It is America's quiet empire, built on trust, prestige, and credit, processing over $1.6 trillion in transactions, shaping the very flow of global commerce.
這是美國的無聲帝國，建立在信任、聲望和信貸之上，處理超過1.6兆美元的交易，塑造全球商業的流動。
00:12
But it is also a company of control, of manipulation, and ruthless debt trappers.
但它也是一家掌控、操縱和無情債務陷阱的公司。
00:18
From the gilded age to the digital frontier, American Express has mastered one thing above all others.
從鍍金時代到數位前沿，美國運通掌握了一項超越其他所有的技能。
00:24
The art of monetizing trust.
將信任貨幣化的藝術。
00:50
The United States in the mid-1800s is rising.
19世紀中葉的美國正在崛起。
00:53
The Industrial Revolution is reshaping the nation, bringing factories, machines, and a new hunger for progress.
工業革命正在重塑這個國家，帶來工廠、機器和對進步的新渴望。
01:02
America is no longer a small, scattered country.
美國不再是一個小而分散的國家。
01:05
It is on the edge of becoming a true industrial power.
它正站在成為真正工業強國的邊緣。
01:09
Railroads spread across the land, laying iron tracks over plains, rivers, and mountains.
鐵路遍佈全國，在平原、河流和山脈上鋪設鐵軌。
01:15
They connect towns and cities in ways never imagined before.
它們以前所未有的方式連接城鎮和城市。
01:20
Railroads were absolutely liberating, because the railroads allowed cheap and efficient transportation from one corner of America to another.
鐵路絕對是解放性的，因為鐵路允許從美國的一個角落到另一個角落的廉價和高效運輸。
01:30
With this new era comes a new appetite.
這個新時代帶來了新的胃口。
01:34
People expect life itself to move faster.
人們期望生活本身能更快速地運轉。
01:36
They crave more newspapers, more goods, more luxuries.
他們渴望更多的報紙、更多的商品、更多的奢侈品。
01:41
In the heat of progress, a new industry is about to rise to harvest opportunity.
在進步的熱潮中，一個新的行業即將崛起以收割機會。
01:46
And as a result, create some of the most powerful companies in American history.
因此，創造了美國歷史上一些最強大的公司。
01:53
Before the advent of Express shipping business, America moved goods the old-fashioned way.
在快遞業務出現之前，美國以傳統方式運送貨物。
01:59
Letters and packages went by stagecoach, wagon, canal boat, or even horseback.
信件和包裹通過驛站馬車、馬車、運河船，甚至馬背運送。
02:05
Delivery was slow, uncertain, and often unsafe.
遞送速度慢、不確定，而且經常不安全。
02:07
A letter could take weeks to cross just a few states, and packages were easily lost or stolen.
一封信可能需要數週才能穿越幾個州，而包裹很容易遺失或被盜。
02:16
As the railroads stretch farther each year, the Express business is born.
隨著鐵路每年延伸得更遠，快遞業務應運而生。
02:21
Back then, an Express company meant fast delivery.
當時，快遞公司意味著快速送達。
02:24
They hired trusted messengers, often carrying guns, who rode on horseback or stagecoach, and later by train.
他們聘請了受信任的信差，通常攜帶槍支，騎馬或乘駛馬車，後來則改搭火車。
02:30
They didn't just haul parcels, they moved money, gold, and documents that really mattered.
他們不僅運送包裹，還運送金錢、黃金和真正重要的文件。
02:35
A merchant in St. Louis can send money to New York.
聖路易斯的商人可以將錢匯到紐約。
02:39
A family can ship valuables to California.
一個家庭可以將貴重物品運送到加州。
02:42
For the first time, speed and safety go hand in hand.
第一次，速度和安全並駕齊驅。
02:46
But like all industries at the time, it is ruled by a small handful of companies.
但與當時所有行業一樣，它由少數幾家公司主導。
02:51
Companies like Wells and Company, Livingston and Fargo, and Butterfield carve up the nation's trade routes.
像威爾斯公司、利文斯頓和法戈公司，以及巴特菲爾德公司等，瓜分了全國的貿易路線。
02:59
And soon, these companies will not just compete, they will clash.
很快，這些公司不僅會競爭，還會發生衝突。
03:04
By the early 1850s, railroads push westward, cities expand, and the California gold rush fills the air with the promise of sudden riches.
到19世紀50年代初，鐵路向西推進，城市擴張，加州淘金熱讓空氣中充滿了暴富的承諾。
03:14
But with opportunity comes conflict.
但機會伴隨著衝突。
03:17
A handful of powerful Express firms battle for territory and cut into each other's profits.
少數幾家強大的快遞公司為爭奪地盤而戰，並侵蝕彼此的利潤。
03:24
In 1850, the rival barons meet in Buffalo, New York.
1850年，競爭對手的大亨們在紐約的布法羅會面。
03:28
Henry Wells, the shrewd visionary who built his reputation, carrying cash and parcels between Albany and Buffalo, William Fargo, Tough and Relentless, the hard-driving organizer who made his name on the rough western routes.
And John Butterfield, older, seasoned by decades of coaching lines and frontier risk, for years they've undercut one another, racing for contracts, seizing routes, guarding shipments with guns and grit.
But now they agree, competition alone will destroy them.
但現在他們達成共識，僅靠競爭會毀了他們。
04:02
On that day, signatures are put to paper.
在那一天，簽名被寫在紙上。
04:05
The Treaty of Buffalo is signed, merging their firms into a single company.
布法羅條約簽署，將他們的公司合併為一家。
04:10
From that agreement, a new titan is born, American Express Company.
從這份協議中，一個新的巨頭誕生了，美國運通公司。
04:17
Their feud may be settled in Buffalo, but the nation itself is about to explode.
他們的爭端可能在布法羅解決，但整個國家卻即將爆發。
04:23
America is marching toward a far bloodier conflict.
美國正走向一場更加血腥的衝突。
04:27
And for the newly formed American Express, that conflict could become the greatest opportunity yet.
對於剛成立的美國運通來說，這場衝突可能成為迄今最大的機遇。
04:37
In 1861, America splits in two, the election of Abraham Lincoln sparks secession.
