PBS.前线.崩溃的银行（2009）

Tonight on Frontline-
今晚"前线"将为您呈现
You're either growing or dying. So we grew.
这行业非生既死 于是我们选择扩张
They created the largest bank in America.
他们创造了美国最大的银行
He wants to give the
他要向整个
middle finger to New York and to Wall Street.
纽约和华尔街竖起中指
Merrill Lynch is this hugely prestigious brand.
美林是一家享有盛誉的公♥司♥
They had long sought this prize.
他们觊觎这个目标已经很久了
John Thain was a hero.
约翰·塞恩是位英雄
Ken Lewis finally is on top of the financial world.
肯·刘易斯终于站在了金融世界之巅
But it was troubled from the beginning.
但是这一开始就麻烦不断
The market was in complete chaos.
整个市场一片混乱
This became a game of survival.
这成了一个生死博弈
There are major doubts suddenly.
忽然间怀疑声四起
The government took over.
这时政♥府♥接手了
You can't leave this room until you agree to take this money.
要是不接受这笔钱你就别想离开这间房♥子
We nationalized the banks in the U.S. on that day.
那一天我们把美国的这些银行国有化了
There is no power on Wall Street anymore.
华尔街权力不再
The government holds all the cards.
政♥府♥接管了一切
That old way of putting on a party, it's over.
过去的游戏规则已经结束
Tonight on Frontline, Breaking the Bank.
今晚"前线"为您带来《崩溃的银行》
2008.
2008年
The housing bubble had burst.
房♥产泡沫破碎了
The elevator fell over the past week,
过去的一周情况直线恶化
there remains fears that it hasn't yet
人们仍在担心
reached the ground floor.
经济尚未触底
The markets were teetering.
市场情形尚未明朗
Profits in the banking industry are plunging-
银行业的利润急剧下降
At 10 o'clock eastern time, at Bear Stearns-
东部时间上午10点 在贝尔斯登投行
Nobody knew how bad it was going to get.
没有人知道经济会恶化到什么地步
On one weekend in September,
九月的一个周末
the entire American financial system would be changed.
整个美国金融系统将面临全面洗牌
It began with a phone call.
这一切皆始于一个电♥话♥
About 4:00 or 5:00 o'clock,
下午四五点左右
The various officials from the federal reserve
美联储官员们
started phoning the bank chiefs.
开始致电各大银行的高层
Cell phones started going off, and they said,
要求他们务必关机 暂停一切对外联♥系♥
"You need to be down here at 6:00 o'clock.
你们必须6点赶到这里
We want to talk to you."
我们想跟你们谈谈
I got a phone call about 5:00 o'clock
大约5点 我接到了一个电♥话♥
Saying be at the Fed at 6:00 o'clock that evening.
说要我今晚6点赶到美联储
I was in Merrill Lynch's midtown facilities,
我当时正在美林证券的市中心公♥司♥
And I live in West Chester,
而我住在西切斯特
so I was trying to get out of the city early
因为周五傍晚路上总是很堵
because the traffic is always bad on a Friday night.
于是我提早出发了
I went by myself.
我是一个人去的那里
And for the most part,
大多数
the CEOs of the large investment banks
各大投行和商业银行的总裁
and commercial banks were all there by themselves.
都是一个人去那里的
So everybody converged.
这样大家都召集到了一起
At that point,
那时
it was just the CEOs of the main houses
那栋房♥子里全都是各大机构的总裁
and very senior advisers.
和高级顾问们
That night at the New York Federal Reserve,
那晚在纽约美联储
the issue was Lehman Brothers.
讨论的话题是雷曼兄弟
Wall Street's fourth largest investment bank,
华尔街第四大投资银行
heavily invested in the mortgage market,
由于其大量投资于抵押信贷市场
was in a death spiral.
现已命悬一线
Bring everybody in the room, the interested parties,
待各相关当事人进入房♥间
and you say, "Look, we have to solve this problem."
说 我们必须想办法解决这个问题
And you lock the door
同时锁上门
until they come up with a solution.
直到有了解决方案才能离开
The secretary of the Treasury,
此次会议由财政部部长
Henry Paulson, had convened the meeting.
亨利·保尔森召集♥会♥议
Paulson thought perhaps he could get everybody together,
保尔森认为也许他能把大家召集起来
create a big old fund, and try to resolve Lehman.
