投行千虑,必有一失
概述：知名投资银行摩根大通在金融危机中屹立不倒，却于近日因交易失策意外出现20亿美元巨额损失，震惊全球市场。
Hint:
Lehman Brothers
JP Morgan
James Dimon
Financial Times
Volcker Rule
组长：jushua
校对：sighsmile
翻译&注解：baizhixian
答疑：lsy34http://t1.g.hjfile.cn/listen/201205/201205150454029128106.mp3Now a risky set of trades leading to a massive loss and a big impact on the reputation of one of Wall Street's best known names. Four years on from the collapse of Lehman Brothers, a lot of people are wondering whether bankers have learned any lessons from the global financial crisis. The victims are unexpected. JP Morgan has done well recently and is known to be risk-averse, and yet the bank bet large sums of its own money on complicated financial instruments.
"The new strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored. The portfolio has proven to be riskier, more volatile and less effective as an economic hedge than we thought."
That's startling admission by the chief executive of JP Morgan, James Dimon. The main trader, by the way, behind the losses, is said by the Financial Times to describe himself as "able to walk on water" by the way. Well, banks betting with too much of their own money was identified as a fundamental problem in the United States. It's called "proprietary trading" and is going to be heavily restricted from this summer on as a result of a new law there called the Volcker Rule.现在，一系列有风险的交易招致了巨大的损失，并对华尔街最著名金融机构之一的名誉造成了巨大的影响。雷曼兄弟(Lehman Brothers)破产四年多来，许多人都在怀疑银行家们是否已从全球金融危机中吸取了些许教训。谁都无法预测(下一个牺牲者是谁)。摩根大通(JP Morgan)最近表现优异，并且它一直以规避风险而出名，但它却把自己大量的资金押在复杂的金融工具上。
"新的策略复杂且有缺陷，反馈滞后，执行及监管不利。作为一种经济对冲，公司的有价证券组合比我们想象的更为冒险，更不稳定，并且收效甚微。"
这是摩根大通(JP Morgan)首席执行官詹姆斯•戴蒙(James Dimon)一番令人吃惊的言论。作为主要交易者的戴蒙被《金融时报》形容为"能在水上行走(能力超强)"的人。在美国，将大量银行资金作为赌注被认为是问题的关键。这种操作被称为"自营交易"，今夏，美国将严格限制"自营交易"，因为一项基于"沃尔克规则"的新法案即将出台。
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