Amid record losses, Wall Street awarded itself $39 bil中創紀錄的虧損，華爾街頒發本身$ 39膽紅素

By由 Andre Damon安德烈達蒙

The five largest Wall Street banks doled out a record $39 billion in bonuses last year, according to data collected by the Bloomberg news service.五個最大的華爾街銀行發放創紀錄的390億美元的花紅去年，根據收集的數據顯示，彭博新聞服務。 After driving hundreds of thousands of families into foreclosure, causing a financial crisis affecting hundreds of millions, and pushing the US and world economies closer to recession, it appears Wall Street is rewarding itself for a job well done.駕駛後，數以十萬計的家庭陷入贖，導致金融危機的影響數以億計，並推動美國乃至於世界經濟接近衰退，看來華爾街是獎勵自己的工作非常出色。

The banks announced record losses in the fourth quarter, wrapping up the financial industry’s worst year since 2002.該銀行宣布創紀錄的虧損，在第四季度，結束了金融業的最差的一年自2002年以來。 All in all, Wall Street wrote off more than $90 billion in bad debt for the year, and the five largest banks saw their profits drop more than 60 percent.總之，華爾街註銷了超過900億美元的壞帳，為今年和五家最大的銀行看到，他們的利潤下降60 ％以上。 Three of the five firms posted losses in the fourth quarter.三部五家公司的損失將在第四季度。

For all that, the bankers made out like bandits.歸根究底，銀行家開出像土匪。 Despite the firms’ abysmal performance, Wall Street buffered its traders from any shocks to their incomes by increasing the ratio of compensation relative to revenues.儘管公司很糟糕表現，華爾街緩衝其貿易商從任何衝擊，以他們的收入，增加的比例補償相對收入。 Typically, banks try to keep compensation below 50 percent of revenues; in 2006, when the five firms paid out some $36 billion in year-end bonuses, the figure was approximately 45 percent.通常情況下，銀行盡量保持補償低於50 ％的營收，在2006年時，五家公司發放了一些36000000000美元在今年的年終獎金，這個數字大約是45 ％ 。 In 2007, it jumped to more than 60 percent, according to figures released by the New York State Comptroller’s office.在2007年，躍升至百分之六十以上，據公佈的數字是由美國紐約州審計長辦公室。

While the $39 billion was divided among 186,000 workers at the five firms—averaging $211,849—the lion’s share was reserved for a few thousand high-level managers, traders, and senior executives, who took in multimillion-dollar bonuses in addition to their salaries.而390億美元是分給186000工作者在五家公司來拉平211849美元-獅子的份額是保留給幾千元的高級別經理人，商人，以及高層管理人員，曾在數百萬美元獎金外，其薪金。 Rank-and-file clerical workers took home a few hundred dollars.員佐級文職勞工走上家數百元。 Bonuses for traders in subprime-related securities are reported to be about 30 percent lower this year in comparison to other sectors.獎金為貿易商次級相關證券據報導，約30 ％為低，今年相較於其他行業。

Morgan Stanley wrote down some $10.3 billion in bad debt in 2007, but increased its bonus pool by 18 percent all the same.摩根士丹利寫下約達103億元，不良債務在2007年，但增加了獎金池由18 ％都一樣。 Its CEO, John Mack, declined his bonus last year after collecting a $40 million bonus in 2006.其首席執行官約翰麥克，拒絕他的獎金在去年完成收集工作後， 4000萬美元的獎金，在2006年。

E. Stanley O’Neal, the former chief executive of Merrill Lynch, collected a severance package worth some $161 million, or 3,500 times the yearly income of a typical US household, after losing his job in October.體育斯坦利奧尼爾，前行政長官的美林證券公司，收集了遣散包價值約1億6100萬美元或3,500倍年收入的一個典型的美國家庭，失去他的工作，在10月。 Merrill Lynch wrote down some $20 billion in subprime debt during the fourth quarter of 2007, and saw its value reduced by some 43 percent.美林寫下一些20000000000美元在次級債務，在2007年第四季，目睹了它的價值減少約43 ％ 。

