贝尔史登股东们的信念就受到了严重考验。
Bear Stearns's shareholders have had their faith severely tested.
全球银行家对新条款如释重负--贝尔史登的人自然也是如此。
The world's bankers heaved a sigh of relief at the improved terms—so did many at Bear.
除了贝尔史登以外,全部都占其非美市场非零售业务的半数左右.
All except Bear Stearns now earn roughly half of their non-retail revenues outside America.
这家银行通过发行新股就可以立即获得贝尔史登39.5 ％的股权。
The bank gets 39.5% of Bear straight away through an issue of new shares.
并且，摩根大通还同意承担10亿美元贝尔史登公司难以出售的证券。
It also agreed to take responsibility for one billion dollars of Bear's hard-to-sell securities.
贝尔史登身价一落千里，不过破产的话只会更糟，甚至可能会导致全球市场崩溃。
Bear was going for a song, but that was better than bankruptcy, which might have caused global markets to collapse.
贝尔史登有一些颇具吸引力的特别优惠政策，例如在机构经纪，清算和能源方面。
Bear offers some attractive franchises, for instance in prime brokerage, clearing and energy.
上周，美联储促成了一笔交易，即JP摩根大通以每股2美元收购贝尔史登公司。
Last week, the Federal Reserve pushed through a deal for J. P. Morgan Chase to buy Bear Stearns for two dollars a share.
修订后的协议让贝尔史登股东得到更多的钱，也让摩根大通对完成收购计划更加确定。
As well as giving Bear's shareholders more money, the revised deal does give JPMorgan a lot more certainty that it will be completed.
收购案的假设是摩根大通状况良好足以消化贝尔史登，是否真的如此可能很快就会见分晓。
The assumption that JPMorgan is strong enough to absorb Bear may also be tested soon.
Dimon先生在整合贝尔史登残骸的过程中，很可能还得面临一些令人担忧的烦扰状况。
Mr Dimon is likely to face some worrying distractions as he integrates what is left of Bear.
以每股2美元的戏剧性价格救贝尔史登公司于水火，这几乎是当时所有人都赞同的最佳出路了。
THE dramatic $2-a-share rescue of Bear Stearns was, almost everyone agreed at the time, the best way out of an awful situation.
居然有这么一条，要求摩根大通即使在贝尔史登的股东否决收购后也继续担保贝尔史登的业务。
One sloppy sentence appeared to require JPMorgan to continue guaranteeing Bear's trades even if its shareholders voted down the takeover.
然而提高收购的主要原因是想平息贝尔史登股东和雇员的不满情绪；他们曾扬言要破坏这桩交易。
The main reason for improving the offer, however, was to overcome disaffection among Bear's employees and shareholders, who had threatened to torpedo the deal.
除了贝尔史登公司外，其他公司在账面价值上做的还不错，现在的价格对他们来说还是相对便宜。
All except Bear are still trading well above book value, the level at which they are generally considered cheap.
西方公司从阿里巴巴的教科书中受益良多”，BobPeck,贝尔史登公司的一位分析师说。
Western companies are taking pages from the Alibaba book, ” says Bob Peck, an analyst at Bear Stearns.
但是，JP摩根大通面临贝尔史登公司股东的反对，因此本周摩根大通将其出价上升至每股10美元。
But J. P. Morgan faced a rebellion by Bear shareholders, so this week it increased its offer to ten dollars a share.
但是摩根大通的一位执行官指出，更大的问题是：如果贝尔史登董事会建议一个竞争出价，这个担保就会失效。
But the bigger problem, according to a JPMorgan executive, was that the guarantee would fall away if Bear's board recommended a rival bid.
即使美联储已经尽了本份，帮贝尔史登从摩根大通那里争取到了更好的收购条款，谁也不相信国家会就此放手不管了。
Even if the Fed had joined Bear shareholders in eking out better terms from JPMorgan, as it should have, the state's pretence that it could walk away would have convinced nobody.
和冯•史登堡一样，王家卫总将他的演员置于特写和中景镜头中，背景是巴洛克建筑的细节，烟雾一直在空气中缠绕。
Like von Sternberg, he films his actors mostly in closeup and medium shot, with baroque architectural details in the background, with cigarette smoke constantly coiling through the air.
有迹象表明，美联储已成为像贝尔史登这样的投资银行的后盾。 美联储还承诺会给投资银行提供紧急贷款，这还是自大萧条以来的头一遭。
The Fed has signalled that it will now stand behind investment banks like Bear, and it has agreed to provide emergency lending to them for the first time since the Depression.
这说明了为什么象Lazard这样一家可敬的公司，作为贝尔史登的顾问，可以在短短数天内先后支持2元和10元这样悬殊的价格仍然不失公正。
That explains how a respectable firm like Lazard, Bear's adviser, could in the space of a few days endorse both the $2 and $10 bids in fairness opinions.
投资银行贝尔史登的分析师Simon Marshall - Lockyer认为，Peltz先生可能也让Cadbury去参加卡夫的糕点业务的竞标。
Simon Marshall-Lockyer, an analyst at Bear Stearns, an investment bank, reckons Mr Peltz might also push Cadbury to bid for Kraft's confectionery unit.
投资银行贝尔史登的分析员在1月2号那天降低了该公司的股值时, 股价又迅速下跌了12%.星巴克糟糕的业绩也注定了自2005年上任的首席执行官JimDonald的命运.1月7日, 星巴克宣布由2000年起担任董事长的霍华得• 舒尔茨接替Jim Donald首席执行官之职.
When analysts at Bear Stearns, an investment bank, downgraded the firm's shares on January 2nd, they plunged by another 12%. This sealed the fate of Jim Donald, the chief executive since 2005.
投资银行贝尔史登的分析员在1月2号那天降低了该公司的股值时, 股价又迅速下跌了12%.星巴克糟糕的业绩也注定了自2005年上任的首席执行官JimDonald的命运.1月7日, 星巴克宣布由2000年起担任董事长的霍华得• 舒尔茨接替Jim Donald首席执行官之职.
When analysts at Bear Stearns, an investment bank, downgraded the firm's shares on January 2nd, they plunged by another 12%. This sealed the fate of Jim Donald, the chief executive since 2005.
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