It was once one of Wall Street's most admired firms, a symbol of resilience, ambition and success.
它曾是華爾街最受景仰的公司之一，堅韌、雄心與成功的象徵。
00:09
But beneath the towering reputation of Bear Stearns lay a ticking time bomb, one that would ignite the collapse of the global financial system.
但在貝爾斯登高聳的聲譽之下，潛藏著一顆定時炸彈，終將引爆全球金融體系的崩潰。
00:19
Bear Stearns, one of the most admired firms in America, now one of the most endangered.
貝爾斯登，美國最受景仰的公司之一，如今卻成為最危險的公司之一。
00:24
From its meteoric rise to its catastrophic fall, Bear Stearns, almost single-handedly, set the stage for the financial chaos that would engulf the world, becoming the first domino in a crisis that redefined Wall Street forever.
American investment bank in trouble, running out of money, perhaps on the verge of going out of business.
美國投資銀行陷入困境，資金即將耗盡，或許瀕臨倒閉。
00:47
What happened to Bear Stearns and the investment banking sector over those days, determined the livelihood and the lack of livelihood for millions of people in the months and years that came after that.
那些日子裡貝爾斯登和投資銀行業發生的事情，決定了其後數月乃至數年內數百萬人的生計與失業。
00:59
Bear Stearns is definitely the most exposed for the mortgage situation.
貝爾斯登絕對是房貸危機中最嚴重暴露的公司。
01:02
The subprime mortgage crisis first hit Bear Stearns last summer.
次貸危機最先在去年夏季襲擊了貝爾斯登。
01:12
So in just six months, three of the five biggest independent firms on Wall Street have now disappeared.
因此，僅僅六個月內，華爾街五大獨立公司中已有三家消失。
01:18
Bear Stearns, which collapsed last spring.
貝爾斯登，去年春天倒閉。
01:34
In 1923, America stood on the precipice of change, basking in the glow of the roaring prosperity.
1923年，美國站在變革的懸崖邊，沐浴在繁榮的輝煌中。
01:43
Cities hummed with the rhythm of the jazz age.
城市在爵士時代的節奏中嗡鳴。
01:47
The economy boomed, fueled by the rise of mass production and consumerism.
經濟蓬勃發展，由大規模生產和消費主義推動。
01:53
Model T's lined the assembly lines and radios brought the nation together like never before.
T型車在裝配線上排隊，收音機將全國人民前所未有地聚集在一起。
02:00
Wall Street mirrored this exuberance, with stocks soaring as everyday Americans joined the investment frenzy.
華爾街反映了這種狂熱，股票飆升，普通美國人也加入了投資熱潮。
02:09
Around that time, a small partnership quietly took root on Wall Street.
在那個時期，一家小型合夥企業悄然在華爾街扎根。
02:15
Joseph Bear, Robert Stearns, and Harold Mayer founded Bear Stearns with $500,000 in capital and a bold vision to thrive in a market of boundless opportunity and volatility.
Bear Stearns began as a small partnership focused on trading and brokerage services.
貝爾斯登最初是一家專注於交易和經紀服務的小型合夥企業。
02:35
Their business model revolved around serving smaller clients who were often overlooked by larger or successful Wall Street firms.
他們的商業模式圍繞服務那些經常被更大或更成功的華爾街公司忽視的小客戶。
02:44
They specialized in buying and selling securities, acting as intermediaries for clients who wanted access to the bustling financial markets of the roaring 20s.
他們專門從事買賣證券，作為客戶進入20年代繁忙金融市場的中介。
02:55
Their nimble size and willingness to take calculated risks set them apart, enabling them to capitalize on market opportunities that bigger firms might have deemed too small or too risky.
In the years following its founding in 1923, Bear Stearns quickly carved out a niche for itself on Wall Street, capitalizing on the booming economy of the roaring 20s.
在1923年成立後的幾年裡，貝爾斯登迅速在華爾街開闢了一個利基市場，利用了20年代繁榮經濟的機遇。
03:22
The reputation for agility and risk-taking earned them early success, bolstering their capital base and attracting attention in a crowded field of larger, more established firms.
Joseph Bear, seen as the driving force, was fiercely ambitious, but often at odds with Stearns, who preferred a more conservative approach.
約瑟夫·貝爾被視為推動力量，野心勃勃，但經常與斯特恩斯發生衝突，後者偏好更保守的方法。
03:59
Mayer, the third partner, tried to mediate, but often found himself caught in the middle of escalating tensions.
梅耶作為第三位合夥人，試圖調解，但經常發現自己陷入不斷升級的緊張局勢中。
04:09
The power struggles culminated in Stearns' abrupt departure in the late 1920s, a dramatic split that threatened to destabilize the fledgling firm.
權力鬥爭在20世紀20年代末達到高潮，斯特恩斯突然離開，這一戲劇性的分裂威脅到這家新生公司的穩定。
04:21
Despite the turmoil of its internal power struggle, the challenges within Bear Stearns would pale in comparison to the upheaval about to sweep Wall Street, as the firm hurtled toward the year 1929.
The stock market, which had roared through the 1920s, collapsed in a spectacular implosion.
在整個20年代一路高歌猛進的股市，在一場壯觀的崩盤中垮台。
04:49
What began as a jittery sell-off on October 24th, Black Thursday, escalated into sheer panic by October 29th, Black Tuesday.
從10月24日「黑色星期四」開始的緊張拋售，到10月29日「黑色星期二」時已升級為徹底的恐慌。
05:00
On October 29, Black Tuesday, the bottom dropped out.
10月29日，黑色星期二，股市徹底崩盤。
05:04
The average price of major stocks falling nearly 40 points, this year the New York Stock Exchange.
主要股票的平均價格下跌近40點，今年紐約證券交易所。
05:10
Stocks plummeted as investors scrambled to liquidate their holdings, erasing billions of dollars in wealth almost overnight.