Charles O. Prince II, the former CEO of Citigroup, which announced similar losses, will walk away with some $68 million.查爾斯王子澳第二，前首席執行官，花旗集團，其中宣布了類似的損失，將步行距離約為6800萬美元。 Lloyd C. Blankfein, the Goldman Sachs CEO, set a new record with his bonus of $60.7 million.勞埃德長blankfein ，高盛公司總裁兼首席執行官，訂出一個新的紀錄，與他的獎金070萬美元。 The firm put its chips on different numbers than the other banks and had a good year overall.該公司把它的芯片上不同的電話號碼，比其他銀行，並有了良好今年整體。 The firm’s two co-presidents, Gary Cohn and Jon Winkelried, each collected a stock bonus of about $40 million, in addition to as-yet undisclosed amounts of cash.該公司的兩位聯合主席，加里科恩和Jon winkelried ，每收集了股票紅利約4000萬美元，除了作為尚未透露數目的現金。

Ike Suri, the managing director of a Finance Executive recruitment firm, told the Los Angeles Times that “compensation in the brokerage industry is increasingly tied to volatility—so the more volatility in the markets, the more investors are trading and the more they make.” He continued, “The marked increase in volatility in the markets in 2007 really benefited the brokers.” Volatility, we might add, which bankers created themselves by gambling—and losing—on risky securities.艾克suri ，董事總經理，財務執行招聘公司，告訴洛杉磯時報說， "賠償的經紀業正日益綁波動，因此更波動，在市場中，更多投資者買賣和他們越作。 "他續說： "顯著增加，在波動的市場在2007年真正受益經紀"的波動，我們可以補充，其中銀行家創造自己賭博，並失去對風險證券。

The absurdity of this standard is self-evident.荒謬的這個標準是不言自明的。 But, for all that, no major public figures have called for the leaders of these banks to be held liable for the destruction they caused, much less even called for hearings into their massive pay.不過，歸根究底，沒有大的公眾人物，都要求領導人的這些銀行要負法律責任，為他們破壞造成的，更遑論更主張聽證納入其巨大的付出。 Executive compensation, we are told, is a private affair between shareholders and executives, whatever its effect may be on the rest of the population.行政賠償的，我們被告知，是私事之間的股東及行政人員，不論其效果可能對其他人口。

Outside the mass media, however, these issues are being hotly debated.境外傳媒，但是，這些問題正在激烈辯論。 In a widely discussed Financial Times column dealing with the issue of banker pay, former IMF chief economist Raghuram Rajan writes that executive compensation practices among Wall Street firms “probably contributed to the ongoing crisis” in the financial sector.在廣泛討論金融時報專欄處理這個問題的銀行家薪酬，前IMF首席經濟學家拉詹寫道：行政賠償的做法當中華爾街公司， "可能有助於正在進行的危機" ，在金融部門。 Rajan goes on to explain the means by which bank managers systematically underpriced and hid risk with the intent of inflating their personal compensation.拉詹接著解釋方法，使銀行經理，系統地過低，並匿藏風險與意圖的膨脹，其個人賠償。

Securities trading, according to Rajan, rests on the ability of funds managers to generate returns over and above market expectations, while minimizing overall risk.證券交易中，根據拉詹，有賴於能力的基金經理人，以回報超出市場預期，同時最大限度地減少整體風險。 Rajan notes that differences between a security’s real yield and its evaluated growth potential “are quite hard to generate since most ways of doing so depend on the investment manager possessing unique abilities—to pick stocks, identify weaknesses in management and remedy them, or undertake financial innovation.拉詹指出，區別安全的實際產量的影響及其評價，成長潛力"是相當難以產生，因為大多數的方法去做，所以在很大程度上依賴於投資經理人，具有獨特的能力-回升的股票，找出不足，在管理和補救，或開展金融創新。 Such abilities are rare.這種能力是罕見的。 How then can untalented investment managers justify their pay?又怎能untalented投資管理人證明自己的支付？ Unfortunately, all too often it is by creating fake alpha—appearing to create excess returns but in fact taking on hidden tail risks, which produce a steady positive return most of the time as compensation for a rare, very negative, return.”不幸的是，所有常常是通過建立打假阿爾法出現創造超額回報，但事實上，採取隱尾風險，其中產生一個穩定的正回報，大部分的時間作為賠償的一種罕見的，非常負面的，回報" 。

