21:04] | (Woman) Do they have the time though to do that? | 但他们还有时间这么做吗? |
| [1:21:06] | Look at the Dow Jones Industrial Average. | 看看道琼斯工业平均指数 |
| [1:21:07] | (Man #3) Well, you know, you’re gonna get a– | 知道吗 你们会– |
| [1:21:09] | (Man #4) At this point we just | 此时此刻 我们只能 |
| [1:21:10] | gotta hold on to the sides of the kayak | 紧抓救生筏 |
| [1:21:12] | and ride through this because– | 挺过去 因为– |
| [1:21:13] | (Man #5) They didn’t pass it. | 他们否决了议案 |
| [1:21:15] | – (Man #6) They did not pass it. – It just wasn’t enough. | – 他们否决了 – 这还不够 |
| [1:21:17] | (Steve Liesman) They’re gonna end up being nine votes short, Bill. | 他们准备就此终结这个法案 |
| [1:21:21] | (Female anchor) Say that again, Steve. | 再说一次 斯蒂文 |
| [1:21:23] | (Liesman) I think they’re gonna end up being nine votes– | 我认为他们会以9票之差的结果 否决这一提案– |
| [1:21:25] | if they get all six– five of the remaining votes, | 如果他们得到余下票数中的6票 是5票支持的话 |
| [1:21:27] | they’ll be 10 votes short now– if they get all five remaining. | 现在差10票了– 如果他们赢得余下的5票 |
| [1:21:31] | The writing is on the wall there. | 结果在墙上 |
| [1:21:33] | (Man) And we’re here down on the floor. | 我们在这里 心灰意冷 |
| [1:21:35] | Traders have been standing around. We’re all here in knots. | 交易员都干站着 我们都三五成群地待在这里 |
| [1:21:42] | The networks are waiting for you in the press room. | 媒体在新闻发布室等你 |
| [1:21:45] | I can’t even– | 我甚至无法– |
| [1:22:00] | We have to go back again. | 我们得重头来过 |
| [1:22:02] | They don’t get to say no on this. | 他们不会对新提案说不 |
| [1:22:06] | Okay. | 好吧 |
| [1:22:07] | The White House wants a meeting. | 白宫想和你会面 |
| [1:22:09] | Good. We’ll come up with a new strategy. | 很好 我们带着新策略去 |
| [1:22:11] | The White House has to push harder on the Hill. | 白宫必须使劲给国会施压 |
| [1:22:13] | Meanwhile we need to keep working on what we do with the money. | 同时 我们得表现的好像提案能通过 |
| [1:22:15] | Let’s act like this is gonna work. | 我们得先想好如何运用资金 |
| [1:22:17] | In that case, let’s talk about cash injections. | 既然如此 我们来谈谈注资吧 |
| [1:22:19] | Here we go again. | 又来了 |
| [1:22:20] | We can’t nationalize the banks. | 我们不能把银行国有化 |
| [1:22:21] | It’s not nationali– | 这不是国有化– |
| [1:22:22] | That’s how Japan got itself a decade-long recession. | 这就是日本经济衰退达10年的原因 |
| [1:22:24] | Is that where we want to go? | 那是我们想要的结果吗? |
| [1:22:27] | What else do we have? | 还有什么别的选择? |
| [1:22:29] | Cash-for-trash. | 现金换垃圾 |
| [1:22:30] | Buying toxic assets is still our go-to move. | 购入有毒资产依然是我们的核心方法 |
| [1:22:33] | All right. Find a way to simplify it. | 好 想办法简化它 |
| [1:22:36] | Dan, work something up. | 丹 做个方案出来 |
| [1:22:39] | For discussion purposes, let’s see what it would look like. | 让我们具体看看 讨论一下 |
| [1:22:53] | For those who supported the $700 billion Wall Street bailout, | 对于那些支持7千亿美元 华尔街援助计划的人而言 |
| [1:22:56] | it was a surprising and stunning failure | 众议院投票否决此提案 |
| [1:22:58] | when the House of Representatives voted to reject it. | 是一次出乎意料的失败 |
| [1:23:01] | (Female anchor) It’s a stinging defeat for President Bush | 对布什总统而言 被共和党同僚打击 |
| [1:23:03] | delivered at the hands of his fellow Republicans. | 是一次惨痛的失败 |
| [1:23:06] | We put forth a plan that was big | 我们提出了一个宏大的计划 |
