1998-99: The Russia and LTCM crisis.
—99年：俄罗斯和长期资本管理危机。
Most have improved risk management greatly since LTCM.
自从LTCM之后，大多数银行极大的改善了风险管理。
It might well profit from any crisis (it did from LTCM).
从任何危机也可以获得很好的利润(就像从长期资本管理那里得到的)。
Allegedly Goldman Sachs and others eventually began to copy LTCM.
据说高盛和其他一些公司最后还是开始模仿LTCM的做法。
However, investment Banks claim to have learned some lessons from LTCM.
不过，投资银行认为它们已经从LTCM中得到教训。
Unfortunately, as LTCM discovered, equally small losses could wipe out the fund.
但是不幸的是，正如LTCM所发现的，同样小幅度的损失也能蚀光老本。
LTCM had been buying the less liquid of each pair of assets and selling the more liquid.
LTCM一直在买多相对缺乏流动性的资产而卖空流动性的一半。
If the much vaunted systems do not work, then the central Banks will have to step in (as the Federal Reserve did with LTCM).
如果这些被夸大的系统不能运作，那么中央银行将不得不介入(正如联邦储备银行对LTCM所作的那样)。
They are naturally keen to avoid a repeat of 1998, when the collapse of Long-Term Capital Management (LTCM) prompted a liquidity crisis.
他们致力于避免重蹈98年的覆辙，当年，长期资本管理的崩溃引起了一场流动性危机。
When LTCM collapsed, its executives tried to convince Buffett to come to its rescue, as he had done with Salomon Brothers a few years earlier.
当长期资本管理公司崩溃时，其高管试图说服巴菲特来施以援手，就像几年前他曾对所罗门兄弟公司所做的那样。
NARRATOR: the Banks agreed to put up their own money to rescue LTCM. Wall Street had averted disaster, but the global crisis had one final chapter to go.
旁白：那些银行同意用它们自己的资金来拯救长资公司。华尔街逃过一劫，但是，这一全球危机还没有走到尽头。
There were bumps along the way, such as the near-collapse of Long-Term Capital Management (LTCM), a hedge fund, and the dotcom bust, but each time markets recovered relatively quickly.
前进的道路上亦有坎坷，比如说长期资本管理公司（LTCM）和对冲基金的近乎崩溃，网络泡沫，但是每一次，市场总能快速恢复。
Maybe the Romans had financial institutions that were disproportionately large to the overall activity of the world that they operated in, but LTCM was a specific type of hedge fund.
也许罗马帝国曾经有过与整个世界的活动都不成比例的特大的金融机构，但是长资公司是一种特别的对冲基金。
But, in 1998, when Long Term Capital Management ("LTCM") blew up, it nearly brought down the financial system. The problem was excessive leverage as reflected in the financial sector debt.
但是，1998年LTCM危机几乎拖垮整个金融体系，问题在于金融借贷反映出过度的金融杠杆率。
But, in 1998, when Long Term Capital Management ("LTCM") blew up, it nearly brought down the financial system. The problem was excessive leverage as reflected in the financial sector debt.
但是，1998年LTCM危机几乎拖垮整个金融体系，问题在于金融借贷反映出过度的金融杠杆率。
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