建立一个传统的偿债基金来挽救雷曼兄弟
Tim Geithner, the president of the New York Federal Reserve,
纽约联储主席 蒂莫西·盖特纳
led the meeting.
主持会议
Tim Geithner says,
蒂莫西·盖特纳说
"Somebody needs to buy Lehman.
必须有人出面收♥购♥雷曼
We need to figure out how to rescue Lehman
我们必须想办法挽救雷曼兄弟
because otherwise,
否则
they're going to go bankrupt."
他们就要倒闭了
Inside the Fed, the picture of Lehman Brothers
在美联储看来 雷曼兄弟
was a financial institution
这样一个金融机构
that was melting away before its eyes.
就在他们的眼皮子底下不行了
They said to us we collectively had to find a solution for this,
他们说 我们必须一起想出个解决办法
and this is the important part,
而问题的关键是
the government was not going to
政♥府♥并不打算
provide any form of assistance.
提供任何形式的帮助
Convening a council of
对汉克·保尔森来说
powerful Wall Street bankers
把华尔街权威的银行家
came naturally to Hank Paulson.
召集在一起简直易如反掌
He used to be one of them.
他曾经就是其中一员
Paulson comes from the great breeds
保尔森是从被称为宇宙主宰的华尔街
of masters of the universe that have come from Wall Street.
走出来的精英人物
Henry Paulson came from Goldman Sachs.
亨利·保尔森来自高盛集团
He was a very powerful Wall Street figure.
曾是华尔街首屈一指的大人物
Paulson made his fortune in the freewheeling '90s,
保尔森发迹于美国20世纪90年代
when the unregulated free market was king.
迅速发展的无管制自♥由♥市场
Paulson does not have the mentality of a regulator,
保尔森并无监管头脑
he has the mentality of an investment banker,
却深谙投资银行之道
That the market rewards and the market punishes,
市场自动调节 赏罚分明
so you don't need a lot of regulation.
因此不需要很多制度来调控
And at the Fed that night and throughout the weekend,
在美联储的那晚以及整个周末
Paulson would push the bankers
保尔森给银行家们施压
to handle the Lehman crisis on their own.
让他们内部解决雷曼危机
It was a very high stakes game of signaling
他的这一想法是
that he was playing.
一场豪赌
He wanted to show these guys, you know,
他想告诉他那些
all of his old buddies on Wall Street,
华尔街的旧友们
that they were going to
他们要
need to step up and do something themselves.
行动起来 自力更生解决危机
But the bankers left the Fed that night uneasy.
那晚银行家们都是忧心忡忡地走出美联储
They knew that Lehman's books
他们清楚雷曼的账目里有着
carried tens of billions of dollars
数十亿美元的
in liabilities from toxic mortgages,
巨额抵押贷款债务
and they didn't want to touch it.
而他们根本不想插手
And they also knew Lehman wasn't alone.
他们也清楚深陷债务的绝非雷曼一家
It is about so much more than just Lehman.
此事涉及之广远甚于雷曼
It's about Merrill. It's about Citi.
美林集团 花旗银行
It's about all the banks.
这涉及了所有银行
Everyone's carrying in the back of their mind a list,
每个人都在暗自揣度 排列名单
a hit list, of who's next to go down.
预计谁会是下一个倒闭的
And it's Merrill. They're next in size.
结果是美林 他们负债仅次于雷曼
They're next in problems.
随即紧随雷曼陷入危机
They've already admitted that
他们已经公开承认
they have a whole bunch of toxic assets
他们的资产负债表里
on their balance sheet.
存在着大量不良资产
You know, the CEOs talked openly with John in the room,
在会议室里 总裁们当着约翰
Thain in the room, saying,
也就是塞恩的面说
"Well, you know, if we try to save Lehman Brothers,
想让我们挽救雷曼兄弟
that's all great.
这没问题
But we're going to be back here next weekend
但是下周末我们还得回到这里
and we're going to be talking about Merrill."
来讨论美林的问题
I did not want to be the equivalent of Lehman
我不想步雷曼兄弟的后尘
the following weekend, sitting there.
下周末 坐在那里等着被救
He was absolutely dead next.
下一个要倒闭的肯定是他
And "Dead" And "Next" Are the two appropriate terms.
说他是"下一个要倒闭的"毫不过分
53-year-old John Thain was
现年53岁的约翰·塞恩
one of the newest CEOs in the room.
是会议室里最年轻的总裁之一