We have no intention of dismantling the regulatory agencies.
我们没有意图解散监管机构
However, we must come to grips
不过我们需要严控
with inefficient and burdensome regulations.
无效和繁重的规章制度
We will eliminate those
而且我们将去除
that are unproductive and unnecessary.
那些低效和没必要的条款
Tearing down these antiquated walls
冲破旧有模式
and granting banks significant new authority.
赋予银行全新的权利
In a victory for the banking industry,
作为整个银行业的胜利
Congress has approved legislation which will allow
国会批准法案将允许
commercial and investment banks to merge
商业银行与投资银行合并
and form institutions
将形成具有前所未有的规模
of unprecedented size and global reach.
和全球影响力的新型机构
大 而 不 倒
I think it's very important
我认为此点对我们来说
for us not to introduce
是重中之重
regulation for regulation's sake.
即不是为了监管而监管
I do believe in the American dream.
我坚信美国梦的存在
Owning a home is a part of that dream.
拥有一个家便是这个梦想的一部分
We are taking action
我们在行动
to bring many thousands of Americans
为数以万计的美国人民
closer to owning a home.
实现拥有一个家的梦想
This project not only is good
这个法案不仅对
for the soul of the country.
国家的立国精神有益
It's good for the pocketbook of the country as well.
同时也对美国经济大有裨益
(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
It seems that everybody is building, buying or selling.
似乎大家都在建房 买房 卖房
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
profits soared 93% at Goldman Sachs this year.
高盛集团今年效益飙升93个百分点
Hotshot traders and bankers can expect to take home
明星操盘手和银行家预期将收获
$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
Things that are too good to be true, are.
形势好得令人难以置信
- 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
- Housing bubble - Bubble.
- 房地产泡沫 - 泡沫
Don't put it off. take action immediately.
别拖延 立即采取行动
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?
The new story the mortgage meltdown.
最新报导 次贷危机
This morning in the mortgage meltdown, new numbers showing
今早次贷危机的最新数据显示
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
More than 70 mortgage companies have failed
全美逾70家房产抵押公司
in the last few months in America.
在过去的几个月中破产
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
the big banks are caught holding the bag.
大型银行都在紧缩银根
The fifth largest investment bank in the country,
全国第5大投资银行
Bear Stearns, is being sold
贝尔斯登公司被迫仅以
for just $2 a share to J.P. Morgan.
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
每股2美元的价格卖给摩根大通
It's being assisted by the government
此次收购获得政府帮助
which is stepping in to guarantee some $30 billion
政府将为贝尔斯登在房产市场上的
in Bear's toxic real estate assets.
大约300亿的有毒资产提供担保
You've got to imagine that Hank Paulson
你得相信
didn't think he signed up for this
当小布希总统任命汉克·保尔森
when President Bush picked him
出任财政部部长时
to become Treasury Secretary.
他并没预料到会签署这种文件
Hank Paulson may now have to undo
汉克．保尔森必须要撤销...
some of the deregulation measures
保尔森曾担任 高盛董事长兼CEO
一些当他管理高盛时
that he and his peers on Wall Street pushed through
与他的伙伴在华尔街大力推行的
when he ran Goldman.
放松监管的措施
Treasury Secretary Hank Paulson
财政部部长汉克．保尔森
telling Matt Lauer this morning
NBC早间新闻主播
今早告知马特．劳尔
"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
They're resilient. They're flexible."
它们既有灵活性又有很强的恢复能力
Ali, the truth is that Bear Stearns is
阿里, 事实上贝尔斯登
only a very small fraction of this story.
只是冰山一角
our economy could face
我们的经济系统可能要面对
far worse than a recession.
远比衰退还要严峻的局面
In the wake of Bear's collapse,
贝尔斯登破产的当头棒喝
Lehman Brothers is scrambling to reassure investors
使雷曼兄弟疲于安抚投资者...
about the impact of the mortgage crisis
对次贷危机对其资产带来影响的担心
on its own assets, shares of the firm
而公司的股份
under a great deal of pressure this morning.
也在今早面对巨大考验
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
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
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
But today, for the first time that I'm hearing it,
迪克．富尔德雷曼兄弟董事会主席兼CEO
但就在今天 我第一次听到
investors are questioning his leadership.
投资者对其领导能力的质疑
- Motherfucker. - One key question investors have for Lehman Brothers:
- 我操 - 雷曼兄弟的一位重要投资人
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
Hey.
嗨
Get up here. We gotta start stacking sandbags.
马上过来 我们得堵缺口了
What are you talking about?
你在说什么?
We're down 21%. On paper,
我们下跌了21个百分点 账面意义上
I just lost $90 million personally.
我刚刚损失了9000万
With investors pummeling Lehman shares,
当投资者纷纷抛售雷曼的股票
the big question this morning is
今天早上最大的问题是
what options does Fuld have?
富尔德还有什么选择?
So far he has failed to raise new capital
截至目前他没有成功引来新的资金
while virtually all of his rivals have already done so.
亨利．保尔森 美国财政部长 高盛集团的前任主席兼CEO
显而易见他的所有竞争者都在这样做
And now hedge fund manager David Einhorn
绿光资本的董事长 联合创始人 07年起就做空雷曼的股票)
目前对冲基金经理戴维．爱因霍恩
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
Anything good?
有什么好消息?
It's a red-tailed hawk, the first one this year.
今年的第一只红尾鹰
Dick Fuld's on one.
迪克．富尔德在一号线
They haven't been able to provide credible answers.
他们无法提供可信的答案
So let's go through a couple of those
所以现在让我们看一下
what you call discrepancies, because
这些你称之为矛盾的 因为
Tough morning?
今早很煎熬吧?
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
- Yeah. - It's the damn short-sellers.
- 没错 - 该死的空头
You know the game short and distort.
你熟悉这游戏 做空者都爱歪曲事实
They're rumormongers. And they're making a killing.
他们造谣生事 大开杀戒
What are your plans for a capital raise?
你计划如何来筹集资金?
We're way ahead of you. Now let me be clear:
我们早都想好了 我就直说了吧:
we don't need the cash.
我们不需要现金
You know, it's about perception.
你清楚 这和理念有关
Buffett, Buffett.
巴菲特 巴菲特
We're thinking of reaching out to Warren Buffett.
我们计划联络巴菲特
Great.
不错
You and Buffett go back, right?
你和巴菲特是老交情了 对吧?
Do me a favor and call him.
帮我个忙 给他打个电话
Tell him Lehman is rock solid.
告诉他雷曼稳如磐石
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
Hank, you want me to raise capital or not?
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
汉克 你到底想不想让我筹到资金?
Lehman Brothers is a hell of a lot bigger than Bear Stearns.
2008年5月24日 星期六
雷曼兄弟的无底洞要比贝尔斯登乱很多
The market is terrified.
市场已经怕了
When I was running Goldman, I never even conceived
我掌管高盛时也没想过
of asking the Treasury Secretary to cut a deal for me.
要财务部长帮我谈笔生意
Yeah, but the Bear bailout created
没错 但贝尔斯登接受的紧急援助造成
Please don't call it a bailout.
麻烦别说那是紧急援助
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
created an expectation.
造成了一种期待
Fuld's counting on direct intervention from you.
富尔德寄望于你的直接介入
Uh, Buffett's a simple solution.
找巴菲特倒是个简单法子
I think you make the call.
吉姆．威尔金森 财政部首席顾问
我觉得你应该打这个电话
As what? Warren's friend?
以什么身份? 沃伦的朋友?
His former banker? The ?
他的前任银行家? 还是这个官位?
No. Fuld's calling him.
不行 得要富尔德给他打电话
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
Relax? We just buried one investment bank;
松口气? 我们刚解决掉一个投行
We got another one that's barely breathing.
又来一个奄奄一息的
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
these banks are gonna drop like dominos
这些银行会像多米诺骨牌一样接连倒闭
and I don't have the authority to do a thing about it.
而且我没有权力采取措施
We're late.
太迟了
We've been late on everything.
我们在任何方面都晚了一步
Neel's team is working on some kind of a disaster scenario.
尼尔．卡斯卡里 国际事务助理部长
尼尔的团队在制定某种灾难方案
We're calling it the break-the-glass plan
我们称之为"击碎玻璃"计划
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
Money...
钱啊...
Is what you ask them for.
你管他们要的可是钱
The problem is, Congress won't move
米歇尔．戴维斯 公共事务助理部长
问题是 国会不会出手
until we've already hit the iceberg,
除非我们已经碰到了大麻烦
and at that point it may be too late.
不过到了那时一切也都是徒劳
So you're saying, with the full weight
所以你是说
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
all I can do is call Warren Buffett?
但我能做的就是给巴菲特打个电话?
Hi, Warren. It's Hank.
嗨 沃伦 是我 汉克
I understand you've been talking to Dick Fuld.
我知道你刚和迪克．富尔德通完电话
You know my misgivings, Hank,
沃伦．巴菲特 全球最富有的人之一
你知道我
about investment banks.
对投行的顾虑 汉克
As soon as they started trading for themselves,
他们一开始为了自己私利去交易
the risk managers lost control.
那些风险经理人就失去了控制
I had a very unpleasant time with Solomon Brothers.
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
我与所罗门兄弟合作的日子就很不好过
That's fair enough.
那够公平了
But we both know
但你我都知道
that investment banking is a profitable business.
投行是个赚钱的买卖
I figure it made you a billionaire somewhat.
我猜也是投行让你成为了亿万富翁
I gotta believe that if the price was right,
我得相信假如价格还算说得过去
you wouldn't just walk away.
你不会不闻不问
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
What say you?
你怎么看的?
I gotta leave that to your judgment.
我得让你做决定
People act like we're crack dealers.
人们怎么看见我们就跟看见毒贩似的
Nobody put a gun to anybody's head and said,
又没人拿枪指着谁脑袋说
"hey, Nimrod, buy a house you can't afford.
"嘿 猎手 去买幢你负担不起的房子
And you know what? While you're at it,
而且你知道吗? 你要是真坐在里面
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家伙 再给自己买艘船"
You heard anything from Buffett?
你有什么巴菲特那里的消息?
He's asking for preferred shares at 40
他要求每股40元的优先股
with a dividend of 9%.
和9%的分红
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?
Maybe it's just an opening gambit, Dick.
可能这只是个开始 迪克
Sounds more like a goddamn insult.
听起来倒像是他妈的侮辱
- Let me get that, Dick. - Thank you.
- 让我来 迪克 - 谢谢
We're at 36 right now.
我们现在跌到36块了
We haven't been anywhere near 66 in months.
我们已几个月都没有接近66元了
The markets like Buffett.
市场喜欢巴菲特
His name will push the price up overnight.
他的名声能一夜间把价格拉上去
You know, I don't care who he is,
你知道我不在乎他是谁
I am not spending $360 million a year
我不会每年花3亿6千万
for the pleasure of doing business with him.
来买和他做生意的愉悦感
Real estate will come back.
房地产会回暖的
The Koreans have been sniffing around.
韩国人也在跃跃欲试
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
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
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
but the storm always passes.
不过风暴总会平息
We stand strong, and on the other side
我们屹立不倒 另一方面
we'll eat Goldman's lunch.
我们就能从高盛那里分杯羹
So what do we do about Buffett?
那我们怎么回覆巴菲特呢?
Screw Warren Buffett.
去他娘的巴菲特
He passed?
他没接受?
Lehman dropped to 28 1/2 this morning.
雷曼今天早上跌到每股28.5元
What in the world is he thinking?
他脑袋里想啥呢?
He's not thinking. He's delusional.
他压根就没想 他疯了
He thought the ask was too high.
他觉得报价过高
He's got to raise cash.
他得吸纳现金
本．伯南克 美国联邦储备银行主席
I told him that.
我跟他说了
I spoke to Greenspan.
我和葛林斯潘谈了
Really?
真的?
He says there's too much housing supply.
他说现在有太多的房源
That's the problem.
这是个问题
So we should buy up all the vacant houses
所以我们得把那些空房子全部买下
and burn them.
接着一把火烧了
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
Barclays expressed some interest a couple of months ago,
巴克莱银行几个月前表示过兴趣
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
Bank of America?
美国银行如何?
Possible. Dick's put out feelers there before.
有可能 迪克之前回绝过他们的试探
We have to keep it quiet though.
我们不能声张此事
If anyone hears that they're trying to sell...
如果有人得知他们要出售...
Lehman will be dead within the hour.
雷曼一个小时内必死无疑
The real estate investments are killing the firm.
2008年6月11日 雷曼高级银行家紧急策略会议
房地产投资真是害惨了我们
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
We need to make a senior management change,
我们得做出一个高级管理层的调整
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
Meaning what?
