(2008年的全球金融危机让数千万人)
(失去了积蓄、工作与家庭)
(事情是这样发生的)
(冰岛)
(总人口32万)
(国民生产毛额130亿)
(银行损失1000亿)
Iceland is a stable democracy with a high standard of living...
冰岛是个高生活水准 稳定的民主国家
...and, until recently...
直到最近
...extremely low unemployment and government debt.
失业率和政府公债都还很低
We had the complete infrastructure of a modern society.
我们有现代社会完整的基础建设
Clean energy, food production.
洁净能源，粮食生产
Fisheries with a quota system to manage them.
以配额制度管理渔业
Good healthcare, education, clean air.
有良好的健康照护、教育 与洁净的空气
(盖菲索伊加)
(冰岛大学经济学教授)
Not much crime.
没什么犯罪
lt's a good place for families to live.
是家庭生活的好地方
We had almost end-of-history status.
我们几乎是历史终结的状态
(安德利麦纳森，作家暨电影人)
But in 2000, Iceland's government began a broad policy of deregulation...
但是西元二千年，冰岛政府 展开广泛的解禁政策
...that would have disastrous consequences...
造成灾难性的后果
...first for the environment and then for the economy.
先后冲击环境与经济
They started by allowing multinational corporations like Alcoa...
他们先是准许 美铝公司这样的跨国企业
...to build giant aluminum-smelting plants...
建造大型炼铝厂
...and exploit Iceland's geothermal and hydroelectric energy sources.
剥削冰岛的地热与水力发电能源
Many of the most beautiful areas in the highlands...
高地许多最美丽的区域
...with the most spectacular colors are geothermal.
最壮观的景色就是地热
So nothing comes without consequence.
所以凡事都是有后果的
At the same time...
同时…
...the government privatized Iceland's three largest banks.
政府让冰岛三大银行民营化
The result was one of the purest experiments...
导致解除金融管制史上
...in financial deregulation ever conducted.
最纯粹的实验之一
(2008年9月)
We have had enough. How could all of this happen?
我们受够了 怎么会发生这种事呢？
Finance took over and more or less wrecked the place.
财务接管，差不多摧毁了这里
In a five-year period, these three tiny banks...
五年间，这三间小银行
...which had never operated outside of Iceland...
从未在冰岛之外营运
...borrowed 120 billion dollars...
却借了1200亿美元
... 1 0 times the size of Iceland's economy.
是冰岛经济的十倍
The bankers showered money on themselves...
银行家在自己、彼此与朋友之间
...each other, and their friends.
挥洒这些金钱
There was a massive bubble.
造成莫大的泡沫
Stock prices went up by a factor of nine.
股价狂飙
House prices more than doubled.
房价倍涨
Iceland's bubble gave rise to people like Jon Asgeir Johannesson.
冰岛的泡沫经济 让杨艾斯格约翰森这种人窜起
He borrowed billions to buy up high-end retail businesses in London.
他借了几十亿 收购伦敦高档零售业
He also bought a pinstriped private jet...
他还买了一架私人喷射机
...a 40-million-dollar yacht...
一艘价值四千万的游艇
...and a Manhattan penthouse.
和一间曼哈顿的阁楼
Newspapers always had the headline:
报纸头条总是写着：
This millionaire bought this company...
〝这个百万富翁买下了这间公司
...in the U.K. or in Finland or in France or wherever...
在英国、芬兰或法国〞
...instead of saying:
而不是说
''This millionaire took a billion-dollar loan...
〝这个百万富翁贷款数十亿元〞
...to buy this company, and he took it from your local bank.''
〝买下这间公司 而且是跟你的地方银行贷的〞
The banks set up money market funds...
银行成立货币市场基金
...and the banks advised deposit-holders to withdraw money...
建议存户把钱提出来
...and put them in the money market funds.
放到货币市场基金里
The Ponzi scheme needed everything it could.
庞氏骗局一把抓
American accounting firms like KPMG...
美国会计事务所，例如安侯
...audited the Icelandic banks and investment firms...
审查冰岛银行与投资公司的帐务
...and found nothing wrong.
并无发现不妥
And American credit-rating agencies said Iceland was wonderful.
美国信用评比机构也说冰岛没问题
ln February 2007...
2007年2月
(丝瑞朵班奈迪斯多提)
(冰岛国会特别调查委员会)
...the rating agency upgraded the banks to the highest possible rate, triple-A.
评比机构将银行升级到 最高的3A级
lt went so far as the government here traveling with the bankers...
政府和银行家打交道
...as a PR show.
搞得像宣传活动一样
When Iceland's banks collapsed at the end of 2008...
2008年末冰岛的银行瓦解
...unemployment tripled in six months.
失业率在半年内激增三倍
There is nobody unaffected in lceland.
冰岛没有人不受影响
A lot of people lost their savings.
许多人失去了积蓄
Yes, that's the case.
对，事实如此
Government regulators who should've been protecting the citizens...
本该保护冰岛人民的政府监督
(金融监管局)
...had done nothing.
却毫无作为
You have two lawyers from the regulator going down to a bank...
金管局两名律师前往银行
...to talk about some issue.
讨论某些议题
When they approach the bank...
他们到了银行
...they would see 19 SUVs outside the bank.
看到银行外面有19辆休旅车
You enter the bank...
进到银行
...and you have the 19 lawyers sitting in front of you, right...
19名律师坐在你面前
...very well prepared, ready to kill any argument you make.
做足准备要扼杀你的论点
And then, if you do really well, they'll offer you a job.
如果你表现杰出 他们就会给你工作
One-third of Iceland's financial regulators...
冰岛有三分之一的金融监管员
...went to work for the banks.
都去银行工作了
But this is a universal problem, huh?
但这是全球问题
ln New York, you have the same problem, right?
纽约也有相同的问题，对吧？
What do you think of Wall Street incomes these days?
你认为华尔街这阵子的收入如何？
Excessive.
超多
(保罗沃克，前联准会主席)
l've been told it's extremely difficult for the lMF...
我听说国际货币基金组织
...to criticize the United States.
很难责难美国
l wouldn't say that.
我不这么认为
(多明尼克史特劳斯卡恩)
(国际货币基金组织常务董事)
We deeply regret our breaches of U.S. law.
我们深感遗憾违反了美国法律
They're amazed at how much cocaine these Wall Streeters can use...
他们很讶异 华尔街大亨用了那么多古柯碱
...and get up and go to work the next day.
隔天还能爬起来去上班
l didn't know what credit default swaps are.
我不知道什么是信用违约交换
l'm a little bit old-fashioned.
我是老古板
(乔治索罗斯，亿万富翁、投资客、慈善家)
Has Larry Summers ever expressed remorse?
赖瑞桑默斯可曾表示自责？
l don't hear confessions.
我不听告解的
(巴尼法兰克，金融服务委员会主席)
(美国众议院)
The government's just writing checks.
政府只管开支票
That's plan A, that's plan B and that's plan C.
A、B、C计划一堆
Would you support legal controls on executive pay?
你会支持合法管制主管薪资吗？
l would not.
不会
(大卫麦考米克)
(布什政府的财政部副部长)
Are you comfortable with the level of compensation in financial services?
你同意金融服务的报酬水准吗？
lf they've earned it, yes, l am.
如果是他们挣得的，我同意
- Do you think they've earned it? - l think so.
- 那是他们挣得的吗？ - 我认为是
(史考特塔波特)
(金融服务业圆桌会议组织 首席说客)
And so you've helped these people blow the world up?
所以你协助这些人毁掉世界？
You could say that.
可以这么说
They were having massive private gains at public loss.
他们从公众损失 得到大量私人利益
(沈联涛)
(中国银行业监督管理委员会首席顾问)
When you think you can create something out of nothing...
当你想到可以无中生有
...it's difficult to resist.
那是很难抗拒的
(李显龙，新加坡总理)
l'm concerned people want to go back to the old way...
我担心大家会想要回去过…
...the way they were operating prior to the crisis.
危机发生前的老日子
(克莉丝汀拉加德，法国财政部长)
(伦敦证交所)
l was getting a lot of anonymous e-mails from bankers saying:
我收到很多银行家的 匿名电子邮件说
''You can't quote me, but l'm really concerned.''
〝你不能引用我的话，但我真的很担心〞
(吉莲邰蒂)
(《金融时报》美籍主编)
Why do you think there isn't...
你觉得为什么没有…
...a more systematic investigation being undertaken?
进行更有系统的调查？
Because then you'll find the culprits.
因为这样就会查出犯人
(诺瑞尔鲁比尼，纽约大学商学院教授)
You think Columbia Business School has any conflict-of-interest problem?
你认为哥伦比亚商学院 有任何利益冲突的问题吗？
l don't see that we do.
我认为没有
(格林哈伯德)
(布什政府经济顾问 哥伦比亚大学商学院院长)
(艾略特史匹泽)
(前纽约州长，前纽约检察总长)
The regulators didn't do their job.
监管会没有尽到职责
They had the power to do every case that l made. They just didn't want to.
我提的每个案子他们都有权查 但他们就是不想查
(2008年9月15日)
Lehman Brothers, one of the most venerable...
雷曼兄弟，最大的投资银行之一
...and biggest investment banks, was forced to declare itself bankrupt.
被迫宣布破产
Another, Merrill Lynch, was forced to sell itself today.
另一家美林证券今天被迫抛售
World financial markets are way down, following dramatic developments....
全球金融市场一路下滑 随着戏剧性的发展…
In September 2008... ...the bankruptcy of the U.S. investment bank Lehman Brothers...
2008年，美国投资银行 雷曼兄弟的破产
(雷曼兄弟总部)
...and the collapse of the world's largest insurance company, AIG...
以及全球最大保险公司AIG的倒闭
...triggered a global crisis.
引爆了全球金融危机
Fears gripped markets overnight....
一夜之间恐惧笼罩市场
Stocks fell off a cliff.
股价爆跌
The largest single point drop in history.
史上最大的单日跌幅
Share prices continued to tumble...
雷曼倒闭余波荡漾
...in the aftermath of the Lehman collapse.
股价持续下跌
(我们要全额退款！绝不妥协！)
The result was a global recession...
结果造成全球经济衰退
...which cost the world tens of trillions of dollars...
全球损失几十兆美金
...rendered 30 million people unemployed...
三千万人失业
...and doubled the national debt of the United States.
美国国债加倍
(诺瑞尔鲁比尼，资深经济学家)
(经济顾问委员会成员，纽约大学商学院教授)
With the destruction of equity and housing wealth...
加上股权与房屋财富的损失
...the destruction of income, of jobs...
收入与工作的损失
...50 million people globally could end up below the poverty line again.
全球有五千万人 可能再次落到贫穷线以下
This is just a hugely, hugely expensive crisis.
这是非常大的危机
This crisis was not an accident.
这个危机不是意外
It was caused by an out-of-control industry.
它是被一个失控的产业造成的
Since the 1980s...
从1980年代起
...the rise of the U.S. financial sector has led to a series...
美国金融业的窜起 导致一连串…
...of increasingly severe financial crises.
日益严重的金融危机
Each crisis has caused more damage...
每一次危机都造成更多伤害
...while the industry has made more and more money.
但该业界却赚入更多更多的钱
(第一部：我们如何走到这个地步)
After the Great Depression...
经济大萧条之后
...the United States had 40 years of economic growth...
美国四十年来的经济长成
...without a single financial crisis.
没有发生过一次金融危机
The financial industry was tightly regulated.
金融业受到严格监管
Most regular banks were local businesses...
大部份的一般银行是做本地业务
...prohibited from speculating...
禁止拿储户的存款
...with depositors' savings.
做投机买卖
Investment banks, which handled stock and bond trading...
处理股票与债券交易的投资银行
...were small, private partnerships.
则是小型私营的合伙关系
ln the traditional investment banking model...
传统的投资银行模式
...the partners put the money up...
合伙人拿钱做投资
(山姆海斯)
(哈佛商学院，投资银行学名誉教授)
...and they watch that money very carefully.
他们会很谨慎的看好那些钱
They wanted to live well...
他们想过好日子
...but they didn't want to bet the ranch on anything.
但他们并不想 把全部家当都赌下去
Paul Volcker served in the Treasury Department...
保罗沃克曾服务于财政部
...and was chairman of the Federal Reserve from 1979 to 1987.
1979年至1987年 任职联准会主席
Before going into government...
参政前
...he was a financial economist at Chase Manhattan Bank.
他是美国大通银行的 财务经济学家
(保罗沃克)
(联准会主席，1979-1987)
When l left Chase to go in the Treasury in 1969...
我1969年离开大通银行 进入财政部时
...my income was in the neighborhood of $45,000 a year.
我的年收入大约是四万五美金
Forty-five thousand dollars a year.
年薪四万五美金
Morgan Stanley, in 1972...
摩根史坦利在1972年
...had approximately 110 total personnel...
总共有将近110名员工
...one office, and capital of 1 2 million dollars.
一间办公室 资本额一千两百万美金
Now Morgan Stanley has 50,000 workers...
现在，摩根史坦利有五万名员工
...and has capital of several billion...
资本额数十亿美金
...and has offices all over the world.
在全球各地都有办公室
In the 1980s, the financial industry exploded.
1980年代，金融业大爆炸
The investment banks went public...
投资银行上市
...giving them huge amounts of stockholder money.
让他们取得巨额的股东资金
(股东关系〝已不存在〞)
People on Wall Street started getting rich.
华尔街人开始发财
(平均工资，金融业/其他人)
l had a friend who was a bond trader...
我有个朋友是证券交易员
(查尔斯莫瑞斯)
(《上兆美元蒸发了》作者)
...at Merrill Lynch in the 1970s.
1970年代任职于美林证券
He had a job as a train conductor at night...
他晚上去当列车长
...because he had three kids and couldn't support them...
因为他有三个小孩 光靠交易员的薪水
...on what a trader made.
养不起他们
By 1986, he was making millions of dollars...
到了1986年 他收入数百万美金
...and thought it was because he was smart.
还自认是因为他聪明
The highest order of business before the nation...
国内目前首要之务
...is to restore our economic prosperity.
就是恢复我们的经济繁荣
In 1981, President Ronald Reagan chose as Treasury secretary...
1981年，雷根总统选择 美林投资银行的执行长
...the CEO of the investment bank Merrill Lynch, Donald Regan.
唐纳黎根，出任财政部长
Wall Street and the president see eye to eye.
华尔街与总统看法一致
(唐诺黎根：财政部长，1981-1985)
l've talked to leaders of Wall Street.
我跟华尔街龙头谈过
They say, ''We're behind the president 1 00 percent.''
他们说〝我们百分之百挺总统〞
The Reagan administration...
雷根政府
...supported by economists and financial lobbyists...
在经济学家与金融说客的支持下
...started a 30-year period of financial deregulation.
展开了为期三十年的 解除金融管制
In 1982, the Reagan administration...
1982年，雷根政府
...deregulated savings-and-loan companies...
解除了储蓄放款公司的管制
...allowing them to make risky investments with depositors' money.
让他们可以拿储户的钱 做风险投资
By the end of the decade...
十年过去
...hundreds of savings-and-loan companies had failed.
上百间储蓄放款公司破产
This crisis cost taxpayers $ 124 billion...
这次危机造成纳税人 损失1240亿美金
...and cost many people their life savings.
许多人失去终生储蓄
lt may be the biggest bank heist in our history.
这可能是美国史上 最大的银行抢案
Thousands of executives went to jail for looting their companies.
上千名主管因为背信入狱
One of the most extreme cases was Charles Keating.
其中最极端的案例之一 就是查尔斯基廷
Mr. Keating, got a word?
基廷先生，说句话吧？
In 1985, when federal regulators began investigating him...
1985年，联邦监管机构 开始调查他
...Keating hired an economist named Alan Greenspan.
基廷聘请一位经济学家 名叫艾伦格林斯潘
In this letter to regulators...
在这封给监管机构的信中
... Greenspan praised Keating's sound business plans and expertise...
格林斯潘赞扬基廷 完善的业务计划与专业知识
...and said he saw no risk in allowing Keating to invest customers' money.
他认为让基廷投资客户的钱 没有风险
(没有风险)
Keating reportedly paid Greenspan $40,000.
据报载，基廷付给格林斯潘四万美金
Keating went to prison shortly afterwards.
不久后基廷就入狱
As for Alan Greenspan...
至于艾伦格林斯潘
...Reagan appointed him chairman of America's central bank...
雷根任命他为美国中央银行…
...the Federal Reserve.
美国联准会的主席
Greenspan was reappointed...
格林斯潘并获得…
...by presidents Clinton and George W. Bush.
克林顿总统与布什总统 再次任命
During the Clinton administration...
克林顿执政期间
...deregulation continued under Greenspan...
持续解除金融管制 负责人包括格林斯潘
...and Treasury secretaries Robert Rubin...
财政部长罗伯特鲁宾
...the former CEO of the investment bank Goldman Sachs...
即投资银行高盛集团前执行长
...and Larry Summers, a Harvard economics professor.
还有哈佛经济学教授 赖瑞桑默斯
The financial sector, Wall Street being powerful...
华尔街金融业势大力大
...having lobbies, lots of money...
有说客、大量资金
...step by step, captured the political system.
一步一步抓住政治系统
Both on the Democratic and the Republican side.
民主党和共和党都一样
By the late 1990s, the financial sector had consolidated...
到了1990年代末期 金融业经过整顿
...into a few gigantic firms, each of them so large...
变成几家巨型公司 每一间都很大
...that their failure could threaten the whole system.
