For decades, UBS sold secrecy as a service, catering to oligarchs, CEOs and criminals alike. But when the pressure from Washington mounted, Switzerland was forced to choose between sovereignty and survival. What followed wasn't just a scandal. It was a reckoning.
Now, UBS has agreed to hand over the names of nearly 4,500 account holders to the U.S.
現在，瑞銀集團（UBS）已同意向美國政府交出近4,500名帳戶持有人的姓名。
00:47
government and it's looking to be a game-changer for Swiss banks.
這對瑞士銀行業來說，將會是個顛覆性的轉變。
00:53
For over a century, Swiss banking meant silence, neutrality and secrecy.
一個多世紀以來，瑞士銀行業意味著沉默、中立和保密。
01:00
But UBS turned discretion into dominance, rising from local custodian to global kingmaker.
但瑞銀集團（UBS）將謹慎轉化為主導地位，從地方託管人崛起為全球金融巨頭。
01:08
In essence, bank secrecy is analogous to criminal racketeering and the Swiss government, along with every Swiss private banker, is a co-conspirator.
本質上，銀行保密制度類似於犯罪勒索，而瑞士政府以及每一位瑞士私人銀行家都是共謀者。
01:20
UBS executives knew that UBS's cross-border business violated the law.
瑞銀集團（UBS）的高層知道其跨境業務違反了法律。
01:25
They refused to stop this activity. The reason was money. The business was too profitable to give up.
他們拒絕停止這項活動。原因就是錢。這項業務利潤豐厚，無法放棄。
01:44
By his latest act of naked aggression, Hitler has committed a crime not only against Poland, but against the whole human race. In 1939, Hitler invades Poland. Europe plunges into war.
Entire nations collapse in weeks, and a new kind of terror begins to spread across the continent.
整個國家在數週內崩潰，一種新型的恐怖開始蔓延整個歐洲大陸。
02:05
Switzerland, surrounded by Axis powers, declares neutrality. But in a war built on conquest and extermination, neutrality isn't safety. It's a risk. As cities burn and borders vanish, Switzerland becomes a refuge, not just for people, but for money. Afraid of losing everything,
aristocrats, businessmen, and persecuted minorities rush to protect their wealth.
貴族、商人以及受迫害的少數民族紛紛趕來保護他們的財富。
02:33
Even before the 1900s, banking secrecy was normal in Switzerland. The country's neutrality, laws, and quiet culture made it a safe place for Europe's elites, kings, and rich families.
Swiss banks built their reputation not just to manage money, but on keeping it hidden.
瑞士銀行建立聲譽，不僅是為了管理資金，更是為了將其隱藏起來。
02:54
Gold, cash, and bearabonds flood into Swiss vaults.
黃金、現金和無記名債券湧入瑞士金庫。
02:58
Numbered accounts rise. What began as a business model, bank secrecy, now becomes a shield.
編號帳戶數量增加。銀行保密制度，這個最初的商業模式，現在成為了一道屏障。
03:04
Thanks to its laws and location, Switzerland becomes the last safe vault in Europe.
由於其法律和地理位置，瑞士成為歐洲最後一個安全的金庫。
03:11
But not all deposits are fleeing tyranny. Some are funding it.
但並非所有存款都在逃離暴政。有些存款正在資助它。
03:17
In the early 1940s, a key player emerges, the Union Bank of Switzerland, UBS.
在 1940 年代初期，一個關鍵參與者出現了，瑞士聯合銀行，UBS。
03:24
The predecessor of UBS was founded back in the 1860s, and at the time it had grown from a local bank into one of the most important banks in Switzerland.
UBS 的前身成立於 1860 年代，當時它已從一家地方銀行發展成為瑞士最重要的銀行之一。
03:36
As the war rages, UBS shifts roles. It doesn't just handle money. It moves it, hides it, and cleans it.
隨著戰爭的蔓延，UBS 轉變了角色。它不僅處理金錢。它轉移、隱藏並清洗金錢。
03:45
During his conquests, Hitler needs to find a partner to help store and clean the looted gold.
在征服過程中，希特勒需要找到一個夥伴來幫助儲存和清洗掠奪來的黃金。
03:52
Switzerland, with its secretive banking laws and neutral stance, is the perfect partner.
瑞士以其保密的銀行法規和中立的立場，成為了完美的夥伴。
03:58
UBS accepts gold from Nazi Germany. It melts it down, stamps it with neutral markings, then puts it back into circulation, laundering stolen wealth into clean, usable bullion.
And they know what they're doing. An internal UBS report shows that by 1940, the bank is securing Jewish assets in military bunkers, even as it processes gold taken from Jews sent to death camps. These were not small operations. Between 1939 and 1945,
Switzerland's central bank, the S&B, purchased over $400 million worth of gold from Nazi Germany.
