2019年经济学人 Wirecard:迁怒于人 (2)（在线收听）

Investors in Wirecard remained spooked until BaFin intervened on February 18th.

Wirecard的投资者惊魂未定，直到2月18日德国联邦金融监管局介入。

The regulator cited Wirecard's "importance for the economy" and the "serious threat to market confidence" following the collapse in its share price.

监管者引用称Wirecard具有“经济重要性”并且公司股价暴跌将“对市场信心造成严重威胁”。

Wirecard processes payments for 250,000 merchants, including Aldi and Lidl, two of Germany's biggest retailers, and numerous airlines.

Wirecard为250,000家公司处理支付业务，其中包括阿尔迪和利德连锁超市（这两个德国最大的零售商）以及很多航空公司。

The value of Wirecard rose by 16% after the regulator took action.

监管者采取行动后，Wirecard市值上涨16%。

The ban may have been a risky move. The regulator is meant to act in the public interest.

禁令可能存在风险。监管者本意是为公众利益采取行动。

This is the first time BaFin has used the measure to protect a single company.

这是德国联邦金融监管局首次采取措施保护一家公司。

(In 2008, with the financial crisis in full swing, they restricted short-selling of 11 bank stocks.)

（2008年，随着金融危机全面展开，他们限制了11家银行股票的卖空。）

Crispin Odey, a hedge-fund manager with short positions in Wirecard, has claimed that BaFin has opened the door to potential lawsuits.

在Wirecard拥有空头的对冲基金经理Crispin Odey声称德国联邦金融监管局为潜在的诉讼敞开了大门。

In his view, according to reports by Bloomberg, the regulator should have ensured that Wirecard's employees did not engage in any wrongdoing before it took action.

根据《彭博》的报道，在他看来，监管者本应在采取行动前确保Wirecard的员工没有参与任何违规行为。

Action might be justified if markets have been manipulated. Prosecutors in Munich say they are looking into possible violations of securities regulations.

如果市场受到操控，那么采取行动是正当行为。慕尼黑的检察官称他们正在调查可能违反证券监管法的行为。

But the Financial Times has rejected allegations of unethical reporting or market manipulation as "baseless and false".

但是《金融时报》否认了不道德报道或操纵市场的指控，并称这些指控是“毫无根据且虚假的”。

Despite their unpopularity, short-sellers perform useful functions in markets.

虽然不受欢迎，但是卖空者在市场中发挥着有益的功能。

They help prevent bubbles from forming and are adept at rooting out malfeasance.

他们帮助防止泡沫的形成，也很擅长根除违法行为。

Studies find that in the months before financial fraud at a company is revealed, short-selling of its stock tends to spike.

研究发现在该公司金融欺诈被披露前的几个月内，其股票的卖空有急剧升值趋势。

Jim Chanos, a well-known short-seller, famously predicted the demise of Enron, an energy-trading firm that went bust in 2001.

知名卖空者Jim Chanos曾预测了安然公司的终结，该能源交易公司在2001年破产。

BaFin claims Wirecard had been the target of repeated "short attacks."

德国联邦金融监管局宣称Wirecard是“卖空攻击”的目标。

But shortselling a company that is suspected of false accounting does not undermine markets— rather, it is a sign they are working.

但是做空一家涉嫌伪造账目的公司不会破坏市场—更确切地说这是卖空者在起作用的迹象。

Making Mr Chanos give up his short position would not have saved Enron from bankruptcy, after all. He was the messenger, not the problem.

毕竟让Chanos放弃他的空头不能使安然公司免于破产。他不过是传信人，而非问题所在。