一旦失败都有可能 威胁到整个系统
And the Clinton administration helped them grow even larger.
克林顿政府帮助他们更壮大
In 1998, Citicorp and Travelers merged...
1998年 花旗公司和旅行家集团合并
...to form Citigroup...
成为花旗集团
...the largest financial services company in the world.
世界上最大的金融服务公司
The merger violated the Glass-Steagall Act...
并购案违反葛拉斯史迪格法案
...a law passed after the Great Depression...
经济大萧条后通过的这条法律
...preventing banks with consumer deposits...
禁止银行用消费者的存款
...from engaging in risky investment-banking activities.
进行风险性投资银行的活动
lt was illegal to acquire Travelers.
并购旅行家集团是违法的
(罗伯特纳兹达，格林研究所前所长)
Greenspan said nothing.
格林斯潘什么都没说
The Federal Reserve gave them an exemption for a year...
联准会给他们一年的豁免
...then they got the law passed.
然后让法案通过
In 1999, at the urging of Summers and Rubin...
1999年 在桑默斯与鲁宾的催促下
... Congress passed the Gramm-Leach-Bliley Act...
国会通过了美国金融服务法
...known to some as the Citigroup Relief Act.
俗称花旗集团救济法
It overturned Glass-Steagall...
它推翻了葛拉斯史迪格法案
...and cleared the way for future mergers.
替未来的并购案解套
(罗伯特鲁宾后来担任 花旗集团副总裁赚进1260万)
(他拒绝接受本片采访)
Why do you have big banks?
为什么要有大银行？
Because banks like monopoly power, lobbying power.
银行喜欢垄断势力、游说势力
(威廉布易特，花旗集团首席经济学家)
Because banks know that when they're too big...
因为银行知道，当它们变得太大
...they will be bailed.
它们就会被托管
Markets are inherently unstable.
市场本身就不稳定
(乔治索罗斯，索罗斯基金管理公司主席)
Or at least potentially unstable.
至少是潜在的不稳定
An appropriate metaphor is the oil tankers.
油轮就是一个适当的比喻
They are very big...
它们很大
...and therefore, you have to put in compartments...
所以你要放入零件
...to prevent the sloshing around of oil...
才能避免船倾覆时
...from capsizing the boat.
油溅得到处都是
The design of the boat has to take that into account.
船的设计必须将它纳入考量
And after the Depression...
经济大萧条之后
...the regulations actually introduced these very watertight compartments.
管制条例其实引进了 这些很防水的零件
And deregulation has led to the end of compartmentalization.
解除管制则导致区隔化的终结
The next crisis came at the end of the '90s.
下一次危机发生在90年代末
(华尔街)
The investment banks fueled a massive bubble in Internet stocks...
投资银行助长了网路股的泡沫
...which was followed by a crash in 2001...
在2001年瓦解
...that caused $5 trillion in investment losses.
导致五兆美元的投资损失
The Securities and Exchange Commission, the federal agency...
经济大萧条时期成立 管制投资银行业的…
...created during the Depression to regulate investment banking...
联邦机构，证券交易委员会
...had done nothing.
却毫无作为
(艾略特史匹泽，纽约检察总长)
ln the absence of meaningful federal action...
联邦政府未采取有意义的行动
...and given the clear failure of self-regulation...
自律也明显失败
...it's become necessary for others to step in...
必须由其它人介入
...and adopt the protections needed.
采取必要的保护
Eliot Spitzer's investigation revealed the investment banks...
艾略特史匹泽的调查显示 投资银行…
(资讯空间股价)
...promoted Internet companies they knew would fail.
推销他们明知会倒的公司
Analysts were being paid based on how much business they brought in.
分析师的薪水 是以他们带来的业务量为准
What they said publicly was quite different from what they said privately.
他们公开说的话 和私底下说的大相迳庭
lnfospace, given the highest possible rating...
得到最高评比的资讯空间
...dismissed by an analyst as a ''piece of junk.''
被一位分析师驳斥为〝垃圾〞
Excite, also highly rated, called ''such a piece of crap.''
另一家高评比的Excite也被称做〝大烂货〞
The defense that was proffered by many of the investment banks...
许多投资银行提出的辩解
(艾略特史匹泽：纽约州长，2007-2008)
(纽约州检察总长，1999-2007)
...was not ''you're wrong''...
不是〝你错了〞
...it was, ''Everybody's doing it, everybody knows it's going on.
而是〝大家都这样做，大家都知道怎么回事〞
Nobody should rely on these analysts anyway.''
〝谁都不该仰赖这些分析师〞
In December, 2002...
2002年12月
... 1 0 investment banks settled the case for a total of $ 1.4 billion...
十家投资银行和解 总价14亿美元的案子
...and promised to change their ways.
保证会改变作法
Scott Talbott is the chief lobbyist for the Financial Services Roundtable...
史考特塔波特是 金融服务业圆桌会议组织首席说客
...one of Washington's most powerful groups...
该组织是华盛顿 最有力的团体之一
...which represents nearly all of the world's largest financial companies.
几乎代表了所有 全球最大的金融公司
Are you comfortable with the fact that several of your member companies...
你同意你们有好几家会员公司
...have engaged in large-scale criminal activity?
涉及大规模的犯罪行为吗？
- l-- You'll have to be specific. - Okay.
- 我…你要把话讲清楚 - 好
And first of all, criminal activity shouldn't be accepted, period.
首先，犯罪行为是不被接受的
(华尔街公司准备偿付十亿罚款)
Since deregulation began, the world's biggest financial firms...
解除金融管制以来 全球最大的金融公司
...have been caught laundering money, defrauding customers...
一次又一次的被抓到 洗钱、欺诈客户
...and cooking their books again and again and again.
做假帐的事也屡见不鲜
(摩根大通贿赂政府官员)
(摩根大通和解阿拉巴马贿案)
(瑞格斯银行)
(帮智利独裁者 奥古斯托皮诺契特洗钱)
(瑞士信贷协助筹资给伊朗)
Credit Suisse helped funnel money for Iran's nuclear program...
瑞士信贷协助筹资给 伊朗的核武计划
...and for Iran's Aerospace Industries Organization...
及伊朗的航太空业组织
...which builds ballistic missiles.
打造弹道飞弹
Any information that would identify it as lranian would be removed.
确定其为伊朗公司的所有讯息 都遭到删除
The bank was fined $536 million.
该银行被罚款5亿3600万
Citibank helped funnel $ 100 million of drug money out of Mexico.
花旗银行协助将一亿毒品资金 从墨西哥输出
Did you comment that she should, quote:
你是否说过她应该… 我引用你说的话
''Lose any documents connected with the account''?
〝丢掉与该帐户相关的文件〞？
l said that in a kidding manner.
我是开玩笑的
(艾伯特米山，花旗私人银行副总裁)
l did not mean it seriously.
我不是当真的
(房地美，会计诈欺罚款1亿2500万)
(房利美，会计欺诈罚款4亿)
Between 1998 and 2003...
1998至2003年间
...Fannie Mae overstated its earnings by more than $ 10 billion.
房利美浮报盈收超过一百亿
These accounting standards are complex...
这些会计准则很复杂
...and require determinations over which experts often disagree.
其所需要的裁定 专家往往都不同意
CEO Franklin Raines, who used to be President Clinton's budget director...
执行长富兰克林雷恩斯 曾任克林顿总统的预算办公室主任
...received over $52 million in bonuses.
收受超过5200万回扣
When UBS was caught helping wealthy Americans evade taxes...
当瑞银集团被抓到 协助美国富人逃漏税时
...they refused to cooperate with the government.
他们拒绝和政府合作
Would you be willing to supply the names?
你愿意供出姓名吗？
- lf there's a treaty framework. - No treaty framework.
- 如果有协议纲要的话 - 没有协议纲要
You've agreed you participated in a fraud.
你已经承认参与诈欺案了
(AIG预计提出16亿与监管会和解)
(银行如何援助安隆诈欺案)
(协助安隆隐瞒诈欺)
(花旗银行、摩根大通、美林证券)
(罚款3亿8500万)
But while the companies face unprecedented fines...
这些公司虽然面对 前所未有的罚款
...the investment firms do not have to admit any wrongdoing.
投资公司却不需要承认有任何罪行
When dealing with this many products, this many customers, mistakes happen.
处理这么多商品和客户 难免会犯错
The financial services industry seems to have a level of criminality...
金融服务业的犯罪行为
...that is somewhat distinctive.
似乎是有与众不同的
You know, when was the last time that Cisco...
你几时听过思科…
...or lntel or Google or Apple or lBM, you know--?
英特尔、谷歌、苹果或IBM 曾经…
l agree about high-tech versus financial services--
我同意高科技产业与金融业…
- So how come? - High-tech is a creative business...
- 怎么会这样呢？ - 高科技是创业产业
...where the value generation...
它的附加价值
...and income derives from actually creating something new.
还有收入，都来自于 创造新的东西
(高盛集团)
Beginning in the 1990s...
1990年代开始
...deregulation and advances in technology...
科技业的解除管制与进步
...led to an explosion of complex financial products called derivatives.
造成衍生产品这种 复杂的金融产品大爆发
Economists and bankers claimed they made markets safer.
经济学家与银行家宣称 它们让市场更安全
But instead, they made them unstable.
但它们却让市场不安定
Since the end of the Cold War...
冷战结束后
...a lot of former physicists, mathematicians...
许多前物理学家和数学家
...decided to apply their skills...
决定应用他们的技术
...not on, you know, Cold War technology...
不只用在冷战科技上
...but on financial markets.
也用在金融市场上
And together with investment bankers--
和那些投资银行家联手
- Creating different weapons. - Absolutely.
- 创造不一样的武器 - 没错
You know, as Warren Buffett said, weapons of mass destruction.
就像华伦巴菲特说的 大规模毁灭性武器
Regulators, politicians, business people...
监管员、政客、商人
(罗闻全)
(麻省理工学院，财务工程实验室教授暨主任)
...did not take seriously the threat of innovation...
没有认真看待创新对于…
...on the stability of the financial system.
金融体系稳定所带来的威胁
Using derivatives...
利用衍生产品
...bankers could gamble on virtually anything.
银行家几乎什么都能赌
They could bet on the rise or fall of oil prices...
他们可以赌油价的涨跌
...the bankruptcy of a company, even the weather.
某间公司的破产 甚至连天气都能赌
By the late 1990s...
到了1990年代末期
...derivatives were a 50-trillion-dollar unregulated market.
衍生产品形成一个 不受管制的五十兆市场
In 1998, someone tried to regulate them.
1998年 有个人尝试管制他们
Brooksley Born graduated first in her class at Stanford Law School...
布鲁克丝莉波恩 以第一名毕业自史丹佛法学院
...and was the first woman to edit a major law review.
是第一位发表重大法律评论的女性
After running the derivatives practice at Arnold & Porter...
她在艾诺波特律师事务所 处理过衍生产品的案件
...Born was appointed by Clinton...
克林顿后来任命波恩
...to chair the Commodity Futures Trading Commission...
担任商品期货交易委员会的主席
...which oversaw the derivatives market.
监督衍生产品市场
Brooksley Born asked me if l would come work with her.
布鲁克丝莉波恩问我 愿不愿意和她共事
(麦可葛林柏格：前副会长，1997-2000)
(商品期货交易委员会)
We decided that this was a serious, potentially destabilizing market.
我们认定这是个 严重且潜在不稳定的市场
In May of 1998, the CFTC issued a proposal to regulate derivatives.
1998年5月，该委员会 提案监管衍生产品
Clinton's Treasury Department had an immediate response.
克林顿的财政部立刻做出回应
l happened to go into Brooksley's office...
我刚好走进布鲁克丝莉的办公室
...and she was just putting down the receiver on her telephone...
她刚刚挂上电话
...and the blood had drained from her face.
脸上毫无血色
And she looked at me and said, ''That was Larry Summers.''
她看着我说〝那是赖瑞桑默斯〞
He had 13 bankers in his office.
他办公室里坐了13个银行家
He conveyed it in a very bullying fashion...
他用很霸道的语气告知
...sort of directing her to stop.
可以说是命令她停手
Banks were now reliant for earnings on these activities.
银行现在仰赖这些行为赚钱
(萨提亚杰达斯，衍生产品顾问)
(《交易员、枪和钞票》作者)
And that led to a titanic battle to prevent this from being regulated.
因此掀起一场大战 防止它遭到监管
Shortly after the phone call from Summers...
桑默斯来电后不久
... Greenspan, Rubin, and SEC chairman Arthur Levitt...
格林斯潘、鲁宾 和证交会主席亚瑟李维特
...issued a joint statement condemning Born...
发表共同声明谴责波恩
...and recommending legislation to keep derivatives unregulated.
并建议立法让衍生产品 维持不受管制
(我们强烈质疑商品期货交易委员会 有权管辖这个领域)
Regulation of derivatives transactions...
衍生产品交易的管制
...that are privately negotiated by professionals is unnecessary.
没有必要由专家私下商议
(1998年7月24日)
She was overruled, unfortunately. First by the Clinton administration...
不幸的是她被驳回 先是克林顿政府
...and then by the Congress.
然后是国会
ln 2000, Senator Phil Gramm took a major role in getting a bill passed...
2000年，参议员菲尔葛拉姆 扮演重要角色
...that pretty much exempted derivatives from regulation.
通过一项法案 让衍生产品免于管制
They are unifying markets, reducing regulatory burden.
它们是单一市场 减少管理负担
(参议员菲尔葛拉姆 参议院银行委员会主席)
l believe we need to do it.
我相信我们必须这么做
(离开参议院后 菲尔葛拉姆成为瑞银集团副主席)
(1993年起，他的妻子温蒂 就进入安隆董事会)
lt is our very great hope...
我们极度希望
(赖瑞桑默斯：财政部长,1999-2001)
...that it will be possible to move this year...
可以在今年之内
...on legislation that, in a suitable way...
以适当的方式立法
...goes to create legal certainty for OTC derivatives.
为店头市场衍生产品 提供法律确定性
(赖瑞桑默斯后来 以顾问身份赚进两千万)
(其顾问标的是 以衍生产品为大宗的避险基金)
l wish to associate myself...
我赞同…
(艾伦格林斯潘,联准会主席)
...with all the remarks of Secretary Summers.
桑默斯部长的所有言论
In December of 2000, Congress passed...
2000年12月，国会通过了…
...the Commodity Futures Modernization Act.
商品期货现代化法案
Written with the help of financial-industry lobbyists...
在金融业说客的协助下撰写的法案
...it banned the regulation of derivatives.
禁止了对衍生产品的监管
(法案)
After that, it was off to the races.
从此有如脱缰野马
(法兰克帕特诺伊)
(加州圣地牙哥大学，法律与财金学教授)
Use of derivatives and financial innovation...
衍生产品与金融创新的使用
...exploded dramatically after 2000.
在两千年后大爆发
- So help me God. - So help me God.
- 愿上帝助我 - 愿上帝祝我
(2001年1月20日)
By the time George W. Bush took office in 2001...
到了2001年布什接掌白宫时
...the U.S. financial sector was vastly more profitable...
美国金融业的 获利、集中程度与权力
...concentrated and powerful than ever before.
都远远胜于以往
Dominating this industry were five investment banks...
主宰这个业界的是 五家投资银行
...two financial conglomerates...
两家金融集团
...three securities insurance companies...
三家证券保险公司
...and three rating agencies.
与三家评比机构
And linking them all together was the securitization food chain.
将他们串在一起的是 证券化的食物链
A new system which connected trillions of dollars...
这个新制度关系到数兆元的…
...in mortgages and other loans with investors all over the world.
抵押贷款与其它贷款 投资客遍及世界各地
Thirty years ago, if you went to get a loan for a home...
三十年前，你去借房贷
...the person lending you the money expected you to pay him or her back.
借你钱的人会希望你还钱
You got a loan from a lender who wanted to be paid back.
放款公司是要你还钱的
We've since developed securitization, whereby people who make the loan...
自从建立证券化之后 把钱借出去的人
...are no longer at risk if they fail to repay.
就算钱收不回来 也没有风险了
In the old system, when a homeowner paid their mortgage every month...
在旧制度中 屋主按月缴付贷款
...the money went to their local lender.
钱是进入当地的放款公司
And since mortgages took decades to repay, lenders were careful.
由于房贷一缴就是数十年 放款公司都会谨慎以对
(贷款缴付，买屋人-放款公司)
In the new system, lenders sold mortgages to investment banks.
在新制度中 放款公司把抵押权卖给投资银行
(投资银行、投资客)
The banks combined thousands of mortgages and loans...
投资银行结合上千种 抵押贷款与借款
...including car loans, student loans, and credit card debt...
包括车贷、学生贷款和信用卡债
...to create complex derivatives called collateralized debt obligations...
创造出复杂的衍生产品 名为担保债权凭证
...or CDOs.
简称CDO
The investment banks then sold the CDOs to investors.
投资银行再将CDO卖给投资客
Now when homeowners paid their mortgages...
所以屋主缴付房贷时
...the money went to investors all over the world.
钱是进入全球各地的投资客
The investment banks paid rating agencies...
投资银行付钱给评比机构
...to evaluate the CDOs...
评估担保债权凭证
...and many of them were given a triple-A rating...
其中许多得到3A评价
...which is the highest possible investment grade.
亦即最可行的投资等级
This made CDOs popular with retirement funds...
这使得担保证券凭证 大受退休基金的欢迎
...which could only purchase highly rated securities.
