In 1928, Jack Morgan is the most powerful man on Wall Street.
1928年，小傑克·摩根是華爾街最有權勢的人。
00:11
Thanks to an era of easy money, he and his fellow bankers set loose the roaring 20s.
拜寬鬆貨幣時代所賜，他與其他銀行家掀起了「咆哮的二十年代」。
00:19
The stock market has climbed nearly 40% in just one year.
股市在短短一年內上漲了近40%。
00:25
There's a saying about J.P. Morgan Jr. and his partners in the late 1920s, they're called Jesus Christ and his 12 apostles.
1920年代末期，關於小摩根及其合夥人有個說法，他們被稱為「耶穌基督與十二門徒」。
00:34
And so that gives you some sense of the stature of J.P. Morgan Jr. on Wall Street.
這讓你能對小摩根在華爾街的地位有所了解。
00:40
Average Joe's lured by the promise of overnight riches, joined the frenzy, flooding the market with their borrowed money.
一般民眾被一夜致富的承諾所誘惑，投入了這場狂熱，以借貸資金大量湧入市場。
00:50
When people see somebody making money on something, they think that could be me too.
當人們看到有人從某件事上賺錢時，他們會想自己也能做到。
00:56
And so when people would see the price go up in the 1920s, they'd think, oh gosh, okay, you're going to feel like a fool if you don't do it.
因此，當人們看到1920年代價格上漲時，他們會想，如果你不這麼做，你會覺得自己像個傻瓜。
01:08
But all of that comes to an end when the stock market crashes, plunging the entire economy into an abyss.
但當股市崩盤時，這一切都告終了，使整個經濟陷入深淵。
01:15
It is the worst crash the nation has ever witnessed.
這是該國有史以來最嚴重的崩盤。
01:31
For Morgan, whose fortune is cut in half, he is convinced that the only way to save his business in the country is by ousting President Hoover.
對於財富減半的摩根來說，他確信拯救他的事業和國家唯一的辦法就是罷免胡佛總統。
01:42
He teams up with DuPont, the infamous weapons manufacturer.
他與惡名昭彰的武器製造商杜邦聯手。
01:47
They rally behind a candidate to challenge Hoover's reign.
他們支持一位候選人，以挑戰胡佛的統治。
01:52
FDR, an elite just like them, from one of the most powerful political families in America.
羅斯福，一位像他們一樣的精英，來自美國最有權勢的政治家族之一。
02:00
Morgan hopes that once FDR takes office, the president will safeguard their interests and those of their Wall Street brethren.
摩根希望羅斯福一旦上任，總統會維護他們以及他們華爾街同行的利益。
02:11
FDR wins the election by a landslide, and his inaugural address instills hope in millions of desperate Americans.
羅斯福以壓倒性勝利贏得選舉，他的就職演說為數百萬絕望的美國人注入了希望。
02:21
Let me assert my firm belief that the only thing we have to fear is fear itself.
我堅信，我們唯一需要恐懼的，就是恐懼本身。
02:30
No.
不。
02:37
And the must be an end to a conduct in banking and in business, which too often has given to a sacred trust the likeness of callous and selfish wrongdoing.
銀行業和商業中，必須終止一種行為，這種行為常常將神聖的信任，變成了冷酷自私的錯誤行徑。
02:53
Morgan may have helped put FDR in office, but the newly elected leader swiftly turns against him and vows to pursue the bankers responsible for the crash.
The House of Morgan has always thrived on leveraging other people's money, and the birth of Morgan Stanley is no different.
摩根公司一直以來都善於利用他人的資金，而摩根士丹利的誕生也不例外。
05:00
The partners of the firm raise over $200 million in debt while investing only a fraction of their own capital, just a few million dollars.
公司合夥人通過債務籌集了超過2億美元，而他們自己只投入了幾百萬美元的自有資本。
05:10
It's a great example of brand equity.
這是品牌資產的一個絕佳範例。
05:13
The Filti Ease taken on huge debt because of the Morgan name.
Filti Ease 公司因為摩根這個名字而承擔了巨額債務。
05:18
The partnership quickly becomes the biggest Wall Street Investment Bank, handling over 20% of all the public offerings.
這家合夥公司迅速成為華爾街最大的投資銀行，處理了超過20%的公開募股業務。
05:27
FDR may have forced the House of Morgan to be split up, but the combined net worth of the new companies surpasses the wealth of the original Morgan Bank.
羅斯福總統或許迫使摩根公司分拆，但新公司的總淨資產超過了原摩根銀行的財富。
05:37
By 1936, Morgan and FDR are sworn adversaries.
到1936年，摩根和羅斯福總統已成為宣誓對立的敵人。
05:42
But what they don't know is that the real enemy is 4,000 miles away, and he has built the most powerful military in the world.
但他們不知道的是，真正的敵人遠在4000英里之外，他已經建立了世界上最強大的軍隊。
05:59
By 1939, Hitler's invasion of Poland shocks the world, showcasing Germany's unprecedented power.
到1939年，希特勒入侵波蘭震驚了世界，展示了德國前所未有的力量。
06:08
Within three weeks, Poland has fallen.
三週內，波蘭淪陷。
06:12
Hitler sets his sights westward, poised to consume all of Western Europe.
希特勒將目光投向西方，準備吞併整個西歐。
06:20
FDR sees the threat in Europe and understands the urgent need for America to prepare for a full-scale invasion.
羅斯福總統看到了歐洲的威脅，並意識到美國迫切需要為大規模入侵做好準備。
06:28
The American situation, as far as being prepared for or fighting a modern war, was pretty abysmal.
美國在準備或應對現代戰爭方面的情況糟透了。
06:35
We had maybe the 18th largest military in the world.
我們當時的軍隊規模大概是世界第18。
06:38
Holland had a bigger military than we did.
荷蘭的軍隊比我們還大。
06:40
Hungary had a better military than we did.