意味着什么?
Meaning Joe Gregory.
意味着 乔．格雷戈里
Get the fuck out of here.
一边玩去
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
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
Erin Callan's gotta go too.
还有艾琳·卡伦 也得走人
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
Joe Gregory has been with me
乔·格雷戈里和我
for 30 years.
已经共事了30年
And you want me to kick him to the curb
现在你们想让我把他踢出局
because we have a bad quarter?
就因为我们本财季表现糟糕?
It's not just a bad quarter.
不仅仅是本财季表现糟糕
The stock hit 23.
股价已经跌到了23元
23. Most of our guys are paid in stock they can't sell for years.
斯科普．麦克吉 雷曼国际事务主管 投资银行家
23块 我们中多数人都靠多年禁卖的股票当薪水
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
You don't stabilize the price,
你不能稳定股价的话
Your traders are gonna jump ship.
你的交易员纷纷弃船而逃
Selfish fucks.
只顾自己的混蛋
It's not just bankers and traders, Dick.
不光是银行家和交易员 迪克
Clients are pulling their money.
客户们也在把他们的钱取出来
There's gonna be a run on this bank.
这家银行在面临一次大逃亡
Sources tell CNBC that both
有消息告诉ABC财经频道
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
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
Replacing Gregory with 48-year-old Bart McDade
2008年8月4日
由48岁的巴特·迈克达德接替格雷戈里
has been one of the most difficult decisions he's had to make.
巴特·迈克达德 雷曼新任总裁兼首席运行官
这是他所作出最困难的决策之一
Dick, the Koreans just arrived at Sullivan.
迪克 韩国人刚到达苏利文
Let's make this happen.
让这笔买卖赶紧做成吧
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
We need you to be our missing man.
我们需要你缺席
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
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
All right, fine.
好吧 行
Okay.
好
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
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
We realize how things look.
我们清楚公司的现状看着很不妙
But our stock is getting hammered by the shorts.
虽然我们的股票受到空头的重创
The value is still there.
但其价值并没有减少
We just started. Min is excited,
闵裕圣 韩国发展银行CEO
我们刚刚开始 闵很兴奋
but we haven't heard the terms.
但我们还没有听到具体条款
Where are you?
你现在哪里?
I just stepped out to take the call.
我刚出来接电话
Get back in there. Don't be rude.
赶快回去 别失礼
Okay.
好
We simply take the assets you don't find appealing,
我们会剔除你们不敢兴趣的资产
spin them off into a separate company.
将它们划入另一家独立公司
- You don't buy that bank. - I'm very sorry.
- 你们不是买了某家银行 - 我很抱歉
You buy the good bank.
你们买的是一家盈利的银行
They don't like the real estate.
他们不喜欢房地产
What do you mean, they don't like it?
什么叫他们不喜欢房地产?
Dick, we're making real progress here, okay?
迪克 我们在取得进展 行吗?
Let me stay on it for now.
让我先着手处理这个
Min, how are you?
闵 你怎么样?
Great to see you.
很高兴见到你
I don't want to interrupt.
我不想打断
Dick, great timing.
迪克 来的真是时候
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
Shall we get back to the letter of intent?
我们能不能回到谈意向书的话题上?
Min, I have to tell you,
闵 老实讲
I think you're making a big mistake here.
我觉得你犯了一个大错误
There's great value in the real estate assets.
房地产资产的价值巨大
How about we walk through the portfolio
我们何不再回顾一下投资组合
and I'll show you?
我给你展示一下?
We have looked at them.
我们已经看过了
Well, then you
这样啊 那你
you must have looked at them in the wrong way.
你一定是看错了方向
I just don't want to see you leave money on the table.
我只是不想看着你白花钱
Perhaps we should take a break.
或许我们应该休息一下
Min, I'm so sorry.
闵 我很抱歉
We have negotiated in good faith.
我们一直友好商谈 气氛融洽
Now all of a sudden we are going backward?
现在突然间全都回去了?
We can work with you on the price.
我们能接受你们的价格
It is not about the price.
和价格没关系
It is about the way you have conducted this.
是你们做事的方法
I'd like to thank you, all of you,
我想要表达谢意 感谢你们所有人
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
What, that's it?
这 这算什么?
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?
- Hello. - Neel, it's Dick Fuld.
- 你好 - 尼尔 是我 迪克．富尔德
Listen, you know,
听着 你知道
if Hank wants me to find a buyer,
如果汉克想让我找个买家
you guys need to step up and help.
你们大家得站出来帮帮忙
The Koreans just walked out, okay?
韩国人刚放弃交易了 明白?
Look, I'm just speaking for myself here,
你看 我这只是说说个人意见
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
Do what's right?
做什么正确的选择?
What is that supposed to mean?
这话是什么意思?
If your stock price keeps sliding,
要是你的股价继续下滑
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
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
What kind of price are you talking about?
你说的是什么样的价?
Could be
可能是...
I mean, it might be low single digits.
我是说 可能低到个位数
Last February
去年二月
we were at 66 a share.
我们一股要66块呢
Lehman Brothers is not bear stearns.
雷曼兄弟不是贝尔斯登
We've got a great business.
我们经营得非常好
Real estate's gonna come back.
房产业会复苏的
I am not fucking giving this company away!
我他妈的才不会把公司拱手送人!
While the real estate market
在房地产市场让
has put Lehman Brothers shares under pressure,
雷曼兄弟的股价持续受压的同时
mortgage giants Fannie Mae and Freddie Mac stocks
房贷巨头 房利美和房地美股票
are suddenly plummeting this morning after reports
在新闻报导这2家公司可能需融资750亿
the companies may need to raise $75 billion
以保持偿还债务能力
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
such an enormous percentage of the nation's mortgages,
之后 今早他们的股价直线下挫
there is renewed speculation that the government
目前再度有推测称政府
may have to step in and take them over
有可能不得不介入 接管...
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
If Fannie Mae and Freddie Mac collapsed,
如果房利美和房地美垮了
then probably the financial system
那很可能 金融体系将...
would receive such a body blow
受到沉重的打击
that it could be disastrous.
那将会是灾难性的
Freddie just dropped another 8%.
房地美刚又跌了8%
Fannie's down 5%.
蒂莫西．盖特纳 美联储纽约分行行长
房利美掉了5%
There's there's no bottom here.
这没...没有下限
We need to do something now.
我们得做点什么 立刻
We're working on a proposal for Congress,
我们正在起草一份递交国会的提案
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
I'd rather not go that way,
我是不太愿意这么做
but if we get there...
但 要是走投无路的话...
Uh, I think I think we're already there.
我觉得...觉得 我们已经走投无路了
How much are you gonna ask for?
你打算要多少?
A blank check.
一张空白支票
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
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
I'm not saying that we use it,
我不是说我们要用它
but if we have the authority,
但 如果我们得到国会支持
everyone who's dumping their shares
所有狂抛股票的人
will calm down, back off.
就都会镇定下来 收手
Okay, well, if you're going to Congress,
好吧 如果你想要找国会
why don't we give to the banks too?
我们为什么不同时找各家银行呢?
'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
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
We do what we can do.
我们只能量力而行
北京 奥运会开幕式 2008年8月8日
Secretary, Mrs. Paulson, over here.
部长 保尔森先生 这边
Over here, please.
请看这边
Mr. and Mrs. Paulson.
保尔森先生 夫人
- Secretary Paulson. - Mrs. Paulson. Thank you.
- 保尔森部长 - 保尔森夫人 谢谢
Mrs. Paulson.
保尔森先生
Mr. Paulson.
保尔森先生
Mr. and Mrs. Paulson, this way, please.
保尔森先生和夫人 请看这边
Mr. Secretary, please.
部长先生 请
I got her.
我来抱她
Right over here, Secretary Paulson, please.
看这边 保尔森先生
Big smile. Thank you.
再笑一点 谢谢
That's just what I need press photos
这正是我需要的
of the Treasury Secretary waving the Chinese flag.
财政部长 挥着中国旗的新闻照片
Paulson the Communist.
保尔森 共产主义者
The look on your face was priceless.
你脸上的表情 真是无价啊
Hank, I must ask you about Fannie and Freddie.
汉克 我得跟你问问"两房"的问题
We have hundreds of billions invested.
我们可是投了几千亿
You've assured us the investment is safe.
你跟我们保证过 投资项目很安全
And it is, absolutely.
是很安全 绝对的
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
Share prices have dropped 60%
过去两个月里
in the last two months.
股价已经掉了60%
Carrying your bazooka around has not helped matters.
火箭炮光揣在怀里是没有帮助的
Congress gave you the power.
国会授予你的权力
Perhaps it is time to use it.
或许是时候用它了
The market will stabilize.
市场会稳定下来的
We just have to give it some time.
只需要给它点时间
There was an approach last month from Russia.
上个月俄方曾与我方接触
They have considerable holdings
他们也持有相当大量的
in Fannie and Freddie as well.
"两房"股
They suggested we coordinate
他们建议我们联手
and without warning dump hundreds of billions
毫无预警地 向市场抛出上千亿的
of Fannie and Freddie's bonds onto the market.
"两房"债券
That would be...
那将会是...
Yes.
没错
The amount of debt your country carries
你们国家所背的大量债务
is a terrible vulnerability.
是个相当严重的弱点
But you
但你...
we declined respectfully.
我们礼貌地拒绝了
Even in the U.S. it seems
就算是在美国 似乎
the relationship between the government and private industry
政府和私企之间的关系
isn't so simple.
也不是那么简单的
Was it a threat?
那是威胁吗?
No no, it was a friendly reminder
不 不 是善意友好的提醒
that with a single phone call to Moscow
只要一个电话打到莫斯科
they can take down the entire U.S. economy.
他们就可以搞垮整个美国经济
Well, the book says
报告书上说
Fannie and Freddie are a nightmare.
房利美和房地美就是个恶梦
They are in the hole easily tens of billions of dollars.
他们正深陷少说上百亿的大坑
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
We're gonna have to step in.
我们将不得不介入
I don't see how we can avoid it.
我是看不出 我们要怎么避免如此
Turns out a bazooka's not that useful
结果火箭炮也不是那么有用嘛
unless you fire it.
除非你真正地用它开火
Lehman's down another 10%.
雷曼兄弟的股价再次下挫10%
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?
That's why I have oatmeal.
所以我才吃燕麦粥啊
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
and no one will give him any money.
可就没人肯给他钱
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
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
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?
And Barclays is sniffing around again,
还有巴克莱又在试探了
now that they think it's a fire sale.
现在他们认为这是灾后大甩卖
That's promising.
这很有希望啊
I don't know. The British
我不清楚啊 英国佬...
they do a lot of talking. They never close.
他们倒是老爱谈 就是不成交
B of A is still our best bet.
美国银行仍是我们最有希望的赌注
This can't be another Bear.
这不能变成又一个贝尔斯登
Absolutely not.
绝对不能
They want Lehman they buy it outright.
他们想要雷曼兄弟 就去买下来好了
But they may need a little hand-holding.
但可能需要 一些中间力量参与
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
You may have to give them a break
在资金需求上
with the capital requirements.
你恐怕得让他们歇一歇了
You want me to allow them to raise their leverage
你希望我允许他们提高杠杆
so they can buy a bank that's about to fail
好让他们买下一家
because it was overleveraged?
因为过度使用金融杠杆 而濒临垮台的银行?
You got a better idea?
你有更好的主意吗?
Breaking news just coming in: Sources telling CNBC
刚接到爆炸性消息 消息人士向CNBC透露
that the government has just taken control
政府刚接管了
of Fannie Mae and Freddie Mac.
房利美和房地美
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
that he wanted the power to step in,
他希望政府力量介入
but he probably wouldn't use it.
但他很可能不会动用
It certainly sounds like Paulson
听起来保尔森确实是
just pulled the trigger on that bazooka.
刚刚用他的火箭炮开了火
Despite the move nationalize Fannie and Freddie,
2008年9月11日 纽约
尽管 "两房"已经国有化
the market is still in negative territory across the board.
市场依然全面消极
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
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
may be on the brink of bankruptcy.
有可能处在破产的边缘
- Rodge. - Chris.
- 罗基 - 克里斯
Bring your money today, huh?
今天带着你的钱来了 哈?
Make sure Fuld's not keeping any bad news out of the mix.
克里斯．弗劳尔斯 银行收购专家
保证富尔德在并购过程中 没有隐藏任何负面资讯
It's open kimono, to quote Dick.
雷曼兄弟的律师 罗基．科恩
按迪克的话说 这是件敞开的和服
There's a revolting image.