瑞士的中央銀行，S&B，從納粹德國購買了價值超過 4 億美元的黃金。
04:37
It was one-third of the Reichsbank's total sales.
這佔德意志帝國銀行總銷售額的三分之一。
04:42
The victorious Russian troops walk through the rubble where the Nazis made their last step.
勝利的俄羅斯軍隊走過納粹軍隊最後撤退的廢墟。
04:54
World War II ends with Europe in ruins, but Switzerland is almost untouched.
第二次世界大戰以歐洲滿目瘡痍結束，但瑞士幾乎毫髮無損。
05:01
Its cities are safe, its money is stable, and its banks are full, thanks to years of foreign deposits during the chaos. Switzerland stayed out of the fighting, but stayed useful to both sides. They made deals, stayed neutral, and kept their banks safe. Between 1956 and 1975,
UBS rapidly expands by buying up smaller banks across the country, quietly becoming Switzerland's biggest financial power. UBS took advantage of Switzerland's neutrality. During the Cold War, people send their money there to keep it safe from political chaos and sanctions.
UBS used their reputation to attract rich clients from around the world.
UBS 利用其聲譽吸引了來自世界各地的富裕客戶。
05:47
In 1960, the banking giant makes its boldest move yet. It acquires Argor SA, the country's top gold refinery. Argor gives UBS something few banks ever possess, vertical control over the flow of gold.
In global finance, gold isn't just a commodity, it's a foundation asset. The more physical gold you hold, the more trust you command. But refining, that's a different level. For UBS, acquiring Argor wasn't just vertical integration, it was a move to institutionalized control over
gold itself. By the 1970s, Zurich has passed London as the world's top gold trading hub, and UBS is at the center of it all. But no one rules forever. In banking, trust is everything.
He was not a Wall Street shark nor a political power broker. Studer was a military trained technician he believed in systems and process in consensus. Prior to becoming CEO, Studer spent years working in different countries, first in New York, then in Beirut,
where he promoted a Palestinian deputy to a top role, an unusual move in the region.
在貝魯特，他將一名巴勒斯坦副手提拔到高層職位，這在該地區是一個不尋常的舉動。
07:18
Now at the top, Studer sees the future clearly. If UBS wants to compete globally, it must grow fast. That means breaking old habits and building a new kind of bank.
So he started building a different kind of management system, breaking the bank into regional banks and each with his own CEO. Studer hopes that this design can create agility without losing control. But little does he know, his matrix of leadership will doom UBS for good.
For a bank that has weathered wars and crises for nearly a century, the collapse will come faster and harder than anyone expects.
對於一家近一個世紀以來經歷了戰爭和危機的銀行來說，崩潰的速度和力度將比任何人預期的都要快和猛烈。
08:10
The first sign of trouble comes from an unlikely place.
第一個麻煩的跡象來自一個不太可能的地方。
08:16
In the mid-1990s, UBS is trying to modernize. One of its rising stars is Raimi Goldstein, an Israeli-American trader known for his brilliance with numbers.
Goldstein specializes in complex options and convertible bond arbitrage, particularly in the Japanese market. His trades are exotic, long-dated, and built on intricate models that few others inside UBS fully understood. But on paper, they make money,
a lot of it. But behind the numbers was a problem. The risk was mispriced and grossly underestimated.
而且賺很多。但在數字背後存在一個問題。風險被錯誤定價，並被嚴重低估。
08:55
Goldstein's desk booked profits based on internal models, not market prices, and the positions were effectively unhedged. This was possible because UBS management structure was weak.
Studer has split the bank into regions and product lines. No one above Goldstein had both the authority and the knowledge to stop him.
史杜德將銀行分拆為地區和產品線。戈爾德斯坦之上的沒有人同時擁有權力和知識來阻止他。
09:19
Risk managers raises concerns, but the fragmented reporting structure rendered them powerless.
風險管理人員提出了擔憂，但分散的報告結構使他們無能為力。
09:26
Goldstein works in a gray zone, bringing in profits free from oversight.
戈爾德斯坦在一個灰色地帶工作，帶來的利潤不受監督。
09:32
His desk becomes a black box. No one questions it.
他的部門成為一個黑盒子。沒有人質疑它。
09:39
It's a disaster waiting to happen. But for now, Studer's biggest threat isn't inside the bank.
這是一場即將發生的災難。但目前，史杜德最大的威脅不在銀行內部。
09:46
It's coming from the outside, from a man with no title, no office, and no loyalty to the old ways.
它來自外部，來自一個沒有頭銜、沒有辦公室、對舊方式沒有忠誠的人。
09:53
His name is Martin Ebner, and he's about to flip UBS upside down.
