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  | Translate: 翻译：               US bails out Citigroup and prepares to give trillions more to banks bails了美国花旗集团，并准备给万亿更多的银行 Tuesday, November 25th, 2008 星期二， 08年11月25日
By通过 Barry Grey巴里灰色 | The government bailout of Citigroup marks a new stage in the utilization of the public treasury to rescue Wall Street banks and finance houses. |政府纾困花旗标志着一个新阶段，利用国库救援华尔街银行和金融的房屋。 The deal reached shortly before midnight Sunday places an estimated $249 billion in taxpayer money at the disposal of Citigroup and the bank’s major shareholders, lenders and executives.协议达成不久星期日午夜前的地方，估计二千四百九点零零亿美元在纳税人的钱掌握在花旗集团和该银行的主要股东，债权人和管理人员。 It marks the single biggest government bailout to date, outstripping the $200 billion allocated in the takeover of mortgage finance giants Fannie Mae and Freddie Mac and the more than $150 billion given to insurance conglomerate American International Group.它标志着最大单一政府救助迄今为止，超过了2,000亿美元分配给收购抵押贷款巨头Fannie Mae和Freddie Mac和超过1500亿美元给保险巨头美国国际集团。 The agreement reached between the failing bank and top federal regulators, headed by Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and New York Federal Reserve Bank President Timothy Geithner, makes the government responsible for the vast bulk of a $306 billion pool of worthless or dubious residential and commercial loans and mortgage-backed assets, in addition to injecting $27 billion in government funds into Citigroup’s coffers in return for preferred shares of stock.之间达成的协议未能银行和联邦监管机构前，由财政部长保尔森，美联储主席伯南克和纽约联邦储备银行总裁盖特纳，使政府机构，负责大部分的三千零六十〇点零零零亿美元池或毫无价值可疑的住宅和商业贷款和住房抵押贷款资产，除了注入270亿美元的政府资金投入花旗集团的库房，以换取优先股股票。 The terms of the deal are extraordinarily favorable to the bank, which is allowed to pay lower-than-market interest on the preferred shares without having to accept any government control over its investment or lending policies.交易的具体条款是非常有利的银行，这是可以支付低于市场利息的优先股，而毋须接受任何政府控制的投资或贷款的政策。 The current management, headed by CEO Vakrim Pandit, will remain in place.目前的管理，由公司首席执行官Vakrim潘迪特，将留在原地。 There are no requirements that the bank use the federal money to lend to other banks, businesses or consumers, restrictions on executive compensation are of the same token character as those included in the original $700 billion bank bailout package approved last month by Congress, and a requirement that the bank adjust the mortgage terms for some distressed homeowners mirrors a program already instituted by Citigroup.有没有要求该银行利用联邦资金贷款给其他银行，企业或消费者，限制行政赔偿是同样性质的那些包括在原来的7,000亿美元的银行包纾困上个月批准由美国国会，并要求银行调整贷款方面的一些业主反映痛心的程序已经提起了花旗集团。 The three agencies that brokered the deal, the Treasury Department, the Fed and the Federal Deposit Insurance Corporation (FDIC), let it be known that the Citigroup bailout would set the pattern for similar rescue operations of other banks and financial institutions.这三个机构的调解协议，财政部，美联储和联邦存款保险公司（ FDIC的） ，让它知道，花旗集团将成立纾困的格局类似的救援行动的其他银行和金融机构。 President George W. Bush underscored this point in remarks to the press Monday morning following a meeting with Paulson and other top economic advisers.布什总统强调了这一点的话向新闻界以下星期一上午会见了保尔森和其他高级经济顾问。 “We have made these kinds of decisions in the past, made one last night, and if need be we’re going to make these kind of decisions to safeguard our financial system in the future,” Bush said. “我们取得了这样的决定在过去，取得最后一个夜晚，如果需要，我们会作出这样的决定，以保障我们的金融体系在未来， ”布什说。 He pointedly announced that he had informed President-Elect Barack Obama of the bailout agreement on Sunday.他尖锐地宣布，他已获悉当选总统奥巴马的纾困协议，星期日。 Obama, for his part, went out of his way to make it clear that the Wall Street bailout would continue when he takes office in January, telling the press that he was committed to do “whatever it takes” to shore up the financial system and announcing that he had spoken on Sunday with Bush and Fed Chairman Bernanke.