股票暴跌，投資者爭相清算持股，幾乎在一夜之間抹去了數十億美元的財富。
05:22
While other firms had over-leverage in speculative stocks, Bear Stearns had maintained a relatively conservative balance sheet, avoiding the worst of the mania.
當其他公司在投機性股票上過度槓桿化時，貝爾斯登保持了相對保守的資產負債表，避免了最嚴重的狂熱。
05:32
Joseph Bear determined to protect his clients and the firm's reputation, insisted on preserving liquidity at all costs.
約瑟夫·貝爾決心保護客戶和公司的聲譽，堅持不惜一切代價保持流動性。
05:43
Liquidity refers to cash or assets that can be quickly converted to cash without losing value.
流動性指的是現金或可以快速轉換為現金而不貶值的資產。
05:49
For Bear Stearns, preserving liquidity meant having enough readily accessible funds to meet obligations, pay clients, and sustain operations, even as the financial system around them froze during the 1929 crash.
Against all odds, Bear Stearns weathered the storm, emerging scarred but intact, ready to rebuild in a world forever changed.
逆境中，貝爾斯登頂住了風暴，雖然受到創傷但完整無缺，準備在一個永遠改變的世界中重建。
06:21
The 1930s scarred America, but by the early 1940s recovery took root.
1930年代給美國留下了傷痕，但到1940年代初，復甦開始扎根。
06:27
Roosevelt's New Deal reshaped the economy with reforms, public works, and safeguards like the SEC to stabilize Wall Street.
羅斯福的新政通過改革、公共工程和監管機構（如證券交易委員會）重塑了經濟，穩定了華爾街。
06:37
As World War II mobilized industry, unemployment fell and prosperity returned.
隨著第二次世界大戰動員工業生產，失業率下降，繁榮重返。
06:44
Wall Street, battered by distrust, began rebuilding under stricter regulations.
華爾街在不信任的打擊下，開始在更嚴格的監管下重建。
06:51
Investment banking evolved, catering to wartime financing and post-war growth.
投資銀行業務隨之演變，以滿足戰時融資和戰後增長的需求。
06:58
By the late 1940s optimism had returned.
到1940年代末，樂觀情緒再次回歸。
07:02
The market began a steady climb as Americans reinvested in stocks and businesses thrived in the booming post-war economy.
隨著美國人重新投資股票，企業在戰後繁榮的經濟中蓬勃發展，市場開始穩步上升。
07:11
Wall Street, chastened but resilient, prepared for its next great ascent.
華爾街在經歷教訓後變得更加堅韌，準備迎接下一次偉大的崛起。
07:18
Around this time, Bear Stearns was a small scale for rising player on Wall Street, thriving in a post-war economy ripe with opportunity.
當時，貝爾斯登在華爾街是一個正在崛起的小型企業，在充滿機遇的戰後經濟中蓬勃發展。
07:30
The firm focused on risk arbitrage, profiting from price discrepancies during mergers and reorganizations, a bold yet calculated strategy.
該公司專注於風險套利，通過併購和重組期間的價格差異獲利，這是一種大膽但經過精密計算的策略。
07:42
Risk arbitrage is a strategy where investors try to profit from price differences in a company stock during events like mergers, acquisitions, and reorganizations.
風險套利是一種策略，投資者試圖從公司股票在併購、收購和重組等事件期間的價格差異中獲利。
07:53
For example, if a company announces it's being bought at $50 a share and it's currently trading at $48, investors buy the stock betting that the deal will close and the price will rise to $50 a share.
They analyzed such deals to determine whether they would succeed.
他們分析此類交易，以確定其是否會成功。
08:13
However, it was risky if the deal failed that prices would drop.
然而，如果交易失敗，價格可能會下跌，這具有風險。
08:18
But, Bear Stearns used careful research to maximize profit and minimize losses.
但貝爾斯登通過謹慎的研究，最大限度地獲取利潤並最小化損失。
08:25
It expanded cautiously, focused on high margin opportunities while avoiding excessive debt, a philosophy rooted in the painful lessons of the Great Depression.
它謹慎擴張，專注於高利潤機會，同時避免過度負債，這一理念根植於大蕭條的慘痛教訓。
08:36
But a new leader emerges, determined to change all of it, and take Bear Stearns to unprecedented heights.
但一位新領導者的出現，決心改變一切，並將貝爾斯登推向前所未有的高度。
08:48
Born in New York City, Sy Lewis was known for his sharp instincts and a fearless approach to the markets.
紐約市出生的西·劉易斯以敏銳的直覺和無畏的市場策略而聞名。
08:57
He began his career at Bear Stearns in the 1930s as a bond trader, quickly gaining a reputation for his ability to navigate complex financial instruments and capitalize on market opportunities.
During the post-war era as Wall Street evolved, Lewis became a key figure in Bear Stearns risk arbitrage strategy, identifying lucrative opportunities in mergers and acquisitions.
He would analyze market trends to find bonds that were mispriced or had strong potential for return.
他會分析市場趨勢，尋找定價錯誤或具有強大回報潛力的債券。
09:47
His quick decision-making and deep understanding of market trends helped Bear Stearns earn consistent profits.
他快速的決策能力和對市場趨勢的深刻理解，幫助貝爾斯登獲得穩定的利潤。
09:54
As the president, Sy Lewis realizes that Bear Stearns needs to expand in risk arbitrage, a field he had mastered early in his trading career.
作為總裁，賽·路易斯意識到貝爾斯登需要在風險套利領域擴張，而這正是他在交易生涯早期就已掌握的領域。
10:05
He has a huge appetite for risk.
他對風險有著極大的胃納。
10:08
At the time, the firm was all about expanding.
當時，公司的重心全在擴張。
10:11
Lewis's aggressive approach sometimes created tension among the firm's partners, especially those wary of his appetite for risk.