他的名字是馬丁·埃布納，他即將將瑞銀翻個底朝天。
10:04
In the early 1990s, while UBS executives stay buried in charts and cautious restructures, a new kind of threat emerges. Martin Ebner. Ebner is a financier turned activist investor.
He runs BZ Bank and a powerful investment vehicle called BK Vision.
他經營BZ銀行和一個強大的投資工具，名為BK Vision。
10:24
He was a corporate raider. In Switzerland's polite, conservative world of banking, he was something altogether different. Loud, aggressive, apologetically capitalist. He believed in results.
And by 1991, he started buying up shares in UBS, not to profit quietly, but to force a revolution.
到了1991年，他開始大量收購瑞銀股份，不是為了默默獲利，而是要逼迫一場革命。
10:47
And soon, he becomes the largest UBS individual shareholder and earns a seat at the board.
很快，他成為瑞銀最大的個人股東，並贏得董事會的一席之地。
10:54
UBS was getting fatter, not faster. Between 1989 and 1995, costs exploded by 60 percent, but profits lagged far behind. The bank was burning money just to stay in place.
To Ebner, UBS isn't just a bank. It's a sleeping giant, bloated, slow, and blind to a rapidly changing world. And he knows one man is to blame. Robert Studer.
A battle for control of Switzerland's largest financial institution, the Union Bank of Switzerland, has entered a new stage, causing a loss of confidence in the bank and leaving investors with paper losses of $6 billion.
The attack of Martin Ebner is bad news for Robert Studer.
馬丁·埃布納的攻擊對羅伯特·斯圖德來說是個壞消息。
11:46
For months, UBS CEO Robert Studer ignores Ebner, believing he's just making noise.
數月來，瑞銀CEO羅伯特·斯圖德無視埃布納，認為他只是在製造噪音。
11:52
Loud, persistent, but not truly dangerous. But then, Ebner drops a bomb. He makes a shocking proposal to UBS shareholders. UBS should merge with Credit Suisse.
Credit Suisse is UBS's biggest rival, smaller, faster, and already expanding overseas.
瑞信是瑞銀最大的競爭對手，規模較小、行動更快，並已開始向海外擴張。
12:16
In the 90s, Credit Suisse was ahead of the curve, especially in trading and investment banking.
在90年代，瑞信走在時代前沿，特別是在交易和投資銀行業務方面。
12:21
They built a world-class derivatives desk and were expanding aggressively into New York and London.
他們建立了世界級的衍生品部門，並積極擴張至紐約和倫敦。
12:26
While UBS focused on traditional Swiss banking, Credit Suisse was chasing global markets, hiring top talent and taking smart risks. They looked modern, UBS looked slow.
Inside the industry, everyone saw it. Credit Suisse was the future. UBS just couldn't admit it.
在業內，每個人都看到了這一點。瑞信是未來，而瑞銀就是無法承認這一點。
12:41
Joining forces would mean throwing out UBS's long-standing approach to banking.
聯手將意味著放棄瑞銀長期以來的銀行業務方法。
12:46
For Studer, it would be an open admission that his strategy no longer works.
對斯圖德來說，這將是公開承認他的策略不再奏效。
12:52
And worse, it could mean the end of his reign at the top.
更糟糕的是，這可能意味著他統治的終結。
12:56
The Union Bank of Switzerland declined today to pursue merger discussions with rival CS Holding, the financial services company that operates Credit Suisse and CS First Boston, saying that such a combination into one of the largest banks in the world would strain financial and management resources. Ebner doesn't get his merger, but he gets something else. He exposes weakness of Robert
Studer. To the UBS board, Studer's silence, his refusal to respond to counter to lead speaks volumes.
對瑞銀董事會來說，斯圖德的沉默，他拒絕回應、反駁或領導的態度，都說明了很多問題。
13:28
By 1996, the decision is made. Robert Studer is quietly removed as CEO. He stays on as chairman, but his influence is fading. In his place, UBS names a younger successor, Mathis Kabialoveta, a new face for a bank under pressure to change.
Mathis Kabialoveta was a trained economist who studied at the University of Lausanne.
馬蒂斯·卡比亞洛維塔是一位接受過訓練的經濟學家，曾在洛桑大學學習。
14:02
He had spent most of his career working at UBS, moving up quickly through the private banking and securities divisions. By the mid-1990s, he was seen as the kind of leader UBS needed, a younger, modern face who could transform the bank's image and calm the rising pressure
from activist investor Martin Ebner. In 1996, when Kabialoveta becomes president of UBS, he acts fast. He begins pushing the bank to compete on the global stage, expanding aggressively
For him, it's more than strategy, its redemption, a chance to outmaneuver Ebner, reset UBS's image, and leave his mark.