该基金只能购买高评比的证券
(贷款修正计划)
This system was a ticking time bomb.
这个制度是定时炸弹
Lenders didn't care anymore about whether a borrower could repay...
放款公司再也不在乎 借款人是否有能力偿还
...so they started making riskier loans.
于是开始提供更冒险的贷款
The investment banks didn't care either.
投资银行也不在乎
The more CDOs they sold, the higher their profits.
他们卖越多CDO产品 获利就越高
And the rating agencies, which were paid by the investment banks...
而向投资银行收费的评比机构
...had no liability if their ratings of CDOs proved wrong.
就算证明他们对CDO的评比错误 也不用负担责任
(法拍屋，零头期款)
You weren't gonna be on the hook, there weren't regulatory constraints.
你不会被逮到 它们是不受管制约束的
So it was a green light to just pump out more and more loans.
所以你可以提出更多借款
(抵押贷款，以十亿为单位)
Between 2000 and 2003...
两千年到2003年之间
...the number of mortgage loans made each year nearly quadrupled.
抵押借款金额逐年近四倍增加
Everybody in this securitization food chain...
在这条证券化食物链里的每个人
...from the very beginning until the end...
从上到下
...didn't care about the quality of the mortgage.
都不在乎抵押品的品质
They were caring about maximizing their volume...
他们在乎的是量越大越好
...and getting a fee out of it.
再从中收取费用
In the early 2000s...
2000年代初期
...there was a huge increase in the riskiest loans, called subprime.
风险最大的借款遂增 名为次级房贷
When thousands of subprime loans were combined to create CDOs...
上千个次级房贷 合并成担保债权凭证后
...many of them still received triple-A ratings.
许多依然得到3A评价
Now, it would have been possible to create derivative products...
他们有可能创造出衍生产品
...that don't have these risks...
是没有这些风险
...that carry the equivalent of deductibles...
附带相当的自付额
...where there are limits on the risks that can be taken on, and so forth.
可以采取有限制的风险
- They didn't do that, did they? - They didn't.
- 他们没有那样做，对吧？ - 对
ln retrospect, they should've done.
回想起来，他们应该那样做的
So did these guys know they were doing something dangerous?
那他们知道自己在做危险的事吗？
l think they did.
我想他们是知道的
(投资银行其实偏好次级房贷)
(因为次级房贷的利息比较高)
(因此导致掠夺性贷款大幅增加)
(借款人不必把钱 放在昂贵的次级房贷上)
(许多贷款都借给了无力偿还的人)
All the incentives financial institutions offered to their mortgage brokers...
金融机构给贷款仲介的奖励
...were based on selling the most profitable products...
都是根据最有利润之产品的销售
...which were predatory loans.
亦即掠夺性贷款
(艾瑞克哈普林，责任贷款中心主任)
(华盛顿特区)
lf they make more money, that's where they'll put you.
只要他们能赚更多钱 他们就会推销你买
(第二部：泡沫，2001-2007)
Suddenly, hundreds of billions of dollars a year...
突然间，一年有上千亿美元
...were flowing through the securitization chain.
在证券化食物链中流动
Since anyone could get a mortgage...
因为每个人都能贷到款
...home purchases and housing prices skyrocketed.
房屋销售与房价都狂飙上升
The result was the biggest financial bubble in history.
结果就是史上最大的金融泡沫
Real estate is real. They can see their asset.
房地产是真实的 他们可以看到自己的资产
They can live in their asset. They can rent out their asset.
住在自己的资产里 可以出租自己的资产
You had a huge boom in housing that made no sense at all.
房市热潮一点都不合理
The financing appetites of the financial sector...
金融业的金融胃口
...drove what everybody else did.
把其它人都拖下了水
Last time we had a housing bubble was in the late '80s.
上一次的房市泡沫 是在80年代末
(美国房价)
ln that case, the increase in home price had been relatively minor.
当时房价的增幅相对较小
That housing bubble led to a relatively severe recession.
那次房市泡沫造成了 相对严重的经济衰退
(70年代景气、80年代景气)
From 1996 until 2006...
从1996到2006年
...real home prices effectively doubled.
房地产价格实际上是倍增的
(2007年房价194%)
At $500 a ticket, they've come to hear how to buy their very own piece...
一张门票五百美元 他们来听讲如何买下…
...of the American dream.
他们自己的美国梦
Goldman Sachs, Bear Stearns, Lehman Brothers...
高盛、贝尔斯登、雷曼兄弟
...Merrill Lynch were all in on this.
美林证券，都投入进去了
The subprime lending alone increased from 30 billion a year in funding...
光是次级房贷的资金 就在十年之内，从一年三百亿
...to over 600 billion a year in 1 0 years.
增加到一年超过六千亿
They knew what was happening.
他们明知道会这样
Countrywide Financial, the largest subprime lender...
全国金融公司 美国最大的次级房贷业者
...issued $97 billion worth of loans.
发行了价值970亿的贷款
It made over $ 1 1 billion in profits as a result.
造就超过110亿的利润
(全国金融公司获利)
(华尔街红利)
On Wall Street, annual cash bonuses spiked.
在华尔街 每年的现金红利爆增
Traders and CEOs...
交易员和执行长
...became enormously wealthy during the bubble.
在泡沫时期变得极为富有
Lehman Brothers was a top underwriter of subprime lending...
雷曼兄弟是次级房贷 最大的承保业者
...and their CEO, Richard Fuld...
该公司执行长理查富德
...took home $485 million.
赚走4亿8千5百万
On Wall Street, this housing and credit bubble...
在华尔街，这场房市与信贷泡沫
...was leading to hundreds of billions of dollars of profits.
制造了数千亿美元的利润
You know, by 2006 about 40 percent of all profits...
到了2006年 标准普尔五百大公司
...of S&P 500 firms was coming from financial institutions.
所有利润的40% 都来自金融机构
lt wasn't real profits or income.
这不是真的利润或收入
(马丁沃夫)
(《金融时报》首席经济评论家)
lt was money created by the system and booked as income.
这些钱是被制度创造出来 被帐簿记为收入的
Two, three years down the road there's a default, it's all wiped out.
两、三年下来就会出错 全部被抹除
l think it was, in fact, in retrospect, a great big national--
回想起来，我认为 它是一个大型全国性的…
And not just national, global Ponzi scheme.
不只是全国性 而是全球性的庞氏骗局
Through the Home Ownership and Equity Protection Act...
透过住宅所有权与净值保护法案
...the Federal Reserve board had broad authority...
联准会有广泛权限
...to regulate the mortgage industry.
管制抵押贷款业
But Fed chairman Alan Greenspan refused to use it.
但联准会主席艾伦格林斯潘 拒绝使用该法
Alan Greenspan said, ''No, that's regulation.
艾伦格林斯潘说〝不，那是管制〞
l don't believe in it.''
〝我不信那套〞
For 20 years, Robert Gnaizda was the head of Greenlining...
二十年来，罗伯特纳兹达 担任格林研究所所长
...a powerful consumer advocacy group.
它是一个强而有力的 消费者保护团体
He met with Greenspan on a regular basis.
他定期与格林斯潘会面
We gave him an example of Countrywide...
我们举全国金融的例子给他
...and 150 different complex adjustable-rate mortgages.
还有150种不同的 复杂的可变利率抵押贷款
He said, ''lf you had a doctorate in math...
他说〝就算你有数学博士头衔〞
...you wouldn't be able to understand them enough...
〝你也没办法充份了解它们〞
...to know which was good for you and which wasn't.''
〝知道哪些对你是好的或不好的〞
So we thought he was gonna take action.
所以我们以为他会采取行动
But as the conversation continued...
但继续谈下去才发现
...it was clear he was stuck with his ideology.
他显然坚持自己的意识形态
We met again with Greenspan in '05.
05年我们再去找格林斯潘
Often we met with him twice a year, and never less than once a year.
我们通常一年见他两次 至少也都有一次
And he wouldn't change his mind.
他就是不肯改变主意
(艾伦格林斯潘拒绝接受本片采访)
(2005年6月2日，克里斯多夫考克斯-证交会主席)
ln this world of global communications...
在这个全球通信的世界
...the efficient movement of capital...
资金的有效运作
...is helping to create the greatest prosperity in human history.
有助于创造人类历史上 最大的荣景
(证券交易委员会在泡沫期间)
(并未对投资银行进行大调查)
A hundred and forty-six people were cut from the SEC Enforcement Division?
证交会执行处裁了146人？
ls that what you also testified to?
你也要证实这件事吗？
Yes.
是的
(林恩透纳)
(证交会前总会计师)
Yeah, l think there has been a systematic gutting...
是，我想该机构是进行了…
...or whatever you wanna call it, of the agency...
制度上的裁撤
...and its capability through cutting back of staff.
它的能力也因裁员而削减
The SEC Office of Risk Management...
证交会风险管理办公室
...was reduced to a staff, did you say, of one?
裁减到一个人 你是说只剩一个人？
Yeah. When that gentleman would go home, he could turn the lights out.
是的，他要回家时就可以关灯了
During the bubble, investment banks were borrowing heavily...
泡沫期间，投资银行大量借款
...to buy more loans and create more CDOs.
收购更多贷款 创造更多担保债权凭证
The ratio between borrowed money and the banks' own money...
借款与银行资金之间的比例
...was called leverage.
称为财务杠杆
(财务杠杆比例)
The more the banks borrowed, the higher their leverage.
银行借的钱越多 财务杠杆就越高
In 2004, Henry Paulson, the CEO of Goldman Sachs...
2004年 高盛集团执行长亨利鲍尔森
...helped lobby the SEC to relax limits on leverage...
协助游说证交会 放宽财务杠杆的限制
...allowing the banks to sharply increase their borrowing.
让银行大幅度增加借款
The SEC somehow decided...
证交会不知道为什么决定
(肯尼斯罗格夫，哈佛经济学教授)
...to let investment banks gamble a lot more.
让投资银行做更大的赌博
That was nuts. l don't know why they did that, but they did.
真是疯了，我不知道他们 为什么那样做，但他们就是做了
(2004年4月28日，证交会考虑…)
(放宽投资银行的财务杠杆限制)
We've said these are the big guys, and clearly that's true.
我们说这些是大人物 此言不假
(委员，哈维高史密德)
But that means if anything goes wrong, it's going to be an awfully big mess.
但那表示万一出状况 会造成莫大的混乱
(主任，安妮特纳札勒)
You are dealing with the most highly sophisticated financial institutions.
你面对的是最复杂的金融机构
These are the firms that do most of the derivative activity.
这些公司多半都在卖衍生产品
(委员，罗尔坎波斯)
We talked to some as to what their comfort level was.
我们问过他们的满意水准
The firms actually thought that the number was appropriate.
这些公司认为数字很恰当
The commissioners vote to adopt the new rules as recommended.
各位委员投票采用 建议的新规定吗？
(主席，威廉唐纳森)
Yes.
- 是的 - 是的
We do indeed. It's unanimous. And we are adjourned.
我们达成一致决定，现在休会
(投资银行财务杠杆，2003年与2007年比较)
The degree of leverage in the financial system...
金融系统的财务杠杆程度
...became absolutely frightening.
变得令人害怕
(丹尼尔艾波特，西林资本公司总经理)
lnvestment banks leveraging up to the level of 33-to-1 .
投资银行的财务杠杆升到33比1
Which means that a tiny 3 percent decrease...
亦即他们的资产基础
...in the value of their asset base would leave them insolvent.
只要减少3% 就会造成他们破产
There was another ticking time bomb in the financial system.
金融系统里还有一颗定时炸弹
AIG, the world's largest insurance company...
全球最大保险公司AIG
...was selling huge quantities of derivatives...
销售大量衍生产品
...called credit default swaps.
名为信用违约交换
(信用违约交换投资人的CDO)
For investors who owned CDOs...
对拥有担保债权凭证的投资客来说
...credit default swaps worked like an insurance policy.
信用违约交换就像保单一样
An investor who purchased a credit default swap...
购买信用违约交换的投资客
...paid AIG a quarterly premium.
按季付保费给AIG
If the CDO went bad...
万一担保债权凭证出问题
...AIG promised to pay the investor for their losses.
AIG保证偿付投资客的损失
But unlike regular insurance...
但不同于一般的保险
...speculators could also buy credit default swaps from AIG...
投机客也可以向AIG 购买信用违约交换
...in order to bet against CDOs they didn't own.
对赌他们未拥有的 担保债权凭证
ln insurance, you can only insure something you own.
在保险业 你只能保险你拥有的东西
Let's say you and l own property. l own a house.
假设你我有资产，我有一栋房子
l can only insure that house once.
我那栋房子只能投保一次
The derivatives universe essentially enables anybody...
衍生产品基本上就是让每个人
...to actually insure that house.
都可以为那栋房子投保
You could insure that, somebody else could.
你可以投保，别人也可以
So 50 people might insure my house.
所以可能有五十个人投保我的房子
So what happens is, if my house burns down...
结果呢，万一我的房子烧了
...the number of losses in the system becomes proportionately larger.
系统里的损失金额 比例上就会变得比较大
Since credit default swaps were unregulated...
由于信用违约交换不受管制
...AIG didn't have to put aside any money to cover potential losses.
AIG无需拨款应付潜在损失
Instead, AIG paid its employees huge cash bonuses...
相反的，一旦签定合约
...as soon as contracts were signed.
AIG就会付给员工大量现金红利
But if the CDOs later went bad...
但万一担保债权凭证 后来出了状况
...AIG would be on the hook.
AIG就会被套牢
People were essentially being rewarded for taking massive risks.
人们基本上是 在莫大风险下获利
ln good times, they generate short-term revenues and profits...
状况好的时候 它们会变成短期收益与利润
...and, therefore, bonuses.
亦即红利
But that's gonna lead to the firm to be bankrupt over time.
但长时间下来会导致公司破产
That's a distorted system of compensation.
那是一个扭曲的报酬制度
AIG's Financial Products division in London...
AIG在伦敦的金融产品部门
...issued $500 billion worth of credit default swaps during the bubble...
在泡沫期间发行了价值 五千亿的信用违约交换
...many of them for CDOs backed by subprime mortgages.
其中许多是针对 次级房贷的担保债权凭证
The 400 employees at AIGFP...
AIG金融产品部门四百名员工
...made $3.5 billion between 2000 and 2007.
在2000到2007年间 赚进35亿美金
Joseph Cassano, the head of AIGFP...
AIG金融产品部门主管 约瑟夫卡萨诺
...personally made $3 1 5 million.
个人就赚进3亿1500万
It's hard for us...
我不是托辞…
(卡萨诺于AIG会议呼吁投资人，2007年8月)
...and without being flippant, to even see a scenario...
但我们很难想像…
...within any kind of realm of reason...
在任何理由之下
...that would see us losing one dollar in any of those transactions.
那些交易会让我们损失一毛钱
In 2007, AIG's auditors raised warnings.
2007年 AIG查帐员提出警告
One of them, Joseph St. Denis...
其中一位是约瑟夫圣丹尼斯
...resigned in protest after Cassano repeatedly blocked him...
在卡萨诺不断阻扰他 调查AIG金融产品部门的帐务后
...from investigating AIGFP's accounting.
愤而辞职表示抗议
One person didn't get a bonus.
有一个人没有分红
(马丁苏利文-AIG执行长，2005-2008)
(亨利华克斯曼，众议院监管委员会主席)
That was St. Denis. Mr. St. Denis tried to alert the two of you...
那就是圣丹尼斯先生 他试着警告你们两人
...to the fact you were running into big problems.
你们即将遇上大问题
He quit in frustration, and he didn't get a bonus.
他愤而辞职，他没有分红
In 2005, Raghuram Rajan...
2005年，拉古朗拉詹
...then the chief economist of the International Monetary Fund...
时任国际货币基金组织 首席经济学家
...delivered a paper at the Jackson Hole symposium...
在杰克逊霍尔经济研讨会上 提出一份报告
...the most elite banking conference in the world.
该研讨会是全球 最精锐的银行会议
Who was in the audience?
与会者有谁？
(拉古朗拉詹)
(国际货币基金组织首席经济学家，2003-2007)
lt was the central bankers of the world...
全球主要银行家
...ranging from Mr. Greenspan himself...
包括格林斯潘先生
...Ben Bernanke...
班柏南克
...Larry Summers.
赖瑞桑默斯
Tim Geithner was there.
还有提摩西盖特纳
The title of the paper was essentially:
报告标题基本上就是
''ls Financial Development Making the World Riskier?''
〝金融发展是否让世界风险更大？〞
And the conclusion was, it is.
结论是，是的
Rajan's paper focused on incentive structures...
拉詹的报告焦点放在奖励机制
...that generated huge cash bonuses based on short-term profits...
根据短期利润产生大量现金红利
...but which imposed no penalties for later losses.
却没有对尔后的损失做出惩罚
Rajan argued that these incentives encouraged bankers...
拉詹的论点是 这些奖励鼓动银行家冒的风险
...to take risks that might eventually destroy their own firms...
有能最终摧毁他们自己的公司
...or even the entire financial system.
甚至是整个金融体系
(巨大的灾难)
lt's very easy to generate performance by taking on more risk.
冒更多风险很容易产生绩效
So what you need to do is compensate for risk-adjusted performance.
所以你必须做的是补偿 风险调整后的绩效
And that's where all the bodies are buried.
结果大家都死在这里
Rajan, you know, hit the nail on the head.
拉詹真是一针见血
What he particularly said was:
他特别提到
''You guys have claimed you've found a way...
