翻译的很随兴所以就随便看看吧! 原文网址 http://www.bloomberg.com/apps/news?pid=20601170&refer=home&sid=abVpg8xJDMWk Sept. 15 (Bloomberg) -- In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction. 自从经济大萧条之後的金融业重塑活动中，两个华尔街的大型证券公司 美林以及雷曼兄弟走向灭绝的边缘。 New York-based Lehman, founded 158 years ago, said early today that it filed for Chapter 11 bankruptcy protection after failing to find a buyer. Merrill Lynch, 94 years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal hashed out yesterday. 总部设在纽约的雷曼兄弟，创立一百五十八年前，今天稍早雷曼因为找不到买主 向破产法庭提起申请 Chapter 11 破产保护後。 94岁的美林证券，也是总部设在纽约，同意美国银行提出的500亿美元出 售本身，就在昨天发生了这一件事情。 ``The tectonic plates beneath the world financial system are shifting, and there is going to be a new financial world order that will be born of this,'' said Peter Kenny, managing director at Knight Capital Group Inc., the Jersey City, New Jersey-based brokerage that handles about $1 trillion worth of stock transactions a quarter. ``It's an ugly and painful process.'' 骑士资本集团的比德肯尼执行董事说，这将会使得世界金融体系的势力转移活动 并且一个新的金融世界秩序即将出生。 骑士资本集团，泽西市，总部设在新泽西州 经纪处理约1万亿美元价值的股票买卖。 他说这将是一个丑陋和痛苦的过程。 The engines that powered record growth in the financial industry over the last decade -- cheap credit and surging property values -- have been thrust into reverse. Companies that once thrived on making real estate loans and holding assets bought with borrowed money are now under siege, giving the upper hand to those less reliant on leverage and holding the fewest assets tied to property. 在以往的纪录以及增长，金融业在过去十年间-廉价信贷和汹涌澎湃的物业价值- 在目前已成为反向推力。 过去公司一旦蓬勃发展，使房地产贷款和持有资产以及其买与借来的钱现在正在反扑 而目前看来较有利的是以前较少依赖於杠杆和控股最少的资产。 The industry convulsions that started last year have already eliminated Bear Stearns Cos., forced into a cut-price sale to JPMorgan Chase & Co. with government support in March. A week ago, the U.S. Treasury placed mortgage companies Fannie Mae and Freddie Mac into conservatorship, guaranteeing their widely held debt securities while all but erasing their equity value. 业内人士认为从去年开始已经消除了的熊士坦Cos 。 就在稍早三月被迫被以一个割喉价出售给JPMorgan Chase ＆ Co。 而一个多星期前，美国财政部置於接管 Fannie Mae的和Freddie Mac到 conservatorship ，保证其普遍持有的债务证券，而消除了但他们所有股本的价值。 American International Group Inc., once the world's largest insurer, is struggling to raise cash to avoid a credit-rating downgrade that could cripple its business. 美国国际集团(AIG)，曾经是世界上最大的保险公司，正努力提高现金部位 以避免信贷评级降级，而因而可能削弱其业务。 From Five to Two The five New York-based securities firms that dominated Wall Street have been reduced to two: Goldman Sachs Group Inc. and Morgan Stanley. While both firms are scheduled to report a drop in third-quarter earnings this year, their business has remained profitable throughout 2008 -- unlike Lehman and Merrill. 五个新总部设在纽约的证券公司为主的华尔街已减少到2个 ： 高盛集团旗下的 和 摩根士丹利。 同时，两家公司定於报告调降，第三季度每股盈余 虽然2008年整年他们的业务仍是有利可图的-不像雷曼兄弟证券和美林。 ``I think highly of Morgan Stanley and Goldman Sachs, so I expect them to ride this out,'' Evercore Partners Inc. Chief Executive Officer and Former Deputy Treasury Secretary Roger Altman said in an interview on CNBC. ``But as to whether we've seen the last of this crisis, I think the answer to that is clearly no. And exactly where it goes from here and how it unfolds, I'm unsure.'' 但是彭博认为罗杰奥尔特曼在接受CNBC采访时高度的评价JP摩根&高盛，他并且认为 这场危机的终点至今仍然看不见，他不认为现在的结果会是最後的答案。 Lehman, which employed 25,935 people at the end of August in 61 offices around the world, had a balance sheet totaling $786 billion as recently as February. Merrill Lynch, with 60,000 employees, is known for its ``thundering herd'' of financial advisers that brought Wall Street financial products to Main Street investors. 雷曼兄弟证券，雇用了25935人，截至八月底，共在世界各地拥有在61个办事处 最近的资产负债负债表共786000000000美元。 而美林证券公司与6.0万雇员，是众所周知的其他所有的''财务顾问 使他成为华尔街金融产品的主要的投资者。 `Vaporized'"蒸发" ``I've been on Wall Street for many years, and I've never seen a weekend like this one,'' said Michael Holland, 64, chairman and founder of New York-based Holland & Co. ``We are unwinding what has been years of silliness in the financial markets, and the silliness is being vaporized as we speak, unfortunately with the stock price of a number of companies involved in it.'' 迈克尔说我从来没见过这样的一个周末在华尔街发生 我们只是用一些股价不幸的参与了一些公司。。。。(好无奈) To help cushion the fallout, 10 banks created a $70 billion fund to lend to firms that are having trouble financing their assets in the markets. The Federal Reserve also said it will be willing to lend money in return for a wider array of collateral including stocks. 以帮助以及缓和冲击， 10家银行准备了700亿美元基金 贷款给一些资产发生困难的企业用於纾缓在他们的资本市场。 美国联邦储备委员会还表示，愿意借钱的条件，为更广泛的阵列的抵押品，包括股票。 Still, the repercussions may be widespread. 但是，反响可能会很普遍。(都赚不到钱还要扩债有用吗?) Meredith Whitney, an analyst at Oppenheimer & Co., wrote in a note to investors that sales of Lehman's assets will push down the value of securities, forcing other firms to write down their own holdings. 这段大概是指雷曼兄弟推广的一些资产或者是股票控股公司 会受到影响被迫接受某些条件。 `Fundamentally Flawed' 根本性的缺陷 Nouriel Roubini, an economics professor at New York University, said the independent securities firm model is ``fundamentally flawed'' and that every securities firm will need to combine with a bank to gain a deposit base and greater access to loans from the Federal Reserve. 