對他來說，這不僅僅是戰略，更是救贖，一個超越埃布納、重塑瑞銀形象並留下印記的機會。
15:32
The two Swiss executives who will run the world's second largest bank were all smiles in New York yesterday as they began a day of meetings to talk up their new creation, the United Bank of Switzerland. In the 90s, it was almost a fad. Banks everywhere were merging. Everyone
wanted scale. But most of those mergers didn't make strategic sense.
都想擴大規模。但這些合併大多數在戰略上並不合理。
15:55
But just as the deal nears the finish line, a time bomb goes off.
但就在交易接近完成時，一顆定時炸彈爆炸了。
16:00
And it's been ticking inside UBS all along.
而這顆炸彈一直在瑞銀內部滴答作響。
16:06
To make this video, I spent weeks reading books, reports, and watching old interviews.
為了製作這個影片，我花了數週時間閱讀書籍、報告並觀看舊採訪。
16:12
To tell it right, I needed to go deep. That meant I needed to edit as quickly and as efficiently as possible. While I've been doing this for years, when I started out, it will get really overwhelming.
A Swiss banking powerhouse since 1862 is where the world's wealthiest stashed their fortunes.
自1862年以來，這家瑞士銀行巨頭是世界富豪存放財富的地方。
17:00
No reshoots, no mike checks, no lighting setups, just pure storytelling.
不需要重拍，不需要麥克風檢查，不需要燈光設置，只需要純粹的故事講述。
17:05
You can even go ahead and edit anything you like, such as make the avatar appear more in the video, or change the scene at 5 seconds. You can now focus entirely on your vision, idea, while in-video AI does the heavy lifting.
So go to the link in my description, check out in video AI today, and career your own free avatar.
因此，請點擊我的描述中的鏈接，今天就來看看影片中的AI，並創建你自己的免費虛擬形象。
17:32
In the mid-1990s, Raimi Goldstein runs UBS's equity derivatives desk in London, a unit so complex, few at Zurich headquarters fully grasp how it works.
But as long as the numbers look good, no one asks questions.
但只要數字看起來不錯，就沒有人會問問題。
17:49
Raimi Goldstein's team delivers steady profits on paper, and that's enough to keep Zurich silent.
Raimi Goldstein的團隊在帳面上帶來穩定的利潤，這就足以讓蘇黎世總部保持沉默。
17:57
These include options and bets on convertible bonds, especially in Japan, where markets were slow and interest rates were low. The trades looked clever using price gaps between bonds and stocks, but were wrapped in complicated derivatives.
Then the market turns. By late 1997, the Japanese equity market experiences unexpected shifts, interest rate volatility ticks up, and the assumptions underlying Goldstein's positions begins to collapse.
But just as the deal nears completion in early 1998, disaster strikes, UBS reveals a 650 million Swiss frank loss from its London derivatives desk trades tied to Raimi Goldstein.
Overnight, the balance shifted. UBS, once the dominant force in Swiss banking, is now wounded, vulnerable, and for SBC is the moment they've been waiting for.
On paper, it looked like a merger of equals. But in reality, SBC swallowed UBS, even though UBS was the bigger company. They kept the UBS name, but it was really an SBC firm. It was such a sad ending for UBS.
The new UBS becomes the second largest bank in the world, behind only Citigroup.
新的瑞銀成為全球第二大銀行，僅次於花旗集團。
20:34
And Marcel Ospell stands at the top, ready to push UBS to number one.
Marcel Ospell站在頂峰，準備將瑞銀推向第一。
20:39
But what he doesn't see, what no one sees, is that UBS's past is about to come back to haunt them.
但他沒有看到，所有人都沒有看到的是，瑞銀的過去即將回來困擾他們。
20:52
Time is running out for Switzerland and its banks to compensate elderly Holocaust survivors for the sickening profits Swiss institutions made from financing the Nazi war machine and holding on to funds deposited by Holocaust victims.
Just as UBS begins to rise as a global financial powerhouse, the past resurfaces, and it hits hard. In the late 1990s, a long-hidden chapter of Swiss history starts to unravel.
At the center is UBS and its role during World War II.
核心焦點是瑞銀集團及其在第二次世界大戰期間的角色。
21:29
Documents and investigations reveal that UBS, along with other major Swiss banks, accepted gold from Nazi Germany. Not just state reserves, but gold looted from occupied countries.
UBS hadn't merely accepted that gold. It had also ignored or shattered thousands of dormant accounts, deposits made by Jewish families before the war, many of whom would never return from the camps.
The World Jewish Congress is not just another advocacy group.
世界猶太人大會不僅僅是另一個倡導團體。
22:11
It is an organization with legal power, diplomatic connections, and global influence.
它是一個擁有法律權力、外交聯繫和全球影響力的組織。
22:17
Based in New York, the WJC launches a coordinated campaign, lobbying U.S. lawmakers, threatening lawsuits, and driving media attention around the world.