〝你们宣称找到方法〞
...to make more profits with less risk.
〝用更小的风险赚取更多利润〞
l say you've found a way to make more profits with more risk.
〝我认为你们是找到方法 用更大的风险赚取更多利润〞
There's a big difference.''
〝这差别是很大的〞
Summers was vocal.
桑默斯直言不讳
He basically thought...
基本上他认为
...that l was criticizing the change in the financial world...
我是在批评金融界的改变
...and was worried about, you know, regulation...
他担心进行监管
...which would reverse this change.
会翻转这种改变
Essentially he accused me of being a Luddite.
基本上他指控我是卢德份子
He wanted to make sure that we didn't bring in...
他想确定我们不会带进…
...a whole new set of regulations...
新的一套管制
...to constrain the financial sector.
来约束金融业
(赖瑞桑默斯拒绝接受本片采访)
You're gonna make an extra $2 million a year, or $ 1 0 million a year...
让你的金融机构冒风险 你每年会多赚二百万
...for putting your financial institution at risk.
甚至是一千万
Someone else pays the bill, you don't.
别人会买单，你不用
Would you make that bet?
你愿意赌吗？
Most people on Wall Street said, ''Sure, l'd make that bet.''
华尔街大部份的人都会说 〝当然，我愿意赌〞
(路易威登)
(海瑞温斯顿)
(巴尼斯纽约)
(蓝宝坚尼)
(汉普顿，距纽约2小时)
lt never was enough.
永远都不够
They don't wanna own one home, they wanna own five homes.
他们不想只有一栋房子 他们想拥有五栋房子
And they wanna have an expensive penthouse...
他们想拥有一间昂贵阁楼
...on Park Avenue.
在公园大道上
And they wanna have their own private jet.
他们想要有自己的私人喷射机
You think this is an industry where high--?
你认为这个行界
Very high compensation levels are justified?
有很高的薪资水准 是合理的吗？
l think l would take caution, or take heed...
我会谨慎斟酌或反对
...or take exception to your word ''very high.'' lt's relative.
你用〝很高〞一词 那都是相对的
You have a 1 4-million-dollar home in Florida.
你在佛罗里达州有一栋 1千4百万的房子
You have a summer home in Sun Valley, ldaho.
你在爱达荷州有一间避暑别墅
(理查富德，雷曼兄弟执行长)
An art collection filled with million-dollar paintings.
一间收藏数百万美元画作的艺廊
Richard Fuld never appeared on the trading floor.
理查富德从来没有 出现在交易大厅过
There were art advisors there all the time.
那里总是有一堆艺术顾问
He had a private elevator.
他有一部私人电梯
(罗伦斯麦唐纳，雷曼兄弟前副总裁)
He wanted to be disconnected.
他想与众疏离
His elevator, they hired technicians to program it...
他的电梯聘请技师设计
...so that his driver would call in in the morning...
所以早上他的司机来电
...and a security guard would hold it.
保全会挡住电梯
There's only a three-second window where he actually has to see people.
他只有三秒钟的空档会看到人
And he hops into this elevator and it goes straight to 31 .
然后他就跳进电梯直达31楼
Lehman owned corporate jets.
雷曼公司有自己的喷射机
(哈维米勒，雷曼的破产律师)
- You know about this? - Yes.
- 你知道吗？ - 知道
How many were there?
有几架飞机？
Well, there were six, including the 767 s.
有六架，包括767客机
They also had a helicopter.
他们还有一架直升机
lsn't that kind of a lot of planes to have?
这样飞机算多了吧？
We're dealing with type-A personalities.
我们面对的是A型人格
(杰佛瑞连恩)
(雷曼兄弟副主席，2003-2007)
Banking became a pissing contest.
银行业变成一场斗气之争
''Mine's bigger than yours.'' That kind of stuff.
〝我的银行比你大〞 诸如此类的事
lt was all men that ran it, incidentally.
顺带一提，经营者都是男性
Fifty-billion-dollar deals weren't big enough, so we'd do 1 00-billion deals.
五百亿交易不够大 我们就做一千亿
These people are risk-takers. They're impulsive.
这些人是冒险者，他们很冲动
(强纳森艾波特是心理治疗师)
(他的客户包括许多华尔街的高阶主管)
lt's part of their behavior. lt's part of their personality.
这是他们行为与个性的一部份
And that manifests outside of work as well.
那也体现在工作以外的地方
lt was quite typical for the guys to go out...
这些人去脱衣舞酒吧 使用毒品
...to go to strip bars, to use drugs.
都是很典型的现象
l see a lot of cocaine use, use of prostitution.
我看到很多人吸古柯碱和召妓
(却尔西的贵宾俱乐部老板…
估计他的客户有八成 都是华尔街人士)
Recently, neuroscientists have done experiments...
最近有神经学家做实验
...where they've taken individuals and put them into an MRl machine...
他们找人接上核磁共振的仪器
...and they have them play a game where the prize is money.
请受试者玩一个游戏 游戏的奖品是现金
And they noticed that when the subjects earn money...
他们发现受试者赚到钱的时候
...the part of the brain that gets stimulated...
大脑受到刺激的部位
...is the same part that cocaine stimulates.
和古柯碱刺激的部位是一样的
A lot of people feel that they need to participate in that behavior...
很多人觉得 他们必须参与那些行为
...to make it, to get promoted, get recognized.
才能成功，得到拔擢和认同
According to a Bloomberg article, business entertainment...
根据彭博社报导，商务娱乐费…
...represents 5 percent of revenue for derivatives brokers...
占衍生产品经纪人收入的5%
...and often includes strip clubs, prostitution and drugs.
通常包括脱衣舞酒吧、召妓与吸毒
A New York broker filed a lawsuit in 2007 against his firm...
一名纽约经纪人在2007年 向所属公司提出诉讼
...alleging he was required to retain prostitutes to entertain traders.
宣称他被要求召妓取悦交易员
There's just a blatant disregard...
他们公然无视于…
...for the impact that their actions might have on society, on family.
自己的行为可能会 对社会和家庭造成的冲击
They have no problem using a prostitute...
他们不介意召妓之后
...and going home to their wife.
再回家找老婆
(克丽丝汀戴维斯在自家 高档公寓经营菁英卖淫圈)
(距离纽约证交所只有几个街区)
How many customers?
有多少个客人？
About 1 0,000 at that point in time.
当时多达一万人
(收费每小时一千美元起)
What fraction were from Wall Street?
是华尔街哪个区块的人？
Of the higher-end clients, probably 40 to 50 percent.
高阶客户大概占四到五成
Were all the major Wall Street firms represented?
华尔街的大公司都有吗？
- Goldman Sachs? - Lehman Brothers. They're all in there.
- 高盛集团？ - 雷曼兄弟，都有
Morgan Stanley was a little less of that.
摩根史坦利比较少
l think Goldman was pretty, pretty big with that.
我想高盛还蛮风盛的
Clients would call and say:
客户会打来说：
''Can you get me a Lamborghini for the girl?''
〝可以替我帮那个女孩弄辆蓝宝坚尼吗？〞
These guys were spending corporate money.
这些人花的是公司的钱
l had many black cards from, you know, the various financial firms.
我有好几家金融公司的黑卡客户
What's happening is services are being charged...
结果这些服务的请款名目
...to computer repair.
变成了电脑维修
Trading research, you know, consulting for market compliance.
交易研究，市场谘商
Just gave them letterhead and said, ''Make your own invoice.''
只要把公司抬头告诉他们说 〝你自己开收据吧〞
This behavior extends to the senior management of the firm?
这种行为有延伸到 公司的管理高层吗？
Absolutely does. Yeah.
当然有
l know for a fact that it does.
就我所知事实上是有的
lt extends to the very top.
而且是极高层
A friend of mine in a company that has a big financial presence said:
我有个在大金融公司的朋友说：
(艾伦史隆，《财富》杂志资深编辑)
''lt's about time you learned about subprime mortgages.''
〝你该认识一下次级房贷了〞
So he set up a session with his trading desk and me.
于是他找他的交易主管 跟我一起开会
And the techie who did all this gets very excited...
负责的技术人员超兴奋的
...runs to his computer, pulls up in about three seconds...
冲向他的电脑 三秒钟就调出来…
...this Goldman Sachs issue of securities.
高盛发行的这些证券
lt was a complete disaster.
真是一场灾难
Borrowers had borrowed, on average, 99.3 percent of the price of the house.
借款人平均借贷了 房屋总价的百分之99点3
They have no money in the house.
他们买房子几乎没花钱
lf anything goes wrong, they walk away from the mortgage.
万一出了差错 他们就不会付贷款了
This is not a loan you'd really make, right?
你怎么会做这种借贷呢？
You've gotta be crazy.
你一定是疯了
But somehow, you took 8000 of these loans...
但不知道为什么 有八千笔这类贷款
...and by the time the guys were done...
经过高盛集团…
...at Goldman Sachs and the rating agencies...
和评比机构的设计
...two-thirds of the loans were rated triple-A.
竟然有三分之二的贷款 都得到3A评价
They were rated as safe as government securities.
它们被评为 和政府证券一样安全
lt's utterly mad.
真是太夸张了
(高盛集团前总部)
Goldman Sachs sold at least $3. 1 billion worth...
高盛集团在2006上半年
...of these toxic CDOs in the first half of 2006.
销售至少价值31亿的 这些有毒的担保债权凭证
The CEO of Goldman Sachs at this time was Henry Paulson...
高盛集团当时的执行长 是亨利鲍尔森
...the highest paid CEO on Wall Street.
也是华尔街薪水最高的执行长
(2006年5月30日)
Good morning. l'm pleased to announce...
大家早，我很高兴在此宣布…
...that l will nominate Henry Paulson to be the Secretary of the Treasury.
我将提名亨利鲍尔森 出任财政部长
He has a lifetime of experience.
他有丰富的经验
He has knowledge of financial markets.
了解金融市场
He's earned a reputation for candor and integrity.
也有真诚正直的名声
You might think it would be hard...
你或许以为他很难适应…
...to adjust to a meager government salary.
微薄的公饷
But taking the job as Treasury secretary...
但接任财政部长一职
...was the best financial decision of his life.
是他一生当中 最棒的金融决定
Paulson had to sell his $485 million of Goldman stock...
鲍尔森必须卖掉 4亿8500万的高盛股份
...when he went to work for the government.
才能进入政府担任公职
But because of a law passed by the first President Bush...
但是因为老布什总统 通过的一条法律
...he didn't have to pay any taxes on it.
他不需要为此付任何税金
It saved him $50 million.
替他省下了五千万
(2007年，艾伦史隆发表文章)
(提到鲍尔森担任执行长最后 几个月发行的担保债权凭证)
The article came out in October of 2007.
该文在2007年10月刊出
Already, a third of the mortgages defaulted.
已经有三分之一的贷款违约
Now most of them are going.
大部份都情势不妙
(高盛担保债权凭证评比)
One group that had purchased these now worthless securities...
有一个团体购买了这些 如今一文不值的债券
...was the Public Employees' Retirement System of Mississippi...
那就是密西西比公务员退休基金
...which provides monthly benefits to over 80,000 retirees.
该组织提供超过 八万人的退休月俸
They lost millions of dollars and are now suing Goldman Sachs.
他们损失数百万美元 如今要控告高盛集团
(密西西比公务员年平均退休福利)
(18750美元)
(高盛集团员工平均年薪60万美元)
(汉克鲍尔森2005年薪资3亿1千万美元)
By late 2006, Goldman had taken things a step further.
到了2006年末 高盛采取进一步行动
It didn't just sell toxic CDOs...
它不但销售有毒的担保债权凭证
...it started betting against them at the same time it was telling customers...
也开始对赌这些产品 同时告诉客户
...that they were high-quality investments.
它们是高品质的投资标的
By purchasing credit default swaps from AIG...
藉由向AIG购买 信用违约交换
... Goldman could bet against CDOs it didn't own...
高盛集团可以对赌 它所没有的担保债权凭证
...and get paid when the CDOs failed.
当担保债权凭证失效 就能得到赔偿
l asked if anybody called the customers and said:
我问他们有没有人 打电话给客户说：
''We don't really like this kind of mortgage anymore...
〝我们不喜欢这种贷款了〞
...and we thought you ought to know.''
〝我们认为应该让你们知道〞
They didn't say anything, but you could feel the laughter over the phone.
他们什么都没说 但你感觉得到电话那头传来笑声
(高盛助长AIG的赌局)
Goldman Sachs bought at least $22 billion...
高盛向AIG购买了…
...of credit default swaps from AIG.
至少220亿的 信用违约交换
It was so much that Goldman realized that AIG itself might go bankrupt.
金额大到高盛自己都察觉 AIG可能会破产
So they spent $ 1 50 million insuring themselves...
于是他们花了1亿5千万投保
...against AIG's potential collapse.
防患AIG的潜在倒闭
Then in 2007, Goldman went even further.
到了2007年 高盛更进一步
They started selling CDOs specifically designed...
他们开始销售特别设计的 担保债权凭证
...so that the more money their customers lost...
使得客户损失越多钱
...the more money Goldman Sachs made.
高盛就赚进越多钱
(高盛集团执行长及其所有高级主管)
(拒绝接受本片采访)
(但2010年4月他们被迫到国会作证)
Six hundred million dollars of Timberwolf securities is what you sold.
你们卖了6亿的林狼债券
(参议员卡尔李文)
(政府事务调查小组委员会主席)
Before you sold them...
在你们销售之前
...this is what your sales team were telling to each other:
你们的业务团队 彼此之间是这样说的
''Boy, that Timberwolf was one shitty deal.''
〝拜托，那个林狼债券真是个烂交易〞
This was an e-mail to me in late June, after the transaction.
这是去年六月交易后 我收到的电子邮件
(丹尼尔史巴克斯)
(高盛抵押贷款部门前主管，2006-2008)
No, no. You sold Timberwolf after as well.
不…你们后来也有卖林狼债券
- We did trades after that. - Yeah. Okay.
- 我们之后是有交易 - 好
The next e-mail-- Take a look. July 1 , '0 7.
下一封电子邮件 看一下是07年7月1日
- -tells the sales force, ''The top priority is Timberwolf.''
告诉销售人员〝主打林狼债券〞
Your top priority to sell is that shitty deal.
你们的主打商品 就是那个烂交易
lf you have an adverse interest to your client... ...do you have the duty to disclose it?
如果造成客户亏损 你们有义务告知
To tell that client of your adverse interest?
告诉客户你的投资失利
- That's my question. - l'm trying to understand--
- 这就是我的疑问 - 我试着了解…
l think you understand. You don't wanna answer.
我认为你是了解的 你只是不想回答
Do you believe you have a duty...
你是否相信，你们有义务
(参议员苏珊柯林斯)
(国土安全与政府事务委员会副主席)
...to act in your clients' best interest?
依客户的最佳利益行事？
(法布瑞斯杜尔)
(高盛结构性产品交易部门执行总裁)
l repeat, we have a duty to serve our clients...
我重申一次 我们有义务服务客户
...by showing prices on transactions that they ask us to show prices for.
在客户向我们询价时 呈现出交易价格
What do you think about selling securities...
你卖这些被你们自己人…
...which your own people think are crap?
称为烂交易的证券 你做何感想？
Does that bother you?
你不会感到不安吗？
l think they would....
我想他们会…
(洛伊德贝兰克梵，高盛集团主席暨执行长)
- As a hypothetical? - No, this is real.
- 这是假设吗？ - 不，这是事实
- Well, then l don't know-- - We heard it today.
- 那我不知道… - 我们今天听到的
We heard it today. ''This is a shitty deal.'' ''This is crap.''
我们今天听到的 〝这是烂交易〞，〝这是垃圾〞
l heard nothing today...
我今天没有听到任何…
...that makes me think anything went wrong.
让我觉得有问题的话
ls there not a conflict when you sell something to somebody...
你卖证券给人家
...and then are determined to bet against that same security...
然后坚决对赌同样的证券
...and you don't disclose that to the person you're selling it to?
却不告知你的买家 这样没有冲突吗？
You see a problem?
你不认为有问题吗？
ln the context of market making, that is not a conflict.
就造市来说那不是冲突
(大卫维尼尔)
(高盛集团执行副总裁暨财务长)
When you heard your employees in e-mails said, ''What a shitty deal''...
当你听到员工在电子邮件里说 〝真是个烂交易〞
...did you feel anything?
你有什么感觉吗？
That's very unfortunate to have on e-mail.
这种话实在不应该出现在电子邮件上
Are you embar--?
你不感到羞…
And very unfortunate-- l don't-- l don't--
很不幸的，我不…
''On e-mail''? How about feeling that way?
〝在电子邮件上〞？ 你没有感觉吗？
lt's very unfortunate for anyone to have said that in any form.
我觉得很遗憾 有人以任何形式说出那种话
(参议员汤姆柯本)
(政府事务调查小组委员会副主席)
Are your competitors engaged in similar activities?
你的竞争对手 有从事类似的行为吗？
Yes, and to a greater extent than us in most cases.
有，而且多半做的比我们还大
Hedge fund manager John Paulson made $ 1 2 billion...
避险基金经理人约翰鲍尔森
...betting against the mortgage market.
靠着对赌抵押贷款市场 赚进120亿美元
When Paulson ran out of mortgage securities to bet against...
当鲍尔森没有房贷债券可以对赌时
...he worked with Goldman Sachs and Deutsche Bank to create more.
他就和高盛及德意志银行 合作创造更多房贷债券
Morgan Stanley was also selling... ...mortgage securities it was betting against, and it's now being sued by...
