But it is also the international competition in laxity, the race to the bottom  但同时也是国际上放松监管的竞争，力争下游。

between the United States and the United Kingdom, the city of London, in particular, and the city of London won that race to the bottom,  这场竞争在美国和英国，确切说是伦敦之间展开，伦敦获胜，监管最松。

but it meant that all regulation in the West was completely degraded in this stupid competition to be who could have the weakest regulation. 这也意味着，从这场看谁的监控最松的愚蠢竞争中可以看出在西方社会监管措施是多么的不受待见。

So that was the regulatory response.  这就是监管层面的反应。

What about the response of the prosecutors after the crisis, after 11 trillion dollars in losses,  这场让我们损失11万亿1000万个工作岗位，损失和欺诈规模

after 10 million jobs lost,a crisis in which the losses and the frauds  超过储贷危机70倍的危机之后，

were more than 70 times larger than the savings and loan debacle?  检调人员又做了些什么呢？

Well, in the savings and loan debacle, our agency that regulated savings and loans, OTS, made over 30,000 criminal referrals,  在储贷危机中，负责储贷监管的机构-储蓄管理局提出3万起刑事诉讼

produced over 1,000 felony convictions just in cases designated as major, and that understates the degree of prioritization,  1千人被判以重罪，这还仅是大案要案方面，而且还没反映问题的严重性，

because we worked with the FBI to create the list of the top 100 fraud schemes, the absolute worst of the worst, nationwide.  因为我们跟联邦调查局携手，开列了一个清单，上面是全国范围内最没节操最无底线的100种诈骗伎俩。

Roughly 300 savings and loans involved,roughly 600 senior officials. Virtually all of them were prosecuted. We had a 90 percent conviction rate.  差不多300个储贷机构，600个高级官员涉案。几乎全被起诉，定罪率9成。

It's the greatest success against elite white collar criminals ever,  堪称针对白领精英犯罪的一场漂亮仗，史无前例，

and it was because of this understanding of control fraud and the accounting control fraud mechanism.  原因无他，我们掌握了管理欺诈及会计管理欺诈的内幕和伎俩。

Flash forward to the current crisis. The same agency, Office of Thrift Supervision,  再回到当前的这场危机。同一个机构-储蓄管理局，

which was supposed to regulate many of the largest makers of liar's loans in the country, 本应该监管全国欺骗性贷款祸首的各大银行。到今天，什么都没做，

has made, even today it no longer exists, but as of a year ago,it had made zero criminal referrals. 好像一切不曾发生过，一年前，提出的刑事诉讼案件数还是零。

The Office of the Comptroller of the Currency, which is supposed to regulate the largest national banks,has made zero criminal referrals.  负责全国性大银行，监管任务的金融管理局，提出的刑事诉讼案件数同样为零。

The Fed appears to have made zero criminal referrals.  美联储提出的刑事诉讼案件貌似也是零。

The Federal Deposit Insurance Corporation is smart enough to refuse to answer the question. 联邦存款保险公司更刁钻，顾左右而言他，根本不回答这个问题。

Without any guidance from the regulators, there's no expertise in the FBI to investigate complex frauds.  没有监管机构的协助，联邦调查局在调查复杂的欺诈案件上无能为力。

It isn't simply that they've had to reinvent the wheel of how to do these prosecutions; they've forgotten that the wheel exists. 提出诉讼不是什么难事，不过是举手之劳，易如反掌。只是他们忘了怎么举，忘了怎么反。