PBS.前线.崩溃的银行（2009）

You know, they were supposed
他们本该
to sign the deal at 10:00 o'clock at night.
晚上10点就签完协议
It ends up going to 1:00, 2:00 in the morning
而最后到凌晨一两点才结束
because they're talking about comp,
因为在大难临头的时候
at a time when Rome is burning.
他们居然还在赔偿问题上斤斤计较
Comp- compensation, bonuses.
赔偿金 奖金
The bankers from Charlotte were
来自夏洛特的银行家们
now dealing with Wall Street.
正在和华尔街较劲
Someone from the Merrill team left,
一个美林集团的人离开了
went out of the room and came back with a piece of paper
走出了房♥间 带回来一张纸
for the top five executives at Merrill.
交给美林集团的5位高层
The paper came back and it said $40 million dollars
带回来写着4千万美元纸
for John Thain and other high
交给约翰·塞恩
eight-digit figures for the other four on his team.
另外四位高管各1千万美元
In the end, Bank of America agreed to
最终 美国银行同意
let Merrill spend up to $5.8 billion on the comp.
支付58亿美元赔偿金给美林集团
If you're Ken Lewis and
如果你是肯·刘易斯
you've just ponied up this
你刚用了个天文数字
enormous amount of money for this company,
买♥♥下了整个公♥司♥
and five hours later,
而仅仅5小时后
the conversation is not,
大家争论的焦点不是
"How are we going to
我们要如何
make a great combined company together?"
共同把合并后的新公♥司♥经营好
But is "How much money can we line
而是 我们要用多少钱才能
John Thain's pockets with?"
拉拢住约翰·塞恩
That would sour you, too.
这同样也会使你感到不快
Selfish things start to crop up
都到了关键的结局时刻
at the very end.
人们还是只顾个人渔利
And frankly, it extends things to the point that
坦白说 到后来
I have never really been
即使是在倒香槟酒庆功时
real happy by the time that champagne pours.
我也一点也没感到快乐
Usually, you're mad at each other by then
大家互相心存芥蒂
and you drink it politely and then leave.
出于客气把酒喝干 然后走人
And that was about how I felt with this one.
这就是我当时的感受
If you spend time and talk
那天晚上如果你
to people who were in that room that evening,
花时间和房♥间里的宾客谈上几句
they would tell you
你就会知道
the moment they signed the deal,
其实在签约时
they knew there was a problem.
他们就知道有问题
Lewis and Thain finally signed the deal.
刘易斯和塞恩最终还是签了合同
It would take effect on January 1st.
该项交易将于1月1日生效
At Lehman Brothers, they spent
而在雷曼兄弟
the night drawing up the bankruptcy papers.
他们连夜起草了申请破产的文件
The next morning, as Hank Paulson planned,
第二天早上 汉克·保尔森预计
the stock markets would wake up to the official announcement
在正式宣布美国银行和美林集团合并后
of the merger of Bank of America and Merrill Lynch.
低迷的股市将重振雄风
The press conference was in
记者招待会在
Bank of America's beautiful new headquarters.
美国银行漂亮的新总部大楼里举♥行♥
The two of them came in and they paused and shook hands,
他们走进来 停顿一下 然后握手
and it was actually an awkward moment
这场景实在是很尴尬
because so many photographers wanted to capture it
因为那么多摄影师都想捕捉到
that they shook hands over and over,
他们反复握手
and over and over and over again.
不停握手的瞬间
Despite the bitter back room dealings,
不论这场交易的背后有多艰难
it was a moment of triumph for Thain and Lewis.
对塞恩和刘易斯来说这是胜利的时刻
It was a crowing achievement for both these men.
是值得庆祝的巨大成就
You know, one of them had faced execution.
他们中的一位曾面临着莫大的抉择
The other one his entire life had been driven to
而另一位则毕生都致力于
build the largest bank in the U.S.
建设全美国最大的银行
And both of them managed to square the circle on that day.
在那天 他们都完成了不可能的任务
John Thain was a hero.
约翰·塞恩是一个英雄
He got $29 a share for his shareholders.
他为股东争取到了每股29美元的价格
That's what he's supposed to do,
这是他应该做的
he's supposed to be working for shareholders.
他本来就该为股东效力
He was the guy who saved Merrill from
他从吞噬了雷曼兄弟的倒闭旋涡中
falling down the same hole that had just sucked in Lehman.