摩根史坦利也销售 本身有对赌的债券
...the Government Employees' Retirement Fund of the Virgin Islands...
遭到维京群岛公务员退休基金…
...for fraud.
控诉诈欺
The lawsuit alleges that Morgan Stanley knew...
该诉讼指控摩根史坦利
...that the CDOs were junk.
明知这些担保债权凭证是垃圾
Although they were rated triple-A...
虽然它们都被评为3A
...Morgan Stanley was betting they would fail.
摩根史坦利却赌它们会失败
A year later, Morgan Stanley had made hundreds of millions of dollars...
一年后，摩根史坦利 赚进数亿元美金
...while the investors had lost almost all of their money.
投资人却几乎损失了所有的钱
(高盛集团、约翰鲍尔森及摩根史坦利不是个案)
(避险基金Tricadia与Magnetar 藉着与美林证券…)
(摩根大通及雷曼兄弟对赌他们设计的…)
(担保债权凭证赚进数十亿美元)
(担保债权凭证被当做 〝安全的〞投资标的卖给客户)
You would have thought pension funds would have said:
你想也知道退休基金会说：
''Those are subprime. Why am l buying them?''
〝这些是次级房贷，我为什么要买它们？〞
They had these guys at Moody's and Standard & Poor's...
因为穆迪信评和标准普尔的人都说：
...who said, ''That's a triple-A.''
〝那是3A级的产品〞
(比尔艾克曼，避险基金经理人)
No securities got issued without the seal of approval of the rating agencies.
证券发行都必须先经过 评比机构的盖章核准
(穆迪信评总部)
The three rating agencies, Moody's, S&P and Fitch...
三家评比机构 穆迪信评、标准普尔和惠誉
...made billions of dollars giving high ratings to risky securities.
藉由给予风险证券高评比 赚进数十亿元
(评比机构获利)
Moody's, the largest rating agency, quadrupled its profits...
最大评比机构穆迪信评的获利
...between 2000 and 2007.
在2000到2007年之间 增长了四倍
Moody's and S&P get compensated based on putting out ratings reports.
穆迪信评与标准普尔 提出评比报告以获得报酬
And the more structured securities they gave a triple-A rating to...
他们给予越多 结构性债券3A评价
...the higher their earnings were.
他们赚的就越多
lmagine going to The Times saying:
把它假想成《The Times》好了
''Write a positive story, l'll pay you $500,000.
〝你写一篇正面的报导 我就付你五十万〞
lf you don't, l'll give you nothing.''
〝你不写，我就一毛都不给〞
Rating agencies could have stopped the party and said:
评比机构本来大可以阻止他们说：
''Sorry. We're gonna tighten our standards''...
〝抱歉，我们要坚守原则〞
(杰洛米冯斯)
(穆迪信评前执行董事)
...and immediately cut off the funding to risky borrowers.
立刻切断风险借款人的资金
Triple-A-rated instruments...
3A级的产品
(新的3A评价产品)
...mushroomed from just a handful to thousands and thousands.
从十几个爆增到成千上万个
Hundreds of billions of dollars were being rated, you know, and--
价值几千亿的金额被评比
- Per year? - Per year. Oh, yeah.
- 每年吗？ - 对，每年
l've now testified before both houses of Congress...
我现在已经在国会两议院
...on the credit rating agency issue...
针对信用评比机构的问题做证
...and both times they trot out very prominent First Amendment lawyers...
这两次他们都搬出 美国宪法第一修正案的大律师
...and argue that, ''When we say something is rated triple-A...
争辩〝当我们说某样产品是3A级时〞
...that is merely our 'opinion.' You shouldn't rely on it.''
〝那只是我们的“意见” 你们不应该尽信〞
S&P's ratings express our opinion.
标准普尔评比表述我们的意见
Our ratings are our opinions. They're opinions.
我们的评比是我们的意见 就是意见而已
Opinions. And they are just opinions.
意见就只是意见而已
l think we are emphasizing the fact that our ratings are opinions.
我想我们要强调 我们的评比是意见
(他们不和我们分享他们的意见)
(他们都拒绝接受本片采访)
They do not speak to the market value of a security...
它们不代表证券的市场价值
...the volatility of its price, or its suitability as an investment.
或其价格波动 或其投资适切性
(第三部：危机)
(2005年7月)
We have many economists saying:
有许多经济学家表示：
''This is a bubble, it's going to burst.
〝这是泡沫，而且即将破灭〞
This is going to be an issue for the economy.''
〝这会形成经济问题〞
Some say it could even cause a recession at some point.
有人说甚至可能造成 某种程度的经济衰退
What is the worst-case scenario if, in fact, we were to see prices...
如果我们真的看到 全国房价大幅下跌
...come down substantially across the country?
最坏的情况会是如何？
l don't buy your premise. lt's an unlikely possibility.
我认为你的前提不存在 那是几乎不可能的事
We've never had a decline in house prices on a nationwide basis.
我们从来没遇过 全国性的房价下跌
Ben Bernanke became chairman of the Federal Reserve in February 2006...
班柏南克在2006年2月 成为联准会主席
...the top year for subprime lending.
也是次级房贷达到顶峰的一年
(次级房贷占总贷款%数)
But despite numerous warnings...
但尽管有那么多的警告
...Bernanke and the Federal Reserve Board did nothing.
柏南克和联准会依然毫无作为
(班柏南克拒绝接受本片采访)
Robert Gnaizda met with Bernanke and the Federal Reserve Board...
在柏南克成为主席之后 罗伯特纳兹达…
...three times after Bernanke became chairman.
和柏南克及联准会 碰过三次面
Only at the last meeting did he suggest that there was a problem...
他只有在最后一次会面时 认为有问题
...and that the government ought to look into it.
政府应该介入调查
When? When was that? What year?
那是什么时候？哪一年？
lt's 2009, March 11 th, in D.C.
2009年3月11日 在华盛顿
- This year? - This year we met, yes.
- 今年？ - 今年的会面，对
And so for the two previous years you met him....
所以前两年你去见他的时候…
- Even in 2008? - Yes.
- 连2008年都没有？ - 对
One of the six Federal Reserve Board governors serving under Bernanke...
柏南克旗下的六位 联准会理事之一
...was Frederic Mishkin...
佛德瑞克米希金
...who was appointed by President Bush in 2006.
2006年得到布什总统的任命
(佛德瑞克米希金-联准会理事，2006-2008)
Did you participate in the meetings Robert Gnaizda...
你有参与罗伯特纳兹达…
...and Greenlining had with the Federal Reserve Board?
及格林研究所 与联准会的会议吗？
Yes, l did. l was on the committee that was involved...
有，我当时有参与
...with the Consumer Community Affairs Committee.
消费者社区事务委员会
He warned, in an extremely explicit manner, about what was going on.
他用非常明确的态度 警告将会发生的事
He came to the Federal Reserve Board with loan documentation...
他带着贷款文件去到联准会
...of the kind of loans that were frequently being made.
那些是最近才做的贷款
And he was listened to politely, and nothing was done.
他很有礼貌的倾听 你们却什么也没做
So again, l don't know the details in terms of....
我不清楚相关细节
ln fact, l just don't-- l--
事实上我不…
Whatever information he provided, l'm not sure exactly....
不管他提供了什么讯息 我不是很确定…
To be honest with you, l can't remember this kind of discussion...
老实跟你说 我不记得有这种讨论
...but certainly there were issues that were coming up.
但确实有一些问题浮现
The question is, how pervasive are they?
问题是这些问题有多普遍？
- Why didn't you try looking? - l think that people did.
- 你为什么不看看呢？ - 我想有人看过了
We had people looking at--
我们有人在看…
Excuse me. You can't be serious. You would have found things.
抱歉，不是这样吧 你要是看了就会发现问题
That's very easy to always say that you can always find it.
你说看了就会发现 这种话讲起来是很容易啊
As early as 2004...
早在2004年初
...the FBI was already warning about an epidemic of mortgage fraud.
联邦调查局就已经警告过 贷款诈欺的流行
They reported inflated appraisals...
他们通报的状况有浮报评价
...doctored loan documentation and other fraudulent activity.
篡改贷款文件 及其它诈欺行为
In 2005, the IMF's chief economist, Raghuram Rajan...
2005年，国际货币基金组织 首席经济学家拉古朗拉詹
...warned that dangerous incentives could lead to a crisis.
提出警告，危险的奖励制度 可能造成危机
Then came Nouriel Roubini's warnings in 2006...
接着是2006年 诺瑞尔鲁比尼的警告
...Allan Sloan's articles in Fortune magazine...
以及2007年 艾伦史隆在《财富》杂志…
...and The Washington Post in 2007...
以及《华盛顿邮报》的文章
...and repeated warnings from the IMF.
还有国际货币基金组织 不断提出的警告
l said, and on behalf of the institution, the crisis in front of us is a huge crisis.
我可以代表机构说话 眼前这是个大危机
Who did you talk to?
你跟谁说了？
The government, Treasury, Fed, everybody.
政府、财政部、联准会，全都说了
In May of 2007, hedge fund manager Bill Ackman circulated a presentation...
2007年5月，避险基金经理人 比尔艾克曼发行了一份简报
... ''Who is Holding the Bag?''...
〝谁要背黑锅？〞
...which described how the bubble would unravel.
描述了泡沫会如何揭穿
And in early 2008, Charles Morris published his book...
2008年初 查尔斯莫瑞斯发行了他的著作
...about the impending crisis.
提到即将发生的危机
(贷款宽松、消费无度和信用大崩溃)
You're not sure. What do you do?
你不确定，那怎么办？
You might have some suspicions that underwriting standards are weakened.
你可能有些怀疑承保标准变弱
But then the question is, should you do anything about it?
那问题就是，你应该介入吗？
(美国取消赎回权)
By 2008, home foreclosures were skyrocketing...
到了2008年 法拍屋数量飞涨
...and the securitization food chain imploded.
证券化食物链也崩溃了
Lenders could no longer sell their loans to the investment banks.
放款公司再也无法 将贷款卖给投资银行
And as the loans went bad, dozens of lenders failed.
贷款变呆帐 导致数十家放款公司倒闭
(出售)
Chuck Prince of Citibank famously said...
花旗银行的查克普林斯 说过一句名言
...that we have to dance until the music stops.
我们必须舞到音乐停止
Actually, the music had stopped already when he said that.
事实上他说那句话的时候 音乐已经停止了
The market for CDOs collapsed...
担保债权凭证的市场瓦解
...leaving investment banks holding hundreds of billions of dollars...
让投资银行持有上千亿卖不掉的…
...in loans, CDOs, and real estate they couldn't sell.
贷款、担保债权凭证及房地产
When the crisis started, both the Bush administration...
危机开始的时候
...and the Federal Reserve were totally behind the curve.
布什政府和联准会 都完全处在落后形势
They did not understand the extent of it.
他们不了解事态的严重性
At what point do you remember thinking for the first time:
你记得什么时候第一次想到：
''This is dangerous, this is bad''?
〝情况危险，事态严重〞吗？
l remember very well one-- l think it was a G 7 meeting...
我很清楚记得 是在七大工业国会议
...of February, 2008.
2008年2月
And l remember discussing the issue with Hank Paulson.
我记得与亨利鲍尔森讨论这个议题
And l clearly remember telling Hank:
我清楚记得对他说：
''We are watching this tsunami coming...
〝我们看到海啸要来了〞
...and you're just proposing that we ask...
〝你却只是建议我们去问〞
...which swimming costume we're going to put on.''
〝要换上哪件游泳衣〞
What was his response? What was his feeling?
他的回应是什么？ 他做何感想？
''Things are under control.
〝一切都在掌控之中〞
Yes, we are looking at this situation carefully...
〝我们有仔细的观察这个情形〞
...and, yeah, it's under control.''
〝一切都在掌控之中〞
(2008年2月9日，七大工业国会议-东京)
We're gonna keep growing. Okay? And, obviously, l'll say it:
我们会继续成长，我当然会说
lf you're growing, you're not in recession, right?
如果你还在成长 就不会衰退，对吧？
l mean, we all know that.
这我们都知道
(早在鲍尔森做此声明的…)
(四个月前，衰退就已经开始了)
One of the pillars of Wall Street....
华尔街的栋梁之一…
In March 2008, the investment bank Bear Stearns ran out of cash...
2008年3月 投资银行贝尔斯登现金短缺
...and was acquired for $2 a share by JPMorgan Chase.
被摩根大通以每股2美元收购
The deal was backed by $30 billion in emergency guarantees...
该并购案得到联准会三百亿的…
...from the Federal Reserve.
紧急融资保证
(联准会)
That was when the administration could have come in...
那个时候政府大可以介入
(赛门强森，麻省理工教授)
(国际货币基金组织，前首席经济学家)
...and put in place various measures to reduce system risk.
采用各种措施降低系统风险
(保罗坎乔斯基)
The information l'm receiving is the end is not here...
我得到的资讯是 事情还没结束
...that there are other shoes to fall.
还有其它公司会垮
Well, l've seen those investment banks...
我看到那些投资银行
(2008年7月10日)
...working with the Fed and the SEC...
和联准会及证交会合作
...strengthen their liquidity, strengthen their capital positions.
加强他们的流动性和资本比例
l get reports all the time. Our regulators are very vigilant.
我一直有收到报告 我们的监管会是很警惕的
On September 7 th, 2008...
2008年9月7日
...Henry Paulson announced the federal takeover...
亨利鲍尔森宣布政府接管
...of Fannie Mae and Freddie Mac, giant lenders on the brink of collapse.
濒临倒闭的两大放款公司 房利美与房地美
(2008年9月7日)
Nothing about our actions today reflects a changed view...
我们今天采取的行动 都不表示改变…
...of the housing correction...
对房市调整
...or the strength of other U.S. financial institutions.
或巩固其它美国金融机构的看法
Two days later...
两天后
...Lehman Brothers announced record losses of $3.2 billion...
雷曼兄弟宣布亏损32亿
...and its stock collapsed.
它的股价也因此狂泄
(雷曼股价)
The effects of Lehman and AlG in September still came as a surprise.
雷曼和AIG在九月造成的影响 依旧令人惊讶
l mean, this is even after July and Fannie and Freddie.
这甚至是在七月发生 房利美与房地美之后的事
So clearly there was stuff that, as of September...
所以显然到了九月
...major stuff, that nobody knew about.
有些大事情是没人知道的
l think that's-- l think that's fair.
我想是可以这样说
Bear Stearns was rated triple-A like a month before it went bankrupt?
贝尔斯登在破产前一个月 都还是3A评价吧？
- More likely A2. - A2?
- 应该说是2A - 2A？
- Yeah. - Okay.
- 对 - 好
A2 is still not bankrupt.
2A一样不会破产啊
No, that's a high investment grade. Solid investment grade rating.
对，那是高投资等级 可靠的投资等级
Lehman Brothers, A2 within days of failing.
2A的雷曼兄弟在几天内倒闭
AlG, double-A within days of being bailed out.
2A的AIG在几天内要求纾困
Fannie Mae and Freddie Mac were triple-A when they were rescued.
房利美与房地美被拯救时 都是3A等级
Citigroup, Merrill, all of them had investment-grade ratings.
花旗集团、美林证券 全部都有投资级的评价
- How can that be? - Well, that's a good question.
- 怎么会这样呢？ - 这是个好问题
That's a great question.
这真是个好问题
At no point did the administration ever go to all the major institutions and say:
政府始终没有去找这些大机构说：
''This is serious. Tell us what your positions are.
〝事态严重，告诉我们你们的状况〞
You know, no bullshit. Where are you?''
〝不要胡扯，当时你在哪里？〞
Well, first, that's what the regulators-- That's their job, right?
首先，那是监管会的工作，对吧？
Their job is to understand the exposure across these institutions.
他们的工作就是 了解这些机构的底牌
And they have a very refined understanding...
他们有很明确的了解
...that l think became more respon-- More refined as the crisis proceeded.
我想危机发生之后也更明确了
- So-- - Forgive me, but that's clearly not true.
- 所以… - 请见谅，但事实显然并非如此
What do you mean, that's not true?
什么意思？
ln August of 2008...
2008年8月
(佛德瑞克米希金)
(联准会理事2006-2008，哥伦比亚商学院教授)
...were you aware of the credit ratings held by Lehman Brothers...
当时你知道 雷曼兄弟、美林证券、AIG
...Merrill Lynch, AlG...
它们的信用评比吗？
...and did you think that they were accurate?
你认为它们准确吗？
Well, certainly by that time...
当然到了那个时候
...it was clear earlier credit ratings weren't accurate.
很显然之前的信用评比是不准的
- They had been downgraded. - No, they hadn't.
- 它们被降级了 - 不，并没有
There was downgrading in terms of the industry and concerns of the--
业界还是有一些降级的说法…
All those firms were rated at least A2...
那些公司的评比 都至少是2A以上
...until a couple of days before they were rescued.
直到它们被拯救的几天前
The answer is l don't know enough to answer your question on this issue.
那我的了解就 不足以回答你这个问题
Governor Fred Mishkin is resigning, effective August 31 .
佛德瑞克米希金理事的辞呈 在8月31日正式生效
He plans to return to Columbia's Graduate School of Business.
他计划回到哥伦比亚商学院
Why did you leave the Federal Reserve in August of 2008...
你为什么在金融危机最严重的…
...in the middle of the worst financial crisis?
2008年8月离开联准会？
So that-- l had to revise a textbook.
