PBS.前线.崩溃的银行（2009）

"We can't do this. The losses are too big.
我们不能这么做 亏损太严重了
We're going to pull out."
我们要取消这笔交易
I can't say a lot about the negotiations.
关于谈判我不能讲太多
But what I would say is,
但我要说的是
they had their view of both what
退出并购对美国银行
that would do to Bank of America
以及整个金融系统的影响
and what that would do to the financial system.
他们都心里有数
Hank Paulson and Ben Bernanke say,
汉克·保尔森和本·伯南克说
"If you do that,
如果你退出
you'll destroy the tiny shard
将会使我们的银行系统中
of a banking system
硕果仅存的一小部分
that we still have left remaining.
也毁灭殆尽
You can't pull out of this deal."
你不能取消这桩买♥♥卖♥♥
Keep in mind, these are
请记住
men who have been through Lehman Brothers.
他们已经见到了雷曼兄弟的倒闭
They don't want this, they don't need it,
他们不想也不愿重蹈覆辙
and it can't happen.
绝不可以取消并购
Lewis sat quietly. His options were limited.
刘易斯安静地坐着 他别无选择
His new powerful partner,
他那强硬的新对手
the Secretary of the Treasury, was calling the shots.
财政部长 已经拿定主意
The government already had
政♥府♥已经向
$20 billion dollars inside Bank of America.
美国银行投入了200亿美元
It's its regulator. It's a bank.
政♥府♥是它的监管者 而它是一家银行
It's really kind of hard to tell the government to
当政♥府♥说 我们需要你做这桩生意
go shove it when it says, "We need you to do this deal."
这真的很难违抗
He is in a really tough spot.
他的处境真的相当艰难
He's almost damned if he does and damned if he doesn't.
无论他做还是不做 他都得完
Paulson got tough.
保尔森态度强硬
He's got a very strong voice, got a very strong will.
他的语气强硬 意志坚定
I think he could convince anybody - and in this case,
我想在这种情况下 他能够说服任何人
Ken Lewis -that if you don't follow along,
肯·刘易斯 如果你不继续
if you don't go along with the program,
如果你不按计划行事
you won't be part of the program anymore, meaning,
那你就不能再参与这个项目 换句话说
"We'll toss you right out."
我们会把你踢出去
You have to buy Merrill,
你必须得买♥♥美林集团
and we will make sure that happens
我们会想尽办法保证并购成功
up to and including removal of management,
包括调动管理层
removal of the board.
乃至更换整个董事会成员
From where Ken Lewis sat,
从肯·刘易斯的角度来看
I've had several people describe to me that Bank of America
不少人告诉我美国银行认为
thought it was a threat
这是一种威胁
and they needed to do this.
而他们必须这么做
There was- there was a time where that discussion
在某次商讨中 有那么一次
was held and- but we,
但是我们
in fact- we, in fact,
实际上 我们
decided on our own,
已经自己做了决定
not- not anything to do with that,
跟那个威胁没有关系
that it was in the best interests of all in-
我们觉得对所有人来说最好的选择
all involved to go ahead- to go forward.
就是向前进 向前冲
Ken Lewis blinked.
肯·刘易斯屈服了
The full force of the government is being brought upon him.
政♥府♥把所有的压力都转嫁到了他的身上
The rules of the game have changed.
游戏规则全变了
You know, Ken Lewis is on top
知道吗 肯·刘易斯
of the financial services world,
确实爬上了在金融服务业制高点的宝座
but he's not in charge.
但是他并没有控制权
The government holds
最终 政♥府♥取得控制权
all the cards at the end of the day.
接管了一切
Paulson then explained the offer
保尔森之后解释说
that Lewis could not refuse,
刘易斯决不会拒绝这笔交易
another $20 billion dollars,
外加200亿美元
and a promise to cover another $118 billion
还承诺承担美林集团
on Merrill's toxic assets.
另外的1180亿美元不良资产
The deal was kept a secret from stockholders,
这笔交易向股东
from Wall Street and the taxpayers
向华尔街和所有纳税人
for almost one month.
瞒了近一个月
Then, after the merger was completed, the story broke.
接着 并购成功后 秘密公开了
Citigroup and Bank of America
花旗集团和美国银行的损失
have been losing money at a furious pace.
