It's the biggest bank in America, and also the most powerful.
它是美國最大的銀行，也是最強大的銀行。
00:09
JP Morgan Chase moves more money in a day than most countries earn in a year.
摩根大通一天的資金流動量超過大多數國家一年的收入。
00:17
One man will rise to the top of the helm as the bank faces its greatest challenge.
在銀行面臨最大挑戰之際，一位男士將崛起成為掌舵者。
00:25
I think Jamie Dimon is the best in the game right now.
我認為傑米·戴蒙是目前業界最優秀的人。
00:29
You're the survivor, last man standing.
你是倖存者，最後的贏家。
00:32
It's a dangerous place to be.
這是一個危險的位置。
00:55
In one year since entering the war, the American military is unstoppable, and it quickly helps turn the tide against Germany and Japan.
參戰一年後，美國軍隊勢不可擋，迅速幫助扭轉了對德日作戰的局勢。
01:07
After early defeat, Americans back in the fight in North Africa, and they got the Nazis on the run.
在早期的失敗後，美國人在北非重返戰場，並讓納粹節節敗退。
01:13
Most heartening of all is the news from Egypt and North Africa.
最令人振奮的是來自埃及和北非的消息。
01:17
Some of the Nazis, beaten off in their first field that moved with American troops, surrender.
一些納粹在與美軍的首次交鋒中被擊退後投降。
01:25
Thanks partly to the war financing facilitated by the House of Morgan, American industries for the first time ever begin to operate with a unified goal.
多虧摩根財團促成的戰爭融資，美國產業首次開始以統一目標運作。
01:37
They were rivals before the war; now they're working together.
他們戰前是競爭對手；現在卻攜手合作。
01:41
There was a writer at the time who said it was almost as if players at the New York Yankees took a few days off to win some games for the Dodgers.
當時有一位作家說，這幾乎就像紐約洋基隊的球員休息幾天去幫道奇隊贏幾場比賽。
01:52
And now, America is secretly building the ultimate weapon.
而現在，美國正在秘密打造終極武器。
01:59
Code named the Manhattan Project and led by theoretical physicist Robert Oppenheimer.
代號為「曼哈頓計劃」，由理論物理學家羅伯特·奧本海默領導。
02:06
America races to realize the creation of the world's first atomic bomb, one that possesses the potential to instantly end the war.
美國爭分奪秒，力求研製出世界上第一顆原子彈，這顆原子彈擁有立即結束戰爭的潛力。
02:22
While Oppenheimer grapples with this seemingly insurmountable task, a dire blow strikes the American finance industry.
當奧本海默努力應對這項看似無法克服的任務時，美國金融業遭受了沉重打擊。
02:31
J.P. Morgan Jr., the king of Wall Street, passes away, falling victim to a stroke.
小約翰·皮爾龐特·摩根，華爾街之王，因中風去世。
02:41
Although Morgan was vilified by President Roosevelt for the 1929 stock market crash, in the end, he was able to help the nation by providing the financing needed for the war effort.
雖然摩根因1929年股市崩盤而遭到羅斯福總統的抨擊，但最終他仍通過提供戰爭所需的融資來幫助國家。
02:56
And now, his banking empire continues on without him.
而現在，他的銀行帝國在沒有他的情況下繼續運作。
03:02
Jack Morgan may be gone.
杰克·摩根可能已經離去。
03:05
The American military-industrial complex he helped build is now operating at a full capacity.
他協助建立的美國軍工複合體現在正以全力運作。
03:13
And soon, thousands of bombers and ships, laden with tanks and troops, will head towards Europe to take part in the biggest military offense in history.
不久，數千架轟炸機和艦船，滿載著坦克和部隊，將前往歐洲參與歷史上最大的軍事攻勢。
03:25
The D-Day Invasion.
諾曼底登陸日。
03:32
Ladies and gentlemen, the President of the United States.
女士們、先生們，美國總統。
03:37
My fellow Americans, I ask you to join with me in prayer.
我的美國同胞們，我請你們與我一同祈禱。
03:44
Almighty God, our sons, pride of our need, this day have set upon a mighty endeavor, a struggle to preserve our public, our religion, and our civilization, and to set free a suffering humanity.
After 406 days, with the help of the DuPont Company, Robert Oppenheimer has acquired a sufficient amount of plutonium to construct an atomic bomb.
經過406天，在杜邦公司的協助下，羅伯特·奧本海默已獲得足夠的鈽來製造原子彈。
04:28
And by July 16, 1945, the Manhattan Project succeeds.
而到1945年7月16日，曼哈頓計劃終於成功。
04:36
As the bombs unleash the power of the sun, wiping out Hiroshima and Nagasaki and killing nearly a quarter of a million people, World War II is finally brought to an end.
當原子彈釋放出太陽的威力，摧毀了廣島和長崎，並奪走近25萬人性命時，第二次世界大戰終於畫下句點。
04:58
After World War II, European countries find themselves in desperate need of reconstruction.
第二次世界大戰後，歐洲各國發現自己急需重建。
05:04
In Paris, the foreign ministers of Great Britain, the Soviet Union, and France met to discuss Secretary Marshall's plan for restoring stability and peace to the nations of Europe.
在巴黎，英國、蘇聯和法國的外交部長會面，討論馬歇爾計劃，以恢復歐洲各國的穩定與和平。
05:15
The introduction of the Marshall Plan opens up a new market full of opportunities for growth in the American banking industry.
馬歇爾計劃的推出為美國銀行業開啟了一個充滿成長機會的新市場。
05:23
What can a country like the United States do to help?
像美國這樣的國家能做些什麼來幫助呢？
05:26
How about setting aside over $13 billion to help rebuild the smoldering continent?
何不撥出超過130億美元來幫助重建這片焦土？
05:32
By investing in the economies of European countries, the U.S. helped create new markets for its exports.
透過投資歐洲各國的經濟，美國幫助創造了新的出口市場。
05:39
Many banks make great profits by extending loans, facilitating investments, and fostering trade relationships.
許多銀行透過發放貸款、促進投資和培養貿易關係而獲取巨大利潤。
05:47
This resulting economic cooperation leads to a booming economy for both European nations and the United States.
這種經濟合作導致歐洲各國和美國的經濟繁榮。
05:58
But not all banks have benefited from this economic resurgence.
但並非所有銀行都從這次經濟復甦中受益。
06:04
The resources of Morgan Bank have been severely depleted by World War II.