奥巴马，他的一部分，走出自己的方式作出明确指出，华尔街将继续纾困时，他的职务在1月份，告诉新闻界表示，他决心做“不惜一切”以支撑金融系统和宣布，他已经在周日同布什总统和联储主席伯南克。 Standing behind Obama at a press conference called to announce his top economic advisers was Geithner, his pick for treasury secretary, who had spent the previous two days working out the terms of the government rescue of Citigroup.站在奥巴马举行的记者招待会上呼吁宣布他的首席经济顾问盖特纳，他挑选的财政部长，谁花了前两天的工作条件，政府拯救花旗集团。 According to a report posted Monday by Bloomberg News ,据周一公布的彭博资讯 ， with the rescue of Citigroup the US government has to date provided $3.18 trillion to financial institutions in the form of loans, cash infusions and federal guarantees of assets.与拯救花旗集团，美国政府迄今已提供三万一千八点零零零亿美元金融机构形式的贷款，现金注入和联邦政府担保的资产。 Under conditions of a deepening US and world recession that is further undermining the financial markets, this represents only a down-payment on the vast social resources and taxpayer funds that will be channeled into securing the economic interests and personal fortunes of the American financial elite.条件下深化美国和世界经济衰退的进一步破坏金融市场，这意味着只有下跌支付的巨大的社会资源和纳税人的资金，将转化为争取经济利益和个人财富的美国金融精英。 As Kenneth S. Rogoff, a professor of economics at Harvard put it, “It will mean spending trillions of dollars.”正如肯尼思罗戈夫美国，经济学教授在哈佛所说的那样， “这将意味着支出万亿美元。 ” The United States is, quite literally, being bankrupted to rescue the Wall Street multi-millionaires whose reckless pursuit of bloated profits and compensation packages precipitated a breakdown of the global financial system that is threatening to plunge the world into a new Depression.美国是相当字面上看，正在破产拯救华尔街百万富翁的鲁莽臃肿的追求利润和报酬沉淀的细目全球金融体系的威胁使世界进入了一个新萧条。 Under the terms of the bailout, as reported in the press, the Treasury Department, the FDIC and the Federal Reserve will guarantee all but $40 billion of a pool of $306 billion of the $2.2 trillion in assets on Citigroup’s books, including residential mortgages, commercial real estate, leveraged loans, collateralized debt obligations and auction rate securities.根据救助，如新闻报导，美国财政部，联邦存款保险公司和美国联邦储备将保证所有，但400亿美元的一批三千零六十万点零零零万美元的二万二点零零亿美元资产的花旗集团的书籍，包括住宅按揭贷款，商业房地产，杠杆贷款，抵押债务和拍卖利率证券。 Citi will absorb the first $29 billion in losses from the government-backed asset pool, use $7 billion in reserve capital to cover additional losses and pay 10 percent of any further losses.花旗集团将吸收的第一个290亿美元的损失由政府支持的资产池，利用70亿美元的储备资金，以支付额外的损失和支付百分之十的任何进一步的损失。 The Treasury will take on the next $5 billion in losses after the $36 billion covered by Citigroup, the FDIC will absorb the following $10 billion in losses, and the Fed will cover the rest.财政部将采取的下一个50亿美元的损失后的360亿美元所涵盖的花旗集团，联邦存款保险公司将承担以下为100亿美元的损失，美联储将涵盖休息。 The Treasury Department will also inject $20 billion from the $700 billion Troubled Assets Relief Program (TARP) into Citi in return for preferred stock, for which the bank will pay an annual dividend of 8 percent.美国财政部也将注入200亿美元，从7,000亿美元资产困境救济计划（篷布）到花旗集团，以换取优先股，该银行将支付年度红利百分之八。 Citigroup will receive an additional $7 billion in return for preferred shares issued to both the Treasury and the FDIC as recompense for their roles in guaranteeing the bank’s failing assets.花旗集团将获得额外的70亿美元，以换取优先股发行的财政部和联邦存款保险公司作为报答他们的作用，保证银行的资产没有。 In addition to this $27 billion capital infusion, according to the Financial Times ,除了这个270亿美元的资本注入，根据金融时报 the “reconstruction of Citi’s balance sheet in effect frees up an additional $13 billion, so the total capital benefit to Citi will be $40 billion.”在“重建花旗集团的资产负债表中解放出来，效果追加130亿美元，因此，总资本有利于花旗集团将400亿美元。 ” This cash infusion is over and above the $25 billion handed to Citi by the Treasury last month as part of $125 billion allocated to the nine biggest US banks.这是现金注入超过250亿美元的花旗集团交给由财政部上个月的一部分， 1250亿美元分配给9个美国最大的银行。 