匈牙利的軍隊比我們還強。
06:43
FDR spent the entirety of his first administration fighting corporate America, making a lot of elites very angry.
羅斯福總統執政的第一個任期，他花費了全部時間來對抗美國企業界，惹惱了許多權貴。
06:52
He referred Pierre DuPont as the merchant of death, and he publicly humiliated Jack Morgan by painting him as the face of the 1929 market crash.
他稱杜邦為「死亡商人」，並公開羞辱傑克·摩根，將他描繪成1929年股市崩盤的罪魁禍首。
07:06
With a growing threat from Germany, FDR realizes he must do what it takes to build up America's military.
面對德國日益增長的威脅，羅斯福總統意識到他必須盡一切努力來建立美國的軍隊。
07:15
And to do that, he must turn to the very people he once condemned.
而要做到這一點，他必須轉向那些他曾經譴責過的人。
07:27
FDR makes an unlikely alliance with the House of Morgan, aiming to provide all the finance necessary to turn America into a military power, unlike any the world has ever seen.
As a part of the House of Morgan, Morgan Stanley joins forces with its fellow investment banks, raising an impressive $5 billion to fund the war effort.
作為摩根家族的一員，摩根士丹利與其同行投資銀行聯手，籌集了令人印象深刻的50億美元來資助戰爭。
07:53
Morgan, obviously, was looking at the national interest in the context of his own.
摩根顯然是從他自身的角度來看待國家利益的。
08:00
That is, saving the US was an act of basic self-interest, but it was an act of nationalism.
也就是說，拯救美國是一種基本的自身利益行為，但這也是一種民族主義行為。
08:10
It's astonishing, isn't it?
這真是令人驚訝，不是嗎？
08:12
With a nation faced as a common enemy, even people with great differences come together.
當國家面臨共同的敵人時，即使是意見分歧很大的人也會團結起來。
08:18
And the whole industrial America began to operate like a one giant, coordinated war machine.
而整個美國的工業界開始像一個龐大、協調一致的戰爭機器一樣運轉。
08:26
It began at exactly nine o'clock, statement by President Harry S. Truman in the White House that he'd been notified by a general Eisenhower from his headquarters in Paris that the forces of Germany had surrendered to the Allied nation.
That is the word we have just received from the White House in Washington, and I didn't expect to hear a celebration here in our newsroom in New York, but you can hear what's going on behind me.
The massive phone raising during the war helped to fortify Morgan Stanley's status as the first-class investment bank.
戰爭期間大規模的債券籌集，幫助鞏固了摩根士丹利作為一流投資銀行的地位。
09:17
If I may be permitted to speak of the firm of which I have the honor to be the senior partner, I should state that at all times the idea of doing only first-class business and that in a first-class way has been before our minds.
By the late 1970s, a new generation of partners takes the reins as the old guards retire, but they will soon find themselves on the precipice of an impending storm.
A new breed of investment bankers emerges, driven by hunger and greed.
一群新的投資銀行家出現，他們被飢渴和貪婪所驅使。
11:40
And they are on a collision course with Morgan Stanley.
而他們正與摩根士丹利走向碰撞的道路。
11:46
Salomon Brothers was established in 1910 by Jewish businessmen.
所羅門兄弟公司於1910年由猶太商人成立。
11:51
Initially a bond trading house, it capitalized on the post-World War I bond market boom.
初期是一家債券交易公司，它利用了第一次世界大戰後的債券市場繁榮。
11:57
With an aggressive and innovative approach to finance, by the late 1970s, Salomon Brothers is emerging as a competitive force in the investment banking industry.
通過對金融的積極和創新的方法，到1970年代末，所羅門兄弟公司正在成為投資銀行業的一股競爭力量。
12:08
Salomon Brothers see Morgan Stanley as an aging giant that they can take on.
所羅門兄弟公司將摩根士丹利視為一個老化的巨人，他們可以與之抗衡。
12:14
All they need now is just an opportunity for an opening move.
現在，他們只需要一個機會來進行開局的行動。
12:21
By early 1970s, IBM is the uncontested leader in technology, with its game-changing system 370 mainframe series.
To fuel its expansion, IBM plans a hefty $1 billion bond offering, traditionally a task for its longtime partner, Morgan Stanley.
為了推動其擴張，IBM計劃發行高達10億美元的債券，這項任務傳統上由其長期合作夥伴摩根士丹利負責。
12:43
Sensing an opportunity, Salomon Brothers offer IBM that they can do the bond offering cheaper and better than Morgan Stanley.
索羅門兄弟嗅到商機，向IBM提出他們可以比摩根士丹利更便宜、更出色地完成債券發行。
12:53
Salomon Brothers were established themselves as an expert in the bond market.
索羅門兄弟已將自己確立為債券市場的專家。
12:58
What does that mean?
這代表什麼？
12:58
They had a capability in assisting companies to sell more bonds quickly and cheaply.
他們有能力協助公司更快速、更便宜地出售更多債券。
13:06
In a startling decision, IBM chooses Salomon Brothers as the lead underwriter to issue its debt, and Morgan Stanley just lost one of its most valuable clients.
You know, Morgan Stanley refused to give up the lead.
你知道，摩根士丹利拒絕放棄主導地位。
13:25
IBM gave Salomon the go-ahead, and after that, every firm on Wall Street lined up to try to unseat Morgan Stanley from the preeminent position in future offerings.
Losing IBM as a client has caused Morgan Stanley to lose tens of millions in revenue.
失去IBM這個客戶，導致摩根士丹利損失了數千萬美元的收入。
13:40
But more importantly, it strikes at the heart of their prestige.
但更重要的是，這打擊了他們聲譽的核心。
13:46
As the 1980s dawn, rival investment banks start to redefine the rules of the game and challenge the status quo.
隨著1980年代的到來，競爭對手投資銀行開始重新定義遊戲規則並挑戰現狀。
13:55
Around that time, a lot of investment banks were growing like crazy.