路易斯的激進做法有時會在公司合夥人之間引發緊張，特別是那些對他的風險偏好持謹慎態度的人。
10:21
Despite his risk-taking and aggression, Lewis' accomplishments were monumental.
盡管他敢於冒險且態度強硬，路易斯的成就卻是非凡的。
10:26
By the late 1960s, Bear Stearns had firmly established itself as a Wall Street force.
到 1960 年代末，貝爾斯登已牢固確立了其在華爾街的地位。
10:35
By 1978, the firm's revenues had grown substantially, and its client base expanded to include some of the most prominent names in finance and government.
到 1978 年，公司的收入大幅增長，其客戶群擴大到包括一些金融和政府領域最著名的人物。
10:47
But he has no idea what is about to happen next.
但他完全沒有料到接下來會發生什麼。
10:55
Seeing his company become a successful firm on Wall Street, Sy Lewis decides the time has come for him to retire.
看到自己的公司成為華爾街的成功企業，賽·路易斯認為是時候退休了。
11:04
But he needs to also showcase his legacy in a grand exit.
但他還需要以一場盛大的退場來展示他的遺產。
11:09
A grand farewell dinner had been arranged to celebrate his remarkable career and his enduring contribution to Bear Stearns.
一場盛大的告別晚宴被安排來慶祝他非凡的職業生涯和他對貝爾斯登的持久貢獻。
11:19
On the evening of the dinner, Lewis was in high spirits, mingling with partners, clients, and colleagues who had gathered to honor him.
在晚宴當晚，路易斯情緒高漲，與前來向他致敬的合夥人、客戶和同事們交談。
11:29
As speeches praised his brilliance and boldness, his colleagues reflected on how Lewis had transformed Bear Stearns with his sharp instincts, fearless approach to trade it, and a relentless pursuit of growth.
After earning a business degree, he arrived in New York City in 1949 with just $3,000 in his pocket and a relentless drive to make a mark on Wall Street.
He started as a clerk in the oil and gas department.
他最初在石油和天然氣部門擔任職員。
13:06
His days spent sticking pins in a map to track exploration activity.
他的日常工作是將針插在地圖上，追蹤探勘活動。
13:12
But Greenberg was no ordinary employee.
但格林伯格並非普通員工。
13:15
He quickly immersed himself in the firm's trading operations, learning the nuances of the market.
他迅速投入公司的交易業務，學習市場的微妙之處。
13:21
His big break came when he lobbied for a spot on the arbitrage desk, an arena where quick thinking and nerve were critical.
他的重大機遇來自於爭取到套利部門的職位，這是一個需要快速思考和果斷行動的領域。
13:31
And Greenberg excelled, proving his metal in a high-stakes environment by identifying and executing complex trades.
格林伯格表現優異，在高風險環境中證明了自己的實力，透過識別和執行複雜交易。
13:42
One of his defining moments came in the 1950s with American viscose, a merger deal that tested his instincts.
他在1950年代的一個關鍵時刻是美國黏膠公司的合併交易，這考驗了他的直覺。
13:51
Greenberg had sold off a significant chunk of underperforming stocks from the firm's inventory and reinvested it in the merger.
格林伯格賣掉了公司庫存中大量表現不佳的股票，並將資金重新投入這項合併交易。
14:00
The decision wasn't just bold, it was transformative.
這個決定不僅大膽，更是具有變革性。
14:05
The gamble paid off, bringing in substantial profits and cementing his reputation as a trader who understood risk better than most.
這場賭注獲得了回報，帶來了豐厚的利潤，並鞏固了他作為一位比大多數人更懂風險的交易員的聲譽。
14:16
This pivotal moment solidified his role as a leader within the firm, earning the trust of his peers and superiors alike.
這個關鍵時刻鞏固了他在公司內的領導地位，贏得了同事和上司的信任。
14:28
In the late 1970s and early 1980s, the Wall Street landscape was undergoing significant change.
在1970年代末和1980年代初，華爾街的格局正經歷重大變革。
14:37
The deregulation of fixed trading commissions in 1975 has squeezed profit margins for traditional brokerage operations, forcing many firms to diversify their income streams.
1975年固定交易佣金的解除管制壓縮了傳統經紀業務的利潤空間，迫使許多公司多元化其收入來源。
14:48
Many firms struggled to adapt, but Greenberg saw this as a moment of opportunity.
許多公司在適應過程中掙扎，但格林伯格卻將此視為機遇。
14:57
Clearing the back office process of settling trades and ensuring that buyers and sellers received their respective securities and payments was an unglamorous but essential aspect of the financial industry.
清算後台交易結算流程，確保買賣雙方收到各自的證券和款項，雖然不夠光鮮，卻是金融業的重要環節。
15:14
Clearing is like the behind-the-scenes operation that make all stock trading possible.
結算就像是幕後運作，使所有股票交易得以進行。
15:19
For example, two people make a deal, the seller wants to sell a stock and the buyer wants to buy one.
例如，兩個人達成交易，賣方想賣出股票，買方想買入股票。
15:25
Clearing makes sure that the seller actually delivers the stock and the buyer pays for it.
結算確保賣方實際交付股票，而買方支付款項。
15:31
All of this ensures that a trade is completed correctly and both parties get what they're owed.
所有這一切都確保交易正確完成，雙方都能獲得應得的東西。
15:37
Bear Stearns focused on offering this service to smaller brokerages.
貝爾斯登專注於為較小的經紀公司提供這項服務。
15:41
Smaller brokerages couldn't handle all the complicated paperwork and coordination all on their own, so Bear Stearns stepped in, offered to do it for them and charged a fee for doing so.
較小的經紀公司無法獨立處理所有複雜的文書工作和協調事務，因此貝爾斯登介入，提供代勞服務並收取費用。
15:54
This focus aligned with Greenberg's philosophy of protecting liquidity and minimizing risk.