1861年，美國一分為二，亞伯拉罕·林肯的當選引發了南方的脫離。
04:44
And southern states break away to defend slavery and their way of life.
南方各州脫離聯邦，捍衛奴隸制和他們的生活方式。
04:50
For business, war is both disaster and opportunity.
對於商業來說，戰爭既是災難，也是機遇。
04:55
The system was breaking down, cotton couldn't move, merchants were going broke, and the railroads had only one job now.
這個體系正在崩潰，棉花無法運輸，商人們破產，而鐵路現在只有一項任務。
05:01
Carry troops, supplies and weapons to the war.
運送軍隊、補給和武器到戰場。
05:05
But the chaos of battlefields and blockades makes transportation risky.
但戰場和封鎖的混亂使得運輸變得危險。
05:10
The need for trusted delivery, for money, letters and goods, is greater than ever.
對可靠的遞送服務的需求——無論是金錢、信件還是貨物——比以往任何時候都更迫切。
05:17
At the time, William Fargo is in charge of American Express.
當時，威廉·法戈負責美國運通。
05:22
He's a man with steady ambition and relentless drive.
他是一個抱負穩定、驅動力不斷的人。
05:26
Under his guidance, MX secures government contracts to move funds and military supplies.
在他的領導下，美國運通獲得了政府合同，運送資金和軍事物資。
05:33
Its messengers prove indispensable, racing through hostile territory with cash, medicine and critical documents.
其信使證明了自己不可或缺，他們冒險穿越敵對領土，攜帶現金、藥品和關鍵文件。
05:40
During the Civil War, it wasn't just about moving troops.
在內戰期間，不僅僅是運送軍隊。
05:43
You had to move payrolls, government orders and even medicine across very dangerous ground.
你還必須在非常危險的地帶運送工資、政府命令和甚至藥品。
05:50
And American Express did it, often more reliably than the post office, and that's where its reputation started.
而美國運通做到了，往往比郵局更可靠，這就是它聲譽的開始。
05:59
After the Civil War, America entered a new age.
南北戰爭後，美國進入了一個新時代。
06:04
The country grew fast.
這個國家迅速發展。
06:08
Factories multiplied, and cities filled with immigrants chasing opportunity.
工廠如雨後春筍般湧現，城市裡充滿了追求機會的移民。
06:14
After the Civil War, the economy took off like never before, and that momentum pushed America straight into the industrial age.
南北戰爭後，經濟以前所未有的速度起飛，這股動力將美國直接推入工業時代。
06:23
American Express comes out of the war stronger, trusted as the company that can deliver when others fail.
南北戰爭後，美國運通變得更加強大，被視為在其他公司失敗時仍能完成任務的可信賴公司。
06:31
In 1881, James Congdel Fargo, J.C. Fargo, becomes president of American Express.
1881年，詹姆斯·康格德·法戈（J.C. Fargo）成為美國運通的總裁。
06:39
So he was the younger brother of the founder, but he didn't just walk into a corner office.
他是創辦人的弟弟，但並非直接走進角落辦公室。
06:45
He started at the very bottom, as a messenger carrying packages through the streets of Buffalo.
他從最底層開始，作為一名信差在布法羅的街道上遞送包裹。
06:51
But J.C. knows one thing for certain, American Express must stay in the family, the Fargo family.
但J.C.深知一件事，美國運通必須留在家族手中，即法戈家族。
06:59
To secure that grip, he fills the company with his brothers, nephews and cousins.
為了鞏固這一控制權，他將公司填滿了他的兄弟、侄子和堂兄弟。
07:04
J.C. believes this keeps loyalty tight and power unshakable.
J.C.認為這樣能保持忠誠度並使權力穩固不搖。
07:10
J.C. controls the firm with iron discipline, but control alone does not pay the bills.
J.C.以鐵的紀律控制著公司，但僅僅控制並不能支付賬單。
07:15
American Express is still a business, and now it carries the weight of an entire family on its shoulders.
美國運通仍然是一家企業，現在它肩負著整個家族的重擔。
07:22
To grow American Express even more, he needs a big idea.
為了進一步擴大美國運通，他需要一個大胆的想法。
07:26
And soon, that idea will come from an unexpected place.
很快，這個想法將來自一個意想不到的地方。
07:35
By the 1880s, America grows fast, but money still moves slowly.
到19世紀80年代，美國快速發展，但資金流動仍然緩慢。
07:41
Back then, sending money wasn't easy.
當時，匯款並不容易。
07:45
Families struggled to move wages.
家庭難以轉移工資。
07:46
Immigrants wanted to help relatives overseas.
移民希望幫助海外的親人。
07:49
The mail wasn't reliable, banks were costly, and sending cash meant a good chance it got stolen.
郵政不可靠，銀行費用高昂，而寄送現金則很可能被盜。
07:54
Ordinary people needed a safe, affordable solution.
普通人需要一個安全、經濟的解決方案。
07:58
American Express sees the problem, and also the opportunity.
美國運通看到了問題，也看到了機會。
08:03
Under J.C. Fargo's watch, American Express doubles down on a business that will become a literal goldmine for them.
在J.C.法戈的領導下，美國運通全力投入一項業務，這項業務將成為他們的真正金礦。
08:10
A money order is basically a prepaid check.
匯票基本上是一種預付支票。
08:14
Instead of milling cash at hoping it doesn't get lost or stolen, you hand the money to American Express.
與其攜帶現金並希望它不會遺失或被盜，你可以將錢交給美國運通。
08:19
They give you a piece of paper for the same amount, and whoever receives it can cash in at any MX office.
他們會給你一張相同金額的紙，任何收到的人都可以在任何美國運通辦公室兌現。
08:28
The simplicity of the idea is brilliant, and American society is never the same.
這個想法的簡單性非常出色，美國社會從此不再相同。
08:34
But the real brilliance hides beneath the surface, in the float.
但真正的出色之處隱藏在表面之下，即在浮存金中。
08:39
Every time someone buys a money order, American Express holds the cash until it is redeemed.
每次有人購買匯票時，美國運通會持有現金直到兌現。
08:45
During that time, sometimes days, sometimes weeks, the company controls the money.
在這段時間內，有時是幾天，有時是幾週，公司控制著這筆錢。
08:52
It invests it, uses it, earns on it.