大約在那個時候，許多投資銀行都在瘋狂成長。
13:59
Bear Stearns went public in 1985, and Goldman Sachs was also able to raise almost $300 million from Japanese investors.
貝爾斯登於1985年上市，高盛也從日本投資者那裡籌集了近3億美元。
14:10
At the helm of Morgan Stanley, a new guard emerges, spearheaded by leaders like Dick Fisher and John Mack.
在摩根士丹利的掌舵下，一批新領導者出現，由迪克·費雪和約翰·麥克等領導人帶領。
14:19
To them, to compete with the rising competition, Morgan Stanley needs to go public.
對他們來說，為了與日益激烈的競爭抗衡，摩根士丹利需要上市。
14:32
The 100 most recent new issue showed gains averaging 21.2%.
最近100檔新發行股票平均上漲了21.2%。
14:36
The established Wall Street firm of Morgan Stanley, for instance, was among those making their debut this year, offered on March 21st at a price of $56.50, the stock closed its first day of trading at $71.25.
These companies were very smart to raise money during the peak of the bubble, because to them, it felt like free money.
這些公司在泡沫高峰期籌集資金非常明智，因為對他們來說，這感覺就像是白來的錢。
15:01
But for Morgan Stanley, they must anticipate prepare for the unpredictable, and soon their foresight proves to be right.
但對摩根士丹利來說，他們必須預測並為不可預測的未來做準備，很快他們的遠見證明是正確的。
15:10
On the day of October 19th, 1987, the global stock market plunges into a freefall, the Dow Jones spiraling down an unfathomable 22.6% in a single day.
1987年10月19日，全球股市陷入自由落體，道瓊工業平均指數單日暴跌22.6%，跌幅難以估量。
15:25
While Wall Street stumbles in the chaos, Morgan Stanley stands firm.
華爾街在混亂中跌跌撞撞，摩根士丹利卻屹立不搖。
15:31
Their losses are mere brews compared to their rivals, proving to the world once again that Morgan Stanley is a first-class business.
與競爭對手相比，他們的損失微不足道，再次向世界證明摩根士丹利是一家一流的企業。
15:41
Before the black-minded crash, and during the first year as a public company, Morgan Stanley was actively hedging against any potential downturn, while other firms were living in the illusion that the prosperity would never end.
But as the market recovers, and as a public company, the firm is forced to focus on short-term quarterly performance, which means they need consistent earnings.
但隨著市場復甦，並且作為一家上市公司，公司被迫關注短期季度業績，這意味著他們需要穩定的收益。
16:09
Either the crash shocked us, or because we became a public company, we became very, very focused on quarterly earnings.
要麼是崩盤震驚了我們，要麼是我們成為上市公司後，我們變得非常非常關注季度收益。
16:17
To get consistent earnings, that firm must diversify the sources of profits.
要獲得穩定的收益，該公司必須實現利潤來源多元化。
16:24
As far as Fisher and Mac are concerned, there is only one way to get there.
在費舍爾和麥克看來，只有一條路可以達到這個目標。
16:36
To reclaim their prestige, the top leaders at the firm decide the best path is by merging with another investment bank to expand its business reach.
為了重拾聲望，公司高層領導決定最佳途徑是與另一家投資銀行合併，擴大其業務範圍。
16:46
In 1993, they find just the target company.
1993年，他們找到了目標公司。
16:51
By the early 1990s, S.G. Warburg is one of the most prominent British investment banks.
到了1990年代初期，S.G. Warburg是英國最著名的投資銀行之一。
16:58
Founded by Jewish banker, Sigmund George Warburg in 1946, the firm revolutionized finance by creating the Eurobond market in the early 60s.
Mercury had a thriving international investment management business, and Morgan Stanley wanted to build strength in that area.
Mercury擁有蓬勃發展的國際投資管理業務，而摩根士丹利希望在此領域建立優勢。
17:36
The marriage between the two companies will create the world's biggest investment bank, combining the prestigious names of Morgan and Warburg.
這兩家公司的聯姻將創造出全球最大的投資銀行，結合摩根和沃伯格的聲望卓著的品牌。
17:46
The merger looks too perfect.
這樁合併看起來過於完美。
17:49
S.G. Warburg, its investment banking business up for sale and its staff jumping ship in increasing numbers, gave bleak new evidence today of its weakened condition, saying that profits for the year ended March 31st would be well below market expectations.
Hidden beneath Warburg's reputable facade are scars of financial struggle and internal discord, and Morgan Stanley wants no trouble with them.
沃伯格聲譽卓著的外表之下，隱藏著財務困境和內部不和的傷痕，而摩根士丹利不想與之產生任何麻煩。
18:20
As the potential merger goes south, Warburg has no choice but to sell itself to Swiss bank corporation cheaply.
隨著潛在的合併告吹，沃伯格別無選擇，只能廉價地將自己出售給瑞士銀行公司。
18:30
But Fisher and Mac remain undeterred, their vision of transforming Morgan Stanley into the leading investment bank still holds, and before long, a new contender enters their radar.
In 1976, the struggling retail giant Sears hires Purcell to design a strategy to enhance and improve the company's performance.
1976年，陷入困境的零售巨頭西爾斯聘請珀塞爾設計一個策略，以提升和改善公司的業績。
20:26
Thanks to his ideas, Sears makes improvements, and Purcell is hired as vice president for planning.
多虧了他的想法，西爾斯得以改善，珀塞爾被聘為規劃副總裁。
20:35
He quickly rises through the ranks, and by 1986, he assumes the role of CEO at Dean Whitter, a Sears subsidiary.
他迅速晉升，並於1986年擔任西爾斯子公司迪恩威特的首席執行官。
20:45
Purcell is no longer just a consultant who sells advice for a living.
珀塞爾不再只是一個靠賣建議為生的顧問。
20:50
With newfound executive power, he oversees a financial company with billions in assets and tens of thousands of employees.