这比喻太恶心了
Did you get a look at the numbers?
你看了数据了吗?
The real estate's the issue.
房地产是个问题啊
They got it marked at $30 billion.
他们定值在300亿
It's worth maybe half of that.
可实际只值一半吧
Don't look so nervous.
别这么紧张
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
I know that Paulson told Ken Lewis that he's not gonna pay for this.
格里格．柯尔 美国银行企业策划部主任
我知道保尔森跟肯．路易斯说过 他不会为此买单
And I don't see how we can do it
可我看不出 这事我们要怎么办
unless the government takes some of the downside.
除非政府能够消除一些负面因素
Paulson is posturing.
保尔森是摆姿态
He'll write a check just like he did
他会开出支票来的
for Jamie Dimon on the Bear deal.
就跟在贝尔斯登时 给杰米·戴蒙的一样
He has to. He can't lose
他必须这样 他不能在
another major bank in an election year.
大选之年再失掉一家主要银行
Besides, the guy made, like,
再说 那家伙
a half a billion bucks at Goldman Sachs.
在高盛赚了差不多5亿
He lets Lehman die Goldman's biggest competitor
他让高盛最大的竞争对手雷曼垮了
makes him look like he's still working for Goldman;
会让他看起来像是仍替高盛工作
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
Where are the donuts?
甜甜圈在哪呢?
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
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
Why wouldn't you play chicken with them and say,
你干嘛不跟他们装孬 然后说
"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
just like you did for those guys"?
像是你为那些家伙做的一样
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
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
They're all drawing a line from Bear
他们都在把贝尔斯登
and Fannie and Freddie right to Lehman.
还有"两房"直接跟雷曼联系起来
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
A very large purchase assistance package.
采取数额巨大的并购协助措施
We need to come up with a private-sector solution,
我们得想出个私营部门救助方案
get the investment banks to bridge the gap.
让各投行填上这个大坑
Okay, but that's never gonna work,
可这是不会成功的
unless they believe that you've drawn a line.
除非 他们相信你会区别对待
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
Okay.
好吧
Mr. Flowers,
弗劳尔斯先生
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
He's very insistent.
他坚持要找你
Mr. Flowers.
弗劳尔斯先生
My people tell me you're the man to talk to.
鲍勃·维伦斯坦德 美国国际集团CEO
我的人告诉我 该找你谈
We've got a real problem here.
我们这里有大麻烦了
Yeah? What kind of problem?
是吗?什么样的麻烦?
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
A.I.G.?
美国国际集团?
We've sent over a document. It's a spreadsheet.
我们送去了一份文件 是份报表
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...
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
Is there any way you could come over tomorrow?
你明天有没有可能过来一趟呢?
I'll take a look at the numbers
我会看看数据
and we'll talk.
然后我们再谈吧
Mr. Flowers.
弗劳尔斯先生
Somebody put the TV on.
谁去把电视打开
CNBC's talking about Lehman.
CNBC正在说雷曼的事情
...Person familiar with Paulson's
...一位很熟悉保尔森
Treasury Secretary Hank Paulson's thinking,
财政部长 汉克·保尔森想法的人士
and he is saying there will be no government money
说政府不会出资
in the resolution of this situation.
解决这个状况
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
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
for over six months; And the second is...
而第二点是...
Is that just TV bullshit,
这只是电视上瞎说
or is that Paulson sending us a message?
还是 保尔森在给我们放风声呢?
Chris?
克里斯?
Yeah? Sorry.
什么?不好意思
What exactly does
到底
"a person familiar with the Treasury Secretary" mean?
"熟悉财政部长的人士"是什么意思?
That could mean a lot of things.
那可以有很多解读
Did one of your staffers do this?
这是你手下做的吗?
Please tell me someone got fired 10 minutes ago.
拜托你告诉我 10分锺前 已经有人被解雇了
The leak came from me.
那消息是我放出去的
Hank, a public statement like that
汉克 这种公开言论
can have a lot of unintended consequences.
可能会产生很多意想不到的后果
We had to send a message to the other banks.
我们必须得给其他银行透个消息
They need to step up.
他们得站出来
I don't have another rabbit I can pull out of my hat.
我已经黔驴技穷了
Rodgin Cohen just called me.
罗基·科恩 刚给我打过电话
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
They don't want this deal.
他们不想做成这一桩交易
The deal is hanging by a thread
这桩交易岌岌可危的原因是
because the closer they get to Lehman
他们越多了解雷曼
the more it looks like a toxic waste dump.
雷曼看来就越像个有毒废料场
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
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...
We can't, Tim. Legally we can't.
我们不能 蒂姆 法律规定我们不能
Legally we haven't figured out
从法律的角度 我们还没有想出
how yet.
该怎么做而已
I am concerned
我很担心
we are limiting our options
在我们本就没有多少选择的情况下
at a time when we have very few,
我们在自己缩小
if any, available.
任何可能的选择范围
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
We've got the weekend.
我们有一整个周末的时间
We lock them in a room at the Fed
把他们弄到美联储关在一个屋子里
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
Your oatmeal's getting cold.
你的燕麦粥要凉了
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
Well, Tim is advocating strongly
蒂姆强烈提倡
that we reconsider some kind of Fed support.
我们重新考虑 美联储的支持
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
I can't be Mr. bailout.
我不能当 救市先生啊
The Lehman hole is twice what Bear's was.
雷曼的娄子有贝尔斯登的两倍大
Investors are pulling their accounts.
投资者都在撤资
You want to lend into a run?
你想在大家都撤的时候借钱出去?
What about Barclays? Are they still interested?
巴克莱呢? 他们还有兴趣吗?
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
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
but it is still a long shot.
但这依然希望渺茫
And there's a very real possibility that Lehman goes under.
而雷曼垮台的可能性却是很大
There's a deal to be made here.
这桩交易必须要完成
I'm gonna make the deal.
我会促成这桩交易的
With just a little more than an hour
离收盘只剩下
left until the market closes,
1小时多一点的时间
shares of Lehman Brothers have taken another tumble.
雷曼兄弟的股价再次下挫
The stock is now trading at a new low
目前 该股股价再创新低
under $4 a share.
每股不到4美元
And judging from the selling,
而根据抛售情况判断
there doesn't appear to be a bottom in sight.
显然这还远未探底
So Blankfein has a speech
布兰克·费恩
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
- Tell him it's not optional. - Yeah.
- 告诉他这是强制的 - 好
Good afternoon, Chairman. Thank you so much for joining us.
克里斯托弗·考克斯 美国证券交易委员会主席
主席 下午好 多谢您能来参加
Whose plane is this?
这是谁的飞机?
Uh, that's a rental.
呃 那是租来的
Hank put it on his card.
汉克付帐
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
Hi. Pleasure.
你好 幸会
This is Dan Jester our new numbers guy.
这位是 丹·杰斯特 我们的数字专家
Hi.
你好
I've talked him into coming out of retirement.
我劝他放弃了退休的念头
- 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
Got anybody at Treasury who wasn't at Goldman?
财政部有人没在高盛干过吗?
Chairman, just to be clear,
主席 澄清一下
there's no question of conflict of interest.
这里没有任何利益冲突的问题
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
I wasn't implying anything.
我没有暗示什么
Sorry. We're a little touchy
抱歉 在"高盛财政部"这个问题上
about the whole government-Sachs thing.
我们有点太敏感了
Shall we?
咱们走吧?
B of A keeps finding more toxic assets.
美国银行不停地找出更多的不良资产
They want you to reconsider a Jamie deal.
他们希望你重新考虑一下 杰米的交易
They'll split the first billion in losses,
他们会分摊最初的10亿美元损失
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
You did it for Bear.
就像你处理贝尔斯登的交易的做法
Greg, let me get back to you.
格里格 我待会打给你
What do I have to tattoo it on my forehead?
那要我怎么做? 把它刻在我额头上?
We are not bailing out Lehman.
我们不会给雷曼公司做担保
Wall Street has a gambling problem.
华尔街的投机问题很严重
If government keeps covering their losses,
如果政府继续承担他们的损失
they never learn anything.
他们什么教训都学不到
What?
怎么了?
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
or if I should just call B of A back.
还是让我给美国银行回电
We need to keep them at the table
直到他们拿出私营部门解决方案前
until they come up with a private-sector solution.
都不能让他们离开谈判桌
Tell them to stay with us.
告诉他们和我们保持一致
- Alistair, hello. - Hello, Henry.
- 阿利斯泰尔 你好 - 你好 亨利
Hold on one second.
稍等一会 别挂
Chancellor of the Exchequer.
是英国财政大臣
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
My banks are already under a great deal of stress.
我的银行已经压力很大了
They don't want to become overextended.
股东们不想过分扩张
Lehman is problematic, but there's value there.
雷曼有很多问题 但还是有价值的
We will find a way to make it attractive.
我们会找办法让它变得有吸引力
Just stay with us.
和我们保持联系吧
Talk soon.
待会聊
Bye.
再见
We'll keep Barclays in the mix,
2008年9月12日 星期五
我们会继续争取巴克莱
but B of A is still our best bet.
美国银行仍是我们最好的赌注
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
We have to make it clear that this their problem,
必须让他们清楚这是他们的问题
that we are their advisors and their allies,
我们既是他们的顾问也是盟友
but we are not their safety net.
但不是他们的保护网
What should we expect from these guys?
想让他们做什么?
美联储大楼
Jamie is smart.
杰米很精明
He doesn't have as much cash to work with
杰米·戴蒙 摩根大通银行董事会主席兼CEO
在收购贝尔斯登后
since he bought Bear.
他手上就没有多少可支配的现金了
Lloyd's a superstar.
劳尔德是个巨星
Goldman's the smartest shop on the block.
高盛是华尔街上最精的
And just because I used to be his boss,
劳尔德·贝兰克梵 高盛集团董事会主席兼CEO
虽然我曾经是他的老板
it doesn't mean he's gonna listen to me.
但并不意味着他会听我的
John Mack used to run around the floor screaming,
约翰·麦克过去经常在楼里大喊大叫
"there's blood in the water! Let's go kill someone!"
"水里有血啊" "我们杀啊!"
He's a fighter.
约翰·麦克 摩根斯坦利董事会主席兼CEO
他是个斗士
Thain was my number two at Goldman.
塞恩是我在高盛时的副手
He's selfish. He's a pragmatist.
他很自私 是个务实主义者
He knows if Lehman goes, Merrill's next.
约翰·塞恩 美林证券董事会主席兼CEO
他很清楚 一旦雷曼倒闭 美林就是下一个
Vikram Pandit is the new guy at Citigroup.
维克拉姆·潘迪特是花旗集团的新掌门
No one knows if he's running Citi
维克拉姆·潘迪特 花旗集团CEO
没人知道究竟是他在控制花旗
or if Citi's running him.
还是花旗在控制他
Thanks for coming down here on such short notice.
感谢大家在这么短的时间内赶来
Monday morning Lehman will no longer be able
下周一早上雷曼将
to honor its obligations.
无法再履行应尽的义务了
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
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
finances part of the deal.
在有第三方介入交易前
The government is not in a position to step in.
政府无意介入 他们两家都不会收购雷曼
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
Where is Dick Fuld?
迪克．富尔德在哪?
Dick's in no condition to make any decisions.
迪克已经不适合再做决策了
We're breaking you into three groups.
我将把你们分为3组
The first one will try to value
第一组要估算出
Lehman's toxic assets.
雷曼的有毒资产
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
for you all to invest in Lehman.
如何设计组织架构
And the third one works on the lights-out plan.
第三组负责后备计划
If Lehman files for bankruptcy, we need to figure out
如果雷曼申请破产 我们必须想出
how to contain the damage to the rest of you.
办法如何分担损失
Christ.
天哪
We've all seen this coming for miles.
我们都关注了很久
I don't think the Lehman bankruptcy takes down our firms.
雷曼的破产不会搞垮我们公司
What, are we crossing our fingers?
怎么办? 难道我们只能祷告吗?
You're asking us to save a competitor.
你是让我们去挽救一个竞争对手
Let's not act like you're doing us a favor.
不要搞得像在帮我们似的
Gentlemen, gentlemen, you are great Americans
先生们 先生们 你们是有爱国心的
undertaking a patriotic duty.
伟大的美国公民
Your travail will earn you
你们的努力会让你的祖国
the love and gratitude of your country.
爱护和感谢你们
I think it was Thomas Paine who said that these are
18世纪美国独立时期的思想家
我想应该是托马斯·潘恩说的
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
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
This is your problem.
这是你们的问题
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
deregulation, derivatives,
放宽管制 衍生工具
Dick Fuld made bad decisions.
