美国救助计划：剪不断 理还乱

Upending the government's relationship with the financial sector, the Bush administration outlined a plan Tuesday to prop up banks by injecting $250 billion into U.S. financial institutions, including nine of the nation's largest banks, and to guarantee new debt issues and deposit accounts used by businesses.
布什政府周二公布了向美国金融机构注资2,500亿美元以提振银行业，以及对发行新债券和企业存款账户提供担保的计划。这一计划颠覆了政府与金融业的关系。


The sweeping steps create a thicket of issues, most pressingly whether the banks will step up lending. The government is making clear it expects banks to lend out the funds it gets from Uncle Sam. Further exercising its clout, Treasury also extracted a promise that the financial firms would help struggling homeowners, continue lending and would sign up for loan guarantees offered by the Federal Deposit Insurance Corp.
这些力度颇大的举措带来了一系列问题，最关键的一个就是银行是否会增加放贷。此次注资包括美国9家最大的银行。政府明确表示希望银行能放借出从政府那里获得的资金。财政部更是进一步承诺，金融机构会帮助陷入困境的房主，继续贷款，并会由美国联邦存款保险公司(FDIC)提供贷款担保。


'What we're doing is making clear to the banks how important it is to deploy the capital,' Treasury Secretary Henry Paulson said in an interview.
财政部长鲍尔森(Henry Paulson)在接受采访时称，我们要做的是向银行表明，运用这些资金是何等重要。


Analysts, investors and some bankers applauded the government rescue. They said it will help rebuild confidence in the industry and will set the stage for a wave of consolidation in which stronger companies take over their weaker rivals.
分析师、投资者和一些银行家对政府的救助计划表示欢迎。他们称， 这有助于重建对金融业的信心，并为新一轮实力雄厚的公司收购弱小对手的整合大潮打下基础。


Officials with such giant banks as Citigroup Inc. and J.P. Morgan Chase & Co., whose CEOs were briefed on the government's plan on Monday, said they don't expect that the government's new role as a major shareholder will subject them to additional regulatory restrictions. They noted that top banks are already subjected to rigorous government scrutiny, with bank regulators permanently stationed at their headquarters.
花旗集团(Citigroup Inc.)和摩根大通(J.P. Morgan Chase & Co.)等银行巨头的管理人员称，他们预计政府作为主要股东的新角色不会让他们受到额外的监管限制。这些银行的首席执行长周一已经得到了政府计划的通报。他们指出，这些大银行已经受到了政府的严格审查，银行业监管人员长期驻扎在他们的总部。


Bankers and industry experts said that aside from a handful of token restrictions, the capital injections more closely resemble a blank check. 'I don't think their intent is to micromanage,' said Richard J. Herring, co-director of the Financial Institutions Center at University of Pennsylvania's Wharton School. 'I don't think they have the manpower or the skill to do that. That isn't really an issue.'
银行家和业内专家称，除了一些象征性的限制措施外，资金注入更像是一张空白支票。宾夕法尼亚大学沃顿商学院金融机构中心联席主任理查德·贺林(Richard J. Herring)说，我认为他们的用意不在微观管理。我也不认为他们有人力或技能做到这点。这并不算是问题。


Edward J. Wehmer, chief executive of Wintrust Financial Corp., a bank-holding company in Lake Forest, Ill., said the government financing is likely to attract smaller banks that haven't been able to raise new capital at reasonable prices.'The market was becoming very predatory with the private equity guys,' Mr. Wehmer said. 'You basically had to sell your soul.'
美国银行银行控股公司Wintrust Financial Corp.首席执行长爱德华·魏默尔(Edward J. Wehmer)说，政府融资可能会吸引不能以合理价格筹集新资本的较小的银行。他说，市场因私人资本运营公司而已经变得非常残酷，你基本上要出卖自己的灵魂。


The Treasury Department said it intended to remain a passive investor in the financial institutions that get government cash. But its tentacles will change how banks do business, by placing restrictions, for example on dividend payments, executive compensation and the types of private investments that banks can receive.
财政部称，它计划做那些获得政府注资的金融机构的被动投资者。但它的参与将改变银行的运营方式，给银行带来诸多限制，如股息支付、管理人员薪酬、和银行能接收的私人投资类型等。