擁有新的執行權力後，他管理著一家擁有數十億美元資產和數萬名員工的金融公司。
20:58
He knows to take the company to the next level, he needs to find a big idea, something disruptive.
他知道，要將公司提升到下一個層次，他需要找到一個大的想法，一些顛覆性的東西。
21:06
And before long, he sets his sights on the credit card industry.
不久後，他將目光投向了信用卡行業。
21:11
At that time, the market was dominated by American Express, Visa, and MasterCard, all of whom charged a very substantial annual fee.
當時，市場由美國運通、Visa和萬事達卡主導，它們都收取非常高昂的年費。
21:21
Purcell thinks he can do better.
Purcell認為他能做得更好。
21:22
Instead of making revenues from interests and the annual fees, he envisions a game-changing credit card that not only eliminates annual fees but also offers cash back to customers.
與其從利息和年費中獲取收入，他構想了一種顛覆性的信用卡，不僅取消年費，還為客戶提供現金回饋。
21:35
The real money will come from the transaction fees and from merchants.
真正的收入將來自交易費用和商家。
21:41
That gives them some diversity in their business model.
這為他們的商業模式帶來了一些多樣性。
21:45
It also gives them a really stable source of revenue, at least from the processing side.
這也為他們提供了一個非常穩定的收入來源，至少在處理方面。
21:51
Very different from the credit side of the equation.
與信貸方面的情況截然不同。
22:01
The simplicity of the idea is brilliant and the credit card industry is never the same.
這個想法的簡單性非常出色，信用卡行業從此不再相同。
22:11
So in 1986, Purcell became chairman of Dean Whitter and introduced Discover.
因此，在1986年，Purcell成為Dean Whitter的董事長並推出了Discover卡。
22:17
In 1992, Dean Whitter and Discover brought in $3.7 billion in revenues with net income of $400 million.
1992年，Dean Whitter和Discover的收入達到37億美元，淨收入為4億美元。
22:28
Discover's success turns Dean Whitter into one of the world's most profitable and fastest growing financial service companies.
Discover的成功使Dean Whitter成為世界上最盈利和增長最快的金融服務公司之一。
22:36
For Mac at Morgan Stanley, Dean Whitter may just be the type of company they have been looking for.
對於摩根士丹利的Mac來說，Dean Whitter可能正是他們一直在尋找的公司類型。
22:48
Morgan Stanley watched in awe as Purcell capitalized on this untapped potential.
摩根士丹利驚嘆地看到Purcell利用了這個未開發的潛力。
22:54
He generated huge profits for both Sears and Dean Whitter and the millions of Americans celebrating their new benefits.
他為西爾斯和Dean Whitter帶來了巨額利潤，並為數百萬慶祝新福利的美國人帶來了利益。
23:02
Morgan Stanley and the rest of Wall Street got a lesson in the advantages of creating access to new markets.
摩根士丹利和華爾街的其他公司從中學到了開拓新市場的優勢。
23:10
Since the Discover card, Wall Street has started a number of financial revolutions and one of them is occurring as we speak.
自從Discover卡推出以來，華爾街已經發起了多次金融革命，其中之一正在發生。
23:17
In the midst of high volatility and a lopsided market, one company is delivering strong results for their investors, doing something no one had thought possible, just like Purcell's team.
I've invested with them for years now, and they've got a track record with a positive return of over 100%, with an exit just days ago for a 17.6% return.
Morgan Stanley themselves have studied art as an asset extensively, celebrating how it often experienced lower price of volatility, thanks to its low correlation to other asset classes.
Masterworks has over $750 million in assets under management, and thousands of my subscribers have invested with them alongside me.
Masterworks 管理的資產超過 7.5 億美元，數以千計的我的訂閱者與我一同投資。
24:08
I've seen paintings sell out in minutes, but if you use the link in description, you can skip the wait list and receive a complimentary art investing guide right away.
我見過畫作在幾分鐘內售罄，但如果你使用描述中的連結，可以跳過等候名單並立即獲得免費的藝術投資指南。
24:23
As Fisher approaches the retirement age in early 90s, John Mack takes the center stage.
當 Fisher 在 90 年代初接近退休年齡時，John Mack 成為了中心人物。
24:32
The proposed merger with Dean Whitter holds the promise of creating the world's largest investment bank, allowing Mack to potentially become the most powerful man in the industry.
與 Dean Whitter 的擬議合併承諾將創建全球最大的投資銀行，讓 Mack 有可能成為該行業中最有權勢的人。
24:44
It is a status Mack has long yearned for since his childhood.
這是 Mack 從童年時期就渴望已久的地位。
24:56
Born in 1944 to Lebanese immigrants in North Carolina, he always dreamt of achieving great success in the business world.
1944 年出生於北卡羅來納州的黎巴嫩移民家庭，他一直夢想在商業世界取得巨大成功。
25:06
When he was young, he will wake up at 5 a.m. during the weekends to help his father run the family grocery shop.
當他年輕時，他會在週末早上 5 點起床幫助父親經營家族的雜貨店。
25:14
And my father, who was an entrepreneur, and he started wholesale grocery business.
我的父親是一位企業家，他創辦了批發雜貨業務。
25:19
My mother was a very strong force.
我的母親是一位非常堅強的力量。
25:21
She only wanted to be a doctor, and I really didn't want to be a doctor.
她只想成為一名醫生，而我真的不想成為醫生。
25:26
My father was laid back, and my mother was really aggressive.
我的父親很隨和，而我的母親非常進取。
25:30
It was a great combination.
這是一個很好的組合。
25:32
After making significant strides in Morgan Stanley, Mack quickly earned a reputation as Mack the Knife, known for his ruthless ambition and appetite for risk.