摩根銀行的資源已被第二次世界大戰嚴重耗盡。
06:09
Without the leadership of J.P. Morgan, Jr., the bank finds itself struggling to remain competitive.
在小摩根的領導下，銀行發現自己難以保持競爭力。
06:16
Before the Glass-Steagall Act, as an investment bank, J.P. Morgan and Company had towered over its rivals.
在《格拉斯-斯蒂格爾法案》之前，作為投資銀行，摩根公司曾遙遙領先於其競爭對手。
06:24
But as a commercial bank, it couldn't match the more plebeian banks that courted retail deposits.
但作為商業銀行，它無法與那些更平民化的銀行相匹敵，這些銀行爭取零售存款。
06:30
Nationally, it fluctuated in size somewhere between 20th and 30th.
全國範圍內，它的規模在20至30名之間波動。
06:34
This was the first time when Morgan Bank was not being led by a Morgan family member.
這是摩根銀行首次不是由摩根家族成員領導。
06:40
Remember, the business had a powerful brand because of the Morgan name.
記住，這家企業因為摩根的名字而擁有強大的品牌。
06:45
Harry Morgan began to run Morgan Stanley, a more lucrative investment banking operation.
哈里·摩根開始經營摩根士丹利，這是一家更盈利的投資銀行業務。
06:51
Meanwhile, the Morgan Bank, which is a separate commercial bank, is now run by someone named Henry Clay Alexander.
同時，摩根銀行，這是一家獨立的商業銀行，現在由一個名叫亨利·克萊·亞歷山大的人經營。
07:07
As the head of Morgan Bank, Alexander faces a challenging decision.
作為摩根銀行的負責人，亞歷山大面臨一個艱難的決定。
07:13
Over a third of New York's banks vanished.
紐約三分之一的銀行消失了。
07:17
They had to merge if they were to grow to a size commensurate with their multinational clients.
如果他們想要成長到與其跨國客戶相稱的規模，就必須合併。
07:23
Many Morgan people opposed a merger because they liked working in a small, paternalistic bank with terrific perks.
許多摩根的人反對合併，因為他們喜歡在一家小型、家長式的銀行工作，那裡有極好的福利。
07:30
They thought a merger would cheapen the genuine article.
他們認為合併會貶低真品。
07:33
Finally, though, a decision would have to be reached.
但最終，還是必須做出決定。
07:37
The Morgan Bank and the people running it always have this pride about themselves.
摩根銀行及其經營者總是對自己有一種自豪感。
07:43
They were very reluctant to merge with other banks because they thought they were superior.
他們非常不願意與其他銀行合併，因為他們認為自己更優越。
07:50
Now, Alexander must discover a way to merge with another bank and rapidly expand its international operations, or Morgan Bank will fade into irrelevance.
現在，亞歷山大必須找到一種方法，與另一家銀行合併並迅速擴大其國際業務，否則摩根銀行將淪為無關緊要。
08:01
And through a fortunate chance encounter, he stumbles upon a company that could be the ideal candidate for merging with Morgan Bank.
通過一次幸運的偶然相遇，他發現了一家可能是與摩根銀行合併的理想候選公司。
08:13
Guaranteed Trust, one of America's largest and oldest banks, specializes in global financing by facilitating trade and investment between the United States and other countries.
By 1959, the bank is grappling with severe financial troubles, stemming from its loans and investments, especially in international markets, resulting in substantial losses.
The board of directors blames the nasty failure on the bank's CEO, Jay Luther Cleveland, and tries to remove him, but their attempts prove unsuccessful.
But they soon realize there is a better way to both save the firm and oust Cleveland.
但他們很快意識到有一個更好的方法，既能拯救公司，又能趕走克利夫蘭。
08:55
It is by merging with Morgan Bank.
這就是與摩根銀行合併。
08:59
Approval of the proposed merger of JP Morgan and Guarantee Trust Company was announced late yesterday by G. Russell Clark, state banking superintendent.
紐約州銀行監督局局長G. 羅素·克拉克昨日晚間宣布，批准了摩根銀行與擔保信託公司合併的提案。
09:07
The merged bank would be known as the Morgan Guarantee Trust Company.
合併後的銀行將被稱為摩根擔保信託公司。
09:12
By merging with Guarantee, the House of Morgan is suddenly flushed with over $4 billion in deposits.
通過與擔保信託合併，摩根銀行突然擁有了超過40億美元的存款。
09:18
It had an unmatched number of corporate accounts, $10,000, including 97 of the 100 biggest U.S. companies.
它擁有無與倫比的企業賬戶數量，達到10,000個，包括美國100家最大公司中的97家。
09:28
Alexander becomes the CEO of the merged firm, and the firm is instantly the fourth largest commercial bank in the country.
亞歷山大成為合併後公司的執行長，該公司瞬間成為全國第四大商業銀行。
09:38
But for Alexander, regaining Morgan Bank's dominance means it needs to become the biggest commercial bank.
但對亞歷山大來說，重新奪回摩根銀行的主導地位意味著它需要成為最大的商業銀行。
09:44
And to do that, the bank must explore new markets.
為此，銀行必須開拓新市場。
09:50
Morgan Bank became a pioneer in establishing the federal funds market.
摩根銀行成為建立聯邦基金市場的先驅。
09:55
It's a marketplace where banks can lend and borrow money from each other to meet their reserve requirements and manage their daily cash flows.
這是一個市場，銀行可以相互借貸資金以滿足其準備金要求並管理其日常現金流。
10:06
Riding the wave of the 1960s market boom, the banking industry experiences substantial growth.
搭著1960年代市場繁榮的浪潮，銀行業經歷了實質性的成長。
10:14
This growth is driven by the invention of ATMs, credit cards, and mergers, leading to significant evolutions within the entire banking industry.
這種成長是由自動櫃員機、信用卡和合併的發明所推動，導致整個銀行業發生重大變革。
10:25
At the same time, Morgan Guarantee maintains its position as one of the top three biggest commercial banks in the country, alongside Bank of America and Citibank.
同時，摩根擔保維持其作為全國三大商業銀行之一的地位，與美國銀行和花旗銀行並列。
10:37
But none of these banks are prepared for what is about to come.
但這些銀行都沒有為即將到來的挑戰做好準備。
10:42
With the arrival of the 1970s, America is poised to face one of its worst economic challenges ever.
進入1970年代，美國即將面臨有史以來最嚴重的經濟挑戰之一。
10:51
And soon, Morgan Guarantee will be challenged by a political force, unlike any it has ever faced.