因为…我必须修订一本教科书
His departure leaves the board with three of its seven seats vacant...
他的离开使得七席的理事会 有三席出缺
...just when the economy needs it most.
偏偏正是 经济最需要他们的时候
l'm sure your textbook is important and widely read, but in August 2008...
我相信你的教科书很重要也很多人看 但在2008年8月
...some more important things were going on in the world, don't you think?
世界上有更重要的事在发生 你不认为吗？
By Friday, September 12th...
到了9月12日星期五
...Lehman Brothers had run out of cash...
雷曼兄弟现金短缺
...and the entire investment-banking industry was sinking fast.
整个投资银行业迅速沉沦
The stability of the global financial system was in jeopardy.
全球金融体系的稳定性岌岌可危
That weekend, Henry Paulson and Timothy Geithner...
那个周末 亨利鲍尔森与提摩西盖特纳
...president of the New York Federal Reserve...
即纽约联邦储备银行总裁
...called an emergency meeting with the CEOs of the major banks...
与主要银行的执行长 召开紧急会议
...in an effort to rescue Lehman.
力图挽救雷曼兄弟
But Lehman wasn't alone.
但雷曼不是个案
(美林证券总部)
Merrill Lynch was also on the brink of failure.
美林证券也濒临倒闭
And that Sunday, it was acquired by Bank of America.
在那个星期天 它被美国银行收购
The only bank interested in buying Lehman was the British firm Barclays.
唯一有兴趣收购雷曼的 是英国公司巴克莱
But British regulators demanded a financial guarantee from the U.S.
但英国监管会要求 美国政府提出财务担保
Paulson refused.
鲍尔森拒绝了
(雷曼兄弟和联邦政府都没有…)
(做破产的计划)
We got in a cab and went to the Federal Reserve Bank.
我们搭计程车前往联邦储备银行
(哈维米勒)
(雷曼的破产律师，威嘉律师事务所)
They wanted the bankruptcy case commenced before midnight...
他们希望破产案在9月14日的…
...of September 1 4.
午夜前开始进行
We kept pressing that this would be a terrible event...
我们一再强调 这将是一个可怕的事件
...and at some point l used the word Armageddon...
我一度还用了世界末日一词
...and they consider the consequences of what they were proposing.
他们要考虑这种提议的后果
The effect on the market would be extraordinary.
对市场的影响将无与伦比
- You said this? - Yes.
- 你这么说吗？ - 是的
They just said they had considered all of the comments we had made...
他们只是说 他们考虑过我们所有评论
...and they were still of the belief that in order to calm the markets...
他们还是相信 为了安定市场继续往前走
...and move forward, it was necessary for Lehman to go into bankruptcy.
雷曼必须走上破产一途
- ''Calm the markets''? - Yes.
- 〝安定市场〞？ - 对
When were you first told that Lehman, in fact, was going to go bankrupt?
你第一次被告知雷曼要破产 是什么时候？
- After the fact. - After the fact?
- 成定局之后 - 成定局之后？
Okay.
好
And what was your reaction when you learned of it?
那你得知时的反应是什么？
''Holy cow.''
〝天哪〞
Paulson and Bernanke had not consulted with other governments...
鲍尔森和柏南克 没有和其它政府商议
...and didn't know the consequences of foreign bankruptcy laws.
不知道外国破产法的后果
- -Lehman Brothers London empty their desks....
雷曼兄弟伦敦分公司搬空了…
(2008年9月16日)
Under British law...
按照英国法律
...Lehman's London office had to be closed immediately.
雷曼的伦敦办公室 必须立刻关闭
All transactions came to a halt, and there are thousands of transactions.
所有交易停止 那可是成千上万笔交易啊
The hedge funds who had had assets with Lehman in London...
资产放在雷曼伦敦分公司 的避险基金
...discovered overnight, to their complete horror...
一夜得知，惊恐万分
...they couldn't get those assets back.
他们拿不回那些资产
One of the points of the hub failed.
其中一个插头坏掉了
And that had huge knock-on effects around the system.
对整个系统造成莫大的连锁效应
The oldest money market fund in the nation...
全国最悠久的货币市场基金
(2008年9月17日)
...wrote off three-quarters of a billion dollars in bad debt...
注销了如今已破产的雷曼兄弟
...issued by now-bankrupt Lehman Brothers.
所提出的七亿五千万坏帐
Lehman's failure caused a collapse in the commercial paper market...
雷曼的倒闭也造成 商业票据市场的崩溃
(商业票据市场)
...which many companies depend on to pay for expenses...
许多公司都靠这个市场支付费用
...such as payroll.
例如薪资
That means they have to lay off employees, they can't buy parts.
那表示他们必须裁员 买不起零件
lt stops business in its tracks.
让整个业务停顿下来
People stood and said, ''Listen, what can we believe in?
大家突然都站出来说 〝我们还能相信什么？〞
There's nothing we can trust anymore.''
〝我们什么都不能相信了〞
That same week, AIG owed $ 1 3 billion...
同一周，AIG积欠 信用违约交换持有者
...to holders of credit default swaps and it didn't have the money.
达130亿元 他们拿不出钱来
AlG was another hub.
AIG是另一个插头
lf AlG had stopped, you know, all planes may have to stop flying.
如果AIG停顿 整个机队可能都不用飞了
On September 17 th, AIG is taken over by the government.
9月17日，政府接管AIG
(2008年9月18日)
One day later, Paulson and Bernanke ask Congress...
一天之后，鲍尔森和柏南克
...for $7 00 billion to bail out the banks.
向国会要求七千亿纾困银行
We're coming together....
我们齐聚一堂…
They warned that the alternative would be a catastrophic collapse.
他们提出警告，若不这样做 将会是灾难性的崩盘
lt was scary. You know, the entire system froze up.
这很可怕 整个体系都冻结了
Every part of the financial system, every part of the credit system.
金融体系和信用体系的 每一个环节都冻结了
Nobody could borrow money.
谁都借不到钱
lt was like a cardiac arrest of the global financial system.
这就像是全球金融体系的心跳停止
l'm playing the hand dealt me.
我在尽力处理了
(2008年9月15日)
A lot of what l'm dealing with--
我要处理很多…
l'm dealing with the consequences of things that were done years ago.
我要处理的是 多年前做的事所造成的后果
Secretary Paulson spoke through the fall.
鲍尔森部长在秋季的发言
All the potential root causes of this, and there are plenty...
这件事的潜在根源很多
- ...he called them. l'm not sure-- - You're not being serious about that.
- 我不确定… - 你不是说真的吧
l am being serious. What would you have expected?
我是说真的啊 你能期望什么？
What were you looking for that you didn't see?
你没看到的事 你能做何期待？
He was the senior advocate...
他是最早主张…
...for prohibiting the regulation of credit default swaps...
禁止管制信用违约交换的人
...and also lifting the leverage limits on the investment banks.
也是放宽投资银行 财务杠杆限制的人
So again, what--?
所以呢？
He mentioned those things? l never heard him mention those things.
他有提到那些事吗？ 我从没听他提过那些事
Could we turn this off for a second?
我们可以先关掉摄影机吗？
(亨利鲍尔森拒绝接受本片采访)
When AIG was bailed out, the owners of its credit default swaps...
AIG获得纾困之后 其信用违约交换的…
...the most prominent of which was Goldman Sachs...
最大持有人，就是高盛集团
...were paid $61 billion the next day.
在隔天就收到610亿元
Paulson, Bernanke and Tim Geithner...
鲍尔森、柏南克与提摩西盖特纳
...forced AIG to pay 1 00 cents on the dollar...
强迫AIG全额支付
...rather than negotiate lower prices.
而不是谈判出更低的价格
Eventually, the AIG bailout cost taxpayers over $ 150 billion.
最后AIG纾困案 花掉纳税人超过1500亿
A hundred and sixty billion dollars went through AlG.
1600亿给了AIG
Fourteen billion went to Goldman Sachs.
140亿给了高盛
At the same time, Paulson and Geithner forced AIG...
同时，鲍尔森和盖特纳强迫AIG…
...to surrender its right to sue Goldman and the other banks for fraud.
放弃控告高盛与其它银行诈欺的权利
lsn't there a problem when the person in charge of dealing with this crisis...
负责处理这些危机的人 是高盛的前执行长
...is the former CEO of Goldman Sachs?
难道没有问题吗？
Someone who had a major role in causing it.
高盛正是造成这个危机的 主要角色之一啊
lt's fair to say that the financial markets today...
我们可以说今天的金融市场
...are incredibly complicated.
是非常复杂的
- -and supply urgently needed money....
紧急提供必要资金…
On October 4th, 2008...
2008年10月4日
...President Bush signs a 7 00-billion-dollar bailout bill.
布什总统签暑了 七千亿美金的纾困方案
But world stock markets continue to fall...
但全球股市持续下跌
...amid fears that a global recession is now underway.
全球经济衰退在恐惧中展开
The bailout legislation does nothing to stem the tide of layoffs...
纾困法案完全止不住裁员…
...and foreclosures.
及法拍屋的浪潮
Unemployment in the United States and Europe rises to 1 0 percent.
美国与欧洲的失业率上升到10%
The recession accelerates and spreads globally.
经济衰退在全球蔓延加速
l began to get really scared because l hadn't foreseen...
我真的怕了，因为我没有预见…
...the whole world going down at the same rate at the same time.
全世界会在同时 以同样的速度下跌
By December of 2008...
到了2008年12月
... General Motors and Chrysler are facing bankruptcy.
通用汽车和克莱斯勒也面临破产
And as U.S. consumers cut back on spending...
美国消费者削减开支
... Chinese manufacturers see sales plummet.
中国制造商就看到 销售数字直线下滑
Over 1 0 million migrant workers in China lose their jobs.
在中国，超过一千万名农工失业
At the end of the day, the poorest, as always, pay the most.
到头来，最穷的总是 付出最多代价的
(中国大灯厂，中国广东省)
Here, you can earn a lot of money.
你在这里可以赚到很多钱
Like 70, 80 U.S. dollars per month.
每个月有七、八十美金
(徐琼安，前工厂女工)
As a farmer in the countryside, you cannot earn as much money.
乡下的农夫赚不了这么多钱
The workers, they just wire their salary to their hometown...
工人都把薪水汇到老家
...to give to their families.
给他们的家人
The crisis started in America.
危机在美国发生
We all know it will be coming to China.
我们都知道它会来到中国
Some of the factories try to cut off some workers.
有些工厂试着裁员
And some people will get poor because they'll lose their jobs.
有些人因为失业变穷
Life gets harder.
日子变得更难过
(新加坡)
We were growing at about 20 percent.
我们本来成长20%
(派崔克丹尼尔)
(新加坡报业控股总编辑)
lt was a super year. Then we suddenly went to minus-nine this quarter.
那年景气超好 这一季却突然掉到负九
Exports collapsed, and we're talking like 30 percent.
出口衰竭，我们说的可是30%
So we just took a hit, you know. Fell off a cliff.
所以我们是受到重击 跌落谷底
Even as the crisis unfolded, we didn't know how wide it was going to spread...
即使危机已经爆发 我们也不知道会散布多广
...or how severe it was going to be.
不知道会有多严重
We were still hoping that there would be some way...
我们原本还希望有什么方法
...for us to have a shelter and be less battered by the storm.
可以让我们躲过一劫 少受风暴的打击
But it's not possible.
但那是不可能的
lt's a very globalized world.
这是个很全球化的世界
The economies are all linked together.
全球经济都相连在一起
(啊…我们到家了！)
(美国的取消赎回权 在2010年初达到六百万件)
Every time a home goes into foreclosure...
每当有一栋房屋被法拍
...it affects everyone who lives around that house.
就会影响到住在那房子附近的每个人
When that house goes on the market, it'll be sold at a lower price.
因为那栋房屋抛售时 成交价会比较低
Maybe before it goes on the market, it won't be well-maintained.
抛售前可能不会得到妥善的维护
We estimate another 9 million homeowners will lose their homes.
我们预计还有九百万屋主 会失去他们的房子
We went out on a weekend to see what houses were for sale.
(我们在周末的时候有出去看房子)
(可伦芭拉莫斯，加州圣荷西)
We saw one we liked.
(我们有看到喜欢的)
The payment was going to be $3200.
(房贷是每个月3200美元)
(可伦芭拉莫斯和她先生不会说英文)
(他们被贷款经纪人诈欺)
(该经纪人收受掠夺性放款公司的付费)
Everything was beautiful, the house was very pretty. The payment low. Everything was--
(景象都很美，房子也很美)
We won the lottery.
(我们好像赢了乐透)
But the reality was when the first payment arrived.
(但事实上当第一张房贷帐单寄来时…)
(月缴房贷5938美元3毛3)
l felt very bad for my husband...
(我为我的丈夫感到心痛)
...because he works too much. And we have three children.
(因为他太辛苦工作，而我们也有三个小孩)
(〝帐蓬市〞佛州平内拉斯郡)
The majority l've seen are people hurt by the economy.
我看到的人绝大多数 是受到经济所累
(艾瑞克伊凡诺斯卡，天主教慈善团体志工)
They were living day to day, paycheck to paycheck...
他们过一天算一天，是月光族
...and that ran out.
钱都用完了
Unemployment won't pay a mortgage. lt won't pay a car bill.
失业付不了贷款 也养不了车
l was a log truck driver.
我本来是长途卡车司机
(史帝文史提芬，前建筑工人)
They shut down the logging systems, shut down the sawmills.
伐木业停工，锯木厂关闭
So l moved down here on a construction job.
我只好搬来这里做工程
And the construction jobs got shut down too, so....
结果工程也被停了，所以…
Things are so tough. There's a lot of people out there.
日子太难过了，这种人很多
Soon you're gonna be seeing more camps like this...
你很快就会看到更多 像这样的帐蓬
...because there's just no jobs right now.
因为现在就是没有工作
(第四部：究责)
When the company did well, we did well.
公司好的时候，我们都好
When the company did not do well, sir, we did not do well.
公司不好的时候，我们都不好
The men who destroyed their own companies...
这些人摧毁自己的公司
...and plunged the world into crisis...
让全球陷入危机
...walked away from the wreckage with their fortunes intact.
却带着财富全身而退
The top five executives at Lehman Brothers made over a billion dollars...
雷曼兄弟的最高五位主管 在2000到2007年
...between 2000 and 2007.
赚走十亿美金
(雷曼五大主管)
And when the firm went bankrupt, they got to keep all the money.
公司破产 他们却保住了所有钱财
The system worked.
制度是行得通的
lt doesn't make sense to make a failing loan because we lose.
做失败的贷款是说不过去的 因为我们也有损失
(安杰罗莫纪洛，全国金融执行长)
The borrower loses, the community loses and we lose.
借钱的人有损失，社会有损失 我们也有损失
Countrywide's CEO, Angelo Mozilo...
全国金融公司执行长 安杰罗莫纪洛
...made $47 0 million between 2003 and 2008.
在2003到2008年间 赚进4亿7千万
One hundred forty million came from dumping his Countrywide stock...
其中1亿4千万来自 他在全国金融公司…
...in the 1 2 months before the company collapsed.
倒闭的前12个月内 抛售的公司股票
l hold the board accountable when a business fails.
我认为企业失败时 董事会要负起责任
They're responsible for hiring and firing the CEO...
他们负责聘请与开除执行长
...and overseeing big strategic decisions.
监督重大策略决定
The problem with boards in America is the way boards are elected.
美国董事会的问题在于 董事会挑选的方式
You know, the boards are pretty much, in many cases, picked by the CEO.
董事会大部份都是 由执行长挑选的
The board of directors and compensation committees...
董事会和薪资委员会
...are the two bodies best situated to determine pay for executives.
是两个最适合决定主管薪资的单位
How do you think they've done over the past 1 0 years?
你认为他们在过去十年做得怎么样？
Well, l think that if you look at those-- l would give about a B, because--
我认为如果你去看… 我会给B，因为…
- A B? - A B, yes.
- 给B？ - 对，给B
- Not an F? - Not an F, not an F.
- 不是F？ - 不是F
Stan O'Neal, the CEO of Merrill Lynch...
史坦欧尼尔，美林证券的执行长
...received $90 million in 2006 and 2007 alone.
光是2006与2007年 就赚进9千万
After driving his firm into the ground...
他让公司倒闭之后
...the board of directors allowed him to resign...
董事会批准他辞职
...and he collected $ 1 6 1 million in severance.
他还拿了1亿6100万遣散费
lnstead of being fired, Stan O'Neal is allowed to resign...
史坦欧尼尔没有被开除 反而是获准辞职
...and takes away $ 1 51 million.
带走1亿5100万
That's a decision that that board of directors made.
那是董事会做的决定
What grade do you give that decision?
你给那种决定打几分？
That's a tougher one. l don't know if l'd give it a B as well.
这个比较难 我不认为我会给B
O'Neal's successor, John Thain, was paid $8 7 million in 2007.
欧尼尔的继任者约翰赛恩 2007年收8700万
And in December of 2008...
2008年12月
...two months after Merrill was bailed out by U.S. taxpayers...
美过纳税人纾困美林证券的 两个月后
... Thain and Merrill's board handed out billions in bonuses.
赛恩和美林的董事会 交出数十亿红利
In March of 2008, AIG's Financial Products division...
2008年3月 AIG金融产品部门
...lost $ 1 1 billion.
损失110亿
(AIG净利)
Instead of being fired, Joseph Cassano, head of AIGFP...