在摩根士丹利取得重大進展後，Mack 快速獲得了「Mack the Knife」的稱號，以其無情的野心和對風險的胃口而聞名。
25:45
Mack knows that merging with Dean Whitter will bring challenges to his position as the top dog at Morgan Stanley.
Mack 知道，與 Dean Whitter 合併將對他在摩根士丹利的最高領導地位帶來挑戰。
25:52
But the idea of creating the world's largest investment bank proves irresistible to both firms.
但創建全球最大投資銀行的想法對兩家公司來說都具有無法抗拒的吸引力。
26:02
The Morgan Stanley Group, one of Wall Street's elite investment firms, and Dean Whitter Discovering Company, which sells stocks and bonds to small investors, agreed to merge yesterday into the world's biggest securities company in a transaction valued at $10.2 billion.
摩根士丹利集團，華爾街的精英投資公司之一，以及 Dean Whitter Discovering Company，向小投資者銷售股票和債券，昨日同意合併為全球最大的證券公司，交易價值為 102 億美元。
26:25
But in a shocking twist of fate, the board appoints Purcell as the CEO.
但在命運的驚人轉折中，董事會任命 Purcell 為 CEO。
26:29
Leaving Mack as second in command.
讓 Mack 成為第二把手。
26:34
Purcell excelled as the leader of Dean Whitter.
Purcell 在 Dean Whitter 的領導表現出色。
26:37
But he has never run an investment bank before.
但他從未經營過投資銀行。
26:41
Investment banking suits very well people who are...
投資銀行業非常適合那些...
26:44
It's not good for autistic people.
這不適合自閉症患者。
26:47
If you're autistic, be a traitor, okay?
如果你是自閉症，當個叛徒，好嗎？
26:51
But investment bankers are a different...
但投資銀行家是不同的...
26:53
It's a whole different industry.
這是一個完全不同的行業。
26:55
So, yeah, if you go to the symphony and look around, you'll see lots of investment bankers there.
所以，如果你去聽交響樂，環顧四周，你會看到很多投資銀行家。
27:02
According to the employees, Purcell was a respected, low-profile chief executive and an enigmatic former management consultant.
根據員工的說法，普塞爾是一位受尊敬、低調的執行長，也是一位神秘的前管理顧問。
27:10
But Mack was an extremely tough, talented, brutal manager.
但麥克是一位極其嚴厲、才華橫溢、殘酷的經理。
27:14
Mack was decisive, ardent, and reacted fast.
麥克果斷、熱情，反應迅速。
27:17
Purcell was cautious, but Mack was experienced at taking risk.
普塞爾謹慎，但麥克擅長冒險。
27:21
Purcell knows, while there is peace for the moment, he needs to deal with John Mack soon, before Mack deals with him.
普塞爾知道，雖然目前和平，但他需要盡快處理約翰·麥克，否則麥克會先對付他。
27:32
Purcell strategically places his loyal allies in key positions within the firm, while maintaining an appearance of cooperation.
普塞爾戰略性地將他的忠誠盟友安排在公司的關鍵職位上，同時保持合作的表象。
27:42
But Mack rebels against Purcell's directives and despises the rules imposed upon him.
但麥克反抗普塞爾的指示，並蔑視強加於他的規則。
27:50
You have to understand that there are people who control your business your industries and want power than others.
你必須理解，有些人控制著你的業務、你的行業，並比其他人更渴望權力。
27:57
They have egos, they're insecure.
他們有自尊心，他們不安全。
28:00
If you don't know how to appeal to them, if you don't have appeal to their self-interest, they're not going to finance you, they're not going to help you.
如果你不知道如何訴諸他們的利益，如果你無法訴諸他們的自身利益，他們不會資助你，也不會幫助你。
28:06
You have to understand the political game.
你必須理解政治遊戲。
28:09
By the year 2000, as Phil Purcell consolidates his power, John Mack finds himself backed into a corner, isolated from influence, until Mack has no choice but to resign.
In a move viewed by Wall Street as the ultimate signal of continued hostilities, within the largest securities firm in the nation, John J. Mack resigned yesterday as President of Morgan Stanley Dean Whittering Company after 28 years there.
After forcing Mack out and having key positions at the firm filled with his loyalists, Purcell is now the unchallenged leader of the Wall Street's biggest investment bank.
Despite his power at the firm, Purcell has no idea how to run Morgan Stanley.
盡管他在公司擁有權力，普塞爾卻不知道如何經營摩根士丹利。
29:01
There was a clash there and I would say it can be portrayed as a culture clash if you like, but I would say we had a serious strategic difference.
那裡存在衝突，你可以稱之為文化衝突，但我認為我們在戰略上存在嚴重分歧。
29:11
People within the company wanted us to lever up more and take more risk.
公司內部有人希望我們能夠加大槓桿並承擔更多風險。
29:17
At the time, I didn't agree with any of that.
當時，我並不同意這些觀點。
29:23
Purcell's strategy alienates talented employees, leading to a wave of resignations.
普塞爾的戰略疏遠了優秀員工，導致一波辭職潮。
29:29
As a result, the company's performance severely declined.
因此，公司的業績嚴重下滑。
29:35
But even with a firm underperforming, Purcell has built an impenetrable wall around him and managed to fend off any attempt to remove him from his CEO position.
The New York Times called Purcell ruthless, autocratic and remote and that he had no tolerance for dissent or even argument.
《紐約時報》稱普塞爾冷酷、獨裁、疏遠，且對異議甚至爭論毫無容忍之心。
29:55
He pushed away strong executives and surrounded himself with yes men.
他疏遠了強勢的高管，並讓自己身邊充滿了唯唯諾諾之人。
29:59
He demanded loyalty to himself over the organization.
他要求員工對他個人忠誠，而非對組織。
30:03
He played power games.
他玩弄權術。
30:05
Purcell thinks that he can remain untouched as the CEO of Morgan Stanley.
普塞爾認為自己可以繼續擔任摩根士丹利的CEO而不受影響。
30:12
What he doesn't know is that a new threat is emerging.