Citi will also issue warrants to the US Treasury and the FDIC for some 254 million common shares at a strike price of $10.61.花旗集团也将问题令美国财政部和联邦存款保险公司的一些2.54亿股普通股在罢工的价格一十〇点六一美元。 The only significant condition placed on Citigroup is a requirement that for the next three years it pay no more than a penny per share annually in stock dividends.唯一重要的条件放在花旗集团是一个要求，即今后三年的这所支付的费用不会超过每股1美分，每年的股票分红。 This, however, is only a small penalty for big shareholders, whose equity investments would have been wiped out had the bank been allowed to fail.然而，这只是一个小刑罚为大股东，其股权投资将被消灭，该银行已被允许失败。 Neither the government nor Citi sought to conceal the extraordinarily lenient terms of the deal.无论是政府还是花旗集团寻求掩盖非常宽松的交易条款。 The 8 percent dividend on the preferred shares is lower than what private shareholders have been offered.在百分之八的红利优先股低于私人股东已提供。 Government officials said they did not want to impose punitive terms on Citigroup because its stability was crucial to protecting the financial system.政府官员表示，他们不希望征收惩罚性条款花旗集团，因为它的稳定是至关重要的，以保护金融体系。 Citigroup’s chief financial officer, Gary Crittenden, repeated the same line, saying the agreement “was not about punitive, it was about financial stability.”花旗集团的首席财政官，盖登，重复同样的路线，话说，协议“并不是为了惩罚，这是对金融的稳定。 ” Crittenden added that the deal was deliberately packaged in “a plain vanilla flavor” so it could be applied to other lending institutions.登说，协议是蓄意包装“纯香草味” ，因此它可以适用于其他贷款机构。 Wall Street applauded the bailout, sending share prices soaring on Monday.华尔街赞扬救助，将股票价格周一飙升。 The Dow Jones Industrial Average surged 397 points, a gain of 4.9 percent.道琼斯工业平均指数飙升397点，涨幅百分之四点九。 The other major indexes also rose sharply, with the Standard & Poor’s 500 Index climbing 6.5 percent and the Nasdaq Composite Index gaining 6.3 percent.其他主要指数也大幅上升，标准普尔500种股票指数上涨百分之六点五和纳斯达克综合指数上涨百分之6.3 。 On top of Friday’s surge following the announcement that Geithner would be Obama’s treasury secretary, Monday’s close marked the biggest two-day rally since 1987.上周五的上升后，盖斯勒宣布，将奥巴马的财政部长，周一收盘显着最大的两个交易日的涨势自1987年以来。 Citigroup stock, which had plunged 60 percent just last week to a 16-year low of $3.77, bringing its decline to 87 percent over the past year, climbed 58 percent.花旗集团股票，已经下跌百分之六十就在上周， 16年来的低点3.77美元，将其下降到87比过去的一年中，上升百分之五十八。 Other financial stocks also rose sharply, with JPMorgan Chase and Bank of American jumping more than 21 percent.其它金融类股也大幅上涨，与摩根大通和美洲银行的跳跃超过百分之二十一。 Citigroup, just two years ago the largest US bank by market value, came to ruin over the past 16 months as a result of its aggressive involvement over previous years in the highly lucrative subprime mortgage market.花旗集团，仅仅两年前美国最大银行的市场价值，来毁掉过去16个月，由于其积极参与过去几年中非常赚钱的次级抵押贷款市场。 At the bidding of its senior counselor and board member, Robert Rubin, who joined Citi after ending his stint as treasury secretary in the Clinton administration, the bank took on added risk in order to increase profits.在竞标的高级顾问和董事会成员，鲁宾，谁加入花旗后，结束了他担任财政部长在克林顿政府中，银行就增加了风险，以增加利润。 From 2003 to 2005, Citigroup more than tripled its issuance of collateralized debt obligations (CDOs)—securities based on bundles of subprime and other risky loans–to more than $20 billion from $6.28 billion, making Citi one of the industry’s biggest players.从2003年到2005年，花旗集团三倍以上的发行抵押债务（ CDOs ）证券的基础上捆绑的优和其他风险的贷款，以超过200亿美元来自六十二万八点零万美元，使花旗集团之一，该行业最大的球员。 As one person who worked in the bank’s CDO department told the New York Times , “As long as you could grow revenues, you could keep your bonus growing.”正如一个人工作，谁该银行的债务抵押债券部门告诉纽约时报，他说： “只要你能增加收入，可以让您的奖金越来越多。 ” When the credit and housing bubbles collapsed in the summer of 2007, Citigroup was hit with massive losses.当信贷和住房倒塌泡沫在2007年夏季，花旗集团遭受巨大损失。 It has to date registered more than $65 billion in losses, write-downs for bad assets and charges for future losses, more than half from mortgage-related assets.