很快，摩根擔保將面臨一種前所未有的政治力量的挑戰。
11:08
While strenuous diplomatic efforts are being made to bring Israel, Egypt, and other combatants in the recent Middle Eastern War to the peace table, the Arab oil-producing states are continuing to wield their oil weapon against the United States, Western Europe, and Japan.
The early 70s oil crisis begins in 1973, when the members of the Organization of Arab Petroleum Exporting Countries impose an oil embargo in response to Western support for Israel during the Yom Kippur War.
This triggers substantial hikes in oil prices, resulting in severe shortages, lengthy queues at gas stations, and economic upheaval in many countries, particularly in the U.S.
這引發了油價大幅上漲，導致嚴重短缺、加油站排起長龍，並在許多國家（特別是美國）造成經濟動盪。
11:53
The Saudis begin to reduce their business engagements with Western banks, but with one notable exception: the Morgan Bank.
沙烏地阿拉伯開始減少與西方銀行的業務往來，但有一個顯著的例外：摩根銀行。
12:03
The House of Morgan had been friendly with the Saudis for a long time, as early as the 1930s, and they saw Morgan as an honorable and principled institution to do business with.
摩根家族與沙烏地阿拉伯長期友好，早自1930年代起，沙烏地人便視摩根為值得信賴且原則性的合作機構。
12:18
In 1973, Morgan begins to trade petrodollars, reaping immense profits, while the rest of the finance industry struggles to survive amidst the oil shock.
1973年，摩根開始交易石油美元，獲取巨額利潤，而其他金融機構則在石油危機中苦苦求生。
12:31
Around that time, a group of countries in the Middle East, including major oil producers like Saudi Arabia, decided to sell their oil exclusively in U.S. dollars.
當時，包括沙烏地阿拉伯在內的中東多個產油國決定，將石油專以美元計價出售。
12:43
The term petrodollar refers to the U.S. dollars earned by those oil-producing countries from selling oil.
石油美元指的是這些產油國售油所賺取的美元。
12:52
But Morgan Bank's stroke of good fortune and its favorable relationships are about to come to an end.
但摩根銀行的好運和優勢關係即將走到盡頭。
13:00
A formidable opponent emerges, resolved to safeguard the interests of Israel and American Jewish banks.
一位強大的對手出現，決心捍衛以色列和美國猶太銀行的利益。
13:06
A senator from Idaho is coming after Morgan Bank and its peers.
愛達荷州的一位參議員正在針對摩根銀行及其同業。
13:22
Amidst the oil embargo, major Arab countries sever ties with most Western banks, particularly Jewish financial firms.
在石油禁運期間，主要阿拉伯國家與大多數西方銀行（特別是猶太金融機構）斷絕關係。
13:32
But Morgan Bank manages to sustain its business relations with the Saudis.
但摩根銀行仍設法維持與沙烏地阿拉伯的業務關係。
13:38
Senator Frank Church from Idaho believes that this situation is deeply unjust to Israel and Jewish enterprises.
愛達荷州參議員弗蘭克·丘奇認為這對以色列和猶太企業極為不公。
13:46
In early 1975, Senator Frank Church tried to extract figures on petrodollar deposits.
1975年初，弗蘭克·丘奇參議員試圖獲取石油美元存款的數據。
13:53
In 1976, the American Jewish Congress singled out Morgan Guarantee and Citibank for their pivotal role in the implementation of the Arab boycott.
1976年，美國猶太人大會點名摩根擔保信託和花旗銀行，指責它們在執行阿拉伯抵制中扮演關鍵角色。
14:04
Motivated by these concerns, Senator Church takes up the cause, advocating for anti-embargo legislation that prohibits certain banks from engaging with major Middle Eastern oil exporters.
驅使於這些關切，丘奇參議員挺身而出，推動反禁運立法，禁止特定銀行與中東主要石油出口國交易。
14:17
The introduction of the legislation is a huge blow to Morgan Bank.
該立法的提出對摩根銀行是一大打擊。
14:22
But for Senator Frank Church, it remains crucial to establish a fair business environment for other banks that have faced sanctions from Arab nations.
但對弗蘭克·丘奇參議員而言，為其他遭阿拉伯國家制裁的銀行建立公平的商業環境仍至關重要。
14:32
The oil crisis resulting from the Yom Kippur War has shaken the global economy.
由贖罪日戰爭引發的石油危機動搖了全球經濟。
14:37
It sets off a chain reaction that eats into everyone's bottom line.
它引發連鎖反應，侵蝕每個人的利潤底線。
14:43
But Morgan Bank still manages to profit from the situation, as it has for over a century.
但摩根銀行仍設法從中獲利，如同過去一個多世紀以來的表現。
14:49
You can still find life-changing opportunities in a volatile economy.
在動盪的經濟中，你仍然可以找到改變人生的機會。
14:53
Even today, hundreds of you, my channel subscribers, have joined me in seeking that opportunity with today's sponsor, Masterworks.
Masterworks recently extended its streak of positive returns, selling a Cecily Brown piece for a 77% net annualized return and a Yayoi Cosama piece for 13.4%.
I've invested with them for years, seeing paintings selling out in minutes, so don't miss this.
我已經與他們合作投資多年，看到畫作在幾分鐘內售罄，所以不要錯過這個機會。
15:50
Since you guys have responded so well, you can bypass the waitlist and get started right away.
由於你們的反響非常好，你們可以跳過等待名單，立即開始。
15:57
Just click the link in the description.
只需點擊描述中的鏈接。
16:05
Losing tens of millions and with a volatile international economy of the late 1970s, Morgan Bank grapples to find new avenues for growth.
在 1970 年代末，摩根銀行在動盪的國際經濟中損失了數千萬美元，並努力尋找新的增長途徑。
16:16
Amidst the uncertainty, a new leader emerges, Louis Preston.
在不確定性中，一位新的領導者出現了，路易斯·普雷斯頓。
16:21
Though born in New York, Preston has spent most of his adult life abroad, residing in places like France, China, and Japan.
雖然普雷斯頓出生在紐約，但他成年後的大部分時間都在國外度過，居住在法國、中國和日本等地。
16:31
Preston takes the reins of Morgan Bank with a determined vision; the bank's survival hinges on expanding its operations beyond America.
普雷斯頓接管摩根銀行時，帶著堅定的願景；銀行的生存取決於將其業務擴展到美國以外的地區。
16:41
From the very beginning, the House of Morgan has held a global view.