纽约大学经济学教授 nouriel鲁比尼说，独立的证券公司的模式有着从根本上的缺陷 而每一个证券公司终将结合起来 与一家银行获得的存款基础和从美国联邦储备委员或获得更多的利用性贷款。 以下很多都是雷曼兄弟的讯息就不翻了~~有兴趣就自己看看吧! Just five months ago, Lehman Brothers Chief Executive Officer Richard Fuld, 62, was telling shareholders that ``the worst is behind us'' in the credit contraction. As concerns escalated about the value of Lehman's assets tied to residential and commercial real estate, Fuld replaced Chief Financial Officer Erin Callan and President Joseph Gregory in June. Deteriorating markets put more pressure on the value of Lehman's assets and the firm, unable to negotiate an investment from the Korea Development Bank, instead tried to reassure investors last week by revealing third-quarter results early and unveiling a plan to sell part of its fund management unit and create a separate unit for its real estate holdings. Fuld's Efforts Undermined Fuld's efforts were undermined on Sept. 10, when Moody's Investors Service put Lehman's credit rating on review for downgrade, noting that the firm needed a ``strategic transaction with a stronger financial partner'' to help support its rating. Lehman's stock fell 50 percent on Thursday, Sept. 11 and Friday, Sept. 12 and the collapse spread to Merrill, which has reported four consecutive quarters of losses and was expected to lose money again this quarter. New York Federal Reserve President Timothy Geithner called a meeting of Wall Street's top firms starting at the Fed's downtown headquarters that began at 6 p.m. on Friday, with a goal of helping ease a sale of Lehman, according to people familiar with the situation. Suitors Walk Away The two banks most interested in Lehman, London-based Barclays Plc and Charlotte, North Carolina-based Bank of America, balked at a deal unless the government would protect it from any losses on some of the hardest-to-value assets. The government, already shaken by criticism of its actions to support Bear Stearns, Fannie Mae and Freddie Mac, refused to budge and tried to persuade the CEOs of the biggest Wall Street firms to pitch in instead. The talks lasted through the weekend, with groups of executives breaking off into smaller groups to discuss options and teams of traders examining positions at every major firm. Yesterday, Barclays, the U.K.'s third-biggest bank, dropped out, deciding it couldn't agree on a deal so quickly without some type of protection from losses. As hopes dimmed for salvaging Lehman, attention turned to the future of Merrill, Lehman's bigger rival. That business, with its 16,690 financial advisers and nearly half of fund manager BlackRock Inc., was more attractive to Bank of America than Lehman could be. Merrill CEO John Thain, persuaded by the weekend's events that a deal was necessary to avoid a loss of confidence and a fate similar to Lehman's, entered into negotiations with Bank of America's Ken Lewis. The liquidation of Lehman, last year's top underwriter of bonds backed by mortgages, is an amplified version of investment bank Drexel Burnham Lambert Inc., which filed for bankruptcy in 1990. Drexel made its name financing corporate takeovers in the 1980s using junk bonds pushed by Michael Milken. Keeping the Talent Maintaining the confidence of the markets is only one of the challenges for an investment bank -- the other is retaining employees, recalled Fred Joseph, Drexel's CEO from 1985 to 1990. ``It's an awfully good business, but the assets go down in the elevator every night,'' said Joseph, 71. ``Despite the tough times, the Street's so small, everybody wants the really good guys.'' A key difference with Drexel is Lehman's central role in the over-the-counter derivatives markets, which have ballooned to $454 trillion since Drexel was in business. A default by Lehman on its obligations in that market could cause chain reactions throughout the markets that have never before seen a major financial counterparty fail to honor its obligations. ``The implications of one of the `too big to fail' institutions being allowed to fail is incredibly difficult to grasp, but suffice to say that a huge number of firms and securities are going to get affected,'' said Michael Auyeung, who manages about $500 million as chief executive officer at Pacific Mutual Fund Bhd. in Petaling Jaya, Malaysia. ``The reach of the carnage will be global and system-wide.'' Lehman's collapse wipes out a company that had a market value of $45.5 billion in February 2007. Merrill's sale to Bank of America for $29 a share, while about a 70 percent premium to Merrill's value on Friday, compares with the company's $86 billion market capitalization in January 2007. ``It's breathtaking that we've gone from five standalone firms to two very quickly,'' said Roy Smith, a finance professor at New York University's Stern School of Business and a former partner at Goldman Sachs. ``It's certainly going to cause Wall Street to rethink the strategy.'' To contact the reporter on this story: Christine Harper in New York at [email protected]. --

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