But the fate of Bear Stearns shows that, when things go really wrong, punishment can be severe.
但是贝尔斯登的命运显示，如果事情做错得很厉害，那么惩罚将会很严厉。
This is fairly reliable but, as Bear Stearns showed, in a market meltdown it can dry up without central-bank support.
这是相当可靠的，但正如贝尔斯登所表明的那样，在市场崩溃时，没有央行的支持就会耗尽。
For the US, the rescue of Bear Stearns was the moment when that option evaporated.
对美国来说，拯救贝尔斯登，就是这种选择消失殆尽的时刻。
What has happened is that many investment Banks, such as Bear Stearns and Lehman Brothers, have ceased to exist.
已经出现的问题就是，许多投资银行例如贝尔斯登和雷曼兄弟已经不存在了。
All except Bear Stearns now earn roughly half of their non-retail revenues outside America.
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.
In the following months, Bear Stearns reported billions of dollars in writedowns, as did many of its Wall Street peers.
在随后的数月里，贝尔斯登报告了数十亿的资产减记，就像它的华尔街同行做的那样。
Few predicted the severity of this crisis, yet once Bear Stearns collapsed there could be no excuses.
虽然很少人能预测到危机的严重性，但随着贝尔斯登的崩溃，美国就已经没有借口了。
Suddenly, there was the prospect of another major investment bank buckling six months after the loss of Bear Stearns.
丢掉贝尔斯登六个月之后，又一个大投资银行失去平衡，这突然间将成为现实。
Strikingly, the financial conglomerate is paying slightly higher interest on its five-year debt than Lehman or Bear Stearns.
引人注意的是，这个金融集团对其五年期负债付出的利息稍高于雷曼和贝尔斯登。
THE decline and fall of Bear Stearns illustrates both an old truth and a new one.
贝尔斯登的下滑和倒下揭示了一个旧的和一个新的真理。
The rescue of Bear Stearns wiped out the common shareholders.
对贝尔斯登公司的救助重创了普通股股东。
Share prices have recovered since the Bear Stearns rescue, even as economic statistics have been gloomy.
自从贝尔斯登营救以来，尽管经济统计数据还是眉目不清，股票价格已经恢复。
Each successive rescue, from Bear Stearns to Citigroup, has affected different parts of the capital structure in different ways.
每一次成功的救助，从贝尔斯登到花旗集团，都以不同的方式影响了资本结构的不同部分。
Bear Stearns, like other securities firms, depends on continuous loans to fund its daily operations.
与其它证券公司一样，贝尔斯登也依赖持续的贷款维持日常运作。
It has helped JPMorgan Chase rescue Bear Stearns, America's fifth-biggest investment bank.
这帮助了摩根大通出手拯救美国第五大投资银行贝尔斯登。
Bear Stearns executives hosted a conference call that day meant to reassure investors.
为了安抚投资者，贝尔斯登高管当日组织了一个电话会议。
The SEC's imprimatur, he says, had become worthless after the Bear Stearns and Lehman debacles.
他说，在贝尔斯登和雷曼兄弟相继崩溃之后，SEC的认可已经变得没有价值了。
I do not think any company is interested in repeating the experience of Bear Stearns.
我认为，没有任何一家公司愿意重蹈贝尔斯登的覆辙。
In the days leading up to the offer from JPMorgan, Bear Stearns released statements suggesting the company's finances were sound.
在摩根大通向贝尔斯登发出收购要约的日子里，贝尔斯登发布报告称其财务状况很健康。
Inside Bear Stearns, though, skirmishes about its mortgage holdings at times grew heated.
然而在贝尔斯登内部，关于抵押贷款资产的冲突有时会十分激烈。
The first public securitization of CRA loans started in 1997 by Bear Stearns.
1997年贝尔斯登公司第一个把CRA贷款公开证券化。
The 65-year-old Bear Stearns veteran had spent much of that week fielding calls from worried clients. Some had yanked large sums from their Bear Stearns accounts.
这位65岁的公司元老上周花了很多时间去应付那些忧心忡忡的客户，其中一些人已经从他们在贝尔斯登的帐户里提走了不少钱。
Funds and other financial players were betting that Bear Stearns could run out of cash.
基金和其它机构认定贝尔斯登的现金即将枯竭，他们将赌注皆下于此。
Mine is not a judgment on whether the Fed was right to rescue Bear Stearns from bankruptcy.
我不是要评判美联储拯救贝尔斯登脱离破产境地是否正确。
True, the rescue of Bear Stearns seemed to avert the implosion of the financial system.
确实，贝尔斯登的救赎似乎避免了金融系统从内部崩溃。
Many Bear Stearns employees, as you know, are concerned about their jobs.
很多贝尔斯登的雇员对他们的工作忧心忡忡。
Rumor on Wall Street had it Bear Stearns was strapped for cash.
华尔街已经有传言声称贝尔斯登陷入了现金流危机。
Similar moves were expected from Goldman Sachs and Bear Stearns when they reported, after the Economist went to press.
类似的情况大约还会在高盛和贝尔斯登发布收益报告——在本文发表后——出现。
Similar fears had led to the forced sale of Bear Stearns in March.
类似恐惧已导致今年三月贝尔斯登被强行出售。
The first big sign of trouble on Wall Street. Bear Stearns teeters, but it's bought before collapsing.
贝尔斯登公司成为华尔街金融困境的先兆，最终为摩根大通收购。
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