The pressure mounts. Executives are called to testify. Public hearings begin.
壓力不斷增加。高管被傳喚作證。公開聽證會開始。
22:35
Protests erupt outside UBS offices.
瑞銀集團辦公室外爆發抗議活動。
22:42
Representatives of Swiss commercial banks and Holocaust survivors announced a settlement yesterday, in which the banks agreed to pay $1.25 billion in restitution to victims of the Nazi era.
It's one of the largest settlements of its kind. But for UBS, it's not just a financial penalty.
這是同類和解中最大的之一。但對瑞銀集團來說，這不僅僅是一筆金融罰款。
23:02
It's a public reckoning. The sins of the past had caught up with the bank, just as it tried to dominate the future. And the storm is only beginning.
這是一場公開的清算。過去的罪行追上了這家銀行，正當它試圖主導未來之際。而風暴才剛剛開始。
23:19
UBS AG, Europe's biggest bank, announced today that it expected to report a third-quarter loss as high as one billion Swiss francs. Currently, $721.6 million, related to losses in emerging markets, equities, and the near-collapse of long-term capital management, the American Hedge Fund.
The old UBS and the aggressive SBC team have become incompatible.
舊瑞銀集團和具有攻擊性的瑞士銀行公司團隊已經變得不相容。
23:50
By the early 2000s, the hospital has spent more than 20 years inside UBS. He's tired, he's rich, and he's ready to step back. But what he leaves behind is fragile. UBS looks unified
from the outside. But inside, it's on the verge of coming apart.
但在內部，它正處於分崩離析的邊緣。
24:11
One man is about to take the reins and try to hold it all together. His name is Peter Wuffley.
一個人即將接管並試圖將一切維繫在一起。他的名字是彼得·沃夫利。
24:23
Born in 1957 and educated at the University of St. Gallin, Peter Wuffley didn't come from Switzerland's old money banking class. He was trained at McKinsey, sharp, analytical, precise.
When he joined UBS in the 1990s, he rose fast. By the end of the decade, he was Group CFO, the quiet force behind UBS's global push. Wuffley sees the bank's greatest strength, managing wealth for the richest people on Earth. And in the early 2000s, he makes a bold move.
UBS acquires Payne Webber for $11.5 billion. It was one of America's top brokerage firms.
瑞銀以115億美元收購了潘恩韋伯（Payne Webber），這是美國頂尖的券商之一。
25:06
Overnight, UBS becomes one of the largest wealth managers in the world.
瑞銀一夜之間成為全球最大的財富管理公司之一。
25:12
The acquisition propels Wuffley to the top. In 2001, he becomes CEO. Over the next five years, he will turn UBS into a risk-loving, profit-seeking bank with international footprints everywhere.
And his biggest source of revenue comes from trading, especially the mortgage-backed securities, a market that seems unstoppable at the time. Wuffley and his team wanted to copy Wall Street's success. A mortgage product seemed like the way to do it. And for a while, the money kept coming in.
This time, there's no rogue trader. The system itself is the risk. And Peter Wuffley, precise, disciplined, data-driven, is about to face a storm no model can contain.
By 2006, UBS looks unstoppable. With over $3 trillion under management, is the crown jewel of global wealth. His investment bank dominates debt and equity underwriting.
His private banking division caters to billionaires on three continents.
他的私人銀行部門為三大洲的億萬富翁提供服務。
26:42
But then everything collapses.
但隨後，一切都崩潰了。
26:47
Heavyweight French bank BNP Paribar throws withdrawals from three investment funds exposed to supply mortgages in the U.S. The decision woke the world up to the dangers of the supply market. Almost overnight, the empire Peter Wuffley has helped build begins to
collapse. UBS bettered big on mortgage-backed securities and collateralized debt obligations.
崩潰。瑞銀在抵押貸款證券和擔保債務憑證上大舉押注。
27:11
Billions flew into products believed to be safe. They aren't.
數十億資金湧入被認為安全的產品。但它們並非如此。
27:18
What's sold as sophisticated risk management turns out to be a fragile structure, propped up by subprime mortgages, complex credit derivatives, and blind faith in flawed models.
When the U.S. housing market crashes, those assets implode.
當美國房市崩盤時，這些資產隨之崩潰。
27:35
UBS is forced to write down over $50 billion, more than any other bank in Europe.
瑞銀被迫減記超過500億美元，超過歐洲任何其他銀行。
27:41
The bank was on the brink. Liquidity dried up. Investors panicked.
該銀行瀕臨破產。流動性枯竭。投資者陷入恐慌。
27:46
In Switzerland, fear spread that the nation's largest financial institution might collapse under its own weight, dragging the country's economy with it.
在瑞士，人們擔心該國最大的金融機構可能會因自身重擔而倒閉，並拖垮國家經濟。
27:56
With no good options left, the Swiss government steps in.