它投資這筆錢，使用它，並從中獲利。
08:55
It was clever. One transaction paid two ways.
這是一個聰明的做法。一筆交易有兩種收益方式。
08:58
The customer felt secure, and MX made interest while holding the money.
客戶感到安全，而美國運通在持有資金的同時賺取利息。
09:02
As sales kept growing, that float turned into a machine, and what began as a service ended up changing corporate finance.
隨著銷售不斷增長，這種浮存金變成了一台機器，而最初作為一種服務的東西最終改變了企業金融。
09:09
American Express is no longer just an express company.
美國運通不再只是一家快運公司。
09:12
It is now a financial institution, trusted by millions.
它現在是一家金融機構，受到數百萬人的信任。
09:18
But even this breakthrough pales, in comparison to what they are about to invent next.
但即使是這一突破也相形見絀，與他們即將發明的下一個東西相比。
09:31
It is the late 1880s.
這是1880年代末期。
09:33
J.C. Fargo, the president of American Express, sales to Europe.
美國運通的總裁J.C.法戈（J.C. Fargo）前往歐洲。
09:38
Officially, he is taking a much needed vacation.
官方上，他正在度一個迫切需要的假期。
09:42
Unofficially, he wants to see how his company might expand overseas, to match America's new global ambitions.
非官方上，他想看看他的公司如何在海外擴張，以配合美國新的全球雄心。
09:50
In Europe, Fargo carries a letter of credit, the traditional tool for travelers.
在歐洲，法戈攜帶了一封信用證，這是旅行者的傳統工具。
09:56
But when he tries to cash it at foreign banks, the process turns sour.
但當他試圖在外國銀行兌現時，這個過程變得不愉快。
10:01
Clerks made him wait. They studied his signature, even pulled in whole offices of staff just to decide if he was really who he said he was.
職員讓他等待。他們仔細查看他的簽名，甚至召集整個辦公室的員工來確認他是否真的是他所聲稱的那個人。
10:08
Fargo, the president of a great American company, is treated like a suspect.
法果，這位偉大美國公司的總裁，卻被當作嫌疑犯對待。
10:14
The longer he waits, the angrier he becomes.
他等待的時間越長，就變得越憤怒。
10:18
When he returns to New York, still fuming, Fargo calls his executives together.
當他回到紐約時，仍然怒氣未消，法果召集了他的高管們。
10:24
He tells them the company must find a new way, a faster, safer way, for travelers to get their money abroad.
他告訴他們，公司必須找到一種新的方法，一種更快、更安全的方法，讓旅行者在國外能夠取得他們的錢。
10:31
He does not care how it is done, only that it must be done.
他不在乎如何做到，只在乎這件事必須完成。
10:36
His frustration becomes a command.
他的挫折感變成了一道命令。
10:38
From that command is born, the traveler's check.
從這道命令中誕生了旅行支票。
10:42
Simple, but revolutionary.
簡單，卻具有革命性。
10:44
A customer buys a paper check from American Express, signs at once at the counter, and then again, when cashing it abroad.
顧客從美國運通購買一張紙質支票，當場在櫃檯上簽名，然後在國外兌現時再次簽名。
10:52
As long as the two signatures match, the money is paid.
只要兩個簽名匹配，錢就會被支付。
10:56
If the check is lost or stolen, it can be replaced.
如果支票遺失或被盜，可以被替換。
11:00
In the 1800s, taking money overseas was a hassle.
在19世紀，將錢帶到海外是一件麻煩事。
11:04
You carry heavy coins or letters of credit that took forever to cash out.
你必須攜帶沉重的硬幣或信用證，而兌現這些信用證需要很長時間。
11:09
The traveler's check changed all of that. It's just a slip of paper, guaranteed by MX, and it just made travel so much better and safer.
旅行支票改變了所有這一切。它只是一張紙，由美國運通擔保，使旅行變得更好、更安全。
11:19
By 1905, millions of dollars in traveler's checks are in circulation.
到1905年，數百萬美元的旅行支票在流通。
11:25
American Express, once just a shipping company, becomes the banker for the traveling world.
美國運通，曾經只是一家運輸公司，成為了旅行世界的銀行家。
11:31
For the company, the future looks brighter than ever, but for the man at the helm, his own journey is coming to an end.
對於這家公司來說，未來看起來比以往任何時候都更光明，但對於掌舵的人來說，他的旅程即將結束。
11:42
In early 1915, J.C. Fargo is 85 years old, worn down by decades of ruling American Express with an iron grip.
1915年初，J.C. 法果已經85歲，經過數十年鐵腕統治美國運通，他已經筋疲力盡。
11:51
His health has faltered, and pneumonia delivers the final blow. J.C. Fargo dies in New York.
他的健康狀況每況愈下，肺炎給了他最後一擊。J.C. 法果在紐約去世。
11:59
For more than 30 years, Fargo has led the company, first building, then guarding its empire.
30多年來，法戈領導著公司，先是建立，然後守護著這個帝國。
12:06
His passing shook the business world. Fargo had a reputation, hard-headed, controlling, stacking the company with relatives, but he also transformed American Express, taking it from hauling freight to creating global products like money orders and traveler's checks.
Whatever his faults, his mark on American business was huge.
無論他的缺點如何，他在美國商業界的影響力巨大。
12:24
With Fargo gone, the era of family control ends. George Taylor steps in as chief executive.
法戈去世後，家族控制的時代結束。喬治·泰勒接任首席執行官。
12:32
Almost immediately, he began firing a lot of employees with a last name, Fargo.
他幾乎立即開始解僱許多姓法戈的員工。
12:37
And reversing J.C. Sineptism and sweeping the thigh has old eyelights.
並逆轉J.C.的任人唯親，掃除舊勢力。
12:45
The timing could not be more critical. Across the Atlantic, Europe is already at war.
時機再關鍵不過。大西洋彼岸，歐洲已經陷入戰爭。
12:52
By 1917, America joins the fight.
到1917年，美國加入戰鬥。
12:55
The war is devastating, but for American Express's financial services, the war is a windfall.
戰爭帶來毀滅性破壞，但對於美國運通的金融服務來說，戰爭卻是一筆橫財。
13:01
Travelers' checks become essential for soldiers and civilians alike, trusted where cash is unsafe, and bank drafts unreliable.