迪克．富尔德做了糟糕的决定
We're all responsible. It's a catastrophic mess.
我们都有责任 这是个灾难性的危机
The government's done whatever it can do.
政府已经竭尽所能了
It's on you now.
现在靠你们了
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
Let me be clear:
把话说明白了
We will remember
任何在场却不愿帮忙的人
anyone who's not helpful.
我们会记住你的
2008年9月13日 星期六
Do you notice a little pattern here?
你有注意到这个小模式吗?
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
Yeah, we don't deal with things until Friday
不到周五我们不干活
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...
exactly how to handle the failure of an investment bank?
如何去处理一家破产的投行
Well, let's do it over a weekend.
我们周末搞定它
Just I talked to a person who is monitoring
我刚和一个
The situation out there, and the person said
密切关注形势的专家谈了谈 他说
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
and they're not going to get it.
但他们将不会得到
Just a heads up Chris Flowers is in the lobby.
高盛出身的JC弗劳尔斯公司总裁
提醒一下 克里斯·弗劳尔斯在大厅里
He's consulting for B of A on Lehman.
他在为美国银行收购雷曼做顾问
Hank pushed Flowers out of Goldman.
汉克把弗劳尔斯挤出了高盛集团
Yesterday we thought Lehman was holding
昨天我们认为说雷曼持有
$30 billion in crap. Today it's $70
300亿美元的垃圾资产 今天却变成700亿
$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
No, we're gonna work this out.
不 我们必须算出来
Unless you step in, we're ending this.
除非你参与进来 不然我们就取消交易
Don't forget about Dick.
不要忘记迪克
Yeah, Dick Fuld keeps calling,
是啊 迪克．富尔德一直在打电话
hammering us to raise the price.
让我们提高收购价格
Excuse me.
对不起
$70 fucking billion
靠 700亿美元
and no collateral?
还没有担保?
If Lehman Brothers fails this weekend,
如果雷曼兄弟本周末倒闭
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
that Merrill Lynch will be next.
美林证券将会是下一个
Confidence is a very fragile thing.
信心是个很脆弱的东西
And in our financial markets it is eroding very quickly.
特别是在金融市场 它丧失得更快
Lehman's not gonna make it.
雷曼挺不过去的
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
B of A's the only one out there.
美国银行是唯一买家
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
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
Lehman is dead.
雷曼完了
Make the call.
打电话
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
something in the neighborhood of 10%.
10%的利润近在咫尺
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
but if the whole company's in play,
但如果投资整个公司的话
I bet that's something that we'd consider.
我们可以考虑一下
Us and Lehman?
我们? 和雷曼?
Deal of this size there's only room for one.
这种规模的交易 我们只能买一家
It is a lot of risk, no question,
当然也有很大的风险
but if you stay in the game,
但如果你不中途放弃
we all will find a private solution.
我们可以私下找到解决办法
Absolutely.
当然
Don't get scared by the numbers.
不要被那些数字吓到
We'll figure it out. Lehman is worth owning.
我们会找到解决之道 雷曼值得收购
Guys, you got a second?
先生们 有时间吗?
I was at A.I.G. yesterday.
我昨天在AIG
Next Wednesday they got
等到下周三 他们就会出现
a $5 billion hole, minimum.
至少50亿美元的缺口
I called Warren Buffett.
我打给沃伦·巴菲特了
He wouldn't touch it with a stick.
没别人参与 他不会出手的
We're looking into it.
我们正在仔细调查
It's a very big company.
那是家非常非常大的公司
Thanks, Chris.
谢谢 克里斯
I appreciate all your help.
感谢你的帮助
They're not on top of it.
他们并没有完全控制局势
Look at this.
看这个
Is this even possible?
这怎么可能?
AIG? A.I.G.?
Holy shit.
靠
Get into this.
仔细查查
John.
约翰
Do you see what's happening here?
你清楚现在的形势吗?
Are you watching out for yourself?
还是只担心你自己?
I'm not thick.
我不是傻瓜
I'm working on something.
我有事做
You're talking to B of A.
是不是关于美国银行
I'm sorry.
对不起
I know it's not good for Lehman,
我知道这样对雷曼不利
but I have to take care of Merrill.
但我必须操心美林
Let me worry about Lehman.
雷曼的事我来处理
Barclays is still in the game.
巴克莱还在准备交易
Just get it done.
搞定就好
B of A is gonna buy Merrill.
美国银行要收购美林
We need to make Barclays work.
我们必须让巴克莱采取行动了
I thought you said the British never close.
我记得你说英国佬一直不友好
They're here.
他们已经来了
They seem to really want it.
他们看上去是真想收购
If we hold their hands, they'll close.
如果我们和他们合作 他们就友好了
Rodgin, what the fuck?
罗基 这他妈怎么回事?
I can't get Geithner. I can't get Paulson.
盖特纳不接电话 也打不通保尔森
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
There's a lot happening down here, Dick.
迪克 下面发生了很多事
Oh fuck.
靠
You know what? You tell Geithner,
你告诉盖特纳
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
He knows that. Dick, he just told me
他知道 迪克 他刚告诉我
they're working on a solution for Merrill.
他们正在解决美林的问题
Those cocksuckers are gonna bail out Merrill?
政府那些贱人要拯救美林?
No no, not the Fed.
不 不 不是美联储
Well, there's no private buyers.
又没有私人买家
There's just B of A and
只有美国银行和...
they're gonna put B of A together with Merrill?
他们想让美国银行收购美林?
We still have Barclays. Hank feels that
我们还有巴克莱 汉克觉得...
the federal government is snaking my deal?
政府部门在抢我们的交易?
I cannot fucking believe this shit!
我靠 真他妈不敢相信
B of A made a deal with Merrill?
美国银行和美林达成交易了?
Yeah, Lehman's still our problem.
2008年9月14日 星期日
是的 雷曼还是个问题
I don't think I can take another day of this.
再这样一天我就疯了
You're getting out of a Mercedes
你从奔驰车里出来
to go to the New York Federal Reserve.
走进纽约的美联储大楼
It's not a Higgins boat on Omaha Beach.
二战诺曼地登陆时5个滩头战区中盟军伤亡最为惨重的一个
这不是奥马哈海滩的希金斯登陆艇
Okay okay,
听着 听着
we've been here a long time.
我们已经在这坐了很久了
Let's stop fucking around.
都不要瞎搞了
Main Street wants Wall Street to pay.
美国公众想要华尔街付出代价
They think we're overpaid assholes.
他们认为我们是群赚钱过多的混蛋
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
Why would you bail out people
为什么要给唯一工作只是
whose sole job is to make money?
赚钱的人以紧急援助?
So let's make this real simple.
让我们把问题简单化吧
Hank thinks he can sell
汉克觉得他能够...
the good parts of Lehman to Barclays,
把雷曼公司有价值的资产卖给巴克莱
but someone has to take the real estate crap
但还要有人收购真正拖垮公司的
that's weighing down the company.
那些垃圾房地产资产
Nobody knows how much this shit is worth,
没人知道这些垃圾值多少钱
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
I don't like it.
我不喜欢
Nobody likes it.
没人喜欢
Let's just suck it up and do it.
我们只能自己吞下苦果 掏出钱包
How many of you can kick in a billion dollars
你们多少人能参与投资10亿美元
to stop Lehman from going down?
来阻止雷曼破产?
I'm in.
算我一个
One billion.
出10亿
Okay.
好吧
Goldman's in for a billion.
高盛出10亿
John?
约翰?
Yeah.
好吧
Yes.
好的
Yeah.
很好
Yes.
好
We did it. Barclays came through.
我们成功了 巴克莱方案通过了
Too goddamn right!
靠 太棒了
Barclays won't touch the real estate assets,
巴克莱不会收购房地产资产
but the other banks agreed to cover those.
但其他银行同意承担这部分损失
Call the board. Get everybody here.
打电话 把所有人都叫过来
We got a deal to make.
我们有笔交易要做
Okay.
好的
伦敦 晚上9点
Did you get him?
打通他的电话了吗?
Geithner doesn't return my calls.
盖特纳没回我电话
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
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
Yes, but do they know that?
是的 但他们知道吗?
Yes.
什么事?
Yes, by all means,
卡勒姆·麦卡锡爵士 英国金融监管局主席
是的 当然可以
now that he deigns to call, put him through.
现在他屈尊来电话了 接过来
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
We're just sorting through
我们刚整理完
this Barclays deal for Lehman.
巴克莱对雷曼的交易
As Barclays' regulator,
作为巴克莱银行的监督方
we have serious concerns about this proposed arrangement.
我们对提出的方案有严重质疑
What are are you saying
什么? 你是说...
you won't approve the deal?
你不批准这笔交易?
Even if we were comfortable with the agreement,
即使我们对你们的方案满意了
which we are not,
事实上并不满意
Barclays would need at least 30 days
巴克莱至少需要30天
for shareholder approval.
来获得股东的批准
No no no no no no.
不 不 不 不 不 不
He can't. He can't do this.
他不能 他不能这么做
- Can they stop the deal? - Of course they can stop the deal.
- 他们能取消交易? - 当然能
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
Let's call the Chancellor of the Exchequer right now.
马上打电话给英国财政大臣
None of those assets
巴克莱不收购...
would be part of Barclays.
我们任何资产
Yes, but if the F.S.A. were to
是的 但如果英国金融管理局要...
of c of course.
当... 当然
Yeah.
好的
I wish you good night.
晚安
Good night to you too.
晚安
"We don't want to import your cancer."
"我们不想进口你们的癌症"
Those of you
你们中间那些
who didn't want to assist the Barclays deal,
不想资助巴克莱交易的人
you can breathe a sigh of relief.
现在可以松口气了
The deal's not gonna happen.
交易取消了
- Hank, we have the money. - The deal's dead.
- 汉克 我们有资金 - 交易完了
The British regulator won't sign off.
英国金融管理局不批准
There must be some pressure you can exert.
你一定可以给他们施加点压力
Trust me, I've done everything I can.
相信我 能做的我都做了
The British
英国佬...
they grin-fucked us.
靠 笑里藏刀耍了我们
Pason's got 100,000 employees.
保尔森有10万员工
Geithner has 200 lawyers.
盖特纳有200个律师
Freaking Chris Cox has 3000 people.
克里斯·考克斯有3000员工
Not a single one of those assholes could pick up a phone,
在周末他们压搾我们拿出现金之前
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
before they spend the weekend was sweating us for cash?
看看有还没有交易可做
Somebody dropped the ball.
某人把球搞掉了
They didn't drop the ball.
他们不止掉了球
They dropped the ball, kicked the coach in the nuts
还踢中教练的要害
and took a crap in the quarterback's mouth.
把一坨屎塞到四分卫的嘴里
Of course.
当然
The Fed will do something.
美联储会做些什么的
They have to.
他们必须做
We've got to announce the Lehman bankruptcy now.
我们现在必须宣布雷曼公司破产
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
everyone's gonna assume the worst.
我们要做好最坏的打算
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
- Who's gonna make the announcement? - I think it's gotta be S.E.C.
- 谁来宣布? - 我觉得应该是美国证交会
Yeah.
很好
Okay.
好
Let's do it here. How soon can we set that up?
现在就做 多久能准备好?
Right away.
马上
We could use the main floor, the entrance hall.
我们可以用一层大厅
With the statue behind me? Excellent.
站在雕像前? 很好
Did Lehman actually agree to file?
雷曼同意申请破产了?
Chris, call Lehman.
克里斯 打给雷曼
Make sure they file right now.
确保他们正式申请了 就现在
Absolutely.
好
A.I.G.'s a huge problem.
AIG的问题极其严重
The books are a mess. But from what I can tell,
账面一塌糊涂 但就我知道的
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
Everyone who had a piece-of-crap mortgage security
持有这些垃圾抵押证券的所有银行
bought insurance on their risk from A.I.G.,
都为交易风险在AIG投过保
and I mean everyone.
我是说每一家银行
How could they let this happen?
他们怎么能任此发生?
They must have figured real estate would never go down, ever.
他们肯定认为房地产绝不会倒
Hank, Lehman still hasn't filed.
汉克 雷曼还没有发布
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
Has he talked to them?
他和雷曼谈过了不?
He hasn't even called yet.
他还没有打过电话
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
He's got his entire board sitting there
他已召集了全体董事会成员
no call.
没接到电话
Cox is like a deer in the headlights.
考克斯就像被摄影机逮到的小鹿斑比
Son of a bitch!
他妈的!
You are their regulator. Call the Lehman board now.
你是监管者 现在打给雷曼董事会
Hank, this is a complicated situation where
汉克 现在情况很复杂
Asia's opening.