在別無選擇之下，瑞士政府介入。
28:07
By late 2008, UBS is in crisis. The Swiss government steps in with a $6 billion capital injection and moves $39 billion of toxic assets into a state-managed bailout fund.
The Swiss authorities today moved belatedly to shore up their two biggest banks, taking a near 10% stake in UBS and forcing it and credit Suisse to increase their capital base.
For a bank that once symbolized strength and discretion, it was a public humiliation.
對於一家曾經象徵著實力和謹慎的銀行來說，這是一次公開的羞辱。
28:40
UBS may have been bailed out by the government, but their catastrophic failure in 2008 will have ripple consequences that they cannot escape.
瑞銀或許得到了政府的救助，但他們在 2008 年的災難性失敗將會產生無法擺脫的連鎖反應。
28:49
This time, the threat doesn't come from markets, rivals, or activist shareholders.
這一次，威脅並非來自市場、競爭對手或活躍的股東。
28:56
It comes from a government with the power to expose UBS's deepest secrets. The United States.
它來自一個有權揭露瑞銀最深層秘密的政府。美國。
29:10
UBS AG, Switzerland's largest bank, has entered into a deferred prosecution agreement on charges of conspiring to defraud the United States by impeding the Internal Revenue Service, the Justice Department announced today.
When I put my concerns in writing to the UBS legal and compliance departments in Switzerland, they refused to address any of my concerns.
當我將我的擔憂以書面形式告知瑞銀在瑞士的法律和合規部門時，他們拒絕處理我的任何擔憂。
30:19
I realized there was a cover-up of the corporation, and I was determined to contact the U.S. authorities to expose the scandal, which I did.
我意識到這是一場公司掩蓋行為，我決心聯繫美國當局揭露這場醜聞，而我也這樣做了。
30:30
He revealed that wealthy Americans were trying to hide millions from the IRS, and were guided through complex offshore structures.
他透露，富有的美國人試圖向美國國稅局隱藏數百萬美元，並透過複雜的離岸結構進行操作。
30:39
UBS bankers were skilled in both secrecy and tax invasion, so they helped them open accounts in Switzerland that had no names, only identification codes.
瑞銀的銀行家們精通保密和逃稅，因此他們幫助這些客戶在瑞士開設了沒有名字、只有識別碼的帳戶。
30:54
To further obscure ownership, they set up shell companies and jurisdictions like Panama, Leastonstein, or the British Virgin Islands.
為了進一步模糊所有權，他們設立了空殼公司，並利用巴拿馬、列支敦士登或英屬維爾京群島等司法管轄區。
31:03
These companies act as the legal account holders, insulating the client from direct association.
這些公司充當法定帳戶持有人，使客戶免於直接關聯。
31:10
And the secrecy runs deeper.
而這種保密程度更深。
31:12
UBS bankers are trained to avoid leaving paper trails.
瑞銀的銀行家受訓避免留下紙本紀錄。
31:16
They fly into the U.S. on tourist visas, violating immigration law to discreetly meet clients in hotel lobbies or private events.
他們以旅遊簽證飛往美國，違反移民法，在酒店大堂或私人活動中秘密會見客戶。
31:26
They carry encrypted laptops, avoid emails, and rely on coded language and phone calls.
他們攜帶加密筆記型電腦，避免使用電子郵件，依賴密碼語言和電話通話。
31:31
Some clients receive Swiss-issued debit cards, allowing them to access offshore funds while appearing to use domestic accounts.
有些客戶獲得瑞士發行的借記卡，允許他們存取離岸資金，同時看起來像是使用國內帳戶。
31:38
Others are told to break large deposits into small transfers to avoid IRS reporting thresholds.
其他客戶被告知將大額存款分拆成小額轉賬，以避免國稅局的報告門檻。
31:45
It's deliberate, it's systematic, and it's profitable.
這是刻意的，是系統性的，也是有利可圖的。
31:49
UBS earns fees, loyalty, and prestige.
瑞銀獲得費用、忠誠度和聲望。
31:52
Clients get what they want, privacy from the government.
客戶得到他們想要的，遠離政府的隱私。
31:56
Until one day, it all falls apart.
直到有一天，一切都分崩離析。
32:07
In 2008, the Justice Department threatens to revoke the bank's license to operate in the fallout.
2008年，司法部威脅要在餘波中吊銷該銀行的營業執照。
32:20
Decades of carefully guarded secrecy now hang in the balance.
數十年來小心守護的秘密現在懸而未決。
32:25
By 2009, UBS gives in.
到2009年，瑞銀屈服了。
32:28
The bank admits guilt, pays a $780 million fine, and, for the first time in Swiss banking history, agrees to hand over the names of more than 4,000 American clients.