挽救了美林集团
For Lewis, this day on September 15th,
而对于刘易斯来说 9月15日
he finally is on top of the financial world.
他终于站在了金融世界之巅
Bank of America would become
美国银行成为了
the largest bank by assets in the country,
全国资本最雄厚的银行
larger than Citi Group, larger than JP Morgan.
比花旗银行 摩根大通银行更雄厚
Merrill had been saved.
美林集团得救了
Ken Lewis and Hank Paulson had each gotten their wish.
肯·刘易斯和汉克·保尔森也都如愿以偿
That same morning in Washington
同一天早上 在华盛顿
Lehman announcing early this morning
雷曼兄弟于早些时候
it will file for bankruptcy,
宣布申请破产
confirming all those reports.
这证实了之前所有的传言
It's been particularly unsettling...
这尤其令人不安
Hank Paulson and his staff were waiting to see
汉克·保尔森和他的工作人员静观
How the markets would react
市场会对
to the Lehman bankruptcy and the Merrill merger.
雷曼破产和美林被收♥购♥作何反应
We hoped the Merrill purchase would stop the domino effect.
我们希望美林的收♥购♥案能阻止多米诺效应
That was definitely why
所以我们才会如此肯定
we thought it would be good news on monday morning.
星期一早上将会有利好消息
And it looked like it might be true.
这看起来似乎是正确的
Paulson headed to the White House to reassure the markets.
保尔森前往白宫以打消市场的疑虑
Good afternoon, everyone.
大家下午好
And I hope you all had an enjoyable weekend.
我希望你们每个人周末都过得愉快
The Fed and the Treasury thought that Lehman
美联储及财政部以为
could go under without causing a major conflagration
雷曼倒闭并不会引起巨大的经济动荡
and that it would be a big event,
倘若真的如此
but it wouldn't cause a cataclysm.
那么此次收♥购♥确实值得称道
But the American people can remain confident
但美国民众可以仍然对我们金融系统的
in the soundness and the resilience of our financial system.
稳定性和恢复力充满信心
Paulson had bet the markets would take care of themselves.
保尔森曾保证市场会自动调节
Thank you very much.
非常感谢
He would soon discover he was wrong.
但他很快就发现自己错了
The stock market dropped by...
股市一落千丈 下跌了近...
Everything freezes, and that's what causes the crisis.
一切都被冻结了 从而导致了这场危机
And it really started
因为雷曼兄弟的破产倒闭
because Lehman Brothers went into bankruptcy.
金融危机果然发生了
No one forecasted that this was going to happen,
没人能预料将会发生什么
but it turns out that this one decision made all the difference.
但最终任凭雷曼倒闭的决定改变了一切
Paulson had miscalculated.
保尔森失算了
The first sign of trouble, the credit markets began to freeze.
信贷市场的冻结是灾难开始的第一个信♥号♥♥
Hank was very nervous.
汉克十分焦虑
He was getting calls from large manufacturing companies
他不断地接到大型制♥造♥企业的电♥话♥
that were struggling because of
因为信贷市场的冻结
the credit markets being frozen.
使这些企业陷入苦苦挣扎的局面
Then the banks stopped lending.
而后银行也纷纷紧缩银根
The longer it went on,
这种情况持续越久
the more trouble the economy was going to be in.
对经济的创伤就越严重
The meltdown was happening.
崩溃在即
I'm sure that Paulson is sitting there
我记得很清楚当时保尔森坐在那里
and he doesn't strike me
他给我的印象
as the most reflective guy necessarily,
并不是一个太安静沉思的人
but he must have been sitting there,
但那次他就安静地坐在那里
everybody was sitting there saying,
每个人都呆坐在那里感叹
"My god, we may be presiding over
天啊 我们可能要经历
the second great depression."
第二次经济大萧条了
This is the utter nightmare of an economic policy maker.
这对经济决策者来说绝对是一个噩梦
You're sitting there and
你刚坐在那里
you may have just made the decision
做的决策极有可能
that destroyed the world.
毁了整个世界
Absolutely terrifying moment.
这绝对是个可怕的瞬间
Three days after Lehman's bankruptcy,
雷曼倒闭三天后
Paulson headed to congress.
保尔森前往国会
He had decided to dramatically change his approach.
他决心要完全改变他的策略
At that point, Paulson bowed to the inevitable.
那时 保尔森接受了已不可改变的事实
One thing Paulson said to me in an interview is,
在一次采访中保尔森告诉我