翻譯的很隨興所以就隨便看看吧! 原文網址 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. 自從經濟大蕭條之後的金融業重塑活動中，兩個華爾街的大型證券公司 美林以及雷曼兄弟走向滅絕的邊緣。 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. 總部設在紐約的雷曼兄弟，創立一百五十八年前，今天稍早雷曼因為找不到買主 向破產法庭提起申請 Chapter 11 破產保護後。 94歲的美林證券，也是總部設在紐約，同意美國銀行提出的500億美元出 售本身，就在昨天發生了這一件事情。 ``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.'' 騎士資本集團的比德肯尼執行董事說，這將會使得世界金融體系的勢力轉移活動 並且一個新的金融世界秩序即將出生。 騎士資本集團，澤西市，總部設在新澤西州 經紀處理約1萬億美元價值的股票買賣。 他說這將是一個醜陋和痛苦的過程。 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. 在以往的紀錄以及增長，金融業在過去十年間-廉價信貸和洶湧澎湃的物業價值- 在目前已成為反向推力。 過去公司一旦蓬勃發展，使房地產貸款和持有資產以及其買與借來的錢現在正在反撲 而目前看來較有利的是以前較少依賴於槓桿和控股最少的資產。 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. 業內人士認為從去年開始已經消除了的熊士坦Cos 。 就在稍早三月被迫被以一個割喉價出售給JPMorgan Chase ＆ Co。 而一個多星期前，美國財政部置於接管 Fannie Mae的和Freddie Mac到 conservatorship ，保證其普遍持有的債務證券，而消除了但他們所有股本的價值。 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. 美國國際集團(AIG)，曾經是世界上最大的保險公司，正努力提高現金部位 以避免信貸評級降級，而因而可能削弱其業務。 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. 五個新總部設在紐約的證券公司為主的華爾街已減少到2個 ： 高盛集團旗下的 和 摩根士丹利。 同時，兩家公司定於報告調降，第三季度每股盈餘 雖然2008年整年他們的業務仍是有利可圖的-不像雷曼兄弟證券和美林。 ``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.'' 但是彭博認為羅傑奧爾特曼在接受CNBC採訪時高度的評價JP摩根&高盛，他並且認為 這場危機的終點至今仍然看不見，他不認為現在的結果會是最後的答案。 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. 雷曼兄弟證券，僱用了25935人，截至八月底，共在世界各地擁有在61個辦事處 最近的資產負債負債表共786000000000美元。 而美林證券公司與6.0萬僱員，是眾所周知的其他所有的''財務顧問 使他成為華爾街金融產品的主要的投資者。 `Vaporized'"蒸發" ``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.'' 邁克爾說我從來沒見過這樣的一個週末在華爾街發生 我們只是用一些股價不幸的參與了一些公司。。。。(好無奈) 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. 以幫助以及緩和衝擊， 10家銀行準備了700億美元基金 貸款給一些資產發生困難的企業用於紓緩在他們的資本市場。 美國聯邦儲備委員會還表示，願意借錢的條件，為更廣泛的陣列的抵押品，包括股票。 Still, the repercussions may be widespread. 但是，反響可能會很普遍。(都賺不到錢還要擴債有用嗎?) 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. 這段大概是指雷曼兄弟推廣的一些資產或者是股票控股公司 會受到影響被迫接受某些條件。 `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. 紐約大學經濟學教授 nouriel魯比尼說，獨立的證券公司的模式有著從根本上的缺陷 而每一個證券公司終將結合起來 與一家銀行獲得的存款基礎和從美國聯邦儲備委員或獲得更多的利用性貸款。 以下很多都是雷曼兄弟的訊息就不翻了~~有興趣就自己看看吧! 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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