這一專注方向與格林伯格的理念一致，即保護流動性並最小化風險。
16:01
Unlike high-stakes trading, Clearing generated consistent predictable income and positioned Bear Stearns as a behind-the-scenes powerhouse.
不像高風險交易，結算業務能帶來穩定可預測的收入，並使貝爾斯登成為幕後的強大力量。
16:11
Under his leadership, the firm invested in state-of-the-art clearing technology and built a reputation for reliability.
在他的領導下，公司投資於最先進的結算技術，並建立了可靠的聲譽。
16:20
By the mid-1980s, Bear Stearns was processing about 10% of all trades on the New York Stock Exchange.
到1980年代中期，貝爾斯登正在處理紐約證券交易所約10%的交易。
16:29
A testament to the business's rapid growth.
這是業務快速增長的見證。
16:34
But to grow, Greenberg realizes the firm will need more capital.
但要成長，格林伯格意識到公司需要更多資本。
16:39
And to do that, in the 1980s, the firm needs to go public.
為此，在1980年代，公司需要上市。
16:47
By the 1980s, to remain competitive against larger capital-rich rivals, Bear Stearns needs more funding to fuel its growth.
到1980年代，為了與資本更雄厚的大型競爭對手保持競爭力，貝爾斯登需要更多資金來推動其成長。
16:57
For years, Bear Stearns had operated as a private partnership where the firm's partners invested their own money into the business.
多年來，貝爾斯登一直作為私人合夥企業運營，公司合夥人將自己的資金投入業務。
17:06
But by the 1980s, the limits of this structure were clear.
但到1980年代，這種結構的局限性已經明顯。
17:11
Wall Street was transforming into a more globalized capital-intensive industry, and firms that went public had access to vast new pools of money.
華爾街正在轉型為一個更全球化、資本密集的行業，而上市公司能夠獲得大量新資金。
17:22
In 1985, Bear Stearns launched its initial public offering, offering 10 million shares at $21.50 each.
1985年，貝爾斯登進行了首次公開募股，發行1000萬股，每股21.50美元。
17:34
The offering was a resounding success, with shares tripling in value on the first day.
這次發行取得了巨大成功，股價在首日翻了兩番。
17:41
And as Bear Stearns best in the success of its public offering and expanded its reach, a storm was quietly brewing on the horizon.
當貝爾斯登沉浸在公開發行的成功並擴大其影響力時，一場風暴正在悄然醞釀。
17:50
One that would sweep through Wall Street, and forever be remembered as Black Monday.
一場席捲華爾街的風暴，並永遠被記住為「黑色星期一」。
17:57
Good evening.
晚安。
17:58
Today is Black Monday, the day that Dow dropped more than 500 points, the day that Dow dropped more than 22 percent, almost double the rate of the Black Monday that signaled the beginning of the crash of 1929.
But this crash of 1987 is not just an American experience around the world, stock markets fell faster than a skydiver without a parachute.
但1987年的這場股災並非只有美國經歷，全球股市如同沒有降落傘的跳傘者般急速下跌。
18:19
The panic starting in Tokyo this morning while the West slept, one cause of the sell-off was real.
今晨恐慌始於東京，而西方世界仍在沉睡，其中一個導致拋售的原因是實實在在的。
18:25
On October 19, 1987, the unthinkable happened.
1987年10月19日，不可思議的事情發生了。
18:31
The stock market plunged into chaos.
股市陷入混亂。
18:34
Dubbed Black Monday, it was the single largest one-day drop in Dow Jones history, with the index free falling by 22.6 percent.
被稱為黑色星期一，這是道瓊指數史上單日最大跌幅，指數暴跌22.6%。
18:45
Investors were gripped by panic, as computer-driven trading algorithms accelerated the sell-off, creating a domino effect of fear.
投資者陷入恐慌，電腦驅動的交易演算法加速了拋售，製造了恐懼的骨牌效應。
18:56
Fortunes vanished in hours, leaving Wall Street reeling.
數小時內財富蒸發，華爾街震盪不已。
19:00
The crash exposed deep flaws in the market's structure and raised questions about its unchecked volatility.
這場股災暴露了市場結構的深層缺陷，並引發了對其無節制波動性的質疑。
19:06
In the weeks leading up to the crash, Greenberg had been very wary of the market's frothiness.
在股災前的幾週，格林伯格對市場的泡沫化非常警惕。
19:14
His emphasis on protecting liquidity, a cornerstone of Bear Stern's ethos, meant the firm was less leveraged than many of its competitors.
他強調保護流動性，這是貝爾斯登的核心理念，意味著該公司的槓桿率比許多競爭對手都低。
19:23
Greenberg's rule was clear, never overextend.
格林伯格的規則很明確：絕不過度擴張。
19:28
This caution shielded the firm from the worst of the carnage when the market unraveled.
這種謹慎保護了公司免受市場崩盤時最嚴重的損失。
19:33
As panic engulfed Wall Street, Bear Stern's traders relied on the disciplines that Greenberg had drilled into them.
當恐慌席捲華爾街時，貝爾斯登的交易員依賴格林伯格灌輸給他們的紀律。
19:41
Weekly risk meetings had instilled a culture of cutting losses quickly and avoiding speculative gambles, ensuring that Bear Stern's was not saddled with unsustainable positions in the aftermath, while many firms struggled to regain their footing.
Bear Stern's emerged as a pillar of resilience, but such prudent principles will soon be forgotten as a new leader emerges and ace Greenberg's retirement looms.
The man who will alter the fate of Bear Stern's forever hails from a humble origin.
將永遠改變貝爾斯登命運的人來自卑微的出身。
20:23
Jimmy Kane grew up in Chicago in a middle-class family, restless and ambitious.
吉米·凱恩在芝加哥的一個中產階級家庭長大，性格急躁且雄心勃勃。
20:31
He attended Purdue University, but left before graduating.