旅行支票成為士兵和平民的必需品，在現金不安全、銀行匯票不可靠的地方受到信任。
13:11
American Express offices in London, Paris, and beyond handle millions in payments, building the company's reputation as a truly global banker.
美國運通在倫敦、巴黎等地的辦事處處理數百萬美元的支付，樹立了公司作為真正全球銀行家的聲譽。
13:21
By war's end, American Express emerges stronger than ever.
戰爭結束時，美國運通比以往任何時候都更強大。
13:26
And now, back home, American Express is about to come face to face with its biggest rival yet, the United States government.
現在，回到國內，美國運通即將面對其有史以來最大的競爭對手——美國政府。
13:39
The turn of the century brings a storm.
世紀之交帶來了一場風暴。
13:43
America enters the Progressive Era, a time when the public grows tired of monopolies that strangle competition and dictate prices.
美國進入進步時代，這是一個公眾對壟斷企業感到厭倦的時代，這些企業扼殺競爭並操縱價格。
13:50
The railroads are broken up. Standard oil is smashed. Steel and tobacco face the wrath of Washington.
鐵路被拆分，標準石油被擊潰，鋼鐵和煙草行業面臨華盛頓的怒火。
13:57
No corporation, no matter how wealthy, feels safe.
沒有任何企業，無論多麼富有，都感到安全。
14:01
The Express industry was basically a cartel. A few big names, American Express among them, divided the map, set the prices, and made sure no one else could get in.
To the U.S. government, they are a symbol of unchecked greed. To the U.S. Post Office, they are rivals to be eliminated.
對美國政府來說，他們是貪婪無度的象徵。對美國郵政來說，他們是需要被消滅的競爭對手。
14:20
The hammer falls in 1918. As World War One rages overseas, the federal government takes over the railroads.
鐵錘在1918年落下。當第一次世界大戰在海外肆虐時，聯邦政府接管了鐵路。
14:28
At the same time, it forces every Express company out of the domestic shipping business.
同時，這迫使每家快遞公司退出國內運輸業務。
14:34
They lost it all in one stroke, 10,000 offices, 15,000 employees, and their original business, Express shipping.
他們一夜之間失去一切，1萬個辦公室、1萬5千名員工，以及原本的快遞業務。
14:43
Funny enough, they kept a name American Express, even though it stopped being a shipping company for centuries.
趣的是，儘管幾個世紀前就不再是運輸公司，他們仍保留了「美國運通」這個名字。
14:52
George Taylor knows the company must pivot or perish. He focuses on financial services, cutting ties with the old Fargo network, and modernizing management. For a time, it works.
And on a cold evening in 1949, he's dining at Major's Cabin Grill, entertaining a client.
在1949年的一個寒冷夜晚，他在Major's Cabin Grill用餐，招待一位客戶。
20:23
When the bill arrives, he reaches for his wallet and realizes he forgot to bring cash.
當賬單來時，他伸手拿錢包，發現忘記帶現金。
20:30
Embarrassed, he borrows money from his wife.
尷尬之下，他向妻子借錢。
20:33
That moment really stuck with him.
那一刻真正觸動了他。
20:35
But then you could finance a house, a car, even washing machine.
但後來你可以貸款買房、買車，甚至洗衣機。
20:40
So he thought went out smaller things, went out of dinner.
於是他想到更小的東西，比如晚餐。
20:45
A few months later, Diners Club is born.
數月後，大來俱樂部誕生了。
20:48
A Diners Club member would get a small paper card that they could use at participating restaurants.
大來俱樂部會員將獲得一張小紙卡，可在參與的餐廳使用。
20:54
Instead of paying the restaurant directly, they would just sign the bill using their Diners Club card.
與其直接付款給餐廳，他們只需使用大來俱樂部卡簽單。
20:59
Then, Diners Club would pay the restaurant on their behalf.
然後，大來俱樂部將代表他們支付餐廳。
21:03
At the end of the month, the member would get a single bill from Diners Club, which they had to pay in full.
月底時，會員會收到大來俱樂部的一張帳單，必須全額付清。
21:09
People take it for granted now, but back then, nobody had seen anything like it.
現在人們覺得這是理所當然，但當時沒人見過這樣的東西。
21:14
You could walk out of a restaurant by just signing your name.
你只需簽名就能離開餐廳。
21:16
No cash at all. It was trust turned into currency.
完全不需要現金。這是將信任轉化為貨幣。
21:20
By the end of the first year, they had 20,000 members and 300-plus restaurants, and word was spreading fast.
第一年結束時，他們已有兩萬名會員和三百多家餐廳，而且消息傳播得很快。
21:29
For upper-middle-class professionals in cities, this felt like the future.
對城市中的中上階層專業人士來說，這感覺像是未來。
21:33
Clean, elegant, no fumbling for bills.
乾淨、優雅，不需要摸索零錢。
21:43
In the late 1950s, American Express is run by Ralph Reed, a determined executive who believes the company must evolve or die.
1950年代末，美國運通由決心十足的執行長拉爾夫·里德經營，他認為公司必須進化否則就會消亡。
21:54
After watching Diners Club grow fast, Reed sees the writing on the wall.
在看到大來俱樂部快速成長後，里德看出了趨勢。
21:58
If American Express wants to stay relevant, it must launch its own charge card.
如果美國運通想保持相關性，就必須推出自己的信用卡。
22:03
The Hotel Corporation of America has completed an agreement with the American Express Company to participate in the new MX Credit Card service.
美國酒店集團已與美國運通公司完成協議，參與新的MX信用卡服務。
22:11
It was announced yesterday.
這是昨天宣布的。
22:13
The very first American Express card launches in 1958.
第一張美國運通卡於1958年推出。
22:18
It was purple, made of cardboard, and here's how it worked.
它是紫色的，由紙板製成，使用方式如下。
22:21
You used it at a store or restaurant.
你可以在商店或餐廳使用它。
22:23
MX covered the bill, and then once a month, you paid MX back.
MX支付帳單，然後你每月償還MX一次。
22:27
No interest, just a single monthly bill.
沒有利息，只有一張每月帳單。
22:28
MX made money by charging merchants a fee plus a small yearly fee to card holders.