| [1:23:09] | because we’ve got a big problem. | 因为我们面临着一个严重的问题 |
| [1:23:11] | The reality is that we’re in an urgent situation. | 事实上 形势非常紧迫 |
| [1:23:15] | and the consequences will grow worse each day | 如果我们不行动 |
| [1:23:18] | if we do not act. | 后果将会日益恶化 |
| [1:23:20] | I know. I keep telling– | 我知道 我一直都说– |
| [1:23:21] | draft of the new bill. | 新法案的草稿 |
| [1:23:23] | Are they having any luck with it? | 他们那边有进展了吗? |
| [1:23:23] | 2天以后 | |
| [1:23:25] | The White House thinks they got a better shot of pushing it | 白宫认为先向参议院施压会更好 |
| [1:23:27] | through the Senate side first. Hopefully they’re right. | 但愿他们是对的 |
| [1:23:30] | They asked us to back off and let them handle it. | 他们要我们别管了 让他们处理 |
| [1:23:32] | So I’m– I’m– I’m trying to back off. | 所以 我在试着撒手 |
| [1:23:40] | Buying toxic assets isn’t gonna work. | 购入有毒资产没用 |
| [1:23:42] | Why not? | 为什么没用? |
| [1:23:44] | It’s too slow. | 太慢了 |
| [1:23:46] | I think I’ve been saying that. | 我之前就说过 |
| [1:23:47] | Well, we knew it was complicated, but how slow–? | 我们知道它很复杂 但有多慢–? |
| [1:23:49] | Two months, maybe more. | 2个月 或更久 |
| [1:23:52] | How is it possible we didn’t know how–? | 我们怎么会不知道–? |
| [1:23:53] | I didn’t ask how long it would take, okay? | 我没有问会要多久 好吗? |
| [1:23:58] | Can we move on? | 可以讨论别的了吗? |
| [1:24:00] | So maybe we can talk about capital injections. | 也许我们可以谈谈资本注入 |
| [1:24:04] | Dan, we really can’t. | 丹 我们不能 |
| [1:24:06] | I think we’re gonna have to. | 我想 我们别无选择了 |
| [1:24:08] | Even if neel could expedite the process, | 就算尼尔可以加快进程 |
| [1:24:10] | which seems unlikely, | 这显然不太可能 |
| [1:24:14] | the system is crumbling. | 系统正在崩溃 |
| [1:24:16] | The banks need money now. | 银行现在就需要钱 |
| [1:24:19] | If cash injections are the most efficient way to stabilize them, | 如果注资是稳定市场最快捷的方法 |
| [1:24:22] | then we can’t back off | 我们就不能因为 |
| [1:24:25] | because we’re uncomfortable being the men | 对国有化几家银行感到不适 |
| [1:24:27] | who nationalized a few American banks. | 就袖手旁观 |
| [1:24:30] | It’s faster, that’s for sure. | 可以肯定的是 它更快 |
| [1:24:31] | It will push us back off the precipice, yes, | 它能解燃眉之急 |
| [1:24:34] | unfreeze the system. | 激活整个系统 |
| [1:24:37] | We give them some money | 我们给他们些钱 |
| [1:24:40] | and they lend it out. | 让他们放贷 |
| [1:24:47] | The motion is adopted. | 提案通过 |
| [1:24:49] | After rejecting the Bush Administration’s T.A.R.P. Plan | 否决布什政府的TARP方案初稿后 |
| [1:24:51] | only four days ago, the House passed it today. | 仅仅4天 众议院于今日通过了此案 |
| [1:24:54] | The big question now– | 现在最大的疑问是– |
| [1:24:55] | whether investors will take comfort in the news. | 投资者能否从此消息中得到慰藉 |
| [1:24:57] | Current indicators show the stock market | 市场指数显示 |
| [1:24:57] | 2008年10月13日 华盛顿特区 凌晨2点 | |
| [1:24:59] | is continuing its freefall. | 股市仍在持续下挫 |
| [1:25:21] | Hello. | 喂 |
| [1:25:22] | Warren, it’s Hank. | 沃伦 我是保尔森 |
| [1:25:24] | I– I– I’m sorry. It’s late. | 对不起 这么晚了 |
| [1:25:28] | Am I waking you? | 我吵醒你了吗? |
| [1:25:30] | No, not at all. | 不 没有 |
| [1:25:32] | Can I pick your brain for a minute? | 能帮我出出主意吗? |
| [1:25:34] | Sure. What’s the problem? | 当然 怎么了? |
| [1:25:37] | How do you get a healthy bank | 怎样让一家健全的银行 |