從一開始，摩根銀行就擁有全球視野。
16:45
Their entire business model is based on fostering relationships with powerful individuals in various countries.
他們的整個商業模式是基於與各國強大個人建立關係。
16:53
And this is the epitome of global capitalism.
這是全球資本主義的典範。
16:59
Also, banking involves providing specialized services like large loans, investments, and advisory to big businesses and institutions.
此外，銀行業務還包括為大型企業和機構提供專業服務，如大額貸款、投資和顧問服務。
17:07
It's like a bulk service for companies.
這就像是為公司提供的批發服務。
17:09
As a newly crowned leader of Morgan, Preston decides the only way for Morgan to survive is by going back to its roots.
作為摩根的新任領導者，普雷斯頓認為摩根生存的唯一方法是回歸其根本。
17:19
The Morgan Bank is going to start doing business the Morgan way, providing financing to new rising countries and bailing out failing ones.
摩根銀行將開始以摩根的方式開展業務，為新興國家提供融資，並挽救瀕臨失敗的國家。
17:29
These marketplaces appear to be at two extremes.
這些市場看似處於兩個極端。
17:33
In both types of countries, Morgan Bank was able to chart hefty interest rates.
在這兩種類型的國家中，摩根銀行都能夠制定高額的利率。
17:40
By early 1980s, the Morgan Bank begins to bounce back, making great profit by lending money to less developed countries in Asia and the Middle East.
到 1980 年代初，摩根銀行開始反彈，通過向亞洲和中東的欠發達國家貸款獲取巨額利潤。
17:52
By the fall of 1979, the mood at Morgan was cautiously optimistic.
到 1979 年秋天，摩根的氛圍謹慎樂觀。
17:58
The bank's close ties with Saudi Arabia and Kuwait meant that Morgan was a major recipient of deposits from them and other OPEC members.
摩根銀行與沙烏地阿拉伯和科威特的緊密關係，使其成為它們和其他石油輸出國組織成員的主要存款接受者。
18:09
The bank also had close ties with the largest oil and natural gas companies.
摩根銀行還與最大的石油和天然氣公司保持著緊密的關係。
18:13
And lastly, the bank had a very strong balance sheet with one of the highest capital asset ratios in the industry.
最後，摩根銀行擁有非常強大的資產負債表，資本資產比率是業內最高的之一。
18:23
For Preston, there is one particular market teeming with opportunities for huge profit.
對於普雷斯頓來說，有一個特別的市場充滿著巨額利潤的機會。
18:32
Latin America.
拉丁美洲。
18:36
During the early 1980s, prominent Latin American countries, Brazil, Mexico, and Argentina, confront formidable economic challenges.
在 1980 年代初，拉丁美洲的主要國家巴西、墨西哥和阿根廷面臨著嚴峻的經濟挑戰。
18:47
They face substantial debt and soaring prices, leading to inflation.
它們面臨著巨額債務和物價飛漲，導致通貨膨脹。
18:52
This era is often referred to as the lost decade, marked by a period of economic hardships.
這個時代常被稱為失去的十年，標誌著一段經濟困難的時期。
18:59
While other banks may shun doing business with distressed economies, the Morgan Bank sees opportunities to give out loans to help bail out these countries while charging high interest rates.
In times of economic distress, these businesses and individuals might require liquidity to cover immediate expenses.
在經濟困難時期，這些企業和個人可能需要流動資金來支付即時開支。
19:20
Banks can offer loans at higher interest rates, capitalizing on the urgency of the situation.
銀行可以提供高利率貸款，利用這種緊急情況。
19:30
Lew Preston perceives Brazil as a crucial marketplace to reap significant gains, and Morgan Bank needs to increase its dealings with the country.
盧·普雷斯頓認為巴西是一個獲得重大利潤的關鍵市場，而摩根銀行需要增加與該國的業務往來。
19:39
So he sends his vice president to Brazil with the goal of fostering relationships with local governments, a man named Antonio Gebauer.
於是，他派遣副總裁前往巴西，目標是與當地政府建立關係，這個人名叫安東尼奧·蓋鮑爾。
19:57
Gebauer possesses a unique skill set for this role.
蓋鮑爾擁有適合這個角色的獨特技能。
20:01
An excellent diplomat, Geb get what they want.
作為一位出色的外交官，蓋鮑爾總能得到他們想要的。
20:08
And Preston is hoping that Gebauer's unique abilities will enable the Morgan Bank to secure favorable arrangements with Brazil.
而普雷斯頓則希望蓋鮑爾的獨特能力能讓摩根銀行與巴西達成有利的協議。
20:17
But what he doesn't know is that Gebauer has his own agenda.
但他不知道的是，蓋鮑爾有自己的計劃。
20:22
Tony Gebauer was leading a secret illicit life as an embezzler.
東尼·蓋鮑爾過著一種秘密的非法生活，他是一名貪污犯。
20:27
In 1976, Gebauer had started to divert money from some Brazilian accounts in order to furnish his duplex apartment.
1976年，蓋鮑爾開始從一些巴西賬戶中轉移資金，以裝修他的複式公寓。
20:36
Gebauer apparently drew on some form of flight capital.
蓋鮑爾顯然動用了某種形式的資金外逃。
20:40
Money smuggled from Latin America to evade taxes or exchange controls.
從拉丁美洲走私的資金，以逃避稅收或外匯管制。
20:45
As Brazil, Mexico and Argentina raised billions of dollars in new loans, their disloyal, unethical nationals were stuffing suitcases with bills and flying north to open bank accounts.
In a span of a few years, Gebauer aids his clients in transferring millions overseas, reaping substantial fees as a result.
在短短幾年內，蓋鮑爾幫助他的客戶將數百萬美元轉移到海外，並從中獲得可觀的費用。
21:06
Gebauer soon uncovers an even more ingenious approach to wealth accumulation for himself.
蓋鮑爾很快發現了一種更巧妙的方式來為自己積累財富。
21:13
As the Brazilian economy deteriorates, he realizes he can capitalize on the situation by bundling the troublesome debts into what are known as junk bonds, selling them to U.S. investors at a discount and thus a high interest rate.
To fully execute his audacious plan, he will need to partner up with someone well versed in the technical aspects of junk bonds.
為了全面執行他的大膽計劃，他需要與精通垃圾債券技術方面的人合作。
21:39
And who better than the pioneer himself, Michael Milken.