MX通過向商家收取費用以及向持卡人收取少量年費來獲利。
22:34
Reed believes this card will transform the company.
里德相信這張卡將改變公司。
22:38
He bets his reputation on it.
他把自己的聲譽押在這上面。
22:40
He hires thousands of reps to sign up merchants, floods the airwaves with ads, and makes the card the new symbol of class.
他僱用數千名業務代表招攬商戶，在廣播中大量播放廣告，並將這張卡片打造成新的階級象徵。
22:49
But then, no one signs up.
但隨後，卻沒有人報名。
22:53
Merchants hesitate to accept the card.
商戶猶豫是否接受這張卡片。
22:56
Customers don't understand it.
顧客不理解它。
22:57
It seemed like they had no idea what they were doing.
看起來他們根本不知道自己在做什麼。
23:01
Those cardboard cards, they tore, they wore out in the people's wallet.
那些紙板卡片，在人們的錢包裡容易撕裂、磨損。
23:07
American Express, once the name of class and reliability, is now getting angry phone calls from frustrated members.
美國運通，曾經是階級和可靠的代名詞，現在卻接到會員打來的憤怒電話。
23:14
Within months, the card division is bleeding cash.
數月內，卡片部門開始虧損。
23:19
Reed refuses to back down. He demands a fix.
里德拒絕退縮，他要求解決問題。
23:23
In a moment of desperate innovation, the company switches to a new material.
在絕望創新的時刻，公司轉用新材料。
23:27
Plastic.
塑膠。
23:29
They're among the first companies in the world to do it.
他們是全球最早採用這種材料的公司之一。
23:32
The new card is sleek, durable, and futuristic.
新卡片光滑、耐用且充滿未來感。
23:37
It's a turning point.
這是一個轉捩點。
23:39
By 1960, the card division finally turns a profit.
到1960年，卡片部門終於開始獲利。
23:43
In the decades that follow, it becomes more than a payment tool.
在接下來的幾十年裡，它不再只是一種支付工具。
23:47
It becomes a symbol.
它成為一種象徵。
23:47
A badge of entry into the world of executive lounges, five-star hotels, and corner office power lunches.
一種進入高級休息室、五星級酒店和高級行政午餐的徽章。
23:56
Flush with success, American Express begins to expand.
在成功的推動下，美國運通開始擴張。
24:01
A new division is issuing receipts and letters of guarantee for corporate deals and shipments.
一個新部門開始為企業交易和貨運發放收據和擔保函。
24:07
A simple promise, backed by the Amex brand, becomes a financial product.
一個簡單的承諾，由美國運通品牌背書，成為一種金融產品。
24:12
They are no longer just moving money, they are selling trust itself.
他們不再只是轉移資金，而是在銷售信任本身。
24:17
But trust, once weaponized, can be stolen.
但信任一旦被武器化，就可能被竊取。
24:21
And one man is about to do just that.
而有一個人即將這麼做。
24:24
His name is Anthony De Angelis.
他的名字是安東尼·德安吉利斯。
24:32
Anthony Tino De Angelis was not born into power.
安東尼·蒂諾·德安吉利斯並非出生於權勢之家。
24:36
He earned it, one deal at a time.
他靠一筆筆交易賺取了權勢。
24:39
Raised in a working-class Italian family in the Bronx, and learns early how to make a buck out of nothing.
在布朗克斯的一個工薪階層意大利家庭長大，他很早就學會如何無中生有地賺錢。
24:45
In the 1940s, during World War II, Anthony De Angelis made money by selling cooking oil and margarine to the U.S. military.
在1940年代，二戰期間，安東尼·德安吉利斯通過向美國軍方銷售食用油和人造奶油賺錢。
24:54
After the war, he kept going.
戰後，他繼續經營。
24:57
He bought big shipments, tankers, a vegetable oil, like soybean and cottonseed oil.
他大量購入船運、油輪和植物油，如大豆油和棉籽油。
25:03
He stored them, sold them, moved them from place to place.
他儲存、銷售並將它們從一個地方運到另一個地方。
25:08
He learned the business inside and out, and more importantly, he learned how to move products and played the system.
他徹底學會了這門生意，更重要的是，他學會了如何操縱產品並利用體系。
25:14
And soon, he discovers lucrative business unlike anything he's ever seen.
很快，他發現了一個前所未有的盈利生意。
25:19
In the 1960s, American Express has a business division that issues warehouse receipts.
在1960年代，美國運通有一個業務部門負責簽發倉庫收據。
25:26
They really turned trust into a product.
他們真正將信任轉化為一種產品。
25:29
If you had a commodity like vegetable oil, you could pay American Express to issue a receipt.
如果你擁有像植物油這樣的商品，你可以付錢給美國運通簽發一張收據。
25:35
And that acted like a guarantee.
這張收據就如同一種擔保。
25:38
You could walk into a bank with that slip and borrow money, and the bank trusted it because it had a max name on it.
你可以拿著這張收據走進銀行借錢，而銀行會相信它，因為上面有美國運通的名字。
25:47
De Angelis learns to game the system.
德安吉利斯學會了如何操縱這個體系。
25:49
He buys a small amount of oil, gets a warehouse to issue a receipt.
他買了一小批石油，讓倉庫開具收據。
25:53
Then he waters the oil down, or pumps it from tank to tank to full inspectors.
然後他摻水稀釋石油，或將油在油罐間倒來倒去以迷惑檢查員。
25:59
He reuses the same oil to get multiple receipts from American Express.
他重複使用同一批石油，從美國運通取得多張收據。
26:03
Each receipt unlocks a new loan, and soon, he's pulling in tens of millions.
每張收據都能解鎖新貸款，很快他就賺進數千萬美元。
26:09
He builds a trading empire on oil that doesn't exist, on nothing but promises and paper.
他在並不存在的石油上建立貿易帝國，全憑承諾和紙張。
26:15
At one point, De Angelis had $150 million worth of oil.
在某個時點，德安吉利斯擁有價值1.5億美元的石油。
26:21
He basically controlled 25% of the global soybean oil futures market.
他基本上控制了全球25%的大豆油期貨市場。
26:26
But all empires built on lies eventually collapse.