| [1:25:41] | to accept a capital injection? | 接受注资? |
| [1:26:38] | I had to drag my ass all the way here from California. | 我不得不从加州大老远赶来 |
| [1:26:40] | They wouldn’t even tell my why. | 他们甚至不告诉我为了什么 |
| [1:26:42] | Nobody knows what this is about? | 没人知道这是要干嘛? |
| [1:26:44] | Nope. | 不知道 |
| [1:26:51] | Talk to Jamie? | 和杰米谈了? |
| [1:26:53] | Yep. He’ll be fine. | 是 他会没事的 |
| [1:26:55] | Did you tell him what was coming? | 你告诉他接下来会怎么做了? |
| [1:26:57] | Uh, did I tell him we’re about to make him swallow | 告诉他 我们要逼他接受 他并不需要的注资吗? |
| [1:26:57] | 摩根大通是08年金融危机里表现最佳的 华尔街大行 事实上不需要政府援助 | |
| [1:26:59] | a capital injection he doesn’t need? No. | 没说 |
| [1:27:03] | I– I told him we need his help | 我告诉他 我们需要他的帮助 |
| [1:27:06] | and I asked him very politely not to fuck with us today. | 我委婉地请求他 今天不要跟我们对着干 |
| [1:27:10] | He got it. | 他明白了 |
| [1:27:13] | She’s here. | 她来了 |
| [1:27:20] | 希拉・拜尔 联邦存款保险公司主席 | |
| [1:27:20] | Gentlemen. | 先生们 |
| [1:27:22] | We think this is gonna work? | 能谈成吗? |
| [1:27:24] | Oh yeah. They’re gonna love it. | 是的 他们会喜欢的 |
| [1:27:48] | We are of the view | 我们着眼于 |
| [1:27:50] | that the United States needs | 整个国家的需求 |
| [1:27:52] | to take strong, decisive action | 决定采取坚决有力的行动 |
| [1:27:55] | to arrest the stress | 以减缓金融体系… |
| [1:27:58] | in our financial system. | 所面临的压力 |
| [1:28:02] | Through our new T.A.R.P. Authority, | 通过新的TARP方案 当局 |
| [1:28:05] | Treasury will purchase | 财政部将 |
| [1:28:08] | preferred stock | 从在座各位的银行 |
| [1:28:10] | in each of the banks represented in this room. | 购入优先股 |
| [1:28:15] | That stock will yield 5% the first five years, | 头5年 年收益为5% |
| [1:28:18] | 9% after that. | 之后为9% |
| [1:28:21] | We give you money; You lend it out. | 我们给你们钱 你们贷出去 |
| [1:28:23] | It will unfreeze credit, stabilize the banks, | 这将激活信贷 稳定银行 |
| [1:28:27] | restore confidence. | 恢复投资者信心 |
| [1:28:29] | Everyone will be better off | 系统中有了更多的资金 |
| [1:28:31] | with more capital in the system. | 情况会好转 |
| [1:28:33] | And that is why | 这就是为什么 |
| [1:28:35] | all nine of you | 你们9位 |
| [1:28:39] | will participate in the program. | 都要参与这个计划 |
| [1:28:45] | Some of us don’t need any capital. | 我们中有些人并不需要资金 |
| [1:28:47] | You all need capital. | 你们都需要 |
| [1:28:49] | You have no idea what the market’s gonna look like in a year. | 你根本不知道市场会变成什么样 |
| [1:28:52] | Neither do you. | 你也不知道 |
| [1:28:54] | I’m not one of you New York guys | 我不是你们这些 |
| [1:28:56] | with your fancy products. | 拥有花花产品的纽约佬 |
| [1:28:58] | Well, why am I in this room talking about bailing you out? | 为什么我要坐在这 谈论帮助你们摆脱困境? |
| [1:29:01] | The stronger banks will serve as cover for the weaker banks. | 较强的银行会为弱势银行买单 |
| [1:29:05] | If just some of you take it, the money is a signal | 如果只有部分银行接受注资 那么它将成为一种信号 |
| [1:29:07] | that a bank is too weak to survive. The market will devour it. | 显示这家银行将无法存活 那样市场就会吞噬掉它 |
| [1:29:10] | How much are we talking about? | 有多少钱? |
| [1:29:13] | $125 billion. | 1250亿 |
| [1:29:18] | Bank of America– $15 billion. | 美国银行–150亿 |
| [1:29:20] | Bank of New York Mellon– $3 billion. | 纽约梅隆银行–30亿 |