而誰比開創者本人邁克爾·米爾肯更合適呢？
21:48
In the mid-1970s, an ambitious employee finds himself trapped in middle management at Drexel Burnham Lambert.
在20世紀70年代中期，一位雄心勃勃的員工發現自己被困在德崇證券的中層管理中。
21:56
His name is Michael Milken, and he's a rising star trader who makes millions annually at the firm, but he yearns to venture out on his own.
他的名字是邁克爾·米爾肯，他是一位新星交易員，每年為公司賺取數百萬美元，但他渴望自己創業。
22:05
He sees a way for companies with lower credit ratings to have access to capital.
他看到一種方法，讓信用評級較低的公司能夠獲得資本。
22:09
He constructs a marketplace for what are known as junk bonds.
他建立了一個所謂的垃圾債券市場。
22:14
So it's higher return, higher risk, because these are largely corporate bonds and overall economically sensitive because they're lower quality.
因此，這是高回報、高風險，因為這些主要是公司債券，整體上對經濟敏感，因為它們的質量較低。
22:25
You have a higher correlation with the equity market in general.
你與股票市場整體有更高的相關性。
22:30
This market rapidly expands, resulting in Michael Milken amassing a substantial fortune.
這個市場迅速擴張，使邁克爾·米爾肯積累了巨額財富。
22:39
6,000 miles away in Brazil, Antonio Gebauer II feels stuck.
在6,000英里外的巴西，安東尼奧·蓋鮑爾二世感到困頓。
22:45
He isn't satisfied anymore by making money from embezzling money for wealthy people.
他不再滿足於通過為富人挪用資金來賺錢。
22:51
He needs to make himself super rich, just like his clients, and he sees an opportunity to do just that.
他需要讓自己變得超級富有，就像他的客戶一樣，而他看到了一個實現這一目標的機會。
22:59
In 1984, he quits his job at JPMorgan and begins to partner up with Michael Milken to turn bad debts in Latin America into junk bonds and sell them as attractive investments to American investors.
Within just a few years of starting this new venture, he makes millions in the junk bond market.
在開始這個新事業的短短幾年內，他在垃圾債券市場上賺取了數百萬美元。
23:23
And he finally becomes a rich multi-millionaire like he always dreamed about.
他終於成為了一個富有的千萬富翁，實現了他一直以來的夢想。
23:29
But his dream will soon turn into a nightmare.
但他的夢想很快就會變成一場噩夢。
23:33
His daring scheme that has made him rich is about to be exposed by none other than his former employer, the Morgan Bank.
讓他致富的大膽計劃即將被他的前雇主摩根銀行揭露。
23:44
Antonio Gebauer, the former Morgan Guarantee Trust Company officer who pleaded guilty to misappropriating millions of dollars from Brazilian depositor's accounts, was sentenced yesterday to three and a half years in prison.
Meanwhile, he is also compelled to seize his junk bond dealings with Michael Milken.
同時，他還被迫中止與邁克爾·米爾肯的垃圾債券交易。
24:10
The Gebauer episode casts a shadow over the reputation of the Morgan Bank.
蓋鮑爾事件給摩根銀行的聲譽蒙上了陰影。
24:17
But it doesn't stop the bank from making a killing in the 1980s roaring market.
但這並沒有阻止該銀行在1980年代的繁榮市場中大賺一筆。
24:27
In the 1980s, the U.S. witnesses robust economic growth known as the Reagan boom.
在1980年代，美國見證了強勁的經濟增長，這被稱為里根繁榮。
24:35
His Reaganomics aims to boost the economy through tax cuts, deregulation, and defense spending, igniting consumer expenditure, investment, and job creation.
他的里根經濟學旨在通過減稅、放寬管制和國防支出來促進經濟，點燃了消費支出、投資和就業創造。
24:47
As a result of Reagan's deregulation, the banking industry flourishes.
由於里根的放寬管制，銀行業蓬勃發展。
24:54
Seizing the opportunity, Morgan Bank increases its trading operations, which become a profitable venture for the bank throughout the 1980s.
抓住機會，摩根銀行增加了其交易業務，這在整個1980年代成為銀行的一項盈利業務。
25:03
Morgan Guarantee even manages to rescue a major U.S. bank in Chicago, as the CEO, Lou Preston succeeds in maintaining and fortifying the bank's position as one of the most influential and profitable entities on Wall Street.
He retires in 1989, envisioning a brighter future than ever for Morgan Bank.
他於1989年退休，為摩根銀行設想了一個比以往更光明的未來。
25:25
Louis T. Preston, chairman of JP Morgan & Company through the 1980s, said yesterday that he would take early retirement at the end of the year and name Dennis Weatherstone as his successor.
But what Preston didn't know was that around the time of his retirement, the U.S. real estate market was spiraling downward.
但普雷斯頓不知道的是，在他退休前後，美國房地產市場正在急速下滑。
25:48
In the early 90s, the United States faces a severe real estate downturn with plummeting values, high foreclosures, and a recession.
90年代初，美國面臨嚴重的房地產衰退，房價暴跌、法拍屋數量激增，並陷入經濟衰退。
25:59
The U.S. commercial real estate market plummeted in the first quarter of 1990, and the sell-off continued for the rest of the year as the economy slipped into recession.
1990年第一季，美國商業房地產市場暴跌，隨著經濟陷入衰退，整年持續拋售。
26:10
The real estate crash has made Morgan Bank rethink its approach to risk, and around that time, the bank started investing heavily in research and development, trying to figure out better ways to manage risks for the bank.
A brilliant young woman is hired to lead the effort in developing risk management technologies, Blithe Masters.
一位才華洋溢的年輕女性被聘來領導風險管理技術的開發，她就是布萊斯·馬斯特斯。
26:34
Soon, she and her team pioneer a new type of financial instrument, a derivative called Credit Default Swap.
不久，她和她的團隊開創了一種新型金融工具，一種稱為信用違約交換的衍生品。
26:43
Credit, which is a vital part of the lifeblood of any economy, the global economy, became a more readily available asset.
信用是任何經濟體，乃至全球經濟的生命線，成為更易取得的資產。
26:52
And the thinking was that that would be an unambiguously positive thing.
當時的想法是，這將是一件絕對正面的事情。
26:58
Blithe Masters believes that the use of credit default swaps will help the bank manage risks more effectively.
布萊斯·馬斯特斯認為，使用信用違約交換將幫助銀行更有效地管理風險。
27:06
In the end, CDS will be responsible for one of the worst financial recessions in history.