亚洲开市了
They don't announce market goes in the toilet.
他们不宣布 股市就完了
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
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...?
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
This is your job.
这是你的工作
Make the damn phone call.
快他妈打电话
Chris, this is Dick Fuld.
克里斯 我是迪克．富尔德
The board is in session. Everyone is here
董事会都到齐了 所有人
all the directors and the firm's counsel.
所有的董事 还有公司的律师
We understand
我们知道
the Barclays deal has imploded.
巴克莱的交易已经泡汤了
We were hoping you might have some option
我们希望你或许有...
that we haven't thought of yet.
我们尚未考虑到的选择
Uh, the markets are in turmoil, as you know.
市场已经乱成一团了 你知道的
A Lehman bankruptcy will help
雷曼破产会有助于
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
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
Well, let me under
让我理解下
I'm sorry, let me see if I understand this.
不好意思 我不知是否该这样理解
Are are you directing us
你 你是在指示我们
to put Lehman into bankruptcy?
要让雷曼破产吗?
Give us a moment.
请稍等下
- He's muted. - What the hell was that?
- 他静音了 - 他妈的怎么回事?
Tell them to file.
让他们宣布破产
Everything said in that meeting is or will be public record.
那次会上所说的都将公之于众
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
I don't have that power.
我没那个权力
Do I?
不是吗?
Do it.
快做
The decision to file for bankruptcy protection
董事会需要作出
is one the board needs to make.
申请破产保护的决定
It is not the government's decision.
这不是政府该做的决定
But we do believe...
但是我们确实认为...
That the situation should be resolved.
形势必须得到扭转
So you're not directing us to file?
所以你是在指示我们宣布破产?
I'm not saying anything more than I've just said.
我不会再多说了
Thank you.
谢谢
Take the vote.
投票吧
- Mr. Akers. - Yes.
- 阿克斯先生 - 同意
Sir Christopher.
克里斯托弗爵士
Yes.
同意
Admiral Evans.
阿德曼尔·埃文斯
I'm sorry, but yes.
我很抱歉 但是 我同意
Chairman Fuld.
富尔德主席
Dick?
迪克?
Yes.
同意
Mr. Hernandez.
赫尔南德斯先生
Yes.
同意
Mr. Ainslie.
阿斯莱尔先生
Yes.
同意
- Mr. Berlind. - Yes.
- 贝兰德先生 - 同意
- Mr. Cruikshank. - Yes.
- 科拉科斯先生 - 同意
- Dr. Kaufman. - Yes.
- 卡夫曼博士 - 同意
Mr. Macomber.
马克布先生
P? P?
- Lehman's gone. - Oh honey.
- 雷曼倒了 - 亲爱的
I should have know the British were gonna be a problem.
我应该知道英国人那边有问题
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
You can't take all this on.
你不能都压到自己身上
There's a lot of other people involved.
还有很多人牵涉其中
It's on me. I'm Treasury Secretary
都怪我 我是财政部长
and the fourth largest investment bank in the country
国内第4大投行
failed on my watch.
在我任上就这么倒了
I mean, I I
我是说 我 我
I don't know what's gonna happen.
我不知道还会发生什么
Miss you too.
我也想你
Taxi.
出租车
行情播报板 专家称"保尔森早就该拿华尔街开刀了"
Jim, I'm at Midtown.
吉姆 我在市中心
what the hell am I looking at?
我他妈看到了什么?
Hank, it's good.
汉克 没事
"It is oddly reassuring
"财政部和美联储
that the Treasury Department and the Federal Reserve
让雷曼倒闭
let Lehman Brothers fail."
看到这新闻反而让我舒了口气"
Oh, okay, here it is. Here it is.
好的 好的 还有 还有
Government intervention would have been seen
政府干预被看做是
a sign of extreme peril
全球金融体系之下
in the global financial system
极端危险的信号
or extreme weakness on the part of federal regulators."
或是联邦监管机构作用微弱的表现
"The New York" fucking "Times."
该死的"纽约时报"
Yeah, and it's not just them. It's everybody.
不光是他们 每一家媒体都是
Thank you, Senator. I appreciate it.
谢谢你 参议员 非常感谢
Congress is liking it.
国会很满意
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
but they like that we let Lehman go.
但他们很满意我们听任雷曼倒闭
You stood strong. You've got brass balls.
你表现强势 痛下决心
It's what people need at a time like this.
正是眼下公众所需要的
What is the market doing?
市场反应如何?
Uh, Europe's only down a little.
欧洲只跌了一点
Dow Jones futures only off 3%.
道琼期指只跌了3%
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
The story is we did everything we could for Lehman.
我们已为雷曼做了能做的一切
- We did. - And the takeaway is...
- 的确是 - 接管是...
No more bailouts.
不再有紧急援助了
Mr. Secretary.
部长先生
How should we read what happened with Lehman?
我们应该如何解读雷曼事件?
Read it as I think it's important
可以解读为
to maintain the stability
这是维持金融系统稳定和秩序的
and orderliness of our financial system;
重要举措
and, um, the...
还有 呃 我...
Moral hazard is something I don't take lightly.
我们从不轻视担保风险
Reporters: Mr. Paulson. Mr. Secretary, sir.
保尔森先生 保尔森先生 先生
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?
The way the markets are performing today
市场今日表现
it's a testament to how the financial industry has come together
是金融业在特殊环境下
in an extraordinary set of circumstances.
联合起来的证明
The American people can remain confident
美国人民仍然可以对
in the soundness and the resilience
金融体系的稳固性和适应力
of the financial system.
持有信心
Thank you all.
谢谢大家
Mr. Secretary. Mr. Paulson.
部长先生 保尔森先生
What?
什么?
Dow's falling off a cliff 400 points already.
道指跌得很厉害 已经400点了
And the credit markets are frozen.
信贷市场被冻结了
Goldman and Morgan Stanley are getting slammed by withdrawals.
高盛和摩根士丹利被严重冲击
The Lehman thing's killing them.
雷曼事件快要害死他们了
I should talk to the President
我要和总统通话
about how we'll contain the damage.
关于我们要怎么控制损害
Before you speak to the President,
在你和总统通话之前
we've had another problem.
我们还有一个问题
AIG A.I.G.
Mr. Geithner is working with A.I.G.
盖特纳先生正和AIG商讨
on a private-sector solution
私营部门解决方案
and the Secretary is monitoring
部长目前正...
their progress very carefully.
谨慎关注他们的进展
He's in close contact with the Congressional leadership, most
他和国会保持密切接触
the White House wants a briefing on A.I.G.
白宫想要一份AIG的简报
They're more informed about that than we are.
他们获知的消息比我们还多
We've got the same information they do.
我们有的消息他们都有
No, we don't believe that Lehman's bankruptcy
不 我们不认为雷曼的破产
is taking down all of Wall Street.
会拖垮整条华尔街
Okay, so how do you explain ?
好的 那你怎么解释...?
The A.I.G. situation may have been,
AIG的情况可能
you know, exacerbated by the
你知道 恶化...
and Barney Frank's office.
巴尼·弗兰克众议员 金融服务委员会主席
巴尼·弗兰克办公室来电
Yeah.
是
A surprise? No, A.I.G. has been struggling
惊喜? 不 AIG正深陷于...
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?
Because the requisite magic wand wasn't available, Doug.
因为那时没有必需的有效措施 道格
But if we do find one,
但如果我们找到了
you will be among the very first to know.
会第一时间通知你
Blankfein on four, urgent.
贝兰克梵在四号线 很紧急
I have to go.
我得挂了
Hey Lloyd.
嘿 劳尔德
The goddamn British bankruptcy administrator
该死的英国破产管理人
froze all of Lehman's customer accounts.
冻结了雷曼所有的客户账户
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?
Geithner on five.
盖特纳 五号线
People are freaking out.
人们都抓狂了
They can't get their money.
他们拿不到自己的钱
Not investors clients.
不止是投资者 还有客户
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
they're not gonna trust us either.
他们也不会信任我们
No one will do business with us.
没人会和我们做生意了
You're gonna have to hang on.
你等下 先别挂
Tim.
蒂姆
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
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
How far down are they?
还能撑多久?
French finance minster on six.
法国财政部长 6号线
They don't know.
他们不知道
We're working on that.
我们正在处理中
Christine.
克丽丝蒂娜
How could you let this happen with Lehman?
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)
你们怎么能让雷曼破产?
What on earth were you thinking?
你们到底在想什么?
We did everything we could, Christine.
我们已经尽了全力 克丽丝蒂娜
You allowed it to fail, Hank.
你容忍它破产 汉克
It was a horrifying mistake.
这是一个非常可怕的错误
It is having catastrophic consequences all over Europe.
这会给整个欧洲带来灾难性的后果
And A.I.G. would be even worse.
AIG的情况会更糟
The European banks have tremendous exposure to A.I.G.
欧洲银行对AIG有大量敞口
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
It is not just an American problem.
这不只是美国的问题
Thank you so much for...
非常感谢...
John Mack.
约翰?麦克
Hey uh...
嘿... 呃...
- John. - Secretary: John one.
- 约翰 - 约翰 一号线
The fallout from Lehman is killing us.
雷曼破产的影响快要害死我们了
The short-sellers are all over us.
空头们都在集中打击我们
We're down 10% already.
我们的股价已经跌了10%
You guys have no idea what's going on out here.
你都不知道外面什么情况嘛
How are your earnings?
你们的收益如何?
Strong. We're gonna announce Friday.
很强劲 我们将在周五公布
Announce now.
现在就公布
Okay, Lloyd, sorry.
好的 劳尔德 抱歉
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
the next step is gonna be a massive pullout
下一步将会是从所有投行
from all the investment banks.
大规模撤资
Jeff Immelt from G.E.
通用电气的杰夫·伊梅尔特
Jesus, what's Immelt calling you for?
老天 伊梅尔特打给你干么?
I have to go.
我得挂了
Jeff.
杰夫
You gotta know what's going on out here.
全球最大企业 通用电气董事会主席兼CEO
你该知道外面什么状况
We're having trouble funding our day-to-day operations.
我们日常经营的资金都有问题了
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
General Electric?
通用电气?
This thing is spreading way past Wall Street.
问题已经从华尔街蔓延开来
I get that nobody wants to touch mortgages,
没人愿意碰抵押贷款
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
We're a healthy company.
我们是一家财务健康的公司
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
every business in America's gonna be shutting down.
美国的每一家企业都要关门了
美国财政部
Where's A.I.G.?
AIG什么情况?
It closed at $2.
收盘价为2美元
Tim thinks we need to do something big.
蒂姆认为我们该动作大一点
Ben agrees, and so do I.
本同意了 我也是
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
The Fed can lend to nonbanks
美联储在非正常紧急情况下
under unusual and exigent circumstances.
可以借钱给非银行机构
We're thinking of taking over 80% of the company.
我们在考虑接管80%的公司股权
Hank, we can't.
汉克 我们不能这么做
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
A.I.G. has collateral. They have assets.
AIG有担保 他们有资产
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
It's not the same story.
两件事不能相提并论
Nobody's gonna care.
但没人没在意这点的
It's another bailout with no legislation.
这会是又一次没有立法程序的紧急援助
The Hill's gonna go crazy. The country's gonna go crazy.
国会会疯的 全国都会疯的
The plane that we flew in on this morning
我们今早乘坐的飞机
leased from A.I.G.
是从AIG租用的
Construction downtown A.I.G.
市区的建筑物 AIG
Life insurance 81 million policies
人寿保险 8100万份保险
with a face value of $1.9 trillion,
面值1.9万亿
billions of dollars in teachers' pensions it's everywhere.
数十亿的教师退休金 无处不在
You want too big to fail? Here it is.
大到不能倒? 这就是
You got a better idea?
你有更好的主意?
The suggestion box is wide open.
意见箱大大开着呢
I hate to do this right now,
我现在很不想这么做
but I'm gonna have to have a press call first thing,
但我首先得通知媒体
and I really don't know what I'm gonna tell them.
我真不知道该怎么对他们说
Tell them Lehman exacerbated A.I.G.,
就说雷曼加剧了AIG的恶化
the simultaneous payouts of C.D.O.s
同时CDO(债务抵押债券)支出
and credit default swaps put catastrophic pressure on
CDS(信用违约互换)让灾难性的压力
Go back further.
从头开始说
The global pool of investment capital
全球投资资本...
she has to do this in English.
她得说点普通人能听懂的
Start with the homeowners.
从房屋所有者说起
Okay okay, here's how you explain it.
