觀點貝兒斯登

LESSONS FROM THE COLLAPSE OF BEAR STEARNS
貝兒斯登危機兩週年祭


《紐約客》特約撰稿人卡西迪:回首兩年前的貝兒斯登危機,我們已從中汲取到許多代價高昂的教訓。我們懂得了,槓桿是毒藥,大銀行就像核電站,而統計模型則好比比基尼泳衣。

Two years ago yesterday, Treasury Secretary Hank Paulson called up Alan Schwartz, the chief executive of Bear Stearns, and told him the jig was up. “Alan, you're in the government's hands now,” he said. “Bankruptcy is the only other option.” Thus began the epic stage of the credit crunch and 24 months on, many costly lessons have been learned.

兩年前的3月14日,美國財長漢克•鮑爾森(Hank Paulson)打電話給貝兒斯登(Bear Stearns)執行長艾倫•施瓦茨(Alan Schwartz),告訴他已經無計可施了。「艾倫,你們現在得靠政府了,」他說。「否則的話,破產就是你們唯一的選擇。」史詩般的信貸危機由此拉開序幕。24個月過去了,人們已汲取到許多代價高昂的教訓。

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