最終，信用違約交換將導致歷史上最嚴重的金融衰退之一。
27:19
But during the 1990s, JPMorgan maintains its risk-averse approach, while other banks begin to expand rapidly.
但在1990年代，摩根大通維持其規避風險的策略，而其他銀行則開始迅速擴張。
27:28
The Glass-Steagall Act is a century-old legislation that prevents commercial banks from merging with investment banks and insurance companies.
《格拉斯-斯蒂格爾法案》是一項百年立法，禁止商業銀行與投資銀行和保險公司合併。
27:38
Thanks to lobbying efforts, the legislation is repealed, allowing banks to merge with investment banks and insurance companies.
在遊說努力下，該立法被廢除，允許銀行與投資銀行和保險公司合併。
27:47
The age of megabanks has arrived.
巨型銀行的時代已經到來。
27:52
Why do you have big banks? Well, because banks like monopoly power, because banks like lobbying power, because banks know that when they're too big, they will be billed.
As the industry goes through rapid consolidation, JPMorgan is now forced to do the same.
隨著行業快速整合，摩根大通現在也被迫這樣做。
28:11
To stay competitive, it once again needs to merge with another bank.
為了保持競爭力，它再次需要與另一家銀行合併。
28:16
There is one bank with an enduring history that may just be the perfect partner for JPMorgan, Chase Manhattan.
有一家銀行擁有悠久的歷史，可能是摩根大通的完美合作夥伴，那就是大通曼哈頓銀行。
28:26
Chase Manhattan Bank, known simply as Chase, boasts a history that spans two centuries.
大通曼哈頓銀行，簡稱為大通，擁有跨越兩個世紀的歷史。
28:33
Its origins trace back to a water supply company, and over time, it has transformed through mergers into the Chase National Bank and Trust Company in 1926.
其起源可追溯到一家供水公司，隨著時間推移，通過合併，於1926年轉型為大通國家銀行和信託公司。
28:44
Subsequently, in 1955, it embraced the name the Chase Manhattan Bank.
其後，在1955年，它採用了大通曼哈頓銀行的名稱。
28:51
While Morgan Bank excels primarily in wholesale banking, Chase Bank is dominating the retail banking arena.
虽然摩根銀行主要在批發銀行業務上表現優異，但大通銀行在零售銀行業務領域佔據主導地位。
29:00
In the year 2000, at the helm of Chase Bank is Bill Harrison, a leader who personifies humility and work ethic.
在2000年，大通銀行的掌舵人是比爾·哈里森，一位體現謙遜和職業道德的領導者。
29:09
But in order for Chase Bank to flourish within the realm of megabanks, Harrison recognizes the imperative need for Chase to expand its scale.
但為了讓大通銀行在大型銀行領域繁榮發展，哈里森認識到大通銀行必須擴大規模的迫切需要。
29:18
And the only way to do that is by merging with another bank.
而實現這一目標的唯一方法就是與另一家銀行合併。
29:23
Chase Manhattan has agreed to acquire JP Morgan for about $36 billion in stock, creating a union between two of the oldest and most prestigious financial firms in the United States.
The boards of both companies have approved the deal, the company said in a statement early today.
兩家公司的董事會都已批准了這項交易，公司在今天早些時候的聲明中表示。
29:43
The combined company is instantly one of the largest commercial banks in the world.
合併後的公司立即成為世界上最大的商業銀行之一。
29:49
William Harrison is crowned as the CEO of this new bank.
威廉·哈里森被任命為這家新銀行的首席執行官。
29:54
He is faced with the impossible task of integrating two banks into a coherent entity.
他面臨著將兩家銀行整合為一個連貫實體的艱巨任務。
30:00
So, in terms of really nailing, nailing, nailing success, you have to, again, you can't overpay, you've got to have a strategic reason, and then you have to know how to integrate.
因此，在真正取得成功方面，你必須再次強調，不能過度支付，必須有戰略原因，然後你必須知道如何整合。
30:15
Yet, little does Harrison know, a storm is brewing, originating from the most unlikely and unimaginable place.
然而，哈里森卻不知道，一場風暴正在醞釀，而這場風暴來自最不可能和最難以想像的地方。
30:28
In the early 2000s, N-run stands as a beacon of corporate success, promising vast wealth.
在2000年代初，N-run被視為企業成功的燈塔，承諾帶來巨大財富。
30:37
But beneath its impressive exterior lies a complex maze of deceit.
但在其令人印象深刻的外表下，隱藏著一個複雜的欺詐迷宮。
30:42
Executives falsify financial records, creating a mirage of profits.
高管篡改財務記錄，製造出利潤的幻象。
30:47
Employees, misled by these illusions, lose their investments.
员工被這些幻象所迷惑，失去了他們的投資。
30:52
Whistleblowers expose the fraud, leading to the eventual downfall of the company.
吹哨者揭露了這場欺詐，導致公司最終垮台。
30:58
Guilty verdicts in the biggest case of corporate fraud in history, 38 counts of fraud and conspiracy.
在歷史上最大的企業欺詐案中，38項欺詐和共謀罪名的有罪判決。
31:07
The N-run scandal tarnishes JP Morgan's reputation and results in the bank incurring hundreds of millions in fines.
N-run醜聞損害了JP摩根的聲譽，並導致該銀行被處以數億美元的罰款。
31:27
As Harrison approaches his retirement age, the company's board eagerly searches for a successor, someone who possesses the ability to steer the ship in a new direction, someone who embodies the ruthlessness that Harrison lacks.
In 1997, an up-and-comer, Jamie Dimon, finds himself falling to rock bottom, betrayed by his mentor.
1997年，一位正在崛起的新星傑米·戴蒙發現自己跌入谷底，被他的導師背叛。
32:03
After spending years working alongside Sandy Weil, Jamie Dimon helped create the world's largest bank through a series of deal-makings, Citigroup.
在與桑迪·威爾共事多年後，傑米·戴蒙通過一系列交易協助創建了世界上最大的銀行——花旗集團。
32:15
Jamie Dimon then became the heir apparent to succeed Sandy Weil as the CEO of Citigroup.
傑米·戴蒙隨後成為接替桑迪·威爾擔任花旗集團CEO的不二人選。
32:23
Just when his ascent to the helm of Wall Street seemed inevitable, Jamie Dimon was unexpectedly fired by Sandy Weil.
