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And they go through these arguments, and they find venture money to fund the company, and they get very famous people to endorse them, etcetera.
然后他们就这些论证展开讨论，找风险投资,来资助其公司，还找著名人士,来支持他们，等等等等。
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You know, my personal experience is that the agencies that I've been working for have actually been okay.
我曾经工作过的公司到现在都还不错。
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There's no company that's making smallpox vaccine anymore because there's no reason to make smallpox vaccine, because nobody would buy it, right?
没有公司还生产天花疫苗,因为没有人购买天花疫苗,因此早就没有理由继续生产它了,对吧
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They said, "You know, you're not ready to go public yet because this is a young company."
他们说，你看，你们还没准备好上市,因为这公司还很年轻“
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But in a sense, I don't really own the whole company yet because the company owes money.
但某种意义上,整个公司还不全属于我,因为公司有负债
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He started his company.
他还成立了自己的公司。
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I mean, that's amazing. These companies were not existing 10 years ago.
我的意思是，太惊人了。这些公司10年前还都不存在呢。
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Yum Brands owns other food-related chains like Taco Bell.
百胜餐饮集团还拥有其他食品相关公司,像塔可钟快餐店
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The students were brought into this course were in that interesting gap in the professions where they have been with the company for a couple of years but will probably be four more years before they consider for the big leap, for the big advancement.
参与该课程的学生,职业差别很大,他们还会在,现在的公司待几年,甚至可能在考虑,跳槽或升迁之前，再待四年之久。
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There have to be regulators that are at least verifying that the insurance company is doing what it says it's going to do.
还必须有监管机构,以确保保险公司将会,履行承诺
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Then of course, there's the other problem that the insurance company-- how does the insurance company reasonably specify that it can come through on this policy?
之后，对保险公司来说,当然还存在其它问题-,保险公司怎样才能使一份保单上,载明的内容合理而有效被执行呢？
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Now, younger companies aren't so much in that.
现在，新的公司还不会有这样的问题。
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The HOLC said, don't worry if they don't pay, we'll pay.
房主贷款公司说,别担心,如果房主不还款,我们来还
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That's a complicated thing that accountants figure out and accountants find it difficult to define the earnings of a company, but they do something and they come up with a number.
会计们会计算这个复杂的问题,他们还会发现公司收益很难定义,但是他们会想办法,得出一个数字
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They'd borrow to buy them, so if the value of the subprime loans went down just a little bit the SIV would be in trouble.
结构投资公司还借钱购买次级债,所以只要次级债贬值一点点,他们就麻烦了
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The other thing that I want to say about Modigliani and Miller is about corporate debt.
我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务
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I talked about a company as having only shares outstanding, but they also have debt outstanding.
我曾提过只发行股票的公司,他们还会有负债
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When I last explained this to Professor Shiller, ? he said, well what about insurance companies?
他是否还记得，他说，那保险公司呢？
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When we were taking 90% of dividends that was 90% of the stock market being taken by the government; but that's not all because we were also taxing the corporations.
当我们从股利中征收90%的税,也就是股票市场收益中的90%都被政府拿走,这还不算完,因为公司获得利润后也要交税
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Your banker understands that your business can't pay the money back and that the bank has a reputation in the community of helping business people, so they won't ask for the money even though it's a short-term loan that they made to you.
他会理解,你的公司可能无法还钱,在业界里银行向来,有帮助企业家的美名,所以他们不会要求你还钱,即使他们借给你的是短期贷款
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