但所有建立在謊言之上的帝國終將崩塌。
26:36
In 1963, Ray Dirks, a Wall Street analyst, catches strange inconsistencies in De Angelis's reported inventories.
1963年，華爾街分析師雷·德克斯發現德安吉利斯報告的庫存中有奇怪的不一致。
26:45
What Dirks uncovers, and what later shocks the financial world, is that many of the massive storage tanks De Angelis claimed to be full, are nearly empty.
德克斯揭露的，以及後來震驚金融界的事實是，德安吉利斯聲稱滿載的許多大型儲油罐幾乎是空的。
26:55
Some are filled with seawater, topped with a thin layer of oil to deceive inspectors.
有些罐裡裝滿海水，上面覆蓋一層薄薄的石油以欺騙檢查員。
27:00
The fallout is immediate.
後果立即顯現。
27:03
Mr. De Angelis, who has been indicted by a federal grand jury for allegedly transporting some $39 million in forged warehouse receipts across state lines, is the key figure in several other court proceedings.
But the same can't be said for countless data brokers and shady companies who freely trade your personal details and leave you exposed.
但無數數據經紀人和可疑公司卻不能這樣說，他們自由交易您的個人資料，讓您暴露在風險中。
31:57
That's where incogni comes in.
這就是 incogni 的用武之地。
32:00
If you're watching this channel, chances are you're financially savvy and business-minded, and your data is more valuable than most.
如果您正在觀看這個頻道，您很可能具有財務頭腦和商業思維，而您的數據比大多數人更有價值。
32:08
Personally, I was shocked to find out how many various sites have my data.
我個人對於有這麼多不同的網站擁有我的數據感到震驚。
32:12
Just one leak can mean scams, stolen credit, or identity theft that can take months to fix.
只要一次洩露就可能導致詐騙、信用卡被盜或身份盜用，而這些問題可能需要數月才能解決。
32:18
So protecting yourself upfront is a no-brainer.
因此，事先保護自己是理所當然的。
32:21
Incogni does the hard work for you.
Incogni 為您做艱難的工作。
32:24
Instead of spending years sending deletion requests yourself, incogni automatically contacts data brokers on your behalf, forces them to remove your info, and keeps you updated with results.
And with their new custom removal feature, if you find your personal information on any people search site or shady website, you can point it out, and incogni's privacy agents will handle it for you.
That's incogni.com slash finius, code finius, link in the description.
即 incogni.com/finius，代碼 finius，連結在說明中。
33:09
Sandy Weil was born in Brooklyn in 1933, the child of hard-working Jewish immigrants.
Sandy Weil 於 1933 年出生在布魯克林，是勤奮的猶太移民的孩子。
33:17
As a boy, he sold eggs door-to-door.
童年時，他曾挨家挨戶賣蛋。
33:20
When he grew up, he took a job running errands on Wall Street.
長大後，他在華爾街做跑腿的工作。
33:24
He learned everything on a ground, how to sell, how to trade, how to cold call.
他從基層學習一切，如何銷售、如何交易、如何冷呼叫。
33:30
He learned by doing it himself.
他通過親身實踐學習。
33:33
By the time he's 30, he's ready to build something of his own.
到他30歲時，他已準備好創建屬於自己的事業。
33:37
In 1960, he gathers three colleagues and opens a tiny brokerage.
1960年，他聚集了三位同事，開了一家小型經紀公司。
33:42
While grows the business fast, he swallows competitors, at services, builds a powerhouse from nothing.
在迅速發展業務的同時，他收購競爭對手，擴充服務，從無到有打造了一個強大的企業。
33:50
Over the next decade, his firm becomes Sheerson Low Roads, a major player in the financial world.
在接下來的十年裡，他的公司成為了希爾森·洛·羅德斯，一家金融界的主要參與者。
33:58
It is exactly the kind of business American Express is looking for.
這正是美國運通所尋找的企業類型。
34:10
In separate meetings yesterday, shareholders of the American Express Company and Sheerson Low Roads, incorporated, approved the merger of Wall Street's second largest brokerage house into the international credit card giant.
The tensions never eased. Sheerson felt stifled by Amex. Amex didn't get Sheerson's culture. Lehman refused to be managed at all.
緊張局勢從未緩解。希爾森感到被美國運通壓制。美國運通不理解希爾森的文化。雷曼則拒絕被管理。
35:23
The profits stayed thin. Headlines grew skeptical and investors got nervous.
利潤保持微薄。頭條新聞變得懷疑，投資者也變得緊張。
35:28
Then comes the crash of 1987. The market tanks. Revenues collapse. The company's Amex acquired becomes liabilities.
然後是1987年的崩盤。市場暴跌。收入崩潰。美國運通收購的公司成為了負債。
35:38
To the shareholders and the board, it's all the fault of Jim Robinson.
對股東和董事會來說，這一切都是吉姆·羅賓森的錯。
35:43
The American Express company said yesterday that it had begun to seek a replacement for James D. Robinson III.
美國運通公司昨天表示，已開始尋找詹姆斯·D·羅賓森三世的接班人。
35:49
It's chairman and chief executive for 15 years. Mr. Robinson is participating in the search for his replacement, and will step down when a successor is chosen, perhaps as soon as next year.
Even supermarkets mailed out plastic cards with flashy teaser rates.
甚至連超市也寄出帶有吸引人優惠利率的塑膠卡。
36:46
Golub sees an opening not to cut prices, but to build loyalty.
戈盧布看到的不是降價的機會，而是建立忠誠度的契機。
36:51
Out of this pressure, the membership rewards program is born. Instead of giving cashback, American Express gives points.
在這種壓力下，會員獎勵計劃應運而生。美國運通不提供現金回饋，而是提供積分。
36:59
And points can be redeemed for flights, hotels, dinners, and more.
這些積分可以兌換航班、酒店、晚餐等更多服務。
37:07
I do have flight 139, maybe in 20 minutes, but only in first glance.
我確實有 139 航班，大約 20 分鐘後，但只有頭等艙。
37:11
I'll take it. You'll have to call me my flight. I'll be there.
我要了。你得幫我叫車。我馬上到。
37:16
The second part had planned from the last.
第二部分已經按照計劃進行。
37:18
Coming through when you're needed most, membership has its privileges.