他不知道的是，一個新的威脅正在浮現。
30:17
The old guards of Morgan Stanley are returning, ready to launch an attack that will determine the fate of this legendary company.
摩根士丹利的舊衛士們正在回歸，準備發起一場將決定這家傳奇公司命運的攻勢。
30:29
In 2004, Morgan Stanley finds itself in disarray, all thanks to Phil Purcell.
2004年，摩根士丹利因菲爾·普塞爾而陷入混亂。
30:37
His ill-fated attempt to integrate Dean Witter's business with Morgan Stanley has led to a steep decline in performance and a mass exodus of talented employees.
他試圖整合迪安·威特的業務與摩根士丹利，這一不幸的嘗試導致業績急劇下滑和大量優秀員工的流失。
30:50
Witnessing the company they have helped build crumbling, the retired senior partners, led by Parker Gilbert, realize it's time for them to step in and rescue it.
There was no dialogue, no support. Technical platforms needed to be fixed.
沒有對話，沒有支持。技術平台需要修復。
31:06
But the firm was not going forward but was struggling like crazy to try and stand still and in fact was losing ground. Phil had got to go.
但公司並沒有前進，而是拼命掙扎試圖保持現狀，事實上還在失去陣地。菲爾必須離開。
31:14
But the problem is Purcell has managed to consolidate power to himself so absolute that this group of eight men have no actual voting power to oust Purcell.
但問題在於普賽爾已經將權力集中到自己手中，使得這八個人實際上沒有投票權來罷免普賽爾。
31:25
What they do possess is respect and influence.
他們擁有的是尊重和影響力。
31:30
Although the old guards may have retired, they still commanded a lot of respect and wielded a tremendous amount of influence.
雖然老一輩的領導者可能已經退休，但他們仍然受到極大的尊重，並擁有巨大的影響力。
31:38
So they began to rally employees and shareholders urging them to unite against the oppressive leadership of Phil Purcell.
於是他們開始團結員工和股東，敦促他們聯合起來反對菲爾·普賽爾的壓迫性領導。
31:52
Morgan Stanley CEO Philip J. Purcell said Monday he is planning to retire from the Wall Street Investment Bank, amid calls for his ouster from a group of dissident shareholders and former executives.
Purcell may have had total power over Morgan Stanley, but he underestimated just how dissatisfied the employees and shareholders truly were.
普賽爾可能對摩根士丹利擁有絕對的權力，但他低估了員工和股東的不滿程度。
32:14
With Purcell's resignation, the exiled king comes back to power.
隨著普賽爾的辭職，被流放的國王重新掌權。
32:20
John Mack is about to become the CEO of Morgan Stanley.
約翰·麥克即將成為摩根士丹利的首席執行官。
32:31
Mack's comeback is a triumph, but he now faces a company teetering on the edge of collapse.
麥克的回歸是一個勝利，但他現在面臨的是一家瀕臨崩潰的公司。
32:37
By 2005, Morgan Stanley suffers a staggering $4.1 billion in losses, with its stock price plummeting by 50% since the early 2000s.
到2005年，摩根士丹利蒙受了驚人的41億美元的損失，其股價自2000年代初以來暴跌了50%。
32:51
Mack knows he needs to act fast, or the company will be no more.
麥克知道他需要快速行動，否則公司將不復存在。
32:56
In the summer of 2005, everything at Morgan Stanley was an urgent priority.
在2005年的夏天，摩根士丹利的一切都是緊急優先事項。
33:02
Replace the heads of important divisions, hire a new general counsel, sell the aircraft leasing business, and swallow the right down.
更換重要部門的負責人，聘請新的總法律顧問，出售飛機租賃業務，並吞下苦果。
33:10
Move the share price up, move up the return on equity, replace most of the board, which was battered, reeling, and publicly embarrassed, so forth and so on.
提升股價，提高股本回報率，更換大部分董事會成員，這些董事會成員遭受重創、動盪不安並公開蒙羞，等等。
33:18
Mack knows the key to increase profitability is by increasing salaries for top investment bankers and traders.
麥克知道提高盈利能力的關鍵在於提高頂級投資銀行家和交易員的薪酬。
33:28
He begins to encourage traders to take audacious risks, aiming for hefty profits.
他開始鼓勵交易員冒險，以追求豐厚的利潤。
33:35
But to truly make a dramatic leap, Mack needs something monumental, a domain where Morgan Stanley can reignite its former glory.
但要真正實現巨大的飛躍，麥克需要一些具有里程碑意義的事情，一個摩根士丹利可以重振昔日榮光的領域。
33:46
And in the mid-2000s, that opportunity presents itself.
在2000年代中期，這個機會出現了。
33:51
Mortgage-backed securities.
抵押貸款支持證券。
33:59
Somebody originates the mortgage.
有人發起了抵押貸款。
34:01
Okay, that means I talk to the homeowner, I have the homeowner fill out the papers.
好的，這意味着我需要與房主交談，讓房主填寫文件。
34:05
Then after they've originated the mortgage, they sell it to an investor, okay, like Fannie or Freddie or some private mortgage securitizer.
然後在他們發起抵押貸款後，他們會將其出售給投資者，比如房利美、房地美或一些私人抵押貸款證券化機構。
34:14
And the private mortgage securitizer finds a mortgage servicer.
而私人抵押貸款證券化機構會找到一個抵押貸款服務機構。
34:18
It may be the originator who will then service the mortgage.
這個服務機構可能就是最初的貸款發起方。
34:22
And then we have the CMO organizer, the originator.
然後我們有CMOs的組織者，也就是貸款發起方。
34:26
And then we have the CDO originator.
然後我們有CDOs的發起方。
34:27
It's gotten to be a very complicated financial system.
這已經變成一個非常複雜的金融系統。
34:31
To venture into the mortgage-backed securities business, Morgan Stanley acquires Saxon Capital, a specialized mortgage lender that focused on subprime loans.