他就讀於普渡大學，但尚未畢業便離開了。
20:36
From selling adding machines to driving caps, Kane hustled to make a living.
從銷售加法機到駕駛帽子，凱恩努力謀生。
20:42
But his true calling came when he discovered bridge.
但他的真正使命來自於他發現橋牌時。
20:46
This is very common amongst finance people.
這在金融界人士中非常普遍。
20:50
Almost 80% of them love card gains, which makes sense because finance really is a probabilistic gain.
幾乎80%的金融人士都喜愛紙牌遊戲，這很合理，因為金融實際上是一種概率遊戲。
20:58
His big break came in 1969 through a chance introduction to Alan A. Greenberg of Bear Stern's.
1969年，他透過一次偶然的介紹認識了貝爾斯登的艾倫·A·格林伯格，從而迎來了他的重大轉機。
21:06
Greenberg, impressed by Kane's confidence and charm, took a gamble on the brash newcomer, offering him a position as a retail broker.
格林伯格對凱恩的自信和魅力印象深刻，決定冒險聘用這位膽大的新人，為他提供了一個零售經紀人的職位。
21:16
Kane's natural salesmanship quickly set him apart.
凱恩的天生銷售能力很快使他脫穎而出。
21:19
He built strong client relationships, often using his bridge skills to move prospective clients and close deals.
他建立了牢固的客戶關係，經常利用他的橋牌技巧來吸引潛在客戶並完成交易。
21:28
Though he lacked formal finance training, Kane's street smarts and relentless drive cayed him through.
雖然他缺乏正式的金融培訓，但凱恩的街頭智慧和不懈的驅動力幫助他度過了難關。
21:36
By the late 1980s, he had maneuvered his way into the firm's upper echelons, eventually becoming president.
到1980年代末，他已經在公司的高層中脫穎而出，最終成為了總裁。
21:45
In 1993, Kane reached the pinnacle, succeeding Greenberg as CEO.
1993年，凱恩達到了頂峰，接替格林伯格成為了執行長。
21:55
Kane wants to build his own legacy.
凱恩希望建立自己的遺產。
21:58
While the clearing business remains profitable, he wants to look for a new edge that he can call his own.
雖然清算業務仍然盈利，但他希望尋找一個屬於自己的新優勢。
22:06
By the late 1990s, a new type of business is booming, the mortgage-backed securities.
到1990年代末，一種新型業務正在蓬勃發展，即抵押貸款支持證券。
22:20
It is a year 1990, and America is shaking off the remnants of a savings and loan crisis that rattled its financial foundations.
現在是1990年，美國正在擺脫儲蓄和貸款危機的殘餘影響，這場危機動搖了其金融基礎。
22:31
The housing market, long seen as a stable cornerstone of the American dream, is ripe for reinvention.
長期以來被視為美國夢穩定基石的房地產市場，正準備進行改革。
22:42
The concept of mortgage-backed securities is deceptively simple.
抵押貸款支持證券的概念看似簡單。
22:47
Take thousands of individual mortgages, which are home loans for everyday Americans, bundle them together and sell slices of that bundle to individual investors.
Each slice or security offers a return based on the steady stream of monthly mortgage payments.
每一部分或證券都提供基於穩定的每月抵押貸款支付的回報。
23:05
Now, to the architects of this system, it is a perfect alchemy.
對於這個系統的設計者來說，這是一種完美的點金術。
23:10
Banks offload their risk, individuals get affordable housing loans, and investors get a steady income stream.
銀行轉嫁了風險，個人獲得了負擔得起的住房貸款，投資者則獲得了穩定的收入流。
23:18
Seems like everybody wins.
看起來每個人都是贏家。
23:23
By the mid-1990s, the MBS market is booming.
到1990年代中期，MBS市場正在蓬勃發展。
23:28
Advances in computing allow firms to analyze vast pools of mortgages with unprecedented precision.
計算技術的進步使公司能夠以前所未有的精確度分析大量的抵押貸款。
23:37
Kane saw an opportunity to establish Bear Stearns as a leader in his lucrative, rapidly evolving field.
凱恩看到了一個機會，可以將貝爾斯登建立為這個利潤豐厚、快速發展領域的領導者。
23:44
He encouraged the firm's fixed-income division, led by Warren Spector, to aggressively underwrite and trade mortgage-backed products.
他鼓勵公司的固定收益部門，在華倫·斯佩克特的領導下，積極承銷和交易抵押貸款支持產品。
23:54
This initiative helped the firm capture significant market share and generate record profits during a housing market that seemed unstoppable.
這項舉措幫助公司在看似不可阻擋的房地產市場中奪取了顯著的市場份額，並創造了創紀錄的利潤。
24:06
Under Kane's leadership, Bear Stearns experienced an era of soaring profits.
在凱恩的領導下，貝爾斯登進入了利潤飆升的時代。
24:11
The firm consistently posted record earnings year after year, driven by its aggressive approach to trading, investment banking, and proprietary trading.
公司連年創下盈利紀錄，這得益於其在交易、投資銀行和自營交易方面的積極進取。
24:23
In 2001, Bear Stearns opened its gleaming new headquarters at 383 Madison Avenue in New York City.
2001年，貝爾斯登在紐約市麥迪遜大道383號開設了其閃亮的新總部。
24:33
The state-of-the-art building symbolized the firm's success and ambition.
這座現代化的建築象徵著公司的成功和雄心壯志。
24:37
But for Jimmy Kane, the new headquarters was more than just an office.
但對於吉米·凱恩來說，新總部不僅僅是一個辦公室。
24:42
It was a monument to Bear Stearns' rise from a modest partnership to a Wall Street powerhouse.
這是一座紀念碑，紀念貝爾斯登從一個謙遜的合夥企業發展成為華爾街的巨頭。
24:50
By the early 2000s, its stock price had climbed to all-time highs, reaching over $170 per share in 2007.