在你最需要的時候伸出援手，會員資格自有其特權。
37:23
It seems like generosity, but it's pure business genius.
這看起來像是慷慨，但其實是純粹的商業天才。
37:27
Here's how it worked. Every time someone swiped an MX card, the company earned a fee for merchant.
以下是其運作方式：每次有人刷美國運通卡時，公司都會向商家收取手續費。
37:34
The more people spent chasing points, the more the company made.
人們為了追逐積分而消費得越多，公司賺得越多。
37:38
But many of those points were never used, so they really cost far less than people thought.
但許多積分從未被使用，因此實際成本遠低於人們的想像。
37:44
So the mix of psychology and money was really brilliant.
心理學與金錢的結合實在是高明。
37:50
Membership rewards becomes a massive success.
會員獎勵計劃成為一大成功。
37:52
Card holders love it. Merchants get more business.
持卡人喜愛它，商家也因此獲得更多生意。
37:57
An MX for the first time in a long time finds itself ahead of the curve.
長久以來，美國運通首次發現自己領先於曲線。
38:09
The 1990s is a decade of unprecedented prosperity. America is roaring.
1990年代是前所未有的繁榮十年。美國正在蓬勃發展。
38:15
The dot-com frenzy electrifies Wall Street.
科網熱潮令華爾街為之振奮。
38:19
Consumers are flushed with credit and optimism.
消費者充滿信貸和樂觀情緒。
38:21
Internet startups explode onto the scene, and tech wealth floods the suburbs.
互聯網新創公司如雨後春筍般湧現，科技財富湧入郊區。
38:26
People spend more freely than ever before. On luxury, on travel, on identity.
人們比以往更自由地花錢。在奢侈品、旅遊、身份象徵上。
38:32
The economy hums like a supercar on an open highway.
經濟如同超級跑車在開闊的高速公路上飛馳。
38:36
For American Express, the timing is perfect.
對於美國運通來說，時機正好。
38:40
Its brand, once tied to steamships and travelers' checks, now belongs to business-class cabins and boutique hotel suites.
其品牌曾與蒸汽船和旅行支票相關，現在屬於商務艙和精品酒店套房。
38:48
It evolves into a lifestyle badge, a membership that signals you've made it.
它演變成一種生活方式的象徵，一種會員資格，表明你已經成功。
38:54
The platinum card becomes iconic. Its customer base grows global, elite, loyal.
白金卡成為標誌性產品。其客戶群體變得全球化、精英化、忠誠化。
39:02
Then, in an instant, everything stops.
然後，在瞬間，一切都停止了。
39:05
The unthinkable happened today. The World Trade Center, both towers, gone.
今天發生了難以置信的事。世界貿易中心，兩座塔樓，都消失了。
39:11
And we are all witnesses to it, and to some degree we are all victims.
我們都是這一切的見證者，在某種程度上，我們都是受害者。
39:15
The morning of September 11, 2001. The towers fall.
2001年9月11日的早晨。塔樓倒塌了。
39:22
American Express's global headquarters at Three World Financial Center is hit hard.
美國運通位於三號世界金融中心的全球總部受到嚴重打擊。
39:27
Eleven employees are killed. Its office is crushed.
十一名員工遇難。其辦公室被毀。
39:31
We lost eleven employees who worked in the World Trade Center.
我們失去了在世界貿易中心工作的十一名員工。
39:37
As you can imagine, it was emotionally gut-wrenching.
如你所想，這在情感上是撕心裂肺的。
39:41
I was actually not in our building. I was in Salt Lake City, and it was a surreal experience.
我當時其實不在我們的大樓裡。我在鹽湖城，這是一種超現實的體驗。
39:49
Despite the heavy losses, MX honors every claim, every obligation.
盡管損失慘重，MX仍然履行每一項索賠和每一項義務。
39:54
When the dust settles, his reputation doesn't just survive. It strengthens.
當風波平息後，他的聲譽不僅僅是存活下來，反而更加鞏固。
40:02
By the mid-2000s, it's bigger than ever.
到了2000年代中期，它比以往任何時候都更加壯大。
40:05
Annual transaction volume surges into the hundreds of billions.
年交易量激增至數千億美元。
40:07
Its footprint spans the globe. It's no longer just a credit card company.
其足跡遍及全球，不再僅僅是一家信用卡公司。
40:13
It's a financial giant, rivaling Visa and MasterCard in scale and influence.
它是一個金融巨頭，在規模和影響力上與Visa和MasterCard相媲美。
40:20
But with size comes scrutiny. Its fees are high. Its network is powerful.
但隨著規模的擴大，審查也隨之而來。它的費用很高，網絡很強大。
40:27
And the U.S. government and a growing chorus of merchants start asking hard questions.
美國政府和越來越多的商家開始提出尖銳的問題。
40:42
In the early 2000s, America's merchants reach a breaking point.
在2000年代初，美國的商家達到了臨界點。
40:46
For years, they grumble about the credit card giants, Visa, MasterCard and American Express.
多年來，他們對信用卡巨頭Visa、MasterCard和American Express抱怨不已。
40:53
By 2010, those grumbles erupt into lawsuits.
到了2010年，這些抱怨演變成了訴訟。
40:57
The U.S. government and thousands of retailers join forces, accusing the companies of rigging the system.
美國政府和數千家零售商聯合起來，指控這些公司操縱系統。
41:04
So the setup was simple. Every swipe cost a store a fee, sometimes two percent or more.
這個設置很簡單。每次刷卡都會讓商店支付一筆費用，有時高達2%或更多。
41:11
With the real power it was in the contracts, stores weren't allowed to point customer to cheaper cards, or even admit how much the fees cost them.
真正的權力在於合約，商店不能引導顧客使用更便宜的卡，甚至不能透露費用的成本。
41:22
The Department of Justice announced today that it filed a civil antitrust lawsuit in U.S. District Court for the Eastern District of New York, challenging rules that American Express, MasterCard and Visa have in place that prevent merchants from offering consumers discounts, rewards and information about card costs,
ultimately resulting in consumers paying more for their purchases.
最終導致消費者為購買支付更多費用。
41:43
Billions of dollars hang in the balance. If the courts rule against the card giants, the damages will be historic, among the largest antitrust penalties in U.S. history.