Swiss banking giant UBS AG has agreed to pay $780 million, and identify certain U.S. clients in a deal to resolve criminal fraud charges that it assisted rich Americans to evade taxes.
Socially awkward but brilliant with numbers, Hayes has a secret weapon.
虽然社交能力欠佳，但他對數字卻有著過人的天賦，Hayes擁有一個秘密武器。
35:50
He's not betting on where the market goes, he's quietly controlling it.
他並不是在賭市場的走向，而是在悄悄地操控市場。
35:55
Every day, a handful of big banks submitted estimates of what interest rate they'd have to pay to borrow money from each other.
每天，幾家大銀行會提交他們認為向彼此借款需要支付的利率估計。
36:03
Those submissions were averaged to produce LIBOR, a benchmark used to set rates on everything from mortgages and credit cards to corporate loans and derivatives.
Hayes bribes brokers, leans on colleagues, even jokes and chats.
Hayes賄賂經紀人，施壓同事，甚至開玩笑和閒聊。
36:27
The manipulation works.
操縱奏效了。
36:28
For three years, Hayes and his inner circle nudge LIBOR by fractions like 0.01% or 0.02%.
三年來，Hayes和他的核心圈子通過微小的調整，如0.01%或0.02%，來影響LIBOR。
36:38
That sounds tiny, but with tens of billions in trades, each sliver means millions in profit.
聽起來微不足道，但涉及數千億的交易，每一點微小的變化都意味著數百萬的利潤。
36:46
At its peak, LIBOR underpins more than $300 trillion in financial contracts, and behind the scenes, UBS is rigging it.
在高峰期，LIBOR支撐著超過300萬億美元的金融合約，而瑞銀在幕後操縱著它。
36:54
In 2012, global regulators exposed the scheme.
2012年，全球監管機構揭露了這一陰謀。
37:01
That was Alex Wilmot-Sittwell, former co-head of UBS's investment bank, giving testimony to a UK parliamentary hearing in January this year about LIBOR manipulation.
Dozens of employees are implicated, compliance systems fail, the culture already fragile proves toxic. UBS pays $1.5 billion in fines, one of the largest banking penalties in history.
Tom Hayes, once the boy genius trader at the center of the LIBOR rigging scandal, is arrested, extradited, tried, and convicted in what became a landmark case in financial crime history.
Tom Hayes，這位曾經在LIBOR操縱醜聞中心的天才交易員，被逮捕、引渡、審判，並在金融犯罪史上具有里程碑意義的案件中被定罪。
37:41
That UBS LIBOR scandal wasn't just a corporate misstep.
瑞銀的LIBOR醜聞不僅僅是一個企業失誤。
37:45
For sharp traders, it was also a massive opportunity.
對於精明的交易員來說，這也是一個巨大的機會。
37:48
A skilled trader could have exploited sudden volatility in forex pairs like EURUSD and GBPUSD triggered by the news. By anticipating central bank reactions or capital flight, they could ride massive intraday swings driven by shaken market trust.
In moments like these, great traders thrive, if they have the capital behind them.
在這樣的時刻，優秀的交易員能夠蓬勃發展，如果他們有資本支持的話。
38:10
A prop trading firm gives skilled traders access to the firm's capital to trade.
一家自營交易公司為熟練的交易員提供公司資本進行交易。
38:13
If you perform well and manage risk, you keep a large share of the profits and the firm takes care of the funding. Fortress Capital Markets is a prop firm I co-founded with traders who help build one of the most successful desks in the US. We backskilled traders with accounts, up to $150,000, to trade futures and forex. You perform, we fund, and you keep 90% of the profit.
To kick things off, we're doing something very special for the Finiest community. We are giving away 10, $10,000 accounts. If you got the edge, you have nothing to lose. Apply today and see if you are selected. For Sergio Ermati, the setback is monumental. Something his predecessor did is now
affecting him deeply. The LIBOR scandal broke just months after he took over in 2011. He wasn't personally involved, but a damaged UBS across the board. But Ermati doesn't give up.
He knows that his vision, a smaller, safer, client-focused UBS, can still be realized.
他知道他的願景，一個更小、更安全、以客戶為中心的瑞銀，仍然可以實現。
39:22
One that returns to its roots, not as a trading giant, but as a world leader in wealth management and private banking. He acts decisively, cuts thousands of jobs, closes weak trading desks, guts the bloated fixed-income division. He enforces capital discipline, cleans up the
By 2018, UBS completes a quiet, decisive turnaround. Its investment bank is lean, risk is low, costs are controlled. UBS becomes the world's largest wealth manager, overseeing more than $2.4 trillion in assets. More importantly, it's profitable again,
公佈49億美元的收益，因為客戶回歸，公眾信任重建。
40:08
posting $4.9 billion in earnings as clients return and public trust rebuilds.
