But I was not worried because I still have more than half of the cash in my bank account.
但我并不担心,因为公司的银行账户上还有60多万美元。
But for, at least for finance, a lot of the banks and companies actually have sessions here on campus
但是对于金融专业来说,很多银行和公司都在校内召开宣讲会,
She said, we have it now at Swiss Re and, of course, The World Bank sponsors crop insurance for farmers.
她说,我们公司推出了农作物保险业务,而且世界银行也向农户提供保险补贴
Outside of that, you have, you know, big pharmaceutical companies, Roche and Bayer.
除了银行业,还有大的医药公司,罗氏公司和拜耳医药。
Well, they created special entities called SIVs and the SIVs would be borrowing money on the commercial paper market to buy subprime loans.
银行建立特殊实体结构投资公司,而结构投资公司,通过在纸货市场借贷,以购入次级债
But in many cases firms do a mixture of different activities one of which is investment banking.
但是大部分情况下,公司做各种各样的业务,其中一个就是银行投资业务。
The SIV really was a liability but it wasn't visible to investors investing in the bank.
结构投资公司本身就是债务,但银行的投资者们并不了解这点
In the SIV contract, there was some language that implied that if the SIV ever went bankrupt, the bank would come back and rescue them.
结构投资公司的合同中包含着这样的条款,如果结构投资公司破产,银行会拯救他们
Investment banking had to be a separate firm.
投资银行业务必须由独立公司承担。
It becomes an arm-twisting thing -because of this risk of moral hazard, the bank has a threat to take the money back and they are going to find out quickly if you, as a company, are behaving wrong.
这衍变成一种施压行为...,由于道德风险的存在,银行恐怕收不回欠款,因此,在你的公司行为不良时,他们便会迅速发现此事
The other thing is moral hazard -this is that companies, once they borrow money from anybody, a bank or anyone else, they have an obligation, which is fixed in dollar terms.
另一个问题是道德风险,意思是说,一旦公司借了钱,无论是从银行还是其他渠道,他们就背负了一种义务,金钱的义务
The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.
公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益
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
You have the typical investment banks, Goldman Sachs, Morgan Stanley, JP Morgan.
还有典型的投资银行,高盛集团、摩根士丹利和摩根大通公司。
Now incidentally, often bank loans to corporations are short-term, technically, so the bank is both lending short and borrowing short.
顺便说一下,技术上讲,银行借给公司的都是短期贷款,银行同时进行短期借贷业务
What this did is it allowed banks to offer insurance or to ally and join in and merge with insurance companies.
这个法案允许了银行从事保险业务,或者与保险公司合作,整合,并购
The companies get advice from the banker as well.
公司也同时会从银行家那得到建议
I read The Wall Street Journal every morning and I worry about the credit crisis, and I worry about credit cards, and I worry about auto loans, and I worry about corporate loans, and I worry about the solvency of the banking system, and then I go to work and I try and find the best opportunities that I possibly can.
每天早晨读华尔街日报的时候,我会担心有没有信贷危机,担心我的信用卡,担心汽车贷款,担心公司贷款,担心银行系统的偿付能力,然后我去上班,努力抓住所能遇到的最好机遇
An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.
IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织
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