到2000年代初，其股價已升至歷史新高，2007年達到每股超過170美元。
25:00
The firm was routinely ranked among the most admired companies in finance, a testament to its ability to outmaneuver competitors and deliver strong returns for its shareholders.
該公司經常被評為金融界最受敬仰的公司之一，這證明了其超越競爭對手並為股東帶來強勁回報的能力。
25:12
But beneath the dazzling success and record-breaking profits, cracks were quietly forming in the foundation of Bear Stearns.
但在耀眼的成功和創紀錄的利潤背後，貝爾斯登的基礎中正悄悄形成裂痕。
25:22
Bear Stearns' triumphs were about to face their ultimate reckoning.
貝爾斯登的勝利即將面臨最終的清算。
25:30
In the early summer of 2007, the first tremors or what would become a catastrophic collapse began to ripple through Bear Stearns.
2007年初夏，第一波震盪開始在貝爾斯登內部蔓延，這將成為一場災難性崩潰的前兆。
25:41
There are two of Bear Stearns' hedge funds, which had been designed to profit from the housing boom.
貝爾斯登有兩個對沖基金，這些基金旨在從房地產繁榮中獲利。
25:47
These funds were heavily invested in complex mortgage-backed securities, including subprime loans, which are high-risk mortgages often given to borrowers with shaky credit.
For years, the strategy paid off handsomely, generating substantial returns and cementing Bear Stearns' reputation as a master of the mortgage market.
多年來，這一策略取得了豐厚的回報，產生了可觀的收益，並鞏固了貝爾斯登作為抵押貸款市場大師的聲譽。
26:12
But by early 2007, the housing market began to falter.
但到了2007年初，房地產市場開始動搖。
26:16
One of the biggest clouds hanging over the economy right now is that a rising number of homeowners quite simply can't pay their mortgages.
目前懸在經濟上空的最大陰霾之一，就是越來越多的房屋所有者根本無法償還抵押貸款。
26:24
For closures have hit a record high, many more borrowers or a month or more behind on their payments, and we saw the effects on Wall Street early.
房屋查封數量創下歷史新高，更多借款人拖欠一個月或更長時間的還款，我們很早就看到了這對華爾街的影響。
26:31
Subprime borrowers, lured by risky, adjustable rate loans, started defaulting in record numbers as their payments soared.
次級借款人被高風險的可調整利率貸款所吸引，當他們的還款額飆升時，開始以創紀錄的數量違約。
26:41
In June 2007, the trouble surfaced.
2007年6月，麻煩浮出水面。
26:44
One of the hedge funds, the Bear Stearns' high-grade structure credit fund, had faced significant losses, and margin calls began piling up.
其中一個對沖基金，貝爾斯登的高級結構信貸基金，面臨巨大損失，保證金追繳開始累積。
26:57
Margin call occurs when your investments drop in value and your broker needs you to add more cash or assets to cover your shortfall.
保證金追繳發生在你的投資價值下跌，你的經紀人需要你增加更多現金或資產來彌補你的短缺時。
27:05
It's like getting a bill for more money because what you have is not enough anymore.
這就像收到一張要求更多錢的帳單，因為你現在擁有的已經不夠了。
27:11
The second fund, the enhanced leverage fund, was even more exposed, amplifying its risk with borrowed money.
第二個基金，增強槓桿基金，風險暴露更大，通過借款放大了其風險。
27:20
By mid-June, both funds were hemorrhaging cash, as creditors and investors scrambled to withdraw.
到6月中旬，兩個基金都在大量流失現金，因為債權人和投資者爭相撤資。
27:28
The situation spiraled quickly.
局勢迅速惡化。
27:31
Credit markets tightened and buyers for the funds' assets disappeared.
信貸市場收緊，基金資產的買家消失了。
27:37
Bear Stearns, desperate to avoid a public collapse, injected $3.2 billion into the high-grade fund, a dramatic rescue effort meant to stabilize the situation and reassure investors.
Jimmy Kane hopes that the hedge fund situation is just a glitch, and the $3.2 billion infusion is enough to stabilize the situation, and he can get back to playing golf and bridge.
But the attempt backfires, instead of restoring confidence, it amplifies doubts.
但這次嘗試適得其反，不但沒有恢復信心，反而放大了疑慮。
28:18
On Wall Street, perception can be as dangerous as reality, and rumors spread like wildfire.
在華爾街，感知可能和現實一樣危險，謠言像野火一樣蔓延。
28:24
The very act of injecting such a massive amount of money into the fund implied that the fund was doing far worse than what Bear Stearns was publicly admitting.
向基金注入如此巨額資金的行為本身，暗示著基金的狀況比貝爾斯登公開承認的要糟糕得多。
28:34
Investors saw this as a red flag, proof that the fund was in dire straits.
投資者將此視為紅旗，證明基金正處於絕境。
28:40
Investors panicked, pulling their money from the funds.
投資者驚慌失措，紛紛從基金中撤資。
28:43
Creditors refused further support.
借貸方拒絕進一步提供支持。
28:46
The enhanced leverage fund, even more exposed due to heavy borrowing, collapsed entirely, dragging the high-grade fund down with it.
由於大量借貸，杠桿率更高的基金更加暴露，完全崩潰，並拖垮了高級基金。
28:56
By July 2007, both funds were effectively worthless.
到2007年7月，兩支基金實際上已經一文不值。
29:02
The losses totalling billions sparked lawsuits, and shattered Bear Stearns' one-stirling reputation.
損失高達數十億美元，引發了訴訟，並粉碎了貝爾斯登一流的聲譽。
29:09
Worse, the firm's credibility on Wall Street was in freefall.
更糟的是，該公司在華爾街的信譽正在自由落體。
29:15
The collapse of Bear Stearns' two hedge funds in mid-2007 was just the beginning.