急剧增长
In this country,
在这个国家
two major banks sank deeper into the red,
不论政♥府♥再出资几十亿支持他们
despite billions more from the government to prop them up.
两个龙头银行的赤字状况还是迅速恶化
The stock market has been falling day after day,
股票每天都在跌
and now news
而现在有消息称
that the biggest banks need more money.
连最大的银行都缺钱
Between January 15th and January 20th,
从1月15日到20日
Bank of America's stock drops more than 45 percent.
美国银行的股票跌幅超过了45个百分点
The bank's shotgun marriage with Merrill Lynch
九月份美国银行与美林集团的
in september was on the rocks.
强制性联姻濒临破产
Merrill reported more than $15 billion
美林集团2008年第四季度的季报
in losses for the fourth quarter of 2008
显示亏损超过150亿美元
It shocked the market.
这庞大的损失震惊了整个市场
Even though the market
尽管市场对糟糕的现实
was looking for something bad,
有所准备
it wasn't expecting that.
但如此庞大的损失是始料未及的
It wasn't expecting a $15 billion dollar loss.
想不到亏损会高达150亿美元
There are major, major doubts suddenly about
主要的疑问瞬间都集中在
this bank's ability to make it through this crisis intact.
这家银行是否能安然渡过这次危机
B of A stock starts to tank in ways it hasn't in decades.
美国银行股价以前所未有的速度急剧下跌
It's down to, like, 1980s levels.
股价跌到了80年代的水平
The magnitude of the loss, obviously,
很显然 美林集团的巨额损失
at Merrill Lynch really stunned people.
让人们震惊
And so it was a bad day and it did shock
那天确实相当糟糕
a lot of people and disappoint a lot of people.
许多人确实都很吃惊 也很失望
In a matter of days, Lewis went from king of Wall Street
短短几天之内 刘易斯从华尔街之王
to embattled CEO.
沦落为四面楚歌♥的过气总裁
His shareholders were up in arms.
股东们相当愤怒
There was just an immediate public outcry.
霎时公众哗然
They were just furious at what he had done.
他们都对他的所作所为感到极其愤怒
They start calling for Ken Lewis's head.
他们开始质问肯·刘易斯
They want to know why these losses
他们想知道为什么不早点
weren't disclosed earlier,
披露这些损失
why the talks with the government
与政♥府♥的谈话内容
weren't disclosed earlier.
为什么不早些公布
I mean, what kind of deal maker
肯·刘易斯
was Ken Lewis anyway?
到底是什么样的商人
In effect, by buying Merrill,
实际上 收♥购♥美林集团
he had damaged Bank of America.
就已经使美国银行受到重创
It felt at that moment that
在那时
it was going to be tough for him to keep his job.
他要保住饭碗几乎是不可能了
Bank of America needed to change the subject,
美国银行要转移目标
take the heat off Ken Lewis.
才能使肯·刘易斯不再是众矢之的
This became a game of survival
这就成了肯·刘易斯
in Charlotte for Ken Lewis,
是否能在夏洛特立足的关键
and he needed to blame somebody
他要把责任归咎于别人
and somebody had to be responsible for what was going on.
而那人就不得不为所有的事负责
That somebody was John Thain.
这个人就是约翰·塞恩
Thain paid out $4 billion in company bonuses
就在两公♥司♥合并的几天前
just days before the merger went through.
塞恩从公♥司♥奖金中取出40亿美元
Preaching cost cuts, he was also lavishly
在宣称降低成本的同时 他却还奢侈地
redecorating his office
花费120万美元
space to the tune of $1.2 million dollars.
重新装♥修♥了他的办公室
All of a sudden, this character who seemed like Clark Kent,
一时间 这个看上去像克拉克·肯特
who seemed like this great guy,
口碑良好
this pillar of character and strength,
集名誉和权力于一身的风云人物
was really the villain.
实际上是一个十足的恶棍
The hero becomes the villain.
英雄变成了恶棍
He was thrown under the bus.
他是个替罪羊
He makes a couple of stupid decisions, definitely,
的确 他做了一些愚蠢的决定
you know, some stupid moves,
一些不明智的举动
and the public turns on him entirely.
公众把矛头转向他