它迄今已注册超过650亿美元的损失，减记的不良资产，并为今后的费用损失，其中一半以上来自抵押贷款相关资产。 It reported net losses of $20 billion over the last four quarters.它报告净亏损200亿美元，在过去4个季度。 Obama’s economic team, it should be noted, is staffed by Rubin protégés, including Lawrence Summers as his top economic adviser, Geithner at Treasury, and Peter Orszag, his pick to head the Office of Management and Budget.奥巴马的经济班子，应该指出的是配备了鲁宾protégés ，包括劳伦斯萨默斯他的首席经济顾问，盖特纳在财政部和彼得扎格，他挑选担任管理和预算办公室。 Despite the market surge on Monday, it is unlikely that the government bailout will solve Citigroup’s solvency problem.尽管市场周一激增，这是不可能的，政府救助将解决花旗集团的偿付能力问题。 It is the world’s largest issuer of credit cards, and the surge in unemployment is certain to result in a flood of defaults on credit card and other forms of consumer debt, further undermining the bank’s balance sheet.它是世界上最大的发行信用卡，以及失业率上升肯定会造成大量的拖欠的信用卡及其他形式的消费信贷，进一步削弱银行的资产负债表。 In addition, Citi has $1.21 trillion in entities that are not reflected on its balance sheet, some of which are tied to mortgages and will likely have to be brought back onto the bank’s books.此外，花旗集团已12100亿美元在实体上没有反映其资产负债表，其中有些是与抵押贷款和可能将不得不被带回到银行的书籍。 Its large holdings in commercial real estate are being hit by defaults in that sector.其持有的大型商业地产正在受到违约在该部门。 Finally, Citigroup is heavily invested in so-called emerging markets, which are sliding rapidly into recession.最后，花旗集团正在大量投资于所谓的新兴市场，这是滑动迅速陷入衰退。 The same, to a greater or lesser extent, can be said of virtually all of the major US banks.同样的，一个或大或小的程度上，可以说几乎所有主要的美国银行。 The financial crisis triggered a deepening slump in the broader economy, which is now feeding back once again on the banking system, making inevitable further banking panics and more huge government bailouts.金融危机引发了深化不景气在更广泛的经济，现在是回馈再次对银行体系，从而不可避免地进一步银行恐慌和更庞大的政府救助。 Citigroup itself could very well be returning for a new infusion of taxpayer money.花旗集团本身很可能是返回一个新的注入纳税人的钱。 For their part, the Treasury and the Fed are in a state of disarray and perplexity.对他们来说，美国财政部和美联储是在一个国家的混乱和迷惘。 Just last Tuesday, Treasury Secretary Paulson told a congressional committee that the government had “turned the corner as far as stabilizing the system” and said he did not plan to announce any new rescue efforts from the $700 billion bailout program.就在星期二，财政部长保尔森说，国会委员会，政府已“转危为安尽可能稳定系统” ，并表示他不打算宣布任何新的救援工作从7,000亿美元援助计划。 Now he is preparing to ask Congress to authorize the remaining half of the $700 TARP fund and preparing to launch new rescue schemes to stave off a collapse in the consumer credit markets.现在，他正准备要求国会授权，其余一半的700美元篷布基金和准备发动新的救援计划，以阻止崩溃的消费信贷市场。 While the government hands out trillions to the banks, virtually nothing is allocated to provide relief for millions of workers who are losing their jobs, their homes and their life savings.尽管政府手中了万亿的银行，几乎没有分配给提供救济数以百万计的工人谁是失去工作，他们的家园和生活储蓄。 Instead, the banks that are receiving the government handouts are ruthlessly shrinking their workforces.相反，银行，正在接受政府的施舍是无情地缩小它们的劳动力。 On November 17, a week before it received its bailout from the government, Citigroup announced plans to slash 52,000 jobs over the next several months. 11月17日，一个星期前收到了救助由政府，花旗集团宣布，计划削减52000个职位在未来数月之久。 By early next year, the company is expected to reduce its worldwide workforce to 300,000, down 20 percent from a high of 375,000 workers in 2007.明年年初，该公司预计将减少其全球员工30.0万，低于百分之二十的高点37.5万工人在2007年。 Have Your Say: US bails out Citigroup and prepares to give trillions more to banks 你说： bails了美国花旗集团，并准备给万亿更多的银行 Please read our请仔细阅读我们的 posting guidelines before posting张贴在发布前的指导方针 . 。 Alternatively或者 you can discuss this report here你可以讨论这份报告在这里 . 。 Related News 相关新闻
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