| [1:29:22] | Citigroup– $25 billion. | 花旗集团–250亿 |
| [1:29:26] | Goldman Sachs– $10 billion. | 高盛–100亿 |
| [1:29:29] | J.P. Morgan– $25 billion. | 摩根大通–250亿 |
| [1:29:33] | Merrill Lynch– $10 billion. | 美林证券–100亿 |
| [1:29:35] | Morgan Stanley– $10 billion. | 摩根史丹利–100亿 |
| [1:29:37] | State Street– $2 billion. | 道富银行–20亿 |
| [1:29:41] | Wells Fargo– $25 billion. | 富国银行–250亿 |
| [1:29:49] | What happened to buying toxic assets? | 购入有毒资产的方案怎么了? |
| [1:29:52] | Wasn’t that the idea? | 那不是个好主意吗? |
| [1:29:54] | Paulson: It’s too slow. | 太慢了 |
| [1:29:56] | You’ll be dead before we sort it out. | 在弄好前 你们都已经完了 |
| [1:29:58] | So we’re just handing the reins over to you? | 我们就这么把缰绳交给你? |
| [1:30:01] | The deal’s actually pretty good. | 实际上 这个交易很不错 |
| [1:30:03] | You turn your nose up at this now, and we have to rescue you later– | 你们现在对此不屑一顾 等将来还得靠我们来援助时– |
| [1:30:06] | the terms won’t be nearly as attractive. | 条件就不会如此优厚了 |
| [1:30:07] | It’s cheap capital. It’s not the worst idea in the world. | 资本很便宜 这不是最差的主意 |
| [1:30:10] | Well, it is for those of us who already have capital. | 这是在说我们中有足够资本的 |
| [1:30:12] | We will be nonvoting shareholders. | 我们会是无投票权的股东 |
| [1:30:14] | This will be a temporary measure. | 这是个临时举措 |
| [1:30:19] | What if we decline to be involved? | 如果我们拒绝参与呢? |
| [1:30:21] | The Chairman of the FDIC is sitting right there. | 美国存款保险公司的主席在这里 |
| [1:30:25] | Tomorrow you’ll find out | 明天你会发现 |
| [1:30:26] | that you’re not as well-capitalized as you think you are. | 你并非自己所想那样 拥有雄厚资本 |
| [1:30:29] | What kind of protections can you offer on changes | 你们会采取怎样的措施 |
| [1:30:31] | for compensation policy? | 保障不改变薪酬制度? |
| [1:30:33] | I mean, if the government is going to become a part-owner, | 如果政府变成共有者 |
| [1:30:35] | does that mean that the government | 是不是意味着 |
| [1:30:37] | is going to dictate compensation? | 政府将指定薪酬额? |
| [1:30:40] | Are you asking me about your bonus right now, John? | 你现在是在问我你的奖金问题吗 约翰? |
| [1:30:42] | I’m running a company. | 我运营着一个公司 |
| [1:30:45] | If the Fed tells me I can’t offer | 如果美联储告诉我 |
| [1:30:47] | competitive pay for talent, | 我不能向英才提供有竞争力的薪酬 |
| [1:30:49] | you’re gonna launch the biggest brain drain this country’s ever seen. | 你们将引发前所未有的人才流失 |
| [1:30:52] | Is that the way you want to run the banks? | 这就是你们要的经营银行的方式? |
| [1:30:54] | Until the money is repaid to the Treasury, | 在偿清欠款给财政部以前 |
| [1:30:56] | there will be some limitations on tax deductions and golden parachutes. | 会有一些限制扣税和黄金降落伞的规定 |
| [1:30:56] | 黄金降落伞:企业高管被迫离职后 原公司从经济上给予的丰厚补偿 | |
| [1:30:59] | – Well, there you go. – I don’t really understand | – 这是你们要的 – 我真不明白 |
| [1:31:01] | why there needs to be so much tension about this. | 为什么要争论这个 |
| [1:31:04] | The country is facing | 国家正面临 |
| [1:31:06] | the worst economy since the Great Depression. | 大萧条以来最糟的经济形势 |
| [1:31:09] | If the financial system collapses, | 如果金融系统崩溃 |
| [1:31:11] | it will take every one of you down. | 你们每个人都得完蛋 |
| [1:31:22] | Give me the papers. | 给我文件 |
| [1:31:32] | – You can’t just sign it. – Oh no? | – 你不能就这么签了 – 不行吗? |
| [1:31:33] | – Not without your board. – My board’s on 24-hour notice. | – 你没经过董事会同意 – 我的董事会随时待命 |