貝爾斯登兩支對沖基金在2007年中期的崩潰僅僅是個開始。
29:23
What followed was a slow, agonizing descent into a crisis as the firm grappled with the fallout.
接著而來的是一場緩慢而痛苦的下降，因為該公司努力應對後果。
29:32
Liquidity, the lifeblood of any financial institution, became Bear Stearns' Achilles heel, and the hedge fund disaster amplified fears about the firm's balance sheet.
Bear Stearns had significant exposure to mortgage-backed securities, many of which were tied to the deteriorating subprime market.
貝爾斯登大量持有抵押貸款支持證券，其中許多與惡化的次級市場掛鉤。
29:51
As defaults mounted and the value of these securities plummeted, investors, counterparties, banks, hedge funds, and other financial institutions became skittish.
隨著違約事件增加和這些證券的價值暴跌，投資者、交易對手、銀行、對沖基金和其他金融機構變得膽怯。
30:02
Whispers turned into outright panic.
耳語變成了徹底的恐慌。
30:06
And suddenly, Bear Stearns' trading partners began pulling their funds and cutting credit lines.
突然間，貝爾斯登的交易夥伴開始撤回資金並切斷信貸額度。
30:13
Each day, Bear Stearns needed to roll over billions in loans.
每天，貝爾斯登需要展期數十億美元的貸款。
30:17
And as trust eroded, lenders demanded more collateral or outright refuse to renew.
隨著信任的侵蝕，貸方要求更多的抵押品，或者直接拒絕續貸。
30:26
By March 2008, the liquidity crisis had reached a breaking point.
到2008年3月，流動性危機已經達到了臨界點。
30:33
Clients and counterparties withdrew in mass, and the firm faced the grim reality of running out of cash within days.
客戶和交易對手大量撤出，該公司面臨著在幾天內資金枯竭的嚴峻現實。
30:42
Out of options, Alan Schwartz, Bear Stearns' newly appointed CEO, reached out to the Federal Reserve for help.
在無計可施的情況下，貝爾斯登新任命的首席執行官艾倫·施瓦茨向聯邦儲備委員會尋求幫助。
30:54
The Federal Reserve, commonly referred to as the Fed, is the central bank of the United States, responsible for managing monetary policy, including interest rates and the supply of money, to promote economic stability and growth.
Within this system, the Federal Reserve Bank of New York plays a crucial role in financial market operations, as it is located in the heart of U.S. Finance, which is New York City.
For decades, the Federal Reserve Bank of New York had served as Wall Street's backstop, stepping in during times of crisis to prevent broader market collapse.
數十年來，紐約聯邦儲備銀行一直作為華爾街的後盾，在危機時刻介入以防止市場全面崩潰。
31:34
Schwartz hoped the Fed could provide emergency liquidity, but their response was clear.
舒瓦茨希望聯準會能提供緊急流動性，但他們的回應非常明確。
31:43
Bear Stearns needed a buyer.
貝爾斯登需要一個買家。
31:48
Jamie Diamond is the most powerful banker on Wall Street.
傑米·戴蒙是華爾街最具權勢的銀行家。
31:52
Known for his sharp financial acumen and hands-on management style, Diamond had transformed JPMorgan into a powerhouse, weathering crises and navigating risk with the focus on long-term stability.
Under his leadership, JPMorgan had emerged from the 2007 credit crunch in a relatively strong position, thanks to its conservative approach to leverage and risk-taking.
在他的領導下，摩根大通在2007年的信貸緊縮中相對強勢，得益於其在槓桿和風險承擔上的保守策略。
32:21
Diamond's reputation as a pragmatic dealmaker and financial strategist made him the perfect figure to step into the chaos surrounding Bear Stearns.
戴蒙作為務實的交易專家和金融策略家的聲譽，使他成為介入貝爾斯登混亂局面的最佳人選。
32:34
The buyout of Bear Stearns in March 2008 was a dramatic and unprecedented intervention, aimed at preventing the firm's collapse from triggering a wider global financial meltdown.
The deal was orchestrated in a single frantic weekend with tense negotiations between Bear Stearns, JP Morgan and the Federal Reserve Bank of New York.
這筆交易在緊張的週末內完成，貝爾斯登、摩根大通和紐約聯邦儲備銀行之間進行了緊張的談判。
33:00
On Thursday, March 13, 2008, Bear Stearns informed the Federal Reserve that it would run out of cash the next day.
2008年3月13日星期四，貝爾斯登告知聯準會，公司將在次日耗盡現金。
33:10
Without immediate assistance, the firm faced bankruptcy, which could destabilize the already fragile financial system.
如果沒有立即援助，公司將面臨破產，可能進一步動搖已經脆弱的金融體系。
33:19
To contain the crisis, the Fed extended an emergency $25 billion loan to Bear Stearns through JP Morgan Chase to provide short-term liquidity.
為控制危機，聯準會通過摩根大通向貝爾斯登提供了250億美元的緊急貸款，以提供短期流動性。
33:31
However, it quickly became clear that the loan would not restore confidence or resolve Bear Stearns underlying issues.
然而，很快就明顯看出，這筆貸款無法恢復信心或解決貝爾斯登的根本問題。
33:40
A sale was the only viable solution.
出售是唯一可行的解決方案。
33:45
Diamond recognized the strategic opportunity Bear Stearns presented, including its valuable clearing business, prime brokerage operations and real estate assets.
戴蒙認識到貝爾斯登帶來的戰略機遇，包括其有價值的清算業務、主要經紀業務和房地產資產。
33:56
However, he was wary of the risk associated with Bear Stearns' toxic mortgage-backed securities and the potential legal liabilities tied to the firm's collapse.
然而，他對貝爾斯登的有毒抵押貸款支持證券以及與公司倒閉相關的潛在法律責任感到擔憂。
34:07
The deal to acquire Bear Stearns was a fire sale.