好 好 这么解释
Wall Street started bundling
华尔街打包住房贷款
home loans together mortgage-backed securities
和住房抵押贷款证券
and selling slices of those bundles to investors.
把这些卖给投资者
And they were making big money,
他们赚了大钱
so they started pushing the lenders, saying,
所以他们刺激贷款人 说
"come on, we need more loans.
"快来 我们需要更多贷款"
The lenders had already given loans
贷款人已经对
to borrowers with good credit,
信用良好的借款人放款了
so they go bottom-feeding. They lower their criteria.
于是他们放眼下层 降低标准
Before, you needed a credit score of 620
之前 你需要有620的信用得分
and a downpayment of 20%.
20%的首付款
Now they'll settle for 500, no money down.
现在500就行 首付款为0
And the buyer the regular guy on the street
买家 那些没房的普通人
assumes that the experts know what they're doing.
认为专家们知道他们在做什么
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
I must be able to afford it."
我肯定是能负担得了"
So he reaches for the American dream.
于是他实现了美国梦
He buys that house.
买了房子
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
You'll work on "shitbag."
你要用"狗屁垃圾"
So to control their downside,
为了控制风险
the banks started buying a kind of insurance.
银行开始购买另一类保险
If mortgages default, insurance company pays
如果贷款逾期 保险公司付钱
default swap.
信用违约互换
The banks insure their potential losses
银行确保潜在损失
to move the risk off their books
将风险移出账面
so they can invest more, make more money.
于是他们能投资更多 赚更多钱
And when a lot of companies insured this stuff,
当很多公司投保这种险
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
- AIG - A.I.G. - And you'll work on "dumb."
- 你要用"傻逼"?
And when they ask me why they did that?
别人问我 他们干嘛那样做?
- Fees. - Hundreds of millions in fees.
- 费用 - 收取数十亿管理费用
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
but then the unexpected happens.
但意想不到的情况发生了
Housing prices go down.
房价开始下降
The poor bastard who bought his dream house
那些买了梦想之屋的穷人
the teaser rate on his mortgage runs out.
低息贷款没有了
His payments go up. He defaults.
付不上钱了 逾期了
Mortgage-backed securities tank.
住房抵押贷款证券的巨压
A.I.G. has to pay off the swaps
AIG得偿付信用违约互换
all of them all over the world
所有金融机构 遍布全世界
at the same time.
同一时间
A.I.G. can't pay. A.I.G. goes under.
AIG付不起 就要破产
Every bank they insure
向他们投保的每一家银行
books massive losses on the same day.
同一天都要记入巨大的损失
And then they all go under.
然后他们全都会破产
It all comes down.
都要倒
The whole financial system?
你是说整个金融体系?
And what do I say
要被问到我们为何没履行监管义务
when they ask me why it wasn't regulated?
我怎么回答?
No one wanted to.
没人想要监管
We were making too much money.
都在赚大钱
You'll work on
你可以说
"we were making too much money."
"都在赚大钱"
Hey, Hank,
嘿 汉克
um...
呃...
These are really mild,
这个药性很温和
but they work.
但是也有效果
I know the whole Christian Scientist thing
我知道基督教科学
that you don't take medicine.
你不吃药
But you need to sleep.
但是你需要睡眠
Jim
吉姆
Hank, not just for your own sake.
汉克 不只是为你自己
Okay?
好吗?
You don't look so good.
你看起来不怎么好
Just minutes ago CNN has confirmed
几分锺前 CNN证实
that the Federal Reserve is negotiating
美联储正在协商谈判
to rescue insurance giant AIG
拯救保险业巨头AIG
The negotiations could include
谈判包括
an $85 billion temporary loan
一笔850亿美元的临时贷款
to stave off AIG's imminent collapse.
以避免AIG迫在眉睫的危机
This is a blockbuster, folks.
这真是一项爆炸性举措
About this time last night, many on Wall Street
昨晚这个时候
were fearing total disaster today.
华尔街还害怕今日将出现灾难
So another federal bailout
于是第二笔联邦紧急援助
of another Wall Street giant
拯救了又一名华尔街巨头
again, as we mentioned, big big financial news.
正如我们所说 重大财经消息
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)
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
after the stock exchange closed on...
今日大盘收于...
Motherfucker.
他妈的
We want to go straight right now to Ali Velshi
CNN 首席商业记者
我们现在转到阿里·韦尔什
to kind of give us a bottom line on this, Ali.
带给我们进一步分析 阿里
And then we're gonna get a lot more in depth...
我们将更深入地了解情况
AIG securing an 85...
AIG获得一笔850亿...
The credit markets are still frozen solid.
信贷市场仍然冻结
We keep dumping money into these companies
我们不断向这些公司投钱
so the markets will stabilize,
来稳定市场
and nothing helps.
一点别的方法也没有
We can't keep doing this.
我们不能一直这么做
We rescued Bear with no legislation,
我们没走立法程序就营救了贝尔斯登
A.I.G. with no legislation.
AIG也是
People think Fannie and Freddie was a bait-and-switch.
人们认为两房是个诱饵
I don't like it any more than you do,
我也不想这样
but they were exceptional situations.
但这是特殊情况
This situation demands an endgame
这种情况最后阶段
that does not rely on unilateral action from the Fed.
不能只依靠美联储单方的行动
This is a democracy.
这是民主国家
We cannot be men behind the curtain pulling the strings.
我们不能躲在幕后操纵
We need some kind of an overall solution
我们需要某种全局性的解决方法
that heals the entire system.
能拯救整个金融系统
And it has to be legitimate.
必须走合法程序的
We've been putting off going to Congress.
我们已经推迟去国会的时间了
It's two months before an election.
离总统大选只有2个月了
They can't vote yes to a massive bailout
他们不会对拯救整个银行系统的
of the entire banking system.
大规模紧急援助投赞成票的
They'd never get reelected.
因为如果那样做 他们就别想再次当选
- Hank - We go to Congress,
- 汉克 - 我们去国会
publically state we don't have the firepower
公开宣称我们没有能力
to control this anymore,
再控制当下局面了
and then they say no
他们再投反对票
that is really the nightmare scenario.
那才真是噩梦
The nightmare scenario's already here, my friend.
噩梦已经开始了 朋友
We're in it.
我们都身处其中
P P.
You can't put this all on your own shoulders.
你不能一个人独自承担这些
We're running out of options.
我们的办法都用光了
Then you just keep trying.
那么继续试试别的
That's what you do.
这才是你要做的
Eventually something's gonna work.
最后总有会起效果的
I'm not sure that that is true anymore.
我想不可能了
There's not a bank in the world
这世上没有一家银行
that has enough money in its vault
金库里有足够的钱
to pay its depositors.
付给存款人
It's all built on trust.
都是建立在信用体系上
And and, Wendy, we
还有 还有 温迪 我们
we are so very close.
我们接近崩溃边缘了
Morgan Stanley, Goldman are an inch away.
摩根士丹利 高盛已经走到悬崖边了
If the other banks stop trusting them,
如果其他银行不再信任他们
if they pull back on interbank lending,
如果他们撤回同业拆借
it's over in a matter of hours.
几小时内就会全盘崩溃
And from there it goes
在这之后
too fast to stop a run
局势便无法遏制
and not just on that one bank.
不只是一家银行
I mean, on the whole system.
而将波及整个系统
And average people wondering,
老百姓会问
"is my money safe?"
"我的钱安全吗?"
They start pulling their cash.
他们会开始提出现金
And after that
在那之后
lines outside the banks, smashed A.T.M.s.
银行将排起长队 掏空取款机
A couple of weeks
再过几周
there's no milk in the store.
商店里连牛奶都没有了
For the second time this week
本周华尔街
there was a massive selloff on Wall Street,
出现了第二次大规模抛售
the Dow Jones Industrials freefalling some 450 points
在政府用纳税人的钱拯救AIG的
on news of a taxpayer-funded bailout
消息传出后 道琼斯工业指数
of the A.I.G. Insurance company.
直落450点
Three of the five investment banks are gone.
五大投行中的3家已倒下
The country's biggest mortgage lender is gone.
全国最大的放贷商已倒下
Fannie Mae and Freddie Mac brought under government control.
房利美和房地美由政府接管
The financial system is holding right now,
金融系统仍在苦苦支撑
but for how long?
但还能坚持多久?
All the King's horses and all the King's men
政府正召集所有人手 竭其所能
are being brought to bear to keep this thing together.
让一切恢复原貌
Hi Tim.
嗨 蒂姆
I'm on the street, Hank,
我正在华尔街上 汉克
and people are just going about their business.
人们像往常一样去上班
They have no idea the whole thing is about to fall down.
全然不知即将到来的灾难
We're gonna have to go to Congress.
我们要去找国会
We don't have a choice anymore.
我们别无选择
Okay.
好
How fast do you think you can get them to move?
你觉得要多久才能说动他们?
It's gonna be at least a couple days.
少说也要好几天
Goldman and Morgan Stanley are going down now.
高盛和大摩正在步向破产边缘
We gotta do something today.
我们今天就得行动
Like what?
怎么做?
The market doesn't like investment banks, right?
市场不欢迎投行 对吗?
The money's saying fuck you to the whole business model.
连金钱也唾弃他们的商业模式
Yeah.
是的
Yeah, so merge them with commercial banks,
那就让他们跟商业银行合并
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
They can use depositors' cash.
他们可以动用储户的钱
It will give them access to the discount window.
给他们开放贴现窗口
It's cheap government cash.
给他们廉价的政府资金
- 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
The upside is it'll stabilize them.
好处是可以稳定他们
The downside is,
坏处是
yeah, they'll be really fucking big.
他们会大到令人发指
Do it, Tim.
就这么做 蒂姆
Godspeed.
火速进行
Get me Blankfein.
给我接贝兰克梵
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
Tim, we're looking at all our options.
蒂姆 我们正考虑所有选择
You don't have options, Lloyd.
没别的选择了 劳尔德
There's a run on your bank.
你的银行正在崩盘
You need money Citi has deposits.
你需要钱 花旗有存款
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
Yeah.
喂
I want you to look at merging with Morgan Stanley.
我要你考虑跟摩根斯坦利合并
What, are you kidding me? I just bought Bear.
开玩笑吧? 我刚买了贝尔斯登
We're still trying to make that work.
我们还在处理那事呢
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
The market's a fucking disaster, Jamie.
市场正面临灾难 杰米
Talk to John Mack.
去找约翰?麦克
Hey, Geithner says we should talk about a merger.
盖特纳让我们谈谈合并
- You want to do a deal? - No.
- 你想合并吗? - 不
Then why the fuck did he tell me to call you?
那他妈的干嘛让我联系你?
I'm under orders to try and help you.
我只是奉命尝试帮助你
You're a prince, Jamie a real prince.
算你狠 杰米 你真是白衣骑士
Apparently some people seem to think
显然有人认为
combining our firms would be a good idea.
我们两家合并是个好主意
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
Vikram, I'm not trying
维克拉姆 我可不是
to flatter you, believe me.
在讨好你 相信我
Geithner's calling.
盖特纳找你
Oh, here comes goddamn eharmony.
该死的电话红娘
Hey, guess what. Jaime's not interested.
你猜怎么着 杰米没兴趣
Do Wachovia.
找美联银行
They were writing mortgages with their eyes closed.
他们闭着眼发贷款
Tim, it's a shit sandwich. Forget it.
烂到家了 省省吧
Well, I haven't been able to reach you for four hours.
我4个小时都联系不上你
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
I had to run my team through the Goldman proposal.
我让我的人翻阅了高盛的提议
It's not gonna work.
这行不通
You passed on Goldman without even talking to me?
你不跟我说一声就拒绝高盛了?
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
Next time I call, pick up.
下次我打给你 要接
Fucker.
混蛋
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
Ooh, call it cash-for-trash.
现金换垃圾
When the market stabilizes, we'll unload them.
等市场稳定了 再放出去
Hopefully Treasury will get its money back.
财政部有望把钱收回
- 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
My copy's missing some pages.
我这份好像少了几页
Could someone else show me the rest of
谁给我看一下其余的...
It's succinct.
本来就这么简明
We've got one shot with Congress.
我们在国会上只有一次机会
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?
Look, guys,
听着
buying toxic assets is gonna be a nightmare.
收购有毒资产将是个噩梦
Nobody knows what the stuff's worth.
没人知道它们的价值
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
So what do we do?
那怎么办?
You want to unfreeze credit, right?
你想解冻信贷市场
You want the banks to lend people money?
想让银行借钱出去?
- 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
Capital injections?
资本注入?
Dan, come on.
丹 得了吧
I can't believe you're pulling out the "n" word.