During this time, mortgage-backed securities were red-hot.
當時，抵押貸款支持證券非常火熱。
34:45
The world was on a real estate buying spree thanks to easy loans and soaring home values.
由於貸款容易獲得且房價飆升，全世界都在瘋狂購買房地產。
34:51
For the first time firms, including Morgan Stanley, were buying and selling these mortgage-backed securities to and from each other.
這是第一次，包括摩根士丹利在內的公司開始相互買賣這些抵押貸款支持證券。
34:58
We didn't realize that this intertwining of risk held unforeseen consequences.
我們沒有意識到，這種風險的交織會帶來意想不到的後果。
35:04
In our hunt for more market share, we also bought companies that originated mortgages here in the United States and in Italy, the United Kingdom and Russia.
在追求更多市場份額的過程中，我們還收購了在美國、義大利、英國和俄羅斯發起抵押貸款的公司。
35:16
The issuing and trading of subprime mortgage loans turns out to be a huge success.
發行和交易次級抵押貸款證明是一個巨大的成功。
35:22
By 2007, Morgan Stanley's revenue soared to nearly $50 billion, up from $34 billion in 2005.
到2007年，摩根士丹利的收入飆升至近500億美元，而2005年僅為340億美元。
35:33
John Max Bet on MBS propels Morgan Stanley back to the top of Wall Street, alongside Lehman Brothers, Bear Stearns, Goldman Sachs, and Merrill Lynch as the most profitable investment banks.
But what none of them realize is that the music is about to stop.
但他們都沒有意識到，音樂即將停止。
35:54
And Morgan Stanley is going to fall right back to rock bottom.
摩根士丹利即將再次跌回谷底。
36:05
Just when Morgan Stanley's resurgence seems unstoppable, an unexpected loss hits the firm.
就在摩根士丹利的復興看似不可阻擋之際，一筆意外的損失打擊了該公司。
36:13
In a sign Wall Street's troubles are far from over, Morgan Stanley announced a $3.6 billion fourth-quarter loss, driven largely by a $9.4 billion write-down of mortgage-related investments.
For the year, Morgan Stanley earned $3.44 billion down 62% from $9.1 billion in 2006.
摩根士丹利全年盈利34.4億美元，較2006年的91億美元下滑62%。
36:36
Morgan Stanley is not alone.
摩根士丹利並非唯一受影響的公司。
36:38
In a matter of weeks, the world has plunged into the worst recession in recent history.
在短短幾週內，全球陷入了近代史上最嚴重的經濟衰退。
36:45
On September 15, 2008, the unimaginable occurs.
2008年9月15日，難以想像的事情發生了。
36:50
Lehman Brothers, the fourth-largest investment bank in America, declares bankruptcy.
雷曼兄弟，美國第四大投資銀行，宣告破產。
36:56
Stunning reshaping of Wall Street as the financial landscape has changed drastically in the past 24 hours.
華爾街正經歷驚人的重組，過去24小時內金融格局發生劇變。
37:02
The big news here, Lehman Brothers, unable to be rescued, has filed for bankruptcy.
這裡的重大新聞是，雷曼兄弟無法獲救，已申請破產。
37:09
Mac knows, after Lehman, Morgan Stanley is next, unless he can secure a bailout.
麥克知道，雷曼倒閉後，摩根士丹利將是下一個，除非他能爭取到救助。
37:17
Lehman declares a bankruptcy that night.
雷曼當晚宣告破產。
37:20
I knew that Morgan Stanley would be next in line.
我知道摩根士丹利將是下一個目標。
37:24
On Monday, our stock started down.
周一，我們的股票開始下跌。
37:26
I think we went into the week in the low thirties and probably ended up in the mid-twenties after the first day.
我記得我們那週初股價在30美元出頭，第一天結束時可能跌到20多美元。
37:33
He tries to approach Japanese investors and even from JP Morgan, but none are willing to assume Morgan Stanley's toxic mortgage assets.
他嘗試接觸日本投資者，甚至與摩根大通接洽，但沒有人願意接手摩根士丹利的毒資產。
37:44
Out of options, Mac now fears the worst.
走投無路，麥克現在擔心最壞的情況發生。
37:50
But salvation for Morgan Stanley comes from an unlikely source, the government.
但摩根士丹利的救星來自一個意想不到的來源：政府。
37:56
I am now supporting today's financial package.
我現在支持今天的金融救助方案。
37:59
I'm voting today and it may be politically damaging.
我今天投票，雖然這可能在政治上對我造成損害。
38:04
I've been listening to small business people all week long and they said, Congress has to act. We're out of options.
我整週都在聽小企業主的心聲，他們說，國會必須採取行動。我們已經沒有選擇了。
38:11
It turns out, in order to save firms like Goldman Sachs and Morgan Stanley, Paulson has to transform them from investment banks into bank holding companies.
原來，為了拯救高盛和摩根士丹利等公司，保爾森必須將它們從投資銀行轉型為銀行控股公司。
38:23
And this very change allowed them to qualify for government bailout.
而這一轉變讓它們有資格獲得政府救助。
38:28
The idea was that we would present the program to them and ask them within a few hours to sign agreements or they would willingly take the capital, recognizing that they're doing this for the good of the country.
It turns out that Morgan Stanley may have been deemed too big to fail.
原來摩根士丹利可能被認為是大到不能倒。
38:49
With government assistance, Morgan Stanley's worst nightmare is over.
在政府的協助下，摩根士丹利最壞的夢魘已經結束。
38:54
The firm embarks on an incredible recovery, paying back all of the tarp money within just two years.
該公司開始了驚人的復甦，在短短兩年內償還了所有的TARP資金。
39:01
But when you make a deal with the Fed, there is no free lunch.
但是當你與聯準會達成協議時，沒有免費的午餐。
39:06
The public is outraged over the blatant government bailout and demands Wall Street banks to pay up.