收購貝爾斯登的交易是一場跳樓大拍賣。
34:10
On March 16, 2008, JP Morgan agreed to purchase the firm for $2 per share, a shocking drop from the $170 stock price a year earlier, valuing the deal at $236 million.
To mitigate the risk, the Federal Reserve backed $30 billion of Bear Stearns' most toxic assets through Made in Lane LLC, ensuring that JP Morgan did not absorb the firm's most toxic holdings.
為降低風險，聯準會通過Maiden Lane LLC支持了貝爾斯登300億美元的最有毒資產，確保摩根大通不會吸收該公司最有毒的持有資產。
34:41
Outraged from investors who saw their investments wiped out, prompted JP Morgan to raise the price to $10 per share, a totaling $1.2 billion, a modest reprieve but a far cry from the firm's former glory.
In the midst of all this, the U.S. government provided $30 billion in loan guarantees to prevent this investment banking firm from collapsing.
在這一切之中，美國政府提供了300億美元的貸款擔保，以防止這家投資銀行倒閉。
35:08
Bear Stearns was on the verge of bankruptcy when the Fed's multi-billion dollar package facilitated its sale to JP Morgan Chase.
當美聯儲的數百億美元援助方案促成其出售給摩根大通時，貝爾斯登已瀕臨破產。
35:17
The deal closed in late 2008, JP Morgan absorbing Bear Stearns' operations and employees.
這筆交易於2008年底完成，摩根大通接管了貝爾斯登的業務和員工。
35:25
For JP Morgan, the acquisition provided significant strategic advantages, including a strong position in prime brokerage and clearing.
對摩根大通來說，這次收購帶來了顯著的戰略優勢，包括在主要經紀和清算業務中的強勢地位。
35:34
For Bear Stearns, it marked the humiliating end of an 85-year legacy, with its once proud name disappearing from Wall Street.
對貝爾斯登來說，這標誌著其85年歷史的屈辱結束，其曾經驕傲的名字從華爾街消失。
35:49
For Bear Stearns' employees, the deal was devastating.
對貝爾斯登的員工來說，這筆交易是毀滅性的。
35:53
At its peak, the firm had nearly 15,000 employees, many of whom had invested their careers and personal savings into the company's stock.
在巔峰時期，該公司擁有近15,000名員工，許多人將自己的職業生涯和個人積蓄投資於公司股票。
36:05
The stock's collapse coupled with the fire sale to JP Morgan wiped out the life savings of countless employees.
股票的崩盤加上以低價出售給摩根大通，使無數員工的畢生積蓄化為烏有。
36:13
Although JP Morgan absorbed some of the staff, thousands were laid off as the firm consolidated operations and eliminated redundancies.
雖然摩根大通吸收了一些員工，但數以千計的員工在公司整合業務和消除冗餘時被解僱。
36:24
Entire departments, particularly in areas related to mortgage-backed securities, were shuttered.
整個部門，特別是與抵押貸款支持證券相關的部門，都被關閉。
36:33
After Bear Stearns collapsed, fear gripped Wall Street.
貝爾斯登倒閉後，恐慌籠罩華爾街。
36:38
Lehman Brothers faltered, unable to secure a buyer and filed for bankruptcy, triggering a global panic.
雷曼兄弟公司動搖不定，無法找到買家，最終申請破產，引發全球恐慌。
36:47
Markets plummeted and credit froze as banks forwarded cash.
市場暴跌，信貸凍結，銀行爭相籌集現金。
36:52
Merrill Lynch, teetering on collapse, was sold to Bank of America while AIG faced insolvency as its credit default swaps unraveled.
美林證券在倒閉邊緣，被美國銀行收購，而AIG則因其信用違約互換業務崩潰而面臨破產。
37:04
With the financial system on the brink, the Federal Reserve and the U.S. Treasury intervened, orchestrating emergency bailouts and capital injections, and the $700 billion TART program attempting to stave off a complete economic meltdown.
The collapse of Bear Stearns left a trail of legal and personal fallout.
貝爾斯登的倒閉留下了一系列法律和個人後果。
37:28
Hedge fund managers Ralph Sioffee and Matthew Tannen faced criminal charges for allegedly misleading investors, but were acquitted in 2009.
對沖基金經理拉爾夫·西奧菲和馬修·坦南因被控誤導投資者而面臨刑事指控，但於2009年被判無罪。
37:39
Lawsuits from shareholders followed.
股東隨後提起訴訟。
37:41
With JP Morgan, Bear Stearns' new owner paying billions in settlements over toxic mortgage-backed securities.
摩根大通作為貝爾斯登的新東家，支付了數十億美元的和解金，以解決有毒抵押貸款支持證券的問題。
37:49
Former CEO Jimmy Kane retreated into quite retirement.
前首席執行官吉米·凱恩退休，過著平靜的生活。
37:53
His wealth and reputation shattered.
他的財富和聲譽盡毀。
37:57
Alan Schwartz, the final CEO, joined Guggenheim Partners to rebuild his career.
最後一任執行長艾倫·施瓦茨加入古根漢合夥公司，重建他的職業生涯。
38:03
The collapse of Bear Stearns became a defining moment in the financial crisis, a harbinger of systemic risk hidden within the financial system.
貝爾斯登的倒閉成為金融危機的關鍵時刻，預示著金融體系內隱藏的系統性風險。
38:14
The firm's aggressive approach, heavy reliance on mortgage-backed securities and high leverage ratio, has become a cautionary tale in risk management.
該公司的激進策略、對抵押貸款支持證券的高度依賴以及高槓桿比率，成為風險管理中的警世故事。
38:24
Bear Stearns is frequently cited in business groups, regulatory commissions and documentaries as a case study of the dangers of overconfidence and unchecked risk-taking.
貝爾斯登經常在商業團體、監管委員會和紀錄片中被引用為過度自信和不受控制的冒險行為的危險案例研究。
The Bank that Almost Broke The World | Finance Documentary