| [1:31:37] | I think they’ll go along with it. | 我想他们会赞成的 |
| [1:31:39] | And if they don’t, they’ll fire me. | 如果不同意 他们可以炒了我 |
| [1:31:49] | Anyone else? | 还有谁? |
| [1:31:57] | Are they gonna do it? | 他们接受吗? |
| [1:32:01] | They’re calling their boards. | 他们在打电话给各自的董事会 |
| [1:32:03] | – That’s a good sign. – If they do go along with this, | – 这是个好迹象 – 如果他们同意了 |
| [1:32:05] | we should announce something alongside the injections– | 我们在公布注资的同时 公布其他举措– |
| [1:32:08] | maybe a program to buy up mortgages. | 或一个收购房屋贷款抵押的计划 |
| [1:32:11] | I’m not rushing out some half-assed plan | 我不会为了让我们看起来在做什么 |
| [1:32:13] | just to make it look like we’re doing something. | 而草率的公布些不成熟的计划 |
| [1:32:14] | Maybe we just beef up the restrictions | 或者我们可以就如何花这些钱 |
| [1:32:17] | on how they spend the money– | 补充一些限制条件– |
| [1:32:20] | something to take the stink off. | 以去除毒瘤 |
| [1:32:21] | Put more restrictions on it– they won’t take it. | 加更多的条件–他们就不会接受了 |
| [1:32:29] | One thing too many for today. | 今天一件事都太多了 |
| [1:32:33] | They almost bring down | 就我们所知 |
| [1:32:35] | the U.S. economy as we know it, | 他们几乎搞垮了全美的经济 |
| [1:32:37] | but we can’t put restrictions on how they spend | 而我们却不能限制他们如何使用 |
| [1:32:39] | the $125 billion we’re giving them, | 我们给的1250亿 |
| [1:32:43] | because they might not take it. | 因为他们可能不会接受 |
| [1:33:18] | What’s this? | 这是什么? |
| [1:33:21] | That is, um… | 是 嗯… |
| [1:33:25] | A poison dart frog. | 毒箭蛙 |
| [1:33:27] | Wendy took it in Guyana. | 温迪在圭亚那拍的 |
| [1:33:43] | Is this yours? | 这是你的吗? |
| [1:33:50] | Al Capone’s. | 艾尔・卡帕诺的(美国黑帮教父) |
| [1:33:55] | Eight out of the nine are in. | 9个人中的8个都同意了 |
| [1:33:56] | B of A is still waiting on its board, but– | 美国银行还在等董事会的决定 但– |
| [1:33:58] | it’s gonna go through. | 会通过的 |
| [1:34:01] | (Wilkinson) I’ll call the Speaker’s office. | 我去打给众议院办公室 |
| [1:34:03] | And we’re gonna get you on the phone with the President. | 我们去安排你和总统通话 |
| [1:34:06] | Okay. ( Laughs ) | 好的 |
| [1:34:12] | Dow is up 900 points | 道琼斯指数涨了900点 |
| [1:34:15] | just because we were meeting. | 只因为我们在会面 |
| [1:34:20] | Well, that’s good. | 太好了 |
| [1:34:24] | That’s good. | 太好了 |
| [1:34:26] | It was the right thing. | 这样做是对的 |
| [1:34:29] | Absolutely. | 当然是 |
| [1:34:32] | I was prepared for more blowback. | 我原本准备好应对更强的反对 |
| [1:34:34] | They didn’t have a choice. | 他们没得选择 |
| [1:34:37] | They knew that. | 他们知道的 |
| [1:34:41] | Well, I certainly hope that they– | 我非常希望他们– |
| [1:34:46] | What? | 什么? |
| [1:34:49] | I hope they use the money the way we’re asking them to. | 希望他们把钱用在我们要求的地方 |
| [1:34:53] | They will lend it out, won’t they? | 他们会把钱贷出去 是吗? |
| [1:34:59] | Of course they will. | 他们一定会的 |
| [1:35:13] | Of course they will. | 他们一定会的 |
| [1:35:24] | TARP援助计划实施后 各家银行缩小了贷款规模 市场仍在下跌 失业率上升到10% 上百万家庭因丧失抵押赎回权失去了房产 | |
| [1:35:37] | 2009年 恐慌的市场逐步稳定 避免了发生全球性的大萧条 各大银行最终偿还了TARP给予的救援资金 | |
| [1:35:49] | 2010年 华尔街员工的薪水总额达到1350亿美元 10家大行拥有全美银行总资产的77% 他们被称之为”大到不能倒” | |
| [1:36:08] | ( instrumental music playing ) | 大到不能倒 -=结束=- 谢谢观看 |
| [1:36:11] | == sync, corrected by elderman == | |