Iceland is a stable democracy with the high standard of living
冰島是一個穩定的民主化國家 生活水準很高
and until recently
直到最近
extremely low unemployment and government debt
極低的就業率和政府負債改變了這一事實
We had the complete infrastructure of a modern society:
我們具備現代社會的一切基礎設施
clean energy, food production,
清潔能源 食物生產
fisheries with a quota system to manage them
配額制管理的捕魚業
Good healthcare and good education,
良好的醫療服務以及教育
clean air, not much crime,
空氣清新 犯罪率低
It's good place for families to live
很適宜人居
We had almost end of history status
那時候簡直是空前的好
But in 2000 Iceland
但2000年
government began a broad policy of deregulation
冰島政府開始推行大規模放鬆管制政策
that would have disastrous consequences.
這種政策將造成災難性後果
First for the environment and then for the economy
先是對環境 後是對經濟
They started by allowing multinational corporations like Alcova
一開始 他們允許像美鋁這類跨國公司
to build giant aluminum smelting plants
建造大型煉鋁廠
and exploit Iceland's natural geothermal and hydroelectric energy sources
大量開發地熱和水電能源
Many of the most beautiful areas in the highlands
冰島高地上那些風景優美
with the most spectacular colors are geothermal
豔麗如畫的地區往往富含地熱能源
So nothing comes without consequences.
所謂因果報應
At the same time the government privatized
與此同時政府還將
Iceland's three largest banks
冰島最大的三家銀行私有化
The result was one of the purest experiments
最終使得冰島徹底成為
in financial deregulation ever conducted
放鬆金融管制的實驗場
Finance took over and uh,
當時金融獨大
more or less wrecked the place
基本毀了這個國家
In a 5 year period this three tiny banks
五年之間 這三家小銀行
which have never operated outside of Island
在之前從未做過境外操作的情況下
borrowed $120 billion
借入了1200億美元
ten time the size of Iceland's economy
是冰島生產總值的十倍
The bankers showered money on themselves
銀行家因此置身銀山
each other and their friends
同時惠及他們的朋友
There was a massive bubble
當時泡沫巨大
stock prices went up by a factor of nine,
股價以九倍係數增長
house prices more than doubled.
房價漲幅超過百分之百
Iceland bubble gave rise to people
冰島的泡沫經濟使部分人發達起來
like Jon Asgeir Johannesson
其中就有揚·艾斯格·約翰森
He borrowed billions from the banks
他從銀行借了幾十億美元
to buy up high end retail businesses in London
在倫敦投機高端零售業
He also bought a pinstriped private jet,
他還買了帶條紋的私人飛機
a $40 million yacht
4千萬的遊艇
and a Manhattan penthouse
還有一間曼哈頓頂層公寓
Newspapers always had headlines:
那會的報紙頭條總是
this millionaire bought this company
這個百萬富翁在英國 芬蘭
in UK or in Finland or in France or wherever
法國或是其他地方收購某公司
Instead of saying this millionaire took a billion dollars loan
而不說這位百萬富翁是從冰島本國銀行
to buy this company
貸款十億美元
and it took it from your local bank
來收購這家公司
The banks set up money market funds
銀行還發行了貨幣市場基金
and the banks advised deposit holders to
並鼓勵儲戶
withdraw money and put them in a money market funds
取出存款 投入貨幣市場基金
The Ponzi scheme needed everything it could, huh?
龐氏騙局就是儘量搜刮 不是嗎
American accounted firms like KPMG
美國會計師事務所 比如畢馬威
audit the Iceland's banks and investment firms
對冰島的銀行做過審計
and found nothing wrong.
沒發現任何問題
And American credit rating agencies
美國的信用評估機構
said Iceland was wonderful
還說冰島情況好極了
In February 2007.
2007年的2月份
the rating agencies decided
這些評估機構決定
to upgrade the banks
將銀行的信用等級
AAA級 to a highest possible rate AAA
提升至最高等級
It went so far as the government here
甚至政府官員都與銀行家一起旅遊
traveling with the bankers as a PR show.