AIG金融产品部门主管 约瑟夫卡萨诺没有被开除
...was kept on as a consultant for a million dollars a month.
反而继续担任顾问 月领百万高薪
You wanna make sure key players and key employees within AlGFP...
确定AIG金融部门的重要员工
...we retain that intellectual knowledge.
我们要留住那些智慧知识
l attended a very interesting dinner...
我有出席一场很有趣的餐会
...organized by Hank Paulson a little more than one year ago...
是亨利鲍尔森在一年多前发起的
...with some officials and a couple of CEOs...
餐会上有一些官员
...from the biggest banks in the U.S.
和全美几大银行的执行长
And surprisingly enough, all these gentlemen were arguing:
令人惊讶的是这些人都辩称
''We were too greedy, so we have part of the responsibility.'' Fine.
〝我们以前太贪心了 所以我们要负一部份责任〞，好
Then they were turning to the treasurer, Secretary of the Treasury, and saying:
然后他们转向财政部长说
''You should regulate more. We're too greedy, we can't avoid it.
〝你应该做更多管制 我们太贪心了，免不了的事〞
The only way to avoid this is to have more regulation.''
〝只有一个方法能避免这种事 就是采取更多的管制〞
l have spoken to many bankers about this question...
我和许多银行家谈过这个问题
...including very senior ones.
包括很资深的几位
And this is the first time that l've ever heard anybody say...
这是我第一次听到有人说
...they wanted their compensation to be regulated in any way.
他们希望自己的薪资 受到某种程度的管制
Yeah, because it was at the moment where they were afraid.
对，因为当时他们很害怕
And after, when solution to the crisis began to appear...
但后来危机的解决方案慢慢浮现
...then probably they changed their mind.
他们可能就改变心意了
In the U.S., the banks are now bigger, more powerful...
在美国，银行现在变得 更大、更有权势
...and more concentrated than ever before.
也比以往更加集中
There are fewer competitors.
竞争者变得更少
A lot of smaller banks have been taken over by big ones.
许多较小的银行都被大银行并购
J.P. Morgan is even bigger than it was before.
摩根大通甚至比以往更庞大了
J.P. Morgan took over first Bear Stearns and then WaMu.
摩根大通先后并购了 贝尔斯登和华盛顿互助银行
Bank of America took over Countrywide and Merrill Lynch.
美国银行并购了 全国金融与美林证券
Wells Fargo took over Wachovia.
富国银行并购了美联银行
After the crisis, the financial industry...
危机过后，金融业…
...including the Financial Services Roundtable...
包括金融服务业圆桌会议组织
...worked harder than ever to fight reform.
都比以往更加力抗改革
The financial sector employs 3000 lobbyists...
金融业聘请了三千名说客
...more than five for each member of Congress.
是国会议员人数的五倍之多
You think the financial services industry...
你是否认为金融服务业
...has excessive political influence in the United States?
在美国有过大的政治影响力？
No. l think that every person in the country...
不，我认为华盛顿的官员
...is represented here in Washington.
就代表了美国每一个人
And you think that all segments of American society...
你是否认为 美国社会的各个阶层
...have equal and fair access to the system?
都有平等的管道进入这个体系？
That you can walk into any hearing room that you would like. Yes, l do.
你可以走进任何一间听证室 所以我认为是的
One can walk into any hearing room. One cannot necessarily...
谁都可以走进任何一间听证室 但他不一定会是那个…
...write the lobbying checks that your industry writes...
帮你们这一行写游说支票
...or engage in the level of political contributions your industry engages in.
或是像你们这一行 投入那么高政治献金的人
Between 1998 and 2008...
1998到2008年之间
...the financial industry spent over $5 billion...
金融业花费超过五十亿
...on lobbying and campaign contributions.
在游说与政治献金上面
And since the crisis, they're spending even more money.
危机过后 他们花在这上面的钱更多
The financial industry also exerts its influence...
金融业也用更细腻的手法
...in a more subtle way, one that most Americans don't know about.
施加它的压力 而这是多数美国人不知情的
(哈佛大学)
It has corrupted the study of economics itself.
也毁了经济学本身的研究
(哥伦比亚大学)
Deregulation had tremendous financial and intellectual support...
解除金融管制得到相当大的 金融与学术支持
...because people argued it for their own benefit.
因为人们会为自己的利益争辩
The economics profession was the main source of that illusion.
经济产业就是那个假象的主源
Since the 1980s, academic economists...
1980年代 学术界的经济学家
...have been major advocates of deregulation...
大力主张解除金融管制
...and played powerful roles in shaping U.S. government policy.
在美国政府政策的形成上 扮演有力的角色
Very few of these economic experts warned about the crisis.
这些经济学专家 极少提出金融危机的警告
And even after the crisis, many of them opposed reform.
甚至在危机过后 他们许多人也还是反对改革
The guys who taught these things tended to get paid a lot of money...
教这些东西的人 很容易靠着当顾问
...being consultants.
赚进大把钞票
Business school professors don't live on a faculty salary.
商学院教授 不是靠教职薪水过日子的
They do very, very well.
他们过很好的日子
Over the last decade, the financial services industries...
过去十年来，金融服务业…
(马丁费德斯坦，哈佛经济学教授)
...made about $5 billion worth of political contributions in the U.S.
在美国政治献金上花了五十亿
That's kind of a lot of money.
这算蛮多钱的
- That doesn't bother you? - No.
- 你不会感到不安吗？ - 不会
Martin Feldstein is a professor at Harvard...
马丁费德斯坦是哈佛大学教授
...and one of the world's most prominent economists.
也是全球最杰出的经济学家之一
As President Reagan's chief economic advisor...
身为雷根总统的首席经济顾问
...he was a major architect of deregulation.
他是解除金融管制的主要推手
And from 1 988 until 2009...
从1988到2009年
...he was on the board of directors of both AIG...
他同时兼任AIG 与AIG金融产品部门…
...and AIG Financial Products...
的董事会
...which paid him millions of dollars.
坐收数百万美金
You have any regrets about having been on AlG's board?
你后悔加入AIG董事会吗？
l have no comments. No, l have no regrets about being on AlG's board.
我不予置评 我不后悔加入AIG董事会
- None? - That l can say. Absolutely none.
- 一点都不后悔？ - 我可以说，一点都不后悔
Okay.
好
You have any regrets about AlG's decisions?
你对AIG的决策感到后悔吗？
l cannot say anything more about AlG.
我不能再说关于AIG的事
l've taught at Northwestern in Chicago, Harvard and Columbia.
我任教过芝加哥的西北大学 哈佛大学、哥伦比亚大学
Glenn Hubbard is the dean of Columbia Business School...
格林哈伯德是 哥伦比亚大学商学院院长
...and was chairman of the Council of Economic Advisers...
也是小布什政府的…
...under George W. Bush.
经济顾问委员会主席
Do you think the financial services industry...
你是否认为金融服务业
...has too much political power in the United States?
在美国拥有太大的政治权力？
l don't think so. No. You certainly wouldn't get that impression...
我不这么认为 你肯定不会这么想的
...by the drubbing that they regularly get in Washington.
因为他们定期受到华府打压啊
Many prominent academics quietly make fortunes...
许多杰出学术人士 默默累积财富
...helping the financial industry shape public debate and government policy.
协助金融业形塑 公开辩论与政府政策
The Analysis Group, Charles River Associates...
分析团体，查尔斯瑞佛顾问公司
... Compass Lexecon...
雷斯康指南
...and the Law and Economics Consulting Group...
法律经济顾问团体
...manage a multibillion-dollar industry...
管理一个数十亿美金的产业
...that provides academic experts for hire.
提供学术专家供人聘用
Two bankers who used these services...
两位使用这些服务的银行家
...were Ralph Cioffi and Matthew Tannin...
拉夫奇欧菲与马修谭宁
...Bear Stearns hedge fund managers prosecuted for securities fraud.
他们是贝尔斯登的避险基金经理人 都被指控证券诈欺
After hiring the Analysis Group, both were acquitted.
在聘请分析集团之后 双双获判无罪
Glenn Hubbard was paid $ 1 00,000 to testify in their defense.
格林哈伯德收取十万美金 做证为他们辩解
Do you think the economics discipline has a conflict-of-interest problem?
你认为经济学纪律 有利益冲突的问题吗？
l'm not sure l know what you mean.
我不太懂你的意思
Do you think a significant fraction of the economics discipline, economists...
你认为在经济学纪律上 举足轻重的经济学家
...have financial conflicts of interest that might call into question or color--?
会有金融利益冲突 可能造成问题或…
l see what you're saying. l doubt it.
我懂你意思了，这点我持疑
Most academic economists aren't wealthy business people.
大部份的学术经济学家 都不是有钱的商人
Hubbard makes $250,000 a year as a board member of MetLife...
哈伯德以大都会人寿董事会成员 一年赚进25万美金
...and was formerly on the board of Capmark...
他也曾任嘉迈金融公司的董事会
...a major commercial mortgage lender during the bubble...
它是泡沫期间 一大商业不动产放款公司
...which went bankrupt in 2009.
在2009年宣告破产
He has also advised Nomura Securities...
他也担任过野村证券
...KKR Financial Corporation and many other financial firms.
KKR金融集团 及许多其它金融公司的顾问
Laura Tyson, who declined to be interviewed for this film...
萝拉泰森拒绝接受本片采访
...is a professor at the University of California, Berkeley.
她是加州大学柏克莱分校的教授
She was the chair of the Council of Economic Advisers...
她在克林顿政府担任过 经济顾问委员会主席
...then director of the National Economic Council under Clinton.
以及美国国家经济委员会主席
After leaving government, she joined the board of Morgan Stanley...
离开政府之后 她加入摩根史坦利的董事会
...which pays her $350,000 a year.
年收35万美金
Ruth Simmons, president of Brown University...
露丝西蒙斯，布朗大学校长
...makes over $300,000 a year on the board of Goldman Sachs.
出任高盛集团董事会 年收30万美金
Larry Summers, who, as Treasury secretary, played a role...
赖瑞桑默斯担任财政部长时 在解除衍生产品管制上…
...in the deregulation of derivatives, became president of Harvard in 200 1.
扮演重要的角色 在2001年成为哈佛大学校长
While at Harvard, he made millions consulting to hedge funds...
在哈佛期间，担任避险基金顾问 让他赚进数百万美金
...and millions more in speaking fees, much of it from investment banks.
他也赚进了数百万的演讲费 多半来自投资银行
According to his federal disclosure report, Summers' net worth...
根据联邦公开报告 桑默斯的净值
...is between $ 16.5 million and $39.5 million.
介于1650万到3950万之间
Frederic Mishkin, who returned to Columbia Business School...
佛德瑞克米希金 在离开联准会之后
...after leaving the Federal Reserve, reported on his disclosure report...
回到哥伦比亚大学商学院 根据他的公开报告
...that his net worth was between $6 million and $ 1 7 million.
他的净值介于6百万到1千7百万之间
ln 2006, you coauthored a study of lceland's financial system.
2006年，你合撰了一篇 关于冰岛金融体系的研究报告
''lceland is an advanced country...
〝冰岛是一个先进国家〞
...with excellent institutions, low corruption, rule of law.
〝有优秀的机构、低腐败、有法治〞
The economy has adjusted to financial liberalization...
〝该国经济已向金融自由化做出调整〞
...while prudential regulation and supervision is generally quite strong.''
〝也有坚强的审慎管制与监督〞
And that was the mistake, that it turns out...
那是误判，原来…
...prudential regulation and supervision was not strong in lceland...
冰岛的审慎管制与监督 在那个时期
- ...during this period-- - What led you to think it was?
- 并不坚强… - 你何以认为它是坚强的？
You're going with the information you had...
你会得到很多资讯啊
...and generally, the view was that lceland had very good institutions.
总的来说大家都认为 冰岛有很好的机构
- lt was an advanced country-- - Who told you that?
- 它是个先进国家… - 是谁告诉你的？
- What research did you do? - You talk to people.
- 你做了什么研究？ - 你会问人啊
You have faith in the central bank, which actually did fall down on the job.
你对中央银行有信心 但它没有善尽职责
That clearly it-- This--
那显然是…
- Why have faith in a central bank? - Well, that faith-- You try--
- 为什么对中央银行有信心？ - 那个信心是…
Because you go with the information you have.
因为你会相信你得到的资讯啊
- How much were you paid to write it? - l was paid--
- 你写那篇报告拿了多少钱？ - 我拿了…
l think the number-- lt's public information.
我想数字是公开资讯吧
(佛德瑞克米希金写这篇报告)
(拿了冰岛商会12万4千美金)
On your CV, the title of this report has been changed...
在你的简历上面 这份报告的标题被改过
...from ''Financial Stability in lceland'' to ''Financial lnstability in lceland.''
从〝冰岛的金融稳定性〞 改成〝冰岛的金融不稳定性〞
Well, l don't know. Whatever it is-- lf there's a typo, there's a typo.
这我不清楚，也许是打错字了
What should be publicly available...
任何人要某个议题做研究时
...is whenever anybody does research on a topic...
都应该公开…
...that they disclose if they have any financial conflict with that research.
他们和那个研究 是否有任何的金融冲突
But if l recall, there is no policy to that effect.
但我记得没有政策强制要求
l can't imagine anybody not doing that in terms of putting it in a paper. You--
我无法想像有人写报告的时候 不会这样做
There would be significant professional sanction for failure to do that.
那是非常严重的不专业
l didn't see any place in the study where you indicated you'd been paid...
我在报告里面没有看到你表明
...by the lcelandic Chamber of Commerce to produce it.
冰岛商会支付你撰文的费用
- No, l don't-- You know. - Okay.
- 我是没有写 - 好
Richard Portes, the most famous economist in Britain...
理查波特斯 英国最知名的经济学家
...and a professor at London Business School...
他是伦敦商学院的教授
...was also commissioned by the Icelandic Chamber of Commerce...
也受冰岛商会的委托
...to write a report which praised the Icelandic financial sector.
撰写报告赞扬冰岛的金融业
The banks themselves are highly liquid.
银行本身的资金流动率很高
They've made money on the fall of the lcelandic krona.
冰岛克朗下跌还让他们赚钱呢
These are strong banks.
这些银行很坚强
Their market funding is assured for the coming year.
他们来年的市场基金也得到保障
- These are well-run banks. - Thank you.
- 这些都是经营良善的银行 - 谢谢
Like Mishkin, Portes' report didn't disclose his payment...
就像米希金一样 波特斯的报告也没有公开
...from the Icelandic Chamber of Commerce.
冰岛商会付费给他的事实
Does Harvard require disclosures of financial conflict of interest?
哈佛大学需要公开 金融利益冲突吗？
(约翰坎贝尔)
(哈佛大学经济系主任)
Not to my knowledge.
就我所知没有
Do you require people to report the compensation...
你会要求他们报告
- ...received from outside activities? - No.
- 校外活动收取的报酬吗？ - 不会
Don't you think that's a problem?
你不认为这是个问题吗？
l don't see why.
我看不出来有问题
Martin Feldstein being on the board of AlG...
马丁费德斯坦加入AIG董事会
...Laura Tyson at Morgan Stanley...
萝拉泰森进了摩根史坦利
...Larry Summers making $ 1 0 million consulting to financial services firms....
赖瑞桑默斯做金融服务公司顾问 赚取千万美金
lrrelevant?
都没关系？
Yeah.
是的
Yeah. Basically irrelevant.
基本上是没关系的
(马丁费德斯坦)
(AIG与AIGFP主席，哈佛大学经济学教授)
You've written many articles about a wide array of subjects.
你针对各种主题写过许多文章
You never saw fit to investigate the risks...
你从不认为需要调查
...of unregulated credit default swaps?
未受规范的信用违约交换的风险？
l never did.
我从不认为
Same question with regard to executive compensation?
那么高层薪资呢？
The regulation of corporate governance?
对公司治理的规范呢？
The effect of political contributions?
政治献金的影响呢？
l don't know that l would have anything to add to those discussions.
我不觉得这些有什么好讨论的
l'm looking at your resume now.
我现在在看你的履历
lt looks to me as if the majority of your outside activities...
在我看来 你的校外活动绝大部份都是
...are consulting and directorship arrangements...
帮金融服务业
...with the financial services industry.
做顾问谘询和主管人事安排
Would you not agree with that characterization?
你同不同意这样的描述？
To my knowledge, l don't think my consulting clients are on my CV.
就我所知，我的顾问客户 不会列在我的履历上面
- So l wouldn't know. - Who are your consulting clients?
- 所以我不清楚 - 你的顾问客户有谁？
l don't believe l have to discuss that with you.
我想我没必要跟你讨论这个
Okay.
好
ln fact, you have a few more minutes and the interview's over.
事实上你只剩几分钟 访问就要结束了
Do you consult for any financial services firms?
你有为任何金融服务公司做顾问吗？
- The answer is l do. - And?
- 答案是有的 - 然后呢？
And-- But l do not wanna go into details about that.
然后…但我不想谈论细节
Do they include other financial services firms?
包括其它金融服务公司吗？
Possibly.
可能吧
You don't remember?
你不记得了？
This isn't a deposition, sir. l was polite enough to give you time.
这不是在录口供，先生 我很礼貌的拨时间给你
Foolishly, l now see. But you have three more minutes.
现在我发现这样做很愚蠢 但你还有三分钟时间
Give it your best shot.
你尽管问吧
In 2004, at the height of the bubble...
2004年泡沫来到高点
... Glenn Hubbard coauthored a widely read paper with William C. Dudley...
