经济学人113:拼拼凑凑见真相 Piecing it together

 　　Books and Arts; Book Review; The financial crisis; Piecing it together；

　　文艺；书评；金融危机：拼拼凑凑见真相；

　　All The Devils Are Here: The Hidden History of the Financial Crisis. By Bethany McLean and Joe Nocera.

　　《万魔聚此：金融危机隐藏的历史》，Bethany McLean 和 Joe Nocera著。

　　The latest book on the financial crisis has an odd title. You begin reading “All the Devils Are Here”, a line from Shakespeare's “The Tempest”, expecting to encounter satanic bankers and corrupt¹ government cronies preying² on a defenceless public. In fact the people who emerge are infinitely³ more interesting: arrogant⁴, desperate, even clueless—but, with a few exceptions, not devils.

　　这本最新出炉的讨论经济危机的书有个奇怪的名字。“万魔聚此”，读到这句出自莎士比亚《暴风雨》剧中的对白，你可能会觉得书中讲的应该是穷凶极恶的银行家和与之狼狈为奸的腐败政府官员如何如何侵害毫无招架之力的公众。但实际上里面提及的人物却比这耐人寻味得多：傲慢者、铤而走险者，甚至还有无知之徒，但除了少数人之外，他们都算不上恶魔。

　　Take Angelo Mozilo. From the time he started Countrywide Financial in the late 1960s the Bronx-born outsider was convinced he could put millions of deserving families in homes, maintain impeccable underwriting standards—and get rich. That became impossible as the subprime mania⁵ grew. By 2006 Mr Mozilo had a “Dr Jekyll and Mr Hyde” quality, the authors note, giving warning that disaster loomed⁶ while at the same time insisting his company would still thrive. In fact, Countrywide had become a leading purveyor⁷ of toxic⁸ mortgage products that would take the company to the brink⁹ of bankruptcy¹⁰.

　　就拿安吉罗·莫兹罗(Angelo Mozilo)来说吧。当他在20世纪60年代末创立全国金融公司(Countrywide Financial)时，这位出生在纽约布朗克斯区的门外汉深信，自己能够帮助数百万应该得到帮助的家庭获得一个属于他们自己的家，同时维持无懈可击的承保标准——然后发家致富。可是随着次级贷的热狂逐步升温，这一切预想都化为泡影。本书作者指出，到2006年时，莫兹罗先生已经有人格分裂的趋势了，他一方面发出警告说大难就要临头，另一方面却仍然坚信自己的公司还能兴旺发达下去。可事实上，全国金融公司当时已是有毒抵押贷款产品最大的承办商，这足已让它濒临破产。

　　Similar tensions prevailed across Wall Street. Inside Merrill Lynch and AIG, senior executives worried as far back as 2005 and 2006 about their firms' exposure to the mortgage market. The Cassandras in these companies were ignored, sidelined or fired, not because their bosses were corrupt, but because they didn't believe the warnings. Joe Cassano, the short-tempered head of AIG's infamous¹¹ financial-products division, worried about credit losses but apparently¹² not about the possibility of multiple, massive collateral¹³ calls, which proved the firm's undoing¹⁴. Stan O'Neal, Merrill's head, had no idea that his firm had accumulated fatal levels of subprime exposure because he had pushed aside the people who might have warned him. Goldman Sachs was spared the fate of those companies largely because its managers listened to its naysayers.

　　类似的紧张气氛盛行于华尔街。美林证券和AIG的高管们早在2005年、2006年时就已经开始担心公司涉足抵押贷款市场将会带来隐忧。公司内部预见到这种噩运的“预言家们”被置之不理，得不到重视，甚至被炒了鱿鱼，原因却不是因为老板贪污受贿，而是因为他们根本就不相信这些警告。AIG声名狼藉的金融产品部主管乔-卡萨诺(Joe Cassano)脾气暴躁，当时他确实对信用损失的状况不太放心，但却没有考虑过可能产生巨量的复合抵押品要求，而这却最终导致该公司的崩溃。美林证券的头儿斯坦奥尼尔（Stan O'Neal）把本可能规劝警告他的人都打入冷宫，因此根本没有意识到公司已经累积了致命数额的次级贷。而高盛之所以能够逃脱这些公司的噩运，很大程度上是因为其高管听进去了逆耳的忠言。

　　Much of the history that Bethany McLean and Joe Nocera recount has already appeared in news accounts, books, government investigations¹⁵ and court proceedings¹⁶. Still, they have synthesised an impressive amount of that material and supplemented it with their own reporting to produce a comprehensive and authoritative¹⁷ account. Lesser-known events and individuals take on new prominence¹⁸, such as the 1986 tax law that made it possible to slice up mortgage-backed securities, and the important role played by Ameriquest and its politically deft¹⁹ founder²⁰, Roland Arnall, in leading the race to the bottom in subprime standards.