就在他看似必然登上華爾街頂峰之際，傑米·戴蒙卻意外地被桑迪·威爾解僱。
32:32
James Dimon, the president of Citigroup, the world's largest financial services company, said yesterday that he would leave the company, a surprising move that raises questions about who will ultimately be tapped to manage the sprawling giant created by the recent merger of Citigroup and Traveler's Group Inc.
Dimon knows it is only a matter of time before he makes a comeback.
戴蒙知道，他東山再起只是時間問題。
32:56
Dimon is then hired to become the CEO of Bank 1 in Chicago, a firm that is teetering on the edge of bankruptcy.
戴蒙隨後被聘為芝加哥第一銀行的CEO，這家公司正處於破產的邊緣。
33:06
But through ruthless cost-cutting in just two years, Dimon turns the bank around from the edge of collapse to making hundreds of millions of dollars in profit for the first time in a long time.
但在短短兩年內，通過無情的成本削減，戴蒙將銀行從崩潰的邊緣扭轉為多年來首次賺取數億美元的利潤。
33:22
Dimon's success at Bank 1 has caught the attention of JP Morgan Chase.
戴蒙在第一銀行的成功引起了摩根大通的注意。
33:27
As far as the board of JP Morgan Chase is concerned, Dimon is exactly the type of leader they need.
在摩根大通董事會看來，戴蒙正是他們需要的領導者類型。
33:36
And to hire Jamie Dimon, they are going to acquire Bank 1.
為了聘請傑米·戴蒙，他們將收購第一銀行。
33:41
JP Morgan Chase has agreed to acquire Bank 1 in a deal valued at about $58 billion that would realign the competitive landscape among the world's global banking giants.
摩根大通已同意以約580億美元的價格收購第一銀行，這將重塑全球銀行巨頭之間的競爭格局。
33:53
The two companies announced this evening.
兩家公司今晚宣布了這一消息。
34:00
After one year since JP Morgan Chase acquires Bank 1, Jamie Dimon succeeds Harrison and becomes the CEO of the second largest bank in America.
在摩根大通收購第一銀行一年後，傑米·戴蒙接替哈里森，成為美國第二大銀行的CEO。
34:10
For Dimon, it is only a matter of time until JP Morgan Chase becomes the number one.
對戴蒙來說，摩根大通成為第一只是時間問題。
34:17
When he examines the data of his bank and the financial industry in 2004, he finds some alarming information.
當他在2004年審視銀行和金融業的數據時，他發現了一些令人警惕的信息。
34:25
At the time, all the Wall Street was going crazy with supply and mortgage loans.
當時，整個華爾街都在瘋狂地進行供應和抵押貸款。
34:30
For example, Goldman Sachs made hundreds of millions of dollars a year from issuing mortgage securities.
例如，高盛每年通過發行抵押證券賺取數億美元。
34:37
And Morgan Stanley was also making a comeback through supply and loans.
摩根士丹利也通過供應和貸款東山再起。
34:43
But Dimon believes the mortgage assets embed unforeseen risks, and he is willing to go in the opposite direction in order to protect the bank's future.
但戴蒙認為抵押資產隱藏著未知的風險，為了保護銀行的未來，他願意逆勢而行。
34:54
In just two years, Dimon is proven to be right as the world is plunged into the worst financial crisis in recent history.
短短兩年內，戴蒙被證明是正確的，因為世界陷入了近代史上最嚴重的金融危機。
35:07
Big trouble for millions of American homeowners as a slowing housing market has turned some mortgages into time bombs.
數百萬美國房屋業主面臨巨大麻煩，因為房地產市場放緩使一些抵押貸款變成了定時炸彈。
35:15
Wall Street banks may not have enough money on hand to stay in business.
華爾街的銀行可能沒有足夠的資金來維持業務運作。
35:21
One of the first Wall Street banks to fail is Bear Stearns.
華爾街最先倒閉的銀行之一是貝爾斯登。
35:25
To prevent a chain reaction of bank failures, the government needs to find a bank fit enough to acquire Bear Stearns.
為了防止銀行倒閉的連鎖反應，政府需要找到一家實力足夠的銀行來收購貝爾斯登。
35:34
And they turn to Jamie Dimon for help.
於是他們向傑米·戴蒙求助。
35:36
It wasn't like buying a house. Those buying a house on fire.
這不像買一棟房子，而是像買一棟著火的房子。
35:39
We thought we saved the system here. We thought that that would have been the domino that would have caused the whole system to go down.
我們認為我們拯救了這個體系。我們認為這將是導致整個體系崩潰的多米諾骨牌。
35:44
And it was because it, Jamie, was strong that we can do it.
正是因為傑米的實力，我們才能做到這一點。
35:48
Saving Bear Stearns isn't enough to prevent the further deterioration of the financial system.
拯救貝爾斯登並不足以防止金融體系進一步惡化。
35:54
Soon, J.P. Morgan Chase is asked once again to rescue another financial institution, Washington Mutual.
不久，摩根大通再次被要求救援另一家金融機構——華盛頓互惠銀行。
36:03
It's astonishing because, just like how J.P. Morgan bailed out the financial industry during the panic of 1907, after over 100 years, Jamie Dimon is also being asked by the government to help bail out the industry.
It was a hit loss from investors and from federal regulators.
這對投資者和聯邦監管機構來說都是一個重大損失。
37:17
In 2012, J.P. Morgan trader Bruno Ixil amasses huge derivatives positions on behalf of the bank's chief investment office, hoping to profit.
2012年，摩根大通交易員布魯諾·伊克西爾代表銀行的首席投資辦公室積累了大量衍生品頭寸，希望獲利。
37:29
But the positions go awry, leading to enormous losses of over $6 billion.
但這些頭寸出現問題，導致超過60億美元的巨額損失。
37:35
The risky bets are initially concealed, but as the market uncovers the extent, J.P. Morgan now faces one of its most public failures.
這些高風險的投機最初被隱瞞，但隨著市場揭露其規模，摩根大通現在面臨著最公開的失敗之一。
37:45
Jamie Dimon is soon asked to appear before Congress to give testimony about the trading loss.
杰米·戴蒙很快被要求出席國會作證，解釋這次交易損失。
37:52
We believe now that a series of events led to the difficulties in the synthetic credit portfolio.
我們現在認為，一系列事件導致了合成信貸投資組合的困難。
37:58
In hindsight, the CIO trader did not have the requisite understanding of the new risks they took.
事後看來，首席投資辦公室的交易員並沒有充分理解他們承擔的新風險。
38:03
This portfolio morphed into something that rather than protect the firm created new and potentially larger risks.