格林哈伯德 与高盛集团首席经济学家
...the chief economist of Goldman Sachs.
威廉杜德利 合撰了一份广为流传的报告
In the paper, Hubbard praised credit derivatives...
在报告中 哈伯德赞扬信用衍生性产品
...and the securitization chain...
以及证券化食物链
...stating they had improved allocation of capital...
并表示它们改善了资本分配
...and were enhancing financial stability.
巩固了金融稳定性
He cited reduced volatility in the economy...
他引证经济波动性减少
...and stated that recessions had become less frequent and milder.
明言经济衰退已经趋缓趋稳
Credit derivatives were protecting banks against losses...
信用衍生性产品 让银行免于损失
...and helping to distribute risk.
帮助分散风险
(有助于将风险分散得更广泛)
A medical researcher writes an article, saying:
有位医学研究员写了一篇文章说
''To treat this disease, you should prescribe this drug.''
〝为了治疗这种疾病 你应该开处这种药〞
Turns out doctor makes 80 percent of personal income...
原来医生有八成的私人收入
...from manufacture of this drug. Does not bother you?
都来自于这种药的生产 你会感到不安吗？
l think it's certainly important to disclose the....
我想很重要的是要公开…
Well, l think that's also a little different...
我想那和我们…
...from cases that we're talking about here because....
讨论的案例有点不太一样 因为…
(哈佛大学与哥伦比亚大学校长)
(都拒绝评论学术利益冲突)
(双双拒绝接受本片采访)
So, what do you think this says about the economics discipline?
你对这样的经济学纪律 有什么看法？
Well, l mean, it has no relevance to anything, really.
显然是胡说八道嘛
And, indeed, l think it's a part of the--
我确实认为它是…
lt's an important part of the problem.
它是问题的一个重要环节
(第五部：现在的情势)
(这里接受食物券)
The rising power of the U.S. financial sector...
美国金融业的日益壮大
...was part of a wider change in America.
是美国更广泛改变的一部份
Since the 1 980s, the United States has become a more unequal society...
1980年代以来 美国变成更不平等的社会
...and its economic dominance has declined.
经济优势也下降
Companies like General Motors, Chrysler and U.S. Steel...
通用汽车、克莱斯勒和美国钢铁 这些公司
...formerly the core of the U.S. economy...
原本是美国经济的核心
...were poorly managed and falling behind their foreign competitors.
却因为管理不善 落后其它外国竞争对手
And as countries like China opened their economies...
中国这些国家开启经济
...American companies sent jobs overseas to save money.
美国公司却为了省钱 把工作送到海外
For many, many years, the 660 million people...
多年来，已开发国家的…
...in the developed world were sheltered...
6亿6千万人受到保护
...from all of this additional labor that existed on the planet.
免于世上的其它劳工争抢饭碗
Suddenly the Bamboo Curtain and the lron Curtain are lifted...
突然间竹幕与铁幕大开
...and you have 2.5 billion additional people.
多出了25亿人
American factory workers were laid off by the tens of thousands.
美国工厂裁员数十万工人
Our manufacturing base was destroyed, literally...
我们的制造业基础在几年间
...over a few years.
遭到摧毁
As manufacturing declined, other industries rose.
制造业衰退，其它产业窜起
The United States leads the world in information technology...
美国的资讯科技业领先全球
...where high-paying jobs are easy to find.
高薪工作唾手可得
But those jobs require an education.
但那些工作需要教育水准
And for average Americans, college is increasingly out of reach.
对一般美国人来说 大学越来越遥不可及
(哈佛大学捐款成长)
While universities like Harvard have billions of dollars in endowments...
像哈佛这样的大学 有数十亿的捐款
...funding for public universities is shrinking and tuition is rising.
公立大学的资金却在紧缩 学费高涨
Tuition for California's public universities...
加州公立大学的学费
...rose from $650 in the 1 97 0s to over $ 1 0,000 in 20 1 0.
从1970年代的650美元 升到2010年的一万美元以上
(加州大学学费)
The most important determinant of whether Americans go to college...
美国人能否念大学 最重要的决定因素
...is whether they can find the money to pay for it.
是他们能不能找到钱付学费
Meanwhile, American tax policy shifted to favor the wealthy.
同时，美国的税务政策 也向富人靠拢
(2006年10月11日)
When l first came to office, l thought taxes were too high, and they were.
我刚就任的时候 我认为税太高了，确实如此
The most dramatic change was a series of tax cuts...
最戏剧化的改变是 格林哈伯德设计的…
...designed by Glenn Hubbard, who was serving...
一连串的减税方案
...as President Bush's chief economic advisor.
当时他是布什总统的 首席经济顾问
The Bush administration sharply reduced taxes on investment gains...
布什政府大幅降低 针对投资收益…
...stock dividends, and eliminated the estate tax.
与股票股利的课税 并取消遗产税
We had a comprehensive plan that when acted...
我们有一套全盘计划 实行之后
...has left nearly $ 1 .1 trillion in the hands of American workers...
会留下将近1兆1千亿给美国的…
...families, investors and small-business owners.
工人、家庭、投资人 及小型企业主
Most benefits of these cuts went to the wealthiest 1 percent of Americans.
这些减税优惠 多半进了最富裕的1%美国人
(布什减税后的储蓄)
And by the way, it was the cornerstone...
而且就许多方面来说…
...in many ways, of our economic recovery policy.
它是我们经济复苏政策的基石
Inequality of wealth in the United States...
美国的财富不均
...is now higher than in any other developed country.
如今已高过其它已开发国家
American families responded to these changes in two ways:
美国家庭用两种方式 对这些改变做出回应
(每年工时)
By working longer hours and by going into debt.
亦即工作时数拉长以及负债
As the middle class falls further and further behind...
中产阶级远远落后
...there is a political urge to respond...
驱策政府做出回应
...by making it easier to get credit.
让信用贷款变得更容易
You don't have to have a lousy home.
你不需要住烂房子
(2002年10月15日)
The low-income home buyer can have just as nice a house as anybody else.
低收入户的买主也能拥有 跟别人一样好的房子
(美国每人家庭负债)
American families borrowed to finance their homes, their cars...
美国家庭借款融资 他们的住家、车子
...their healthcare, and their children's educations.
健康照护及孩子们的教育费
People in the bottom 90 percent...
在90%以下的人
...lost ground between 1980 and 2007.
在1980到2007年间往下掉
lt all went to the top 1 percent.
财富都集中到最顶层的1%
(顶层1%持有的所得份额)
For the first time in history, average Americans...
这是史上第一次 一般美国人的…
...have less education and are less prosperous than their parents.
教育水准和未来荣景 低于他们的父母
The era of greed and irresponsibility on Wall Street and in Washington...
华尔街和华盛顿 贪婪与不负责任的年代
(2008年9月29日)
...has led us to a financial crisis...
带我们走向金融危机
...as serious as any that we've faced since the Great Depression.
是经济大萧条以来 我们面对最严重的一次
When the financial crisis struck before the 2008 election...
金融危机在2008年大选前爆发
...Barack Obama pointed to Wall Street greed...
巴拉克欧巴马 点名华尔街的贪婪
...and regulatory failures as examples of the need for change in America.
与金融管制的失败 做为美国必须改变的例子
A lack of oversight in Washington and on Wall Street...
华府与华尔街缺乏监督
...is exactly what got us into this mess.
正是让我们陷入这场混乱的原因
After taking office, Obama spoke of the need to reform the industry.
就任之后 欧巴马提到改革业界的必要
We want a risk regulator, increased capital requirements.
我们要有风险监管 增加资本分配的要求
(2009年9月14日)
We need a consumer financial protection agency.
我们需要一个 消费者金融保护机构
We need to change Wall Street's culture.
我们必须改变华尔街的文化
But when finally enacted in mid-2010...
但是2010年中 法案终于通过的时候
...the administration's financial reforms were weak.
政府的金融改革却很薄弱
And in some critical areas, including the rating agencies...
在某些关键领域 包括评比机构…
...lobbying and compensation...
游说与薪资报酬
...nothing significant was even proposed.
根本没有提出重大的改革
Addressing Obama and, quote, ''regulatory reform''...
我引用欧巴马说的〝监管改革〞
...my response, if it was one word, would be ''ha.''
我的反应用一个字形容 就是〝哈〞
There's very little reform.
几乎没有改革嘛
How come?
怎么会这样？
lt's a Wall Street government.
这是个华尔街统治的政府
Obama chose Timothy Geithner as Treasury secretary.
欧巴马挑选提摩西盖特纳 出任财政部长
Geithner was president of the New York Federal Reserve...
盖特纳在金融危机期间
...during the crisis, and a key player in the decision...
担任纽约联邦储备银行总裁
...to pay Goldman Sachs 1 00 cents on the dollar...
在要求高盛集团全额支付 对赌之抵押贷款的决策上
...for its bets against mortgages.
扮演关键的角色
When Tim Geithner was testifying...
提摩西盖特纳宣誓作证
...to be confirmed as Treasury secretary...
确认接任财政部长时
...he said, ''l have never been a regulator.''
他说〝我从来没当过监管人〞
That said to me he did not understand his job...
那句话在我听来 他并不了解自己…
...as president of the New York Fed.
在纽约联邦储备银行的工作
(提摩西盖特纳拒绝接受本片采访)
The new president of the New York Fed is William C. Dudley...
纽约联邦储备银行 新任总裁是威廉杜德利
...the former chief economist of Goldman Sachs...
高盛集团前首席经济学家
...whose paper with Glenn Hubbard praised derivatives.
曾与格林哈伯德共撰文章 赞扬衍生性产品
Geithner's chief of staff is Mark Patterson...
盖特纳的幕僚长是 马克派特森
...a former lobbyist for Goldman.
高盛集团前说客
And one of the senior advisors is Lewis Sachs...
资深顾问之一的路易斯赛斯
...who oversaw Tricadia, a company heavily involved...
他负责监督Tricadia 这家公司严重涉及…
...in betting against the mortgage securities it was selling.
对赌其销售的抵押债券
To head the Commodity Futures Trading Commission...
商品期货交易委员会的领导人
... Obama picked Gary Gensler, a former Goldman Sachs executive...
欧巴马挑选了盖瑞詹斯勒 高盛集团前主管
...who had helped ban the regulation of derivatives.
曾协助禁止衍生性产品的监管
To run the Securities and Exchange Commission...
率领证券交易委员会的人
... Obama picked Mary Schapiro, the former CEO of FINRA...
欧巴马挑选了玛丽夏皮洛 金融业监管局前执行长
...the investment banking industry's self-regulation body.
该局是投资银行业的自律机构
Obama's chief of staff, Rahm Emanuel...
欧巴马的幕僚长，拉姆伊曼纽
...made $320,000 serving on the board of Freddie Mac.
在房地美董事会的收入有32万
Both Martin Feldstein and Laura Tyson are members...
马丁费德斯坦和萝拉泰森
...of Obama's Economic Recovery Advisory Board.
都是欧巴马经济复苏顾问团的成员
And Obama's chief economic advisor is Larry Summers.
欧巴马的首席经济顾问是 赖瑞桑默斯
The most senior economic advisors...
最资深的经济顾问
...are the ones who were there, who built the structure.
就是当年打造这个结构的人
When it was clear that Summers and Geithner...
当桑默斯和盖特纳 很明显的…
...were going to play major roles as advisors...
会以顾问身份扮演重要角色
...l knew this was going to be status quo.
我就知道会保持现状
The Obama administration resisted regulation of bank compensation...
即使外国领袖采取行动
...even as foreign leaders took action.
欧巴马政府还是拒绝 监管银行薪资报酬
The financial industry is a service industry.
金融业是服务业
lt should serve others before it serves itself.
它应该先服务别人 再服务自己
In September of 2009, Christine Lagarde...
2009年9月 克莉丝汀拉加德
...and the finance ministers of Sweden, the Netherlands...
及各国财政部长 包括瑞典、荷兰
...Luxembourg, Italy, Spain and Germany...
卢森堡、义大利、西班牙及德国
...called for the G20 nations, including the United States...
召开二十大工业国会议 包括美国在内
...to impose strict regulations on bank compensation.
要对银行薪资报酬 实行严格的管制
And in July of 2010...
2010年7月
...the European Parliament enacted those very regulations.
欧洲议会立法通过了那些管制
The Obama administration had no response.
欧巴马政府却没有回应
Their view is it's a temporary blip and things will go back to normal.
他们认为这是暂时性问题 一切都会回复正常
(2009年8月25日)
That is why l am reappointing him...
因此我再次任命他
...as chairman of the Federal Reserve. Thank you, Ben.
继续留任联准会主席 谢谢你，班
In 2009, Barack Obama reappointed Ben Bernanke.
2009年，巴拉克欧巴马 重新指派班柏南克
Thank you, Mr. President.
谢谢总统先生
(司法部)
As of mid-2010, not a single senior financial executive...
直到2010年中 没有半个资深金融主管
...had been criminally prosecuted, or even arrested.
被追究刑事责任 连逮捕都没有
No special prosecutor had been appointed.
没有人指派特别检察官
Not a single firm had been prosecuted criminally...
没有半间公司为债券诈欺或会计诈欺
...for securities fraud or accounting fraud.
被追究刑事责任
The Obama administration has made no attempt...
欧巴马政府没有尝试…
...to recover any compensation...
追讨在泡沫期间…
...given to financial executives during the bubble.
付给金融主管的薪资报酬
l certainly would think of criminal action...
我当然认为全国金融公司
...against some of Countrywide's top leaders, like Mozilo.
某些高层，例如莫纪洛 是有犯罪行为的
l'd certainly look at Bear Stearns, Goldman Sachs...
我认为贝尔斯登、高盛集团
...and Lehman Brothers and Merrill Lynch.
雷曼兄弟和美林证券 当然也都一样
- For criminal prosecutions? - Yes.
- 要做刑事追诉？ - 是的
- ln regard to-- - Yes. They'd be very hard to win...
- 对于… - 是很难胜出的一场仗
...but l think they could do it if they got enough underlings to tell the truth.
但我认为如果有够多的下属 愿意说实话，他们是可能赢的
In an industry in which drug use, prostitution...
这一行使用毒品、召妓
...and billing of prostitutes as a business expense...
拿公费支付召妓帐单的情形
...occur on an industrial scale...
几乎遍及整个业界
...it wouldn't be hard to make people talk if you really wanted to.
你若真要人开口也不难
They gave me a plea bargain and l took it.
他们让我认罪减刑 我就接受了
They were not interested in my records.
他们对我的记录没兴趣
They weren't interested in anything.
他们对什么事都没兴趣
- Not interested in your records? - That's correct. Correct.
- 对你的记录没兴趣？ - 没错
There's a sensibility that you don't use people's personal vices...
我们有一个默契 在华尔街的个案里
...in the context of Wall Street cases, necessarily, to get them to flip.
你不一定能拿私人的恶习 逼他们下台
Maybe after the cataclysms that we've been through, people will reevaluate.
也许在我们经历巨变之后 人们会重新评估
l'm not the one to pass judgment on that right now.
目前我不会对它做出评断
(联邦检察官倒是很乐意)
(利用艾略特史匹泽的个人恶习 强迫他在2008年辞职)
(他们对华尔街人士)
(却没有表现出同样的积极态度)
You come to us today telling us, ''We're sorry, we didn't mean it.
你们今天来告诉我们 〝我们很抱歉，我们不是故意的〞
We won't do it again. Trust us.''
〝我们不会再犯了，相信我们〞
(麦克卡普安诺)
Well, l have some people in my constituency...
在我的选区有些人
...that actually robbed some of your banks.
还真的去抢劫你们的银行
And they say the same thing.
他们也说了同样的话
They're sorry. They didn't mean it. They won't do it again.
他们很抱歉，他们不是故意的 他们不会再犯了
In 2009, as unemployment hit its highest level in 17 years...
2009年，美国失业率 达到17年来的最高点
...Morgan Stanley paid its employees over $ 14 billion...
摩根史坦利付给员工140亿
...and Goldman Sachs paid out over $ 16 billion.
高盛也付了160亿
In 2010, bonuses were even higher.
2010年，红利甚至更高
Why should a financial engineer be paid...
凭什么一个金融工程师的薪水
...four times to 1 00 times more than a real engineer?
要比真正的工程师 高出四倍到一百倍以上？
A real engineer build bridges.
真正的工程师打造的是桥
A financial engineer build dreams.
金融工程师打造的是梦想
And, you know, when those dreams turn out to be nightmares...
当那些梦想变成恶梦
...other people pay for it.
却要别人付出代价
For decades...
数十年来
...the American financial system was stable and safe.
美国的金融体系稳定安全
But then something changed.
但有些事改变了
The financial industry turned its back on society...
金融业与社会背道而驰
...corrupted our political system...
腐败了我们的政治体系
...and plunged the world economy into crisis.
让全球经济陷入危机
At enormous cost, we've avoided disaster...
付出莫大的代价后 我们避免了灾难
...and are recovering.
正在慢慢复原中
But the men and institutions that caused the crisis are still in power...
但造成金融危机的人和机构 依旧大权在握
...and that needs to change.
那是需要改变的
They will tell us that we need them...
他们会告诉我们 我们需要他们
...and that what they do is too complicated for us to understand.
他们做的事太复杂 我们无法理解
They will tell us it won't happen again.
他们会告诉我们 这种事不会再发生
They will spend billions fighting reform.
他们会花数十亿元抵抗改革
It won't be easy.
这并不容易
But some things are worth fighting for.
但有些事是值得抗争的