The very structure of the industry could collapse overnight.
整個行業的結構可能在一夜之間崩潰。
42:02
Visa and MasterCard, seven state attorneys general in the Department of Justice, agreed to settle an antitrust lawsuit today. American Express says it will challenge it.
They settled almost immediately, agreeing to drop the rules and avoid court.
他們幾乎立即達成和解，同意放棄這些規定並避免上庭。
42:32
The big issue was this rule. If a store took your card, they weren't allowed to tell you which one costs them more, or give you a discount for using a cheaper card.
At the time, American Express is run by Ken Shinoh, a disciplined man who carries himself with calm precision and razor focus.
當時，美國運通由一位紀律嚴明、舉止冷靜精準且專注的男性——Ken Shinoh經營。
42:51
He sees no safe compromise.
他認為沒有安全的妥協空間。
42:53
For MX, these rules wore minor details. They were the shield that protected its high cost, high value system.
對於美國運通來說，這些規定是小細節，卻是保護其高成本、高價值系統的盾牌。
43:01
And without them, merchants will push customers for cheaper cards, and MX will lose its edge.
沒有這些規定，商家會推動顧客使用更便宜的卡，而美國運通將失去其優勢。
43:09
Shinoh makes the call. American Express will fight.
Shinoh做出決定：美國運通將奮戰到底。
43:15
The fight grinds through years of courtrooms. MX loses in district court.
這場戰鬥在法庭上持續多年，美國運通在地方法院敗訴。
43:20
But it appeals, then appeals again. The case climbs to the Supreme Court.
但它提出上訴，再次上訴。案件最終上訴至最高法院。
43:28
In a decision on Monday, the Supreme Court sided with American Express on their policies that stop retailers from steering customers to other credit cards that charge lower swipe fees.
在週一的裁決中，最高法院支持美國運通的政策，即阻止零售商引導顧客使用其他收取較低刷卡費的信用卡。
43:38
Visa and MasterCard rewrite their contracts. They pay their settlements.
Visa和MasterCard重寫了合約，並支付了和解金。
43:43
American Express emerges untouched. It gambles everything on the strength of its model.
美國運通毫髮無傷地脫身。它將一切賭在其商業模式的實力上。
43:48
And in the highest court in the land, it wins.
而在全國最高法院，它贏了。
43:55
From 2010 to 2025, America marches through cycles of boom, bust, and rebirth.
從2010年到2025年，美國經歷了繁榮、衰退和重生的循環。
44:02
The economy bounces back after the Great Recession.
大衰退後，經濟反彈。
44:06
Tech disruption redefines shopping, travel, and banking.
科技創新重新定義了購物、旅行和銀行業。
44:10
Consumers adopt smartphones and digital wallets.
消費者開始使用智慧型手機和數位錢包。
44:13
Credit becomes more ubiquitous and faster.
信用變得更普及、更快速。
44:16
American Express rides this wave. Each year, customers charge more than a trillion dollars on its cards.
美國運通乘著這股浪潮。每年，顧客在其卡上消費超過一兆美元。
44:23
Revenue climbs towards $77 billion by 2025. Annual profits stay above $10 billion.
到2025年，營收攀升至770億美元，年利潤保持在100億美元以上。
44:31
MX remains the card of choice for travelers, entrepreneurs, and the global elite.
MX仍然是旅行者、企業家和全球精英的首選卡。
44:36
Stephen Jay Squarey takes over as CEO in 2018 after joining the company back in 1985.
Stephen Jay Squarey在1985年加入公司後，於2018年接任CEO。
44:42
His mission is clear. Double down on digital innovation, deepen loyalty programs, and expand MX's reach worldwide.
他的使命很明確：加倍投入數位創新、深化忠誠度計劃，並擴大MX在全球的影響力。
44:51
The model worked because it was disciplined. Merchants complained about the higher fees, but they still paid.
這個模式奏效，因為它很有紀律。商家抱怨較高的費用，但他們仍然支付。
44:57
MX customers spent more, tipped more, and stuck around.
MX的客戶消費更多、小費更多，而且忠誠度更高。
45:01
The rewards kept people loyal, but a lot of points were never redeemed, or they cost MX less than folks thought.
回饋計劃讓人們保持忠誠，但很多積分從未被兌換，或者它們的成本比人們想像的要低。
45:07
And in between, MX held the money just long enough to earn interest.
而在這期間，MX持有這些資金的時間足夠長，以賺取利息。
45:10
It all came down to trust and prestige. That's what let them charge more and still be around.
這一切都歸結於信任和聲望。這就是讓他們能夠收取更高費用並仍然存在的原因。
45:17
By 2025, American Express is worth over $200 billion on Wall Street.
到2025年，美國運通在華爾街的價值超過2000億美元。
45:23
It processes trillions in global spending. It stands as one of the most trusted financial brands in the world.
它處理全球數兆美元的支出。它是世界上最受信任的金融品牌之一。
45:30
But in finance, trust is fragile. And trust is always one crisis away from collapse.
但在金融領域，信任是脆弱的。信任總是距離崩潰只有一場危機。
45:39
When I tried to break into finance, it was incredibly difficult because I did not have an I really degree.
當我試圖進入金融業時，這非常困難，因
45:45
And I got rejected so many times by Goldman Sachs and JPMorgan.
我被高盛和摩根大通拒絕了很多次。
45:50
But YouTube changed everything. It helped me build connections that eventually allowed me to launch my own font.
但YouTube改變了一切，它幫助我建立了人脈，最終讓我能夠創立自己的基金。
45:57
Now I want to bring all the ambitious people together and form a kind of a syndicate.
現在我想將所有有抱負的人聚集在一起，組成一種聯盟。
46:01
People who help each other move up in business and life.
這些人在商業和生活中互相幫助，共同進步。
46:05
We have candidates from hedge funds, family offices, and fast-growing startups across the world.
我們的成員來自全球各地的對沖基金、家族辦公室和快速成長的新創公司。
46:11
And if you want to join the Finiest Guild, click the link in the description.
如果你想加入Finiest Guild，請點擊描述中的連結。
American Express - The Trillion Dollar Money Machine | Documentary