The boom of Collateralized Debt Obligations and other risky mortgage-based securities was probably exacerbated by bankers’ attempts to, in Rajan’s words, “create fake alpha,” that is, to buy securities whose risk was nominally underrated and therefore paid disproportionately high returns.景氣抵押債務的義務及其他高風險抵押貸款為基礎的證券，可能是加劇了銀行的企圖，在拉詹的話說，是在"創造假阿爾法" ，也就是購買證券，其風險是名義上被低估，因此，支付高得不成比例回報。 The foreseeable prospect of the real estate market cooling down, resulting in the writing off of billions of dollars of bad debt, massive losses for shareholders, and turmoil in the wider economy, paled alongside the bankers’ own grasping for massive amounts of compensation.可預見的前景，房地產市場降溫，導致註銷的價值數十億美元的壞帳，巨額虧損，為股東和動盪之中，在更廣泛的經濟，蒼白，伴隨銀行家自己的把握，為大量的賠償。

For the bank managers themselves, it made perfect sense.對於銀行經理人本身，它沒有道理的。 Once the racket that they had been running came to light and the securities they bought rendered worthless, the managers would simply lose their jobs, collect millions in compensation, and move on to some other firm.一旦球拍說，他們已經運行揭發和證券買了，他們變得一文不值，經理人只是失去了工作，收取數百萬美元的賠償，並逐步向其他一些公司。 This is exactly what happened at Bear Stearns, Merrill Lynch, Citigroup, and others.這也正是發生在貝爾斯登，美林，花旗集團和等。

The more farsighted representatives of the establishment recognize—at least in part—the dangers posed by unmitigated greed to the long-term stability of the capitalist system.更有遠見的代表建立承認-至少在部分構成的危險肆無忌憚的貪婪，以長期穩定的資本主義制度。 Martin Wolf, the associate editor of economics at the Financial Times , recently wrote in response to Rajan’s article: “I now fear that the combination of the fragility of the financial system with the huge rewards it generates for insiders will destroy something even more important—the political legitimacy of the market economy itself—across the globe.”馬丁沃爾夫，副總編輯，經濟學在金融時報 ，最近曾撰文指出，在回應拉詹的文章： "我現在擔心的結合脆弱的金融體系，有了一個龐大的獎賞它產生的，為業內人士將摧毀更是重要的政治合法性，市場經濟本身-全球各地" 。

Wolf proposes that the US government step in to regulate banker pay so as to prevent such discrediting spectacles as those seen on Wall Street in 2007.沃爾夫建議，即美國政府在加強監管的銀行家薪酬等，以防止這種抹黑的眼鏡，因為這些上看到華爾街在2007年。 But such action would require an unimaginable sea change in the policies of the US ruling elite, which has sought for the past three decades to break any restrictions on its own blind pillaging of society.但是，這種行動將需要一個難以想像的巨大改變，在政策的美國統治精英，其中有要求，為過去30年來，以打破任何限制，對自己的盲目掠奪社會。

As the Wall Street speculators raked in their bonuses, recent government statistics demonstrate that, for average working people in the US, 2007 spelled a further decline in living standards as consumer prices driven by fuel and food rose sharply and the paltry growth in wages recorded the previous year stalled.作為華爾街的投機者則命喪在自己的獎金，最近的政府統計數字表明，平均工作的人，在美國， 2007年拼寫進一步下降生活水平作為居民消費價格驅動燃料和食品大幅上升，以及微薄工資增長記錄前一年陷於停頓。 Average weekly wages last year fell approximately 1 percent.平均每週工資在去年下降約百分之一。

The combination of record bonuses for Wall Street’s wealthiest and a drop in real wages for hundreds of millions recorded in 2007 is only the latest episode in the protracted process of transferring wealth from masses of working people to a tiny financial elite.結合創紀錄的獎金為華爾街最富有的和下降的實際工資，為億萬記錄， 2007年只是最新的插曲是在長期的過程中轉移財富從廣大勞動人民以彈丸之地金融精英。 The outcome is a level of inequality that is politically and socially unsustainable and which makes open class struggle inevitable.結果，是某種程度的不平等，即政治上和社會上無法持續，這使得開放式的階級鬥爭是不可避免的。 This is what is meant by the destruction of “the political legitimacy of the market economy itself.”這是什麼意思毀滅"的政治合法性，市場經濟本身" 。

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