你竟然提出禁忌话题
I'm not saying nationalize the banks.
我不是说让银行国有化
I'm saying isolate the ones
只是把有麻烦的银行
that are really in trouble and make an investment.
分离出来进行投资
It's unamerican.
这不是美式作风
It's it's sure unrepublican.
主张大市场小政府和民主党正相反
也不是共和党作风
You make the government a stockholder
你把政府变成股东
what, do we tell them
要我们来告诉他们
how to manage themselves, what to buy and sell?
如何管理 买卖什么东西吗?
Run them like the post Office?
像经营邮局一样?
'Cause that works like a dream.
那简直是做梦
We make it temporary.
只是暂时的
We make ourselves nonvoting stockholders.
成为无投票权的股东
You can't just hand the banks massive piles of cash.
总不能直接把钱扔给银行吧
Nobody's gonna go for it.
没人愿意这样
To the Republican's it's nationalization.
对共和党而言 是国有化
To the Democrats it's a bailout.
对民主党而言 是财政援助
And the banks are gonna go ballistic.
银行会气炸了
Sorry, Dan, not gonna happen.
抱歉 丹 不可能
Kudos for out-of-the-box thinking.
独到的想法还是值得赞赏
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
how much is it gonna cost?
要花多少钱?
It won't work.
没用的
Look, the plan is three pages long, totally vague.
听着 计划书只有3页 含糊其辞
If buying the assets doesn't work,
要是收购资产不管用
we'll nationalize the banks for you, okay?
就按你说的国有化银行 好吗?
How much?
多少钱?
To be safe, maybe a trillion.
保险起见 1万亿
The Congress will never do a trillion never.
国会绝不会同意的 绝不
Well, there's $11 trillion in residential mortgages.
有11万亿住房贷款抵押
There's $3 trillion in commercial mortgages.
3万亿商业贷款抵押
That's $14 trillion, right?
总共14万亿 对吧?
You gotta figure about 5% default rate.
假设有5%贷款违约
5% of $14 trillion
14万亿的5%
is $700 billion.
就是7千亿
It's better than a trillion.
比1万亿好点
The only way to get this done
晚上7点
要通过 唯一的办法
is to just scare them shitless.
就是吓得他们屁滚尿流
That should be easy. I'm scared shitless myself.
2008年9月18日 星期四 雷曼兄弟倒闭后3天
那该很简单 我已经屁滚尿流了
巴尼·弗兰克 马萨诸塞州民主党议员
Troubled Asset Relief Program?
美国众议院金融服务委员会主席 问题资产救助计划?
T.A.R.P. We're calling it.
简称TARP
This is your draft of the bill?
这是议案的草稿?
Subject to revision certainly.
当然还可以再改
Well, I've only got three pages here.
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 我这儿只有3页
Am I missing something?
是不是缺了什么?
No.
没有
You're just looking for a big blank check in a hurry.
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
你们真是急着来要空白支票啊
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
for the average Joe that's about to lose his house?
那些就要无家可归的平民百姓?
There's not a scrap of oversight built into this
完全没有提到任何监管
not for the banks or for you for that matter.
对银行和对你们的监管
You want us to simply hand over
你想让我们就这样给你
$700 billion and trust you?
7千亿并信任你?
How is it possible you didn't see this coming?
南希·佩洛西 加州民主党议员 众议院议长
你们怎会没预料到会发展成这样?
If you want to rewind the tape, we can do that.
如果可以倒带的话 就不会这样
But right now the one thing we don't have is time.
但现在我们最缺的就是时间
We need an announcement tonight to calm the market.
我们要在今晚发布声明以安抚市场
We need legislation next week.
我们需要下周就通过援救方案
I spent my entire academic career
我整个学术生涯
studying the Great Depression.
都在研究大萧条
The Depression may have started
它的开始 可能是...
because of a stock market crash,
由于股市崩盘
but what hit the general economy
但波及到整个经济系统
was a disruption of credit
是由于信贷的瓦解
average citizens unable to borrow money
百姓借不到钱
to do anything to buy a home,
什么也做不了 不能买房
start a business, stock their shelves.
不能创业 不能进货
Credit has the ability to build a modern economy,
信贷支撑着现代经济
but lack of credit has the power to destroy it,
缺乏信贷也能摧毁经济
swiftly and absolutely.
摧枯拉朽 片甲不留
If we do not act boldly and immediately,
如果不能大胆快速地行动
we will replay the Depression of the 1930s,
就会重演30年代的大萧条
only this time it will be
只不过这次
far far worse.
可怕许多
We don't do this now
如果不通过方案
we won't have an economy on Monday.
下周一便无经济体系可言
Geithner.
盖特纳来电
We took the proposal down to Congress.
我们把提案交给了国会
Are they gonna go for it?
他们同意吗?
They didn't like the fact that it was short.
他们觉得太短了
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
or arrogant or something.
或是太傲慢之类的
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
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
because the proposal is too fucking short?
就他妈因为太短了?
They're working on it. They're gonna make it longer,
他们正着手此事 把它加长一些
among other things.
还有其他修改
Look,
听着
just tell me you got something.
告诉我有所收获
No. No, we're nowhere.
不 什么都没有
Who's left for Morgan Stanley?
摩根士丹利还有什么选择?
China Investment Corporation.
天朝国企 全球最大的主权财富基金之一
中投公司
Mae Mitsubishi.
或许还有三菱
No, the Japanese will never do this deal.
不 日本人绝不会接受这笔交易
How about Goldman?
高盛呢?
Goldman's looking at Wachovia, but they're so fucked,
高盛正盯着美联 但他们烂到
even John Mack turned up his nose.
约翰·麦克都嗤之以鼻了
You gotta get that bill passed.
一定要让提案通过
I'm pushing.
我正在施压
Well, push harder,
再狠点
please.
拜托
This isn't working, Hank.
这办法行不通 汉克
Hank?
汉克?
Could you excuse me a moment?
失陪一下
2008年9月21日 雷曼兄弟倒闭后6天
Oh my God.
天啊
GAO, GAO,
高，高(指中投公司总经理高西庆)
I am so sorry about this. There's nothing we can do.
很抱歉 我们无能为力
It's New York, you know. We're lucky
这是纽约 在洋基体育场
we can still buy a beer at Yankee Stadium.
能买到啤酒都已经算幸运了
Don't worry about it. I should quit anyway.
没关系 反正我也该戒了
When you're ready, we'll be inside.
我们在里面等你们
Is there any movement there?
有什么进展吗?
They made an extremely low opening offer.
他们开出了超低价位
I pretended I didn't hear it.
我装作没听见
The markets can't open Monday
不解决摩根斯坦利的问题
without a resolution on Morgan Stanley.
周一就没法开市
We really need you to do a deal.
我们真的需要你这么做
- You need to call Jamie. - I called Jamie.
- 你要联系杰米 - 我找过他了
He doesn't want us. There's too much overlap.
他不想收购我们 业务重叠太多
We've spoken to him. He'll do it.
我们跟他谈过了 他愿意
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?
I got China Investment
中投和三菱
and Mitsubishi kicking my tires.
都对我有意
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
We want you to call Jamie.
我们要你打给杰米
Let me ask you a question.
我问你个问题
35,000 jobs just disappeared in this city
3万5千份工作随着AIG 雷曼
between A.I.G., Lehman and Bear.
和贝尔斯登的崩盘而蒸发
We make a deal with Jamie
如果我们跟杰米达成协议
he'll fire 20,000 Morgan Stanley employees.
他还会裁掉2万大摩员工
You think that's good public policy?
你觉得这是优秀的公共政策?
John, we are looking at the whole system here.
约翰 我们要放眼整个系统
The Chinese are leaving.
中国人要走了
GAO found out we're also talking to Mitsubishi.
高得知我们也在跟三菱谈
I gotta go.
我得挂了
All right, get me Kuroyanagi and a Japanese translator.
三菱集团总裁
给我接通畔柳信雄 找个日语翻译
We're closing with Mitsubishi tonight.
今晚就要跟三菱谈妥
Tim Geithner's calling again.
蒂姆?盖特纳又来电了
Cover your ears.
就当没听到
You tell Tim Geithner to fucking blow me.
告诉他有种就干掉我
I'm trying to save my company.
我正在拯救我的公司
Put him on the schedule, but make sure it's after lunch,
2008年9月22日 雷曼兄弟倒闭后7天
把他安排进行程表 安排在午餐后
because that way I can fit Maddle in beforehand.
那样我可以提前把麦迪找来
Morgan just made a deal with Mitsubishi.
摩根斯坦利跟三菱成交了
So we're the only bank
我们是唯一一家
with our dick still in the wind.
生死未卜的银行了
I'm calling Buffett again.
我再打给巴菲特
Grandpa, they keep calling. What if it's important?
爷爷 他们一直找你 要是重要事呢?
They always think it's important.
他们总自以为重要
All right, I'll make it fast.
好吧 我快点解决
Warren, thanks for calling back. How are you?
沃伦 感谢回话 你好吗?
Just fine, Lloyd.
还好 劳尔德
What can I do for you today?
又要我帮你什么?
I'd like to talk to you about taking a stake in Goldman Sachs.
我想让你购入高盛股份
What do you have in mind? Sounds expensive.
你怎么想的? 听上去很贵
Maybe not.
或许不贵
You'd better have good news,
最好是好消息
because I might be dead before we finish
也许是否实施TARP的结论还没出前
haggling over TARP.
我就死了
Buffett's throwing $5 billion into Goldman.
巴菲特向高盛注资50亿
We're off the ledge.
我们无计可施了
For a moment.
只是暂时的
The October surprise arrived a little early
十月的惊喜来得早了一些
with a game-changing jolt to the White House race.
总统职位的竞争出现了转机
Call it a master stroke
是出奇制胜
or a desperate Hail-Mary pass
还是放手一搏
McCain announced he would suspend his campaign
麦凯恩宣布暂停竞选活动
and asked for this Friday's debate to be postponed
并要求推迟本周五的辩论
So he can return to Washington to focus on the economic crisis.
以返回华盛顿 处理经济危机
Now is our chance to come together,
现在是我们团结一致的机会
to prove that Washington is once again
再次证明华盛顿有能力
capable of leading this country.
治国安邦
Thank God he came back.
谢天谢地 他回来了
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
he will find us!
他会找到我们的!
- They're blowing it up. - What happened?
- 他们要搞砸了 - 怎么回事?
McCain wanted to swoop in and save the day,
麦凯恩想趁机介入 扭转局面
but doesn't have any idea how to do it.
但根本不知道怎么下手
It's 100-page piece of legislation
那可是我们谨慎协商了好几天
we've been carefully negotiating for days.
写就的100页法案
What, did he think they were gonna sit around and spitball?
他以为我们就坐在这扔纸团玩?
Yeah, when McCain got here
是的 等麦凯恩过来
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
The Republicans fell in behind their guy.
共和党没跟上进度
They want to start all over again.
他们希望重新来过
Democrats flipped out. Republicans dug in.
民主党发飙 共和党赖着不走
Clusterfuck.
一团糟
- Where's Hank? - Still talking to McCain.
- 汉克在哪? - 还在和麦凯恩谈
If you or anyone else does anything
如果你或任何人做了什么
that causes a depression, it is not gonna be on me.
导致经济萧条 我可不负责
I have a big mouth, Senator
我是个大嘴巴 参议员
- a very big mouth. - Hold on...
- 口风很松的 - 等等...
He's not threatening
他不会是在
the Republican Presidential Nominee, is he?
威胁共和党总统候选人吧?
- 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
Where are the Democrats?
民主党的人在哪?
They're right down this way.
就在这边
- Is Nancy there? - Yes. Yes, she is.
- 南希在那吗? - 在
Thank you.
谢谢
Nancy...
南希...
Gee, Hank.
汉克你这是
I didn't know you were Catholic.
我不知道你还是天主教徒
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
but we need to get together on this.
但我们得达成共识
We're not the ones trying to blow it up.
我们不是想否决的一方
I just ask you to stay with us.
我只是请你支持我们
Please.
求你了
The House began debating the rescue bill
今天上午 9点27分
at 9:27 this morning.
白宫开始讨论援助法案
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
- This is a squeaker of a vote. - We are down to it right now.
- 票数非常接近 - 马上来看看
It looks like the Democrats delivered their caucus
赞成票多数来自民主党
and the Republicans so far have not.
而目前看来共和党不大赞同此案
What do you think they could do to change the bill
你认为他们会怎样修改议案
to get a few Republican votes over to the other side?
以赢得更多共和党议员的支持
If they hang Wall Street CEOs,
如果他们吊死那些华尔街的CEO
I think that would get a few more votes.