　　本瑟尼·麦克里恩和乔·诺瑟拉在书中讲述的危机历史大部分都已经在新闻报道、书籍、政府调查报告和庭审文件中得到披露。不过，他们的长处在于，将数量相当可观的材料加以整合，并加入自己的独家报道，形成了关于这场危机历程的全面而权威的阐述。先前相比较而言被忽略的事件和人物重新得到重视，比如使得拆分抵押证券成为可能的《1986年税法》，还有阿姆莱奎斯特抵押公司(Ameriquest)及其政治手腕高杆的创始人罗兰·阿尔诺(Roland Arnall)在主导这场次级贷评定标准直线下降的竞赛中所起的重要作用。

　　Inevitably²¹, some important chapters of the crisis get short shrift. The collapse²² of Bear Stearns and Lehman Brothers get only a few pages each, which may not matter so much because they have been so thoroughly²³ covered elsewhere. The macroeconomic forces behind the bubble, such as low interest rates at home and abroad, are all but ignored. Indeed, the authors never wander beyond America's shores. Ms McLean and Mr Nocera, who write for Vanity Fair and the New York Times, have reporters' penchant²⁴ for detail. The litany of names, numbers and financial jargon²⁵ is at times exhausting, even with the help of an eight-page cast of characters and two-page glossary²⁶ of acronyms²⁷. And there are too many pointless, anonymous²⁸ quotes.

　　篇幅有限，危机中的某些重头戏不可避免地被简略带过。对贝尔斯登和雷曼兄弟公司崩溃的讨论在书中都只有寥寥几页。不过这样处理也并无不妥，因为它们已经被说烂了。另外，这场泡沫后面的宏观经济因素（如美国国内外的低利率）则完全被忽略掉了。两位作者的关注点始终没有超出美国的范围。麦克里恩女士和诺色拉先生为《名利场》和《纽约时报》撰稿，具有记者对细节的强烈偏好。即使坐着列出了长达八页的人物表和两页的缩略语表，文中对人名、数字和金融术语的罗列有时还是让人吃不消。毫无意义且不知出处的引用也实在太多。

　　Ultimately, though, their journalistic approach is the central contribution of their book. Its balanced and complex portrayal²⁹ of the roots of the crisis won't satisfy those who really do see devils at work; but it is closer to the truth.

　　不过，归根到底，这本书最大的贡献就是作者采用的新闻报道立场。书中对这场危机的根源进行的刻画有些平均，比较复杂。这很难让确实看到“魔鬼们”在使坏的人感到满意；但却更为接近真相。

1 corrupt   

v.贿赂，收买；adj.腐败的，贪污的

参考例句：

• The newspaper alleged the mayor's corrupt practices.那家报纸断言市长有舞弊行为。
• This judge is corrupt.这个法官贪污。

2 preying   

v.掠食( prey的现在分词 )；掠食；折磨；（人）靠欺诈为生

参考例句：

• This problem has been preying on my mind all day. 这个问题让我伤了整整一天脑筋。 来自《简明英汉词典》
• For a while he let his eyes idly follow the preying bird. 他自己的眼睛随着寻食的鸟毫无目的地看了一会儿。 来自辞典例句

3 infinitely   

adv.无限地，无穷地

参考例句：

• There is an infinitely bright future ahead of us.我们有无限光明的前途。
• The universe is infinitely large.宇宙是无限大的。

4 arrogant   

adj.傲慢的，自大的

参考例句：

• You've got to get rid of your arrogant ways.你这骄傲劲儿得好好改改。
• People are waking up that he is arrogant.人们开始认识到他很傲慢。

5 mania   

n.疯狂；躁狂症，狂热，癖好

参考例句：

• Football mania is sweeping the country.足球热正风靡全国。
• Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。

6 loomed   

v.隐约出现，阴森地逼近( loom的过去式和过去分词 )；隐约出现，阴森地逼近

参考例句：

• A dark shape loomed up ahead of us. 一个黑糊糊的影子隐隐出现在我们的前面。
• The prospect of war loomed large in everyone's mind. 战事将起的庞大阴影占据每个人的心。 来自《简明英汉词典》