這個投資組合變成了不僅沒有保護公司，反而製造了新的、潛在更大的風險。
38:09
As a result, we have let a lot of people down and we are very sorry for it.
因此，我們讓很多人失望了，我們對此感到非常抱歉。
38:14
But Jamie Dimon's apology won't be enough.
但杰米·戴蒙的道歉還不夠。
38:17
In the eyes of the angry public, they are now convinced that bankers at J.P. Morgan Chase have put the depositor's money at risk.
在憤怒的公眾眼中，他們現在確信摩根大通的銀行家們已經將存款人的錢置於風險之中。
38:25
And this gives the politicians enough support to find J.P. Morgan another $320 million.
而這給了政治家們足夠的支持，讓摩根大通再次被罰款3.2億美元。
38:33
A couple months later, we see the bank announcing a huge loss.
几個月後，我們看到這家銀行宣布巨額損失。
38:36
We see his kind of Miyakoba and his annual shareholder letter where he kind of apologizes and say it was the biggest and stupidest mistake that he made.
我們看到他在年度股東信中道歉，稱這是他犯下的最大也是最愚蠢的錯誤。
38:43
And he promised shareholders it would never happen again.
並且他向股東承諾，這種事情再也不會發生。
38:46
The London whale trading loss may have tarnished bank's reputation and caused the bank billions.
「倫敦鯨」交易損失可能損害了銀行的聲譽，並導致銀行損失數十億美元。
38:53
But it presents no challenge to Jamie Dimon's position as the chairman and CEO of J.P. Morgan Chase.
但這對杰米·戴蒙作為摩根大通董事長兼首席執行官的地位沒有構成挑戰。
39:01
Jamie Dimon will once again lead the company to new heights as the country stands on the precipice of one of the biggest booms in history.
杰米·戴蒙將再次領導公司達到新的高度，而這個國家正站在歷史上最大繁榮之一的邊緣。
39:13
After 2012, the bull market returns and the global financial markets experience unprecedented rapid growth.
2012年之後，牛市回歸，全球金融市場經歷了前所未有的快速增長。
39:22
The era of easy money has returned, giving rise to cryptocurrencies, especially Bitcoin and fintech companies like Robinhood.
寬鬆貨幣的時代已經回歸，催生了加密貨幣，特別是比特幣和金融科技公司，如Robinhood。
39:31
Benefiting from low interest rates and market participation, J.P. Morgan Chase has expanded its assets from $2 trillion to $4 trillion since 2010.
摩根大通受益於低利率和市場參與，自2010年以來，其資產已從2萬億美元擴大到4萬億美元。
39:44
Amidst the market's euphoria, Jamie Dimon maintains a cautious approach.
在市場的狂熱之中，杰米·戴蒙保持著謹慎的態度。
39:50
I could care less about Bitcoin. I don't know why he said anything about it.
我對比特幣毫不在意。我不知道他為什麼要提到它。
39:54
I don't personally understand the value of something that has no actual value.
我個人不理解那些沒有實際價值的東西的價值。
39:58
You all can do whatever you want and I don't care.
你們想做什麼都可以，我才不在乎。
40:02
Beneath the roaring market, a crisis begins to take shape.
在熱鬧的市場之下，一場危機開始成形。
40:06
Following a decade of money printing, the U.S. economy finds itself grappling with a dangerous level of inflation.
經過十年的印鈔，美國經濟發現自己正在與危險的通膨水平搏鬥。
40:15
8.6% for the month of May that matches the all-time high in this cycle.
五月份的通膨率為8.6%，與本週期的歷史最高水平持平。
40:24
As the country wrestles with inflation, the Federal Reserve is compelled to raise interest rates by reducing the amount of money available in the economy.
當國家與通膨搏鬥時，聯邦儲備局被迫通過減少經濟中的貨幣供應來提高利率。
40:33
Rising interest rates make it more expensive for banks to borrow money from the Fed.
利率上升使得銀行從聯邦儲備局借款的成本更高。
40:38
Within months, dozens of banks declare bankruptcy.
在幾個月內，數十家銀行宣告破產。
40:42
The banking crisis worsens as a major bank in California suddenly finds itself unable to sustain its business.
隨著加州一家大型銀行突然發現無法維持其業務，銀行業危機惡化。
40:50
S.V.B. was a textbook case of mismanagement that it failed to manage basic interest rates and liquidity risks as well.
硅谷銀行是管理不善的典型案例，它未能管理基本的利率和流動性風險。
40:59
But the troubles don't end there.
但麻煩並沒有就此結束。
41:01
Mere months after the collapse of Silicon Valley Bank, another major U.S. bank reaches its breaking point.
在硅谷銀行倒閉後僅僅幾個月，另一家美國大型銀行達到了其破裂點。
41:09
The First Republic, a bank serving high net worth individuals, should it collapse the wealth of many affluent Americans, will be in jeopardy.
第一共和銀行，一家服務高凈值個人的銀行，如果它倒閉，許多富裕美國人的財富將面臨危險。
41:20
The federal government is determined not to let that happen.
聯邦政府決心不讓這種情況發生。
41:31
As far as the federal government is concerned, only one bank is capable of such a feat.
在聯邦政府看來，只有一家銀行有能力完成這樣的壯舉。
41:39
In under two decades since the housing crisis, J.P. Morgan Chase is once again called upon to bail out the banking sector.
在住房危機後不到二十年的時間裡，摩根大通再次被召喚來拯救銀行業。
41:48
First Republic will now be taken over by J.P. Morgan. That's the bid that the FDIC has accepted.
第一共和銀行現在將被摩根大通接管。這是聯邦存款保險公司接受的出價。
41:59
By 2023, over 100 years since its founding, the bank still wields a tremendous amount of power and influence.
到2023年，距離其成立已經超過100年，這家銀行仍然擁有巨大的權力和影響力。
42:08
The essence of J.P. Morgan has remained consistent for over 100 years.
摩根大通的本質在100多年來保持一致。
42:14
It has always been slightly more conservative than other banks and maintains good ties with the government, not just in the U.S., but around the world.
它總是比其他銀行稍微保守一些，並與政府保持良好的關係，不僅在美國，而且在全世界。
42:22
And more importantly, it remains a bank that can be relied upon in times of crisis.
更重要的是，它仍然是一家在危機時刻可以依賴的銀行。
42:30
And let's not forget, the bank was also fortunate to have found a leader who possessed almost the same character and determination as J.P. Morgan himself, Jamie Diamond.