公眾對政府公開的救助行動感到憤怒，並要求華爾街銀行支付代價。
39:13
In the years to come, Morgan Stanley, along with his Wall Street counterparts, will grapple with increased regulation and face fines amounting to billions.
在接下來的幾年裡，摩根士丹利與其華爾街同行將面臨更多的監管，並面臨高達數十億美元的罰款。
39:32
With John Mack gone, James Gorman emerges as the new CEO of Morgan Stanley.
隨著約翰·麥克的離去，詹姆斯·戈爾曼成為摩根士丹利的新任首席執行官。
39:39
James Gorman comes from a family of 11 children in Australia.
詹姆斯·戈爾曼來自澳大利亞一個有11個孩子的家庭。
39:44
He is uniquely equipped to navigate a complex organization.
他擁有獨特的能力來管理一個複雜的組織。
39:49
Gorman is a less aggressive and less edgy than Mack the Knife.
戈爾曼比麥克更不具攻擊性，也不那麼銳利。
39:54
Him becoming a CEO is at your turning point of the firm to move away from the risk-taking business of trading to more of a client-facing business of asset management.
他成為首席執行官是公司的一個轉折點，從風險交易業務轉向更多的客戶導向的資產管理業務。
40:07
To rebuild Morgan Stanley, Gorman believes wealth management is the future.
為了重建摩根士丹利，戈爾曼認為財富管理是未來。
40:13
Gorman sees a growing number of high net worth individuals and is betting that after the economic recovery, they will once again need to put their money back to the market.
戈爾曼看到高淨值人士的數量不斷增加，並賭在經濟復甦後，他們將再次需要將資金投入市場。
40:24
To realize his vision for Morgan Stanley, Gorman will have to find an asset management company to acquire.
為了實現他對摩根士丹利的願景，戈爾曼將不得不尋找一家資產管理公司來收購。
40:31
By 2009, he sets his site on Smith Barney, one of America's oldest wealth management firms.
到2009年，他將目光投向了史密斯巴尼，這是美國最古老的財富管理公司之一。
40:38
This acquisition would provide Morgan Stanley with the necessary resources to establish itself as an asset management powerhouse.
這項收購將為摩根士丹利提供必要的資源，使其成為資產管理領域的強大力量。
40:48
But before Morgan Stanley fully acquires Smith Barney, firm faces yet another major setback.
但在摩根士丹利完全收購史密斯巴尼之前，該公司再次面臨另一個重大挫折。
40:58
Morgan Stanley plans to cut 1,600 employees starting this week.
摩根士丹利計劃從本週開始裁員1,600人。
41:04
Two people familiar with the matter said on Wednesday in the latest sign of a pullback on Wall Street as revenue from trading and deal making remains in the doldrums.
兩位熟悉此事的人士週三表示，這是華爾街收縮的最新跡象，因為交易和交易收入仍然低迷。
41:15
Before Gorman can pursue his vision to turn around Morgan Stanley, the firm struggles to maintain profitability.
在高曼能夠追求他重振摩根士丹利的願景之前，該公司正努力維持盈利能力。
41:23
To make matters worse, in 2014, the firm's reputation suffers a blow as an employee is charged with insider trading.
更糟的是，2014年，該公司的聲譽因一名員工被控內線交易而受到打擊。
41:32
The arrest further complicates Gorman's mission, but things are about to change.
這次逮捕進一步複雜化了高曼的任務，但事情即將發生變化。
41:43
By 2017, the U.S. economy finally recovers, with the GDP climbing, unemployment dropping, and the S&P 500 soaring 40% in just three years.
And more importantly, the rich continue to accumulate wealth, creating the perfect environment for the wealth management industry.
更重要的是，富人繼續積累財富，為財富管理行業創造了完美的環境。
42:07
Capitalizing on this growth, Morgan Stanley's money management business takes off as Morgan Stanley experiences its most profitable year in 2017, netting billions of dollars.
Because timing is also critical. Sometimes you hear these stories about too early, too late.
因為時機也很關鍵。有時你會聽到這些故事，說太早或太晚。
42:26
And if you feel the urge and you think something is missing in that marketplace, chances are somebody else out there is probably also thinking about it.
如果你感到有衝動，並認為市場上缺少某些東西，很可能其他人也在考慮這個問題。
42:34
So you really need to sort of take advantage of that.
因此，你真的需要利用這個機會。
42:37
Seizing the opportunity, Morgan Stanley acquires more emerging investment companies.
抓住機會，摩根士丹利收購了更多新興投資公司。
42:43
For the first time in a long time, Morgan Stanley not only regains its past prestige and market dominance, but it also transforms itself into something new.
長久以來，摩根士丹利不僅重新獲得了過去的聲望和市場主導地位，而且還將自己轉變為新的事物。
43:02
Even amid the pandemic, Morgan Stanley remains resilient, outperforming its peers.
即使在疫情期間，摩根士丹利仍然具有韌性，表現優於其競爭對手。
43:10
Their secret to success lies in one simple strategy, follow the money.
他們成功的秘訣在於一個簡單的策略，跟隨資金。
43:18
In 2023, the firms stand strong with $3 trillion in assets under management.
2023年，該公司擁有3萬億美元的資產管理規模，實力雄厚。
43:25
Despite coming close to ruin multiple times, Morgan Stanley emerges stronger, more resilient, and wealthier.
盡管多次瀕臨破產，摩根士丹利變得更加強大、更具韌性和更加富有。
43:35
Yet, Morgan Stanley is but a small fraction of the enduring Morgan Empire.
然而，摩根士丹利只是摩根帝國的一小部分。
43:41
And it pales in comparison to the colossal entity that is JP Morgan Chase, the biggest bank in America.
與美國最大的銀行——摩根大通相比，它顯得相形見絀。
The Twisted History of Morgan Stanley | A Wall Street Documentary