以此作為公關秀
When Iceland' banks collapsed at the end of 2008
2008年底 冰島銀行業崩潰後
unemployment tripled in 6 months
6個月內失業率翻至三倍
There is nobody unaffected in Iceland
這場危機下 無人倖免於難
So a lot of people here lost their savings Yes that's the case
很多人傾家蕩產 就是這麼回事
The government regulators
作為政府監管機構
who should've been protecting the citizens of Iceland
本應保護冰島人民
had done nothing.
卻毫無作為
You have two lawyers
比如說有兩個
from regulator company who're coming to a bank
監管機構的律師去銀行
to talk about some issues.
談一些事務
When they approach the bank
到了後發現
SUV they would see nineteen SUVs outside the bank
門前停著19輛
so you went to the bank and you have
也就是說進去之後
nineteen lawyers sitting in front of you
有19個律師等著你
that very well prepared,
而且是有備而來
ready to kill any argument you make
將你所有異議扼殺掉
And then if you do very well
你要是表現特別好的話
they offer you job
他們就會拉你入夥
One third of Iceland's financial regulators
冰島金融監管機構裡三分之一的人
went to work for the banks
都跳槽去了銀行
But this is universal problem,
但這個問題是全球性的
in New York you have the same problem, right?
紐約也有這種問題 不是嗎
What do you think of Wall Street incomes this days?
你覺得如今華爾街的收入情況如何
Excessive
過高
I've been told that it's extremly difficult
有人告訴我說國際貨幣基金組織(IMF)
for the IMF to criticize United States.
根本沒有資格批評美國
I wouldn't say that
我不這麼認為
We deeply regret our breaches of US law.
我們為違反本國法律 深感後悔
They're amazed at
說來令人震驚
how much cocain these Wall Streeters can use
華爾街人每天吸食那麼大量的古柯鹼
and get up and go to work the next day.
然後第二天爬起來繼續工作
I didn't know what credit default swaps are
我不知道信用違約互換是什麼
I'm little bit old fashioned
我比較守舊
Has Larry Summers ever expressed remorse?
拉裡·薩默斯有過懺悔之意嗎
I don't hear confessiones
我不聽別人的懺悔的
The government just writing checks
政府只管寫支票
that's plan A, that's plan B and that's plan C.
這是A計劃 那是B計劃 那是C計劃
Would you support legal controls on executive pay?
您支持法律監管高管薪酬嗎
I would not
不支持
Are you comfortable with
您對金融服務業
law of compensation in financial service industry?
薪酬制度滿意嗎
If they've earned it, then yes, I am
如果是他們應得的 我就滿意
Do you think they've earned it? I think they warranted.
你覺得是他們應得的嗎 我覺得是
And so you help these people blow the world up?
這麼說你幫這些人把世界搞的天翻地覆?
You could say that.
可以這麼說
They were having massive private gains at public loss.
他們從公眾的損失中獲益匪淺
When you start thinking
你一旦想到
that you can create something all of nothing
自己可以無中生有之後
it's very difficult to resist
這個誘惑會讓你無法抗拒
I'm concerned that a lot of people want go back to the old way
我擔心很多人會想重蹈覆轍
the way they were operating prior to the crisis
恢復危機之前的行事方式
I was getting a lot of anonymus e mails from bankers
我每天收到銀行家們無數的匿名信
saying "You can't quote me,
說到"請別署名"
but I'm really concerned"
"但我真的很擔心"
Why do you think there isn't
你為什麼覺得
a more systematic investigation being undertaking?
他們沒在進行全面調查
Because then you will find the culprits
因為那樣就會找到罪魁禍首
Do you think that Columbia Business School
你覺得哥倫比亞商學院
has any significant conflict of interest problem?
有什麼明顯的利益衝突嗎
Don't see that we do
好像沒有
The regulators didn't do their job
監管人員沒有盡到職責
They had the power to do every case
我任州檢察長時那些案子
that I made when I was state attorney general.
他們都完全有能力解決
They just didn't want it.
他們就是不想解決
Over the weekend, Lehman Brothers one of the most venerable
本周末 雷曼兄弟公司 這個曾經備受敬仰
and biggest investment banks,
同時也是最大的投資銀行
was forced to declare itself bankrupt
被迫宣布破產
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