7 purveyor   

n.承办商，伙食承办商

参考例句：

• Silence, purveyor of gossip, do not spread that report. 快别那样说，新闻记者阁下，别散布那个消息。 来自互联网
• Teaching purpose: To comprehensively understand the role function and consciousness composition of a news purveyor. 教学目的：全面深入的理解新闻传播者的角色功能和意识构成。 来自互联网

8 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

9 brink   

n.(悬崖、河流等的)边缘，边沿

参考例句：

• The tree grew on the brink of the cliff.那棵树生长在峭壁的边缘。
• The two countries were poised on the brink of war.这两个国家处于交战的边缘。

10 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

11 infamous   

adj.声名狼藉的，臭名昭著的，邪恶的

参考例句：

• He was infamous for his anti-feminist attitudes.他因反对女性主义而声名狼藉。
• I was shocked by her infamous behaviour.她的无耻行径令我震惊。

12 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

13 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

14 undoing   

n.毁灭的原因，祸根；破坏，毁灭

参考例句：

• That one mistake was his undoing. 他一失足即成千古恨。
• This hard attitude may have led to his undoing. 可能就是这种强硬的态度导致了他的垮台。

15 investigations   

（正式的）调查( investigation的名词复数 )； 侦查； 科学研究； 学术研究

参考例句：

• His investigations were intensive and thorough but revealed nothing. 他进行了深入彻底的调查，但没有发现什么。
• He often sent them out to make investigations. 他常常派他们出去作调查。

16 proceedings   

n.进程，过程，议程；诉讼(程序)；公报

参考例句：

• He was released on bail pending committal proceedings. 他交保获释正在候审。
• to initiate legal proceedings against sb 对某人提起诉讼

17 authoritative   

adj.有权威的，可相信的；命令式的；官方的

参考例句：

• David speaks in an authoritative tone.大卫以命令的口吻说话。
• Her smile was warm but authoritative.她的笑容很和蔼，同时又透着威严。

18 prominence   

n.突出；显著；杰出；重要

参考例句：

• He came to prominence during the World Cup in Italy.他在意大利的世界杯赛中声名鹊起。
• This young fashion designer is rising to prominence.这位年轻的时装设计师的声望越来越高。

19 deft   

adj.灵巧的，熟练的（a deft hand 能手）

参考例句：

• The pianist has deft fingers.钢琴家有灵巧的双手。
• This bird,sharp of eye and deft of beak,can accurately peck the flying insects in the air.这只鸟眼疾嘴快，能准确地把空中的飞虫啄住。

20 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

21 inevitably   

adv.不可避免地；必然发生地

参考例句：

• In the way you go on,you are inevitably coming apart.照你们这样下去，毫无疑问是会散伙的。
• Technological changes will inevitably lead to unemployment.技术变革必然会导致失业。

22 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

23 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

24 penchant   

n.爱好，嗜好；（强烈的）倾向

参考例句：

• She has a penchant for Indian food.她爱吃印度食物。
• He had a penchant for playing jokes on people.他喜欢拿人开玩笑。

25 jargon   

n.术语，行话

参考例句：

• They will not hear critics with their horrible jargon.他们不愿意听到评论家们那些可怕的行话。
• It is important not to be overawed by the mathematical jargon.要紧的是不要被数学的术语所吓倒.

26 glossary   

n.注释词表；术语汇编

参考例句：

• The text is supplemented by an adequate glossary.正文附有一个详细的词汇表。
• For convenience,we have also provided a glossary in an appendix.为了方便，我们在附录中也提供了术语表。

27 acronyms   

n.首字母缩略词( acronym的名词复数 )

参考例句：

• Scratch the subject of defence and acronyms, abbreviations, and buzzwords fly out. 话题触及国防，缩合字，缩写字和行话就满天飞。 来自《简明英汉词典》
• Some acronyms as scientific terminology are used as a lexical item. 一些科学术语缩写用作词汇项目。 来自互联网

28 anonymous   

adj.无名的；匿名的；无特色的

参考例句：

• Sending anonymous letters is a cowardly act.寄匿名信是懦夫的行为。
• The author wishes to remain anonymous.作者希望姓名不公开。

29 portrayal   

n.饰演；描画

参考例句：

• His novel is a vivid portrayal of life in a mining community.他的小说生动地描绘了矿区的生活。
• The portrayal of the characters in the novel is lifelike.该书中的人物写得有血有肉。