In somber remarks in the Treasury Department's ornate Cash Room, Mr. Paulson said the government's latest moves were necessary given the deep financial crisis.
在财政部装修豪华的“现金室”里，鲍尔森阴郁地说，鉴于目前金融危机的严重性，政府的最新举措是必要的。


While he had been reluctant to take such steps, his actions Tuesday, coupled with the administration's moves over the past six months, have injected the government more deeply into the financial sector than at any time since the 1930s. Mr. Paulson and other regulators said the steps were temporary. But, historically, it's often hard to undo new rules in Washington after businesses, consumers and policy makers adjust to changes.
尽管鲍尔森一直不愿采取此类措施，但他周二的行动，以及政府在过去半年里的举措已经让政府比上世纪30年代以来的任何时期都更深地插足于金融业之中。鲍尔森和其他监管者称，这些措施只是临时性的。但从历史上看，在企业、消费者和决策者根据政府的新规定做出调整后，常常很难再放弃这些规定。


At the core of Tuesday's announcement is a plan to buy $250 billion worth of preferred stock in banks, a step the government sees as crucial to getting banks to make new loans and to lure private capital from the sidelines.
周二所宣布方案的核心是购买2,500亿美元银行优先股的计划。政府将其视为银行重新对外放贷和吸引观望中的私人资本的重要举措。


While the program is voluntary, Treasury essentially forced the nine major U.S. banks to agree to take $125 billion from the federal government. Treasury will buy $25 billion in preferred stock from Bank of America -- including Merrill Lynch -- as well as J.P. Morgan and Citigroup; between $20 billion and $25 billion from Wells Fargo & Co.; $10 billion from Goldman Sachs Group Inc. and Morgan Stanley; $3 billion from Bank of New York Mellon; and about $2 billion from State Street. The remainder will be available to small- and medium-size institutions that apply for an investment.
虽然该计划是自愿参与的性质，但9家美国主要银行基本上是在财政部施压下才同意从联邦政府获得1,250亿美元注资。财政部将分别购买美国银行（含美林）、摩根大通和花旗集团250亿美元优先股；富国银行：200-250亿美元；高盛和摩根士丹利：100亿美元；纽约银行：30亿美元；道富银行：20亿美元。其余资金将提供给申请注资的中小银行。


The money will come from the $700 billion that Congress recently approved for Treasury to buy bad loans and other troubled assets from financial institutions. Treasury still intends to proceed with that program within the next few weeks.
上述资金将来自国会前不久通过的财政部7,000亿美元救助计划，用以从金融机构购买坏账和其他问题资产。财政部仍打算接下来几周内继续推进该计划。


The government's preferred stock will pay a 5% dividend for the first five years and then convert to 9%. Firms will not be able to increase their dividends for three years while the Treasury is an investor and cannot get rid of the investment for three years unless they raise high-quality private capital. Firms must also get Treasury's consent to buy back their own stock.
政府购买的优先股头5年将获得5%的股息，其后增至9%。在财政部投资期间，获注资机构3年内不能增加派息，并且3年内不能摆脱这项注资，除非它们筹集到优质私人资本。机构也必须得到财政部的同意才能回购股票。


Treasury also has the right to buy common stock equal to 15% of its total investment in the firm. Treasury can convert these so-called warrants to buy stock, which would give it a bigger stake in the company and dilute existing shareholders. It can also sell the warrants, which could make Treasury money if the stock price goes up.
财政部还有权收购最多相当于其注资15%的普通股。财政部可用这些所谓认股权证购买股票，从而将使其获得更多股份、稀释已有股东的权益。它也可以出售认购权证，如果股价上涨，这些权证将给财政部带来盈利。


The decision whether to convert the shares into common stock or sell the warrants will be made by the Treasury secretary. It is expected to be based on the health of the financial institution and what's in the best interest of taxpayers, according to people familiar with the matter.
据知情人士说，是否将优先股转换为普通股或是否出售权证的决定权掌握在财政部长手中。具体将取决于金融机构的健康状况及是否符合纳税人的最大利益。


Banks will also face restrictions on what they can pay senior executives as long as Treasury is an investor. Companies can't structure compensation programs that 'encourage unnecessary and excessive risks' and must prohibit so-called golden parachute payments to senior executives. Firms are also limited to $500,000 in executive compensation tax deductions for each senior executive.
一旦获得财政部注资，银行在高级管理人员薪酬方面也将受到限制。获注资公司不得设置“鼓励不必要的过度风险”的薪酬方案，必须禁止给予高管被称为“黄金降落伞”的优厚离职补偿。银行给每位高管的免税薪酬额度不得超过50万美元。


