ECONOMICS REPORT - Loan Crisis Throws New Light on Investment Banks
Thu, 10 Apr 2008
This is the VOA Special English Economics Report.
经济报道—贷款危机解读投资银行
2008年4月10日，星期四。
这是VOA特别英语的经济报道。
Investment banks have long played a part in the financial system. But the recent crisis over securities based on risky home loans has brought them new attention.
长期以来，投资银行在金融系统中发挥着作用。但是，最近风险房贷类证券的危机使投资银行重新获得注目。
Investment banks handle stocks, bonds and other securities. They underwrite new offerings. That means they take the risk of buying the securities and reselling them to the public. They also provide business advice and market research, and deal in existing securities.
投资银行经营股票、债券以及其它证券。他们对其它新品种也提供保险，即他们冒险购买证券，并重新出售给民众。他们也提供商务建议、市场研究，并从事现有证券的交易。
Investment bankers have structured some newer securities in highly complex ways. Their value could be tied to lists of stocks or prices of goods or, as the world now knows, groups of risky home loans.
投资银行将某些最新的证券以高度复杂的方式进行组合。这些证券的价值与一系列股票或物品价格或(目前民众所知的)风险房贷组合挂钩。
These mortgage-backed securities were sold to investors worldwide as a way to spread the risk. But as more and more loans went bad, the market collapsed.
作用分担风险的途径，这些抵押类证券出售给全球的投资人。但是，当越来越多的贷款成为坏帐，市场崩溃。
Before the nineteen thirties, the United States had no separation between traditional banking and investment banking activities. Bank holding companies could own other financial companies that would underwrite new stocks. They would also provide stockbroker services for the public. People often bought shares with money borrowed from the banks.
在1930年代之前，美国不划分传统银行业与投资银行业(的业务)。银行控股的公司可拥有为新股票提供保险的其它金融公司。它们也向民众提供股票经纪服务；民众经常从银行借钱买股票。
Then, in nineteen twenty-nine, the stock market crashed. Between nineteen thirty and nineteen thirty-three almost ten thousand banks failed.
然而，1929年股票市场崩溃。在1930与1933年间，大约上万家银行倒闭。
Congress passed a banking act in nineteen thirty-three known as the Glass-Steagall Act. It banned commercial banks from buying and selling securities; their job was to pay interest on savings and lend to borrowers.
1933年国会通过了称为《格拉斯•斯蒂格尔法》的银行业法案，禁止商业银行买卖证券；商业银行的业务是支付储蓄的利息，并向借款人放款。
This ban remained until nineteen ninety-nine. That year the Gramm-Leach-Bliley Act permitted commercial banks to deal in securities and sell insurance. They can again own investment companies that underwrite securities.
这一禁令直至1939年才废除。当年，格雷姆-里奇-比利雷法案（GLB法案）允许商业银行从事证券交易，并出售保险。商业银行可重新拥有为证券提供保险的投资公司。
Many banks now regret that they got involved with high-risk mortgage securities. The collapse last month of the nation's fifth largest investment bank, Bear Stearns, showed the risks. The International Monetary Fund says total losses related to American subprime mortgages could reach almost one trillion dollars.
目前，许多银行后悔涉足了高度风险的抵押证券。上个月，美国第五大投资银行(贝尔史登公司)崩溃展示了其风险。IMF(国际货币基金)说，美国次贷抵押相关的总损失差不多可达到1万亿美元。
On March seventeenth, the Federal Reserve started offering loans to investment banks, as it does for other banks. The program will continue for at least six months. The central bank used a power described in section thirteen of the Federal Reserve Act. But this power has not been used since the law was updated in nineteen thirty-two.
3月17日，美联储宣布，与对待其它银行那样，向投资银行提供贷款。这一计划将至少持续6个月。央行(美联储)动用了《联邦储备法》第13章赋予的权力。但是，自1932年这一法律修订后，这一权力从未动用过。
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。
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