UBS group AG Chief Executive Sergio Ermati is stepping down and will be succeeded by Ralph Hammers in the latest leadership change at a major European bank.
但Ermati的退休不會持久，因為不久後，另一場危機將爆發。
40:42
But Ermati's retirement won't last, because soon, another crisis will erupt.
而瑞銀將再次求助於曾經拯救過它的人。
40:49
And once again, UBS will turn to the man who saved it before.
現在她在瑞信，這是全球最重要的系統性銀行之一，在矽谷銀行倒閉後隔夜暴跌超過9%。
41:00
Now she is in Credit Suisse, one of the world's most important systemic banks, have slumped more than 9% overnight in the aftermath of the collapse of the Silicon Valley Bank.
After the sudden collapse of Silicon Valley Bank shakes global markets, attention turns to the weakest link. That link is Credit Suisse. Within days, it teeters on the edge. Liquidity vanishes, confidence collapses.
The Swiss national bank injects 50 billion Swiss francs, approximately $54 billion at the time, in emergency credit. But it's too late. The damage to trust is permanent.
只有一家機構具有規模、資本和信譽來介入。
41:38
Only one institution has the size, capital, and credibility to step in.
UBS Even though UBS was doing fairly well, a collapse of Credit Suisse could still cause serious trouble for UBS. Swiss regulators were afraid of full system breakdown, so they arranged the deal in secret. In a single weekend, UBS agrees to buy Credit Suisse
翻譯中...
42:05
for just 3 billion Swiss francs. Approximately $3.2 billion at the time, a fraction of its former value. It isn't a partnership. It is a takeover under duress.
The federal reserve unregulated around the world, taking action to prevent further fallout, including engineering a major deal to take over banking giant Credit Suisse.
美國聯邦儲備局在全球採取行動，防止進一步的金融動盪，包括策劃一項重大交易，收購銀行巨頭瑞士信貸。
42:25
For UBS, the move is both rescue and resurrection. It eliminates its only domestic rival, expands its global footprint, and cements its dominance in wealth management and investment banking. It was a full circle moment. In the 1990s, UBS and Credit Suisse had almost merged,
but a deal collapsed. At that time, UBS was weak, and Credit Suisse was strong.
但交易告吹。當時瑞銀較弱，而瑞士信貸較強。
42:51
Now years later, the roles have flipped. And this time, the merger went through, not as a partnership, but as a rescue.
多年後，角色發生了逆轉。這次，合併得以實現，但不是作為合夥關係，而是作為一場救援。
43:08
The board of UBS knows that the newly merged firm needs a leader who can help integrate.
瑞銀董事會知道，新合併的公司需要一位能夠幫助整合的領導者。
43:14
And properly deal with the Credit Suisse bad assets.
並妥善處理瑞士信貸的不良資產。
43:18
And so, in the midst of chaos, UBS calls back the one man who has already walked through fire and lived to rebuild. Sergio Ermotti.
因此，在混亂之中，瑞銀召回了那位曾經歷過考驗並重建銀行的人物。塞爾吉奧·埃爾莫蒂。
43:28
Let's talk about UBS first. This is, I think, definitely the bigger of these two, right? Sergio Ermotti, who was there and really took the bank out of the financial crisis.
Strength down its investment bank made a lot of changes that the street saw as positive for the company. It may sound like a cliche, but in business, having the right leader at the top can mean the life or death for a company. And the same is also true for a country.
Under Sergio Ermotti's second reign, UBS is once again showing signs of strength.
在塞爾吉奧·埃爾莫蒂的第二次領導下，瑞銀再次展現出強勁的跡象。
44:08
The chaotic integration of Credit Suisse once feared to be a liability too big to absorb is gradually being brought to heel. UBS is posting solid profits, cutting overlap, and stabilizing operations faster than many expected.
UBS stunned investors with a $1.8 billion dollar first quarter profit on Tuesday, saying it was sticking with share buybacks, easing concerns about Swiss plans to hike capital requirements. In 2024, the bank reports better than expected earnings,
boosted by its expanded wealth management division, now by far the largest in the world.
其擴大的財富管理部門成為全球最大的財富管理部門。
44:50
In Asia, the Middle East, and the US, the newly unified UBS is flexing its global muscle.
在亞洲、中東和美國，新統一的瑞銀正在展示其全球實力。
44:57
Bank came close to collapse many times, but in the end, UBS learned that it was better to focus on a few things it truly does best. Today, UBS is the largest wealth manager in the world, with trillions under management, presents on every continent. And that success shows
that the global elites still trust a bank with their money. And right now, UBS has made itself too big to fail. But in banking, that armor can crack in an instant. All it takes is one misstep, one overlooked risk, one storm. Even the biggest bank in the world can crumble overnight.