我想他们就能得到更多选票
You know, I'm not I'm not sure
知道吗 我不 不确定
what they could do exactly.
他们究竟会怎么做
It is possible that the leadership of the Congress would conclude
有可能国会的领导认为
that there's nothing that can get a majority of support
他们无法得到多数人的支持
and see what Hank Paulson can do and the administration can do
就看保尔森和政府会怎么做
Leaders are negotiating right now
领导们正在商议
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
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
didn't think it would pass.
她不会将其提上议程的
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
I'm just reading an email that's coming to me.
我只是在读我的一封邮件
I think the bottom line
我想最终
is they gotta go back to the drawing board.
他们还是得重新筹划
Do they have the time though to do that?
但他们还有时间这么做吗?
Look at the Dow Jones Industrial Average.
看看道琼斯工业平均指数
Well, you know, you're gonna get a
知道吗 你们会
At this point we just
此时此刻 我们只能
gotta hold on to the sides of the kayak
紧抓救生筏
and ride through this because
挺过去 因为
They didn't pass it.
他们否决了议案
- They did not pass it. - It just wasn't enough.
- 他们否决了 - 这还不够
They're gonna end up being nine votes short, Bill.
他们准备就此终结这个法案
Say that again, Steve.
再说一次 斯蒂文
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
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
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
The writing is on the wall there.
结果在墙上
And we're here down on the floor.
我们在这里 心灰意冷
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
The networks are waiting for you in the press room.
媒体在新闻发布室等你
I can't even
我甚至无法
We have to go back again.
我们得重头来过
They don't get to say no on this.
他们不会对新提案说不
Okay.
好吧
The White House wants a meeting.
白宫想和你会面
Good. We'll come up with a new strategy.
很好 我们带着新策略去
The White House has to push harder on the Hill.
白宫必须使劲给国会施压
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
Let's act like this is gonna work.
我们得先想好如何运用资金
In that case, let's talk about cash injections.
既然如此 我们来谈谈注资吧
Here we go again.
又来了
We can't nationalize the banks.
我们不能把银行国有化
It's not nationali
这不是国有化
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
Is that where we want to go?
那是我们想要的结果吗?
What else do we have?
还有什么别的选择?
Cash-for-trash.
现金换垃圾
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
All right. Find a way to simplify it.
好 想办法简化它
Dan, work something up.
丹 做个方案出来
For discussion purposes, let's see what it would look like.
让我们具体看看 讨论一下
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
it was a surprising and stunning failure
众议院投票否决此提案
when the House of Representatives voted to reject it.
是一次出乎意料的失败
It's a stinging defeat for President Bush
对小布希总统而言 被共和党同僚打击
delivered at the hands of his fellow Republicans.
是一次惨痛的失败
We put forth a plan that was big
我们提出了一个宏大的计划
because we've got a big problem.
因为我们面临着一个严重的问题
The reality is that we're in an urgent situation.
事实上 形势非常紧迫
and the consequences will grow worse each day
如果我们不行动
if we do not act.
后果将会日益恶化
I know. I keep telling
我知道 我一直都说
draft of the new bill.
新法案的草稿
Are they having any luck with it?
2天以后
他们那边有进展了吗?
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
through the Senate side first. Hopefully they're right.
但愿他们是对的
They asked us to back off and let them handle it.
他们要我们别管了 让他们处理
So I'm I'm I'm trying to back off.
所以 我在试着撒手
Buying toxic assets isn't gonna work.
购入有毒资产没用
Why not?
为什么没用?
It's too slow.
太慢了
I think I've been saying that.
我之前就说过
Well, we knew it was complicated, but how slow ?
我们知道它很复杂 但有多慢 ?
Two months, maybe more.
2个月 或更久
Oh.
哦
How is it possible we didn't know how ?
我们怎么会不知道 ?
I didn't ask how long it would take, okay?
我没有问会要多久 好吗?
Can we move on?
可以讨论别的了吗?
So maybe we can talk about capital injections.
也许我们可以谈谈资本注入
Dan, we really can't.
丹 我们不能
I think we're gonna have to.
我想 我们别无选择了
Even if neel could expedite the process,
就算尼尔可以加快进程
which seems unlikely,
这显然不太可能
the system is crumbling.
系统正在崩溃
The banks need money now.
银行现在就需要钱
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
then we can't back off
我们就不能因为
because we're uncomfortable being the men
对国有化几家银行感到不适
who nationalized a few American banks.
就袖手旁观
It's faster, that's for sure.
可以肯定的是 它更快
It will push us back off the precipice, yes,
它能解燃眉之急
unfreeze the system.
激活整个系统
We give them some money
我们给他们些钱
and they lend it out.
让他们放贷
The motion is adopted.
提案通过
After rejecting the Bush Administration's T.A.R.P. Plan
否决小布希政府的TARP方案初稿后
only four days ago, the House passed it today.
仅仅4天 众议院于今日通过了此案
The big question now
现在最大的疑问是
whether investors will take comfort in the news.
投资者能否从此消息中得到慰藉
Current indicators show the stock market
2008年10月13日 华盛顿特区 凌晨2点
市场指数显示
is continuing its freefall.
股市仍在持续下挫
Hello.
喂
Warren, it's Hank.
沃伦 我是保尔森
I I I'm sorry. It's late.
对不起 这么晚了
Am I waking you?
我吵醒你了吗?
No, not at all.
不 没有
Can I pick your brain for a minute?
能帮我出出主意吗?
Sure. What's the problem?
当然 怎么了?
How do you get a healthy bank
怎样让一家健全的银行
to accept a capital injection?
接受注资?
I had to drag my ass all the way here from California.
我不得不从加州大老远赶来
They wouldn't even tell my why.
他们甚至不告诉我为了什么
Nobody knows what this is about?
没人知道这是要干嘛?
Nope.
不知道
Talk to Jamie?
和杰米谈了?
Yep. He'll be fine.
是 他会没事的
Did you tell him what was coming?
你告诉他接下来会怎么做了?
Uh, did I tell him we're about to make him swallow
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
告诉他 我们要逼他接受 他并不需要的注资吗?
a capital injection he doesn't need? No.
没说
I I told him we need his help
我告诉他 我们需要他的帮助
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
He got it.
他明白了
She's here.
她来了
Gentlemen.
希拉·拜尔 联邦存款保险公司主席
先生们
We think this is gonna work?
能谈成吗?
Oh yeah. They're gonna love it.
是的 他们会喜欢的
We are of the view
我们着眼于
that the United States needs
整个国家的需求
to take strong, decisive action
决定采取坚决有力的行动
to arrest the stress
以减缓金融体系...
in our financial system.
所面临的压力
Through our new T.A.R.P. Authority,
通过新的TARP方案 当局
Treasury will purchase
财政部将
preferred stock
从在座各位的银行
in each of the banks represented in this room.
购入优先股
That stock will yield 5% the first five years,
头5年 年收益为5%
9% after that.
之后为9%
We give you money; You lend it out.
我们给你们钱 你们贷出去
It will unfreeze credit, stabilize the banks,
这将激活信贷 稳定银行
restore confidence.
恢复投资者信心
Everyone will be better off
系统中有了更多的资金
with more capital in the system.
情况会好转
And that is why
这就是为什么
all nine of you
你们9位
will participate in the program.
都要参与这个计划
Some of us don't need any capital.
我们中有些人并不需要资金
You all need capital.
你们都需要
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
Neither do you.
你也不知道
I'm not one of you New York guys
我不是你们这些
with your fancy products.
拥有花花产品的纽约佬
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?
The stronger banks will serve as cover for the weaker banks.
较强的银行会为弱势银行买单
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
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
How much are we talking about?
有多少钱?
$125 billion.
1250亿
Bank of America $15 billion.
美国银行 150亿
Bank of New York Mellon $3 billion.
纽约梅隆银行 30亿
Citigroup $25 billion.
花旗集团 250亿
Goldman Sachs $10 billion.
高盛 100亿
J.P. Morgan $25 billion.
摩根大通 250亿
Merrill Lynch $10 billion.
美林证券 100亿
Morgan Stanley $10 billion.
摩根史丹利 100亿
State Street $2 billion.
道富银行 20亿
Wells Fargo $25 billion.
富国银行 250亿
What happened to buying toxic assets?
购入有毒资产的方案怎么了?
Wasn't that the idea?
那不是个好主意吗?
Paulson: It's too slow.
太慢了
You'll be dead before we sort it out.
在弄好前 你们都已经完了
So we're just handing the reins over to you?
我们就这么把缰绳交给你?
The deal's actually pretty good.
实际上 这个交易很不错
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
the terms won't be nearly as attractive.
条件就不会如此优厚了
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
Well, it is for those of us who already have capital.
这是在说我们中有足够资本的
We will be nonvoting shareholders.
我们会是无投票权的股东
This will be a temporary measure.
这是个临时举措
What if we decline to be involved?
如果我们拒绝参与呢?
The Chairman of the FDIC is sitting right there.
美国存款保险公司的主席在这里
Tomorrow you'll find out
明天你会发现
that you're not as well-capitalized as you think you are.
你并非自己所想的那样 拥有雄厚资本
What kind of protections can you offer on changes
你们会采取怎样的措施
for compensation policy?
保障不改变薪酬制度?
I mean, if the government is going to become a part-owner,
如果政府变成共有者
does that mean that the government
是不是意味着
is going to dictate compensation?
政府将指定薪酬额?
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?
I'm running a company.
我运营着一个公司
If the Fed tells me I can't offer
如果美联储告诉我
competitive pay for talent,
我不能向人才提供有竞争力的薪酬
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
Is that the way you want to run the banks?
这就是你们要的经营银行的方式?
Until the money is repaid to the Treasury,
在偿清欠款给财政部以前
there will be some limitations on tax deductions and golden parachutes.
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
会有一些限制扣税和黄金降落伞的规定
- Well, there you go. - I don't really understand
- 这是你们要的 - 我真不明白
why there needs to be so much tension about this.
为什么要争论这个
The country is facing
国家正面临
the worst economy since the Great Depression.
大萧条以来最糟的经济形势
If the financial system collapses,
如果金融系统崩溃
it will take every one of you down.
你们每个人都得完蛋
Give me the papers.
给我文件
- You can't just sign it. - Oh no?
- 你不能就这么签了 - 不行吗?
- 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
I think they'll go along with it.
我想他们会赞成的
And if they don't, they'll fire me.
如果不同意 他们可以炒了我
Anyone else?
还有谁?
Are they gonna do it?
他们接受吗?
They're calling their boards.
他们在打电话给各自的董事会
- 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
we should announce something alongside the injections
我们在公布注资的同时 公布其他举措
maybe a program to buy up mortgages.
或一个收购房屋贷款抵押的计划
I'm not rushing out some half-assed plan
我不会为了让我们看起来在做什么
just to make it look like we're doing something.
而草率的公布些不成熟的计划
Maybe we just beef up the restrictions
或者我们可以就如何花这些钱
on how they spend the money
补充一些限制条件
something to take the stink off.
以去除毒瘤
Put more restrictions on it they won't take it.
加更多的条件 他们就不会接受了
One thing too many for today.
今天一件事都太多了
They almost bring down
就我们所知
the U.S. economy as we know it,
他们几乎搞垮了全美的经济
but we can't put restrictions on how they spend
而我们却不能限制他们如何使用
the $125 billion we're giving them,
我们给的1250亿
because they might not take it.
因为他们可能不会接受
What's this?
这是什么?
That is, um...
是 嗯...
A poison dart frog.
毒箭蛙
Wendy took it in Guyana.
温迪在圭亚那拍的
Is this yours?
这是你的吗?
Al Capone's.
艾尔·卡帕诺的(美国黑帮教父)
Eight out of the nine are in.
9个人中的8个都同意了
B of A is still waiting on its board, but
美国银行还在等董事会的决定 但
it's gonna go through.
会通过的
I'll call the Speaker's office.
我去打给众议院办公室
And we're gonna get you on the phone with the President.
我们去安排你和总统通话
Okay.
好的
Dow is up 900 points
道琼斯指数涨了900点
just because we were meeting.
只因为我们在会面
Well, that's good.
太好了
That's good.
太好了
It was the right thing.
这样做是对的
Absolutely.
当然是
I was prepared for more blowback.
我原本准备好应对更强的反对
They didn't have a choice.
他们没得选择
They knew that.
他们知道的
Well, I certainly hope that they
我非常希望他们
What?
什么?
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
They will lend it out, won't they?
他们会把钱贷出去 是吗?
Of course they will.
他们一定会的
Of course they will.
他们一定会的
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
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
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"