第一幕:Friday
This programme contains strong language.
这个节目包含了大量脏话。
If you talk to 100 people, 102 are going to tell you they hate bankers, but most people won't be able to tell you why.
In general, people resent those they perceive to be on top.
That's how the French Revolution happened.
And in the end, perception can matter more than the truth.
一般来说,人们憎恨那些他们自认为处于支配地位的人。某国大革命就是这样发生的。最后,感知比事实更重要。
You could have been born like I was, on the wrong side of the tracks in Tennessee. Actually, when you are from Tennessee, it's all the wrong side of the tracks.
你也许像我一样出生在田纳西州的贫民区。事实上,如果你来自田纳西州,那就是各方面都很糟。
雷曼兄弟的信用交易账户出现了巨额亏损,并且无法及时追加担保,有被其他证券公司强制平仓的风险。总裁迪克·富尔德在办公室内乞求放宽平仓期限,疯狂咒骂……
We have regretfully had to write down our commercial real estate assets from 40 billion to a market value of 33 billion.
遗憾的是,我们不得不将商业地产资产市值从400亿减记至330亿。(在账务处理上算资产减值损失,会直接影响当季的利润,所以股价直线下跌)
夜晚,雷曼总裁迪克·富尔德在办公室会见了哈维米勒,他是破产律师界的泰斗。迪克转述了财政部长的态度:“Paulson's opening position is that we sink or swim.”
保尔森的开放立场是我们自己努力以求生存。哈维安慰迪克,雷曼破产是不可能的。因为一旦关门将会引起全球金融海啸。
第二幕:Hushed Conversation
美国财政部长亨利保尔森,与几大银行总裁召开了一个闭门会议,但是把雷曼的头头排除在外。说到雷曼即将破产时,在场的各位都不相信,认为他在耍诡计。
This is your hardball starting position.
这就是你的强势开场白?(嘲讽亨利保尔森的话)
This is not a starting position. This is the position. And even if the money were accessible there would be no political will.
这不是开场白。这就是真实的处境。即使注入资产也不会有任何政治企图
在各种争吵后,各位大咖终于坐下来商议具体的应对计划。然后就是各种推诿,只希望低价买入雷曼优质资产,对于有毒资产/坏账全然不顾。
There are two banks courting Lehman right now. Neither of them will touch it while it's loaded down with toxic assets.
You are all exposed. And you are all in line in order of size. Merrill is next, then Morgan Stanley. We're not next.
保尔森说,你们全都暴露在风险之中。你们是一条线上的蚂蚱。如果雷曼破产,美林就是下一个,然后是摩根斯丹利……
第三幕:Saturday
凌晨,雷曼内部审核小组,在重新评估公司持有的次贷债券,纸质文档堆积如山……
A lot of people ask me how the subprime mortgage crisis brought down wall street
很多人问我次贷危机是如何影响华尔街的。然后就介绍了次贷危机发生的原因。
Tell me, Jamie, could you value a CDO? Whoever says he can is full of shit.
保尔森主持的雷曼拯救会议进入第二天,老板们为了利益争吵不休。没有人能够准确估价CDO债券。
美林证券的约翰塞恩约见肯·刘易斯——美国银行CEO,原来美林也在CDO交易上出现巨额亏损。
We want to offer you a 10% stake.
美林愿意出售10%的股份。
肯刘易斯知道美林的底细,狡猾地说:“If you were well capitalised you wouldn't be here.” What I want to know is, what other time bombs have you got on the books?
如果你资本充足,你就不会在这里和我谈。我想知道的是,你的交易书上还会有其他的定时炸弹吗?
第四幕 Sunday
保尔森的雷曼拯救会议进入第三天。他们在等待巴克莱银行的总裁鲍勃·戴蒙德达成最后的协议。
Well, gentlemen, I'm afraid Barclays is dead. By British law, Barclays can't guarantee Lehman's obligations without a shareholder vote.
好吧,先生们。我想巴克莱的事也黄了。根据英国法律,巴克莱不能在没有股东投票的情况下担保雷曼的债务。
雷曼兄弟的破产不仅仅是一个公司的问题,而是整个金融行业的贪婪造成的。