英语翻译＋英语口译 -  2008年9月25日经济报道－华尔街告别大型投资银行

ECONOMICS REPORT - Wall Street, Without the Big Investment Banks
Thu, 25 Sep 2008
This is the VOA Special English Economics Report.
经济报道－华尔街告别大型投资银行。
2008年9月25日，星期四。
这是VOA特别英语的经济报道。
Many financial companies have moved to other New York streets. But Wall Street still holds its place in the language as the capital of American finance.
许多金融公司业已搬迁到纽约的其它大街。但是，华尔街在语言中仍然拥有美国金融中心的地位。
Now Wall Street is being reshaped by the crisis over mortgage-related securities. The markets are unable to place a value on them. So banks and other investors are unable to find a buyer except possibly the government.
目前，华尔街正因抵押相关证券的危机而改变。市场无法就其定价。因此，除了（可能的）政府之外，银行和其它投资人无法找到买家。
The aim is to unblock the flow of credit markets now, then sell the securities later, when the housing market improves.
其目的是释放目前信贷市场的流通，在房产市场改善之时，再出售证券。
But the new shape of Wall Street will be missing a piece. The credit crisis has ended the age of big investment banks. This week the last two, Goldman Sachs and Morgan Stanley, became bank holding companies.
但是，新华尔街仍有缺失。信贷危机结束了大型投资银行时代。本周，最后二家（高盛集团和摩根士丹利）成为银行控股公司。
As commercial banks, they can take deposits from the public and borrow from the Federal Reserve at any time. This will help them raise capital. But they will also face closer government supervision.
作为商业银行，它们可以随时接收公众存款，并从美联储贷款。这可帮助它们筹款。但是，它们将面临政府更严密的监督。
Henry Paulson headed Goldman Sachs before he became treasury secretary in two thousand six.
在2006年担任财长之前，亨利.保尔森领导高盛集团。
Morgan Stanley also agreed this week to sell up to twenty percent of itself to Japan's largest bank, Mitsubishi UFJ. And investor Warren Buffett agreed to buy at least five billion dollars in Goldman stock.
摩根士丹利也在本周同意，向日本最大银行（三菱UFJ）出售最高可达20%的股权；另外，投资人沃伦•巴菲特同意购买至少500万美元高盛集团股权。
Six months ago, there were five big, independent investment banks. Then, in March, J.P. Morgan Chase bought Bear Stearns in a rescue sale. And this month Merrill Lynch agreed to be sold to Bank of America.
六个月之前，有五家大型独立投资银行。然后，在三月，JP摩根大通在救济出售中购买了贝尔斯登。另外，美林本月同意出售给美国银行。
The government provided loans to aid the sale of Bear Stearns. But officials decided to let Lehman Brothers, a one hundred fifty-eight year old investment bank, fail. Last week the British bank Barclay's purchased much of Lehman in bankruptcy court.
美国政府提供贷款，资助贝尔斯登的出售。但是，官员决定让莱曼兄弟公司（一家158年的投资银行）倒闭。上周，英国巴克莱银行在破产法院购买了莱曼公司的大部分股权。
Investment banks raise money for companies through offerings of stocks and bonds. They also sell and trade securities and provide other services.
投资银行通过上市股票和债券为公司筹资；它们也出售与交易证券，并提供其它服务。
The banks could borrow huge amounts against relatively little capital. And they created ever more complex securities.
银行可依据其相对极少的本金而借入大量资金；另外，它们设立更为复杂的证券。
The Glass-Steagall Act of nineteen thirty-three barred commercial banks from owning investment banks. Morgan Stanley split from J.P. Morgan as a result of Glass-Steagall.
1933年格拉斯-斯蒂格尔法案禁止商业银行拥有投资银行。由于格拉斯-斯蒂格尔法案，摩根士丹利从JP摩根（大通）剥离出来。
Congress passed the law to reduce risk to deposits following the stock market crash of nineteen twenty-nine. But Congress ended Glass-Steagall in nineteen ninety-nine. Now, commercial and investment banks are together again, much as they were before nineteen thirty-three.
在1929年股票市场崩溃之后，国会立法，减少存款的风险。但是，国会在1999年废除了格拉斯-斯蒂格尔法案。目前，商业与投资银行合二为一，与1933年之前没有多大分别。
And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.
这是由Mario Ritter编写的VOA特别英语的经济报道。我是Steve Ember。