The plan includes a move by the Federal Deposit Insurance Corp. to temporarily offer banks unlimited deposit insurance for non-interest-bearing bank accounts, which are typically used by small businesses. A spate of bank failures and the market turmoil have raised anxiety levels for many account holders who could cause greater concerns for banks if they start to pull accounts from otherwise healthy institutions.
该计划还包括FDIC对通常只有小企业使用的不含息银行帐户暂时提供无上限的存款保险。一系列的银行破产案和市场动荡使许多储户倍感焦虑，一旦他们开始涌向那些尚在正常经营的金融机构挤提的话将引发更大问题。


The FDIC also will guarantee, for three years and for a fee, the new senior unsecured debt issued by a wide range of banks, thrifts and financial holding companies through June 30.
FDIC还将对银行、存款机构和金融控股公司至明年6月30日期间新发行的高级无担保债券提供3年的担保并收取相关费用。


The FDIC's guarantees should ease anxiety about institutions' creditworthiness, analysts said. The agency's backing of deposits above the current $250,000 limit in non-interest-bearing checking accounts is intended to stem the tide of business owners yanking their money out of troubled financial institutions.
FDIC的担保计划将有助于缓解金融机构相互间的不信任。FDIC在对不含息支票帐户提供现行的25万美元保险上限之外对上述存款提供担保，是为了遏制企业主从有问题的金融机构那里提走资金。


The Federal Reserve said Tuesday it would open a program on Oct. 27 to fund purchases of commercial paper -- a form of short-term corporate borrowing -- with three-month maturities. The commercial paper market has come under intense pressure in recent weeks, constraining businesses and consumers from receiving credit. The Fed's program, set to run through April 30, is designed to relieve pressure in corporations and allow them to lend more easily.
Fed周二表示，将从10月27日起开始执行为收购3个月期商业票据提供融资的计划。企业间短期贷款的商业票据市场近几周来承受了很大压力，企业和消费者个人因此很难获得信贷借款。Fed的上述计划将实行到明年4月30日，目的是缓解企业压力，使他们更容易对外放贷。


The extent of government involvement in the banking sector now exceeds the role played by the U.S. during the savings-and-loan crisis in the late 1980s. Some in the banking industry say they are unsure what the new relationship will bring.
政府现在对银行业的涉足程度已经超过了上世纪八十年代末存贷款危机时期。一些银行业人士表示，他们不知道这种新关系会带来怎样的后果。


'Will the government be looking over my shoulder and second guessing my ending policies and compensation policies ' said American Bankers Association President Edward Yingling. Most banks are well capitalized and do not need new cash infusions, he said.
美国银行家协会(American Bankers Association)主席Edward Yingling说：政府会不会站在背后，对我作出的离职补偿政策和薪酬政策指手画脚呢？他说，大多数银行资本资本状况良好，不需要注入新资金。


Wells Fargo & Co. chairman Richard Kovacevich was among the bankers present during Monday's meeting at the Treasury who expressed reservations, according to a person briefed on the meeting, because his bank wasn't in need of government funding.
据了解会议内容的人士透露，周一在财政部召开的会议上有银行家表达了保留意见，其中之一是富国银行董事长理查德·柯瓦希维奇(Richard Kovacevich)，因为该行不需要政府的融资。


The San Francisco-based company released a statement saying: 'In general we believe the Treasury's plan is a positive step toward providing much needed capital for financial institutions that are in the best position to deploy it effectively to stimulate the U.S. economy and strengthen confidence in the U.S. banking system.'
总部位于旧金山的富国银行在一份声明中称，总的来说，我们认为财政部的计划在向部分金融机构提供急需资金方面是项积极的措施，这些银行能最有效地利用这些资金，刺激美国经济并增强公众对美国银行体系的信心。


Ron Hermance, president of Paramus, N.J.-based Hudson City Bancorp Inc, said he stayed away from subprime mortgages during the housing boom and stuck to 'dull and boring' lending that now supported the $51 billion bank. He said he worried the U.S. is propping up banks that would fail on their own, or may fail even with a new infusion of public money.
新泽西州帕拉默斯市Hudson City Bancorp Inc.的总裁赫曼斯(Ron Hermance)说，他在房市快速增长期间避开次级抵押贷款，死守无聊透顶的借贷业务，如今这家有着510亿美元资产的银行靠此支撑。他说，他担心美国正在支撑那些无力自保、甚至是有了政府财政的注资仍可能倒闭的银行。


With many banks crippled by billions of dollars in losses on exotic loans and securities, and no longer able to sell their troubled assets, institutions have gone back to basics. They are now concentrating on making loans that are of high enough quality that they can reside on the banks' books for years.
随着很多银行因在新奇贷款和证券上损失数十亿美元而受到冲击，无力出售手里的不良资产，金融机构纷纷回归根本。他们现在专注于发放较高质量、能在银行的帐面上呆数年而不会蒸发的贷款。


Some experts predicted that having the government as a major shareholder would spur banks to stop engaging in some risky behavior.
部分专家预测，让政府成为大股东会促使银行停止从事一些高风险的业务。


Comptroller of the Currency John Dugan, one of the nation's top bank regulators, said the moves were necessary 'because we did a number of very substantial, 'one-off' things, and they weren't having a lasting effect.'
美国财政部金融局(Office of Comptroller of the Currency)局长杜根(John Dugan)说，这些举措是必要的，因为我们采取了许多非常重大、一次性的措施，但都没有带来持久的收效。


A key question is which midsized banks will be able to obtain the government funds. Treasury officials said Tuesday that the program is intended for 'healthy' banks, but they didn't clearly define what that means.
一个关键性问题是，哪些中型银行能获得政府资金。财政部官员周二说，该计划意在针对“财务状况良好的”银行，不过他们并没有给出明确定义。


The government's capital infusions could provide some struggling lenders with a bit of breathing room. In recent months, lenders like BankUnited Financial Corp. and Downey Financial Corp. have tried in vain to line up new capital, despite heavy pressure from regulators.
政府的注资可能会为一些陷入困境的放贷机构提供一点喘息的空间。近几个月，BankUnited Financial Corp.和Downey Financial Corp.等放贷机构一直在努力筹措新的资金，尽管监管机构施加了重压，但这些银行都无功而返。


Dozens of regional banks have mountains of bad loans that are likely to keep growing -- and consuming banks' capital -- at least until 2010, according to bankers, analysts and investors. In a report Tuesday, analysts at Sanford C. Bernstein & Co. forecast that, in terms of loan losses, '2009 will rank as the weakest year since the Great Depression.' That could limit the government's ability to unlock bank lending.
据银行家、分析师和投资者说，至少到2010年前，数十家地区性银行都会一直被不良贷款缠身，而且数额很可能不断增加，进而消耗银行的资金。Sanford C. Bernstein & Co.的分析师周二在一份报告中预测，就贷款损失而言，2009年将是自大萧条以来最糟糕的一年。这可能会限制政府为银行借贷解冻的能力。


During the Depression, the Reconstruction Finance Corp. bought billions of dollars of preferred stock that came with voting rights. The government then barred banks from paying dividends until they had bought out the government's stakes. This time, the government stakes are nonvoting and the dividend restrictions are less onerous.
大萧条时期，政府设立的Reconstruction Finance Corp.买进了价值数十亿美元有投票权的优先股。政府随后禁止银行在全部回购政府的持股之前派息。这次，政府的持股没有投票权，而且股息限制也没有那么严苛。


'It looks like a pretty good deal for the recipients and probably a pretty tough deal for taxpayers,' said John Kanas, who was CEO of North Fork Bancorp until selling it to Capital One Financial Corp. in 2006. 'It seems quite explicit that there's no strings attached to this money . . . It seems like a gift.'
在2006年North Fork Bancorp被Capital One Financial Corp.收购前担任前者首席执行长的肯纳斯(John Kanas)说，这看起来对受助银行是桩好买卖，但对纳税人来说却是个非常糟的买卖。他说，看起来非常明显这些钱没有限制条件，看起来就象是免费的礼物一样。


Mr. Kanas said banks are likely to use the government capital to retire outstanding debt that pays a higher yield than the 5% on the government's preferred shares. That will reduce funding costs, boosting profits. Such moves will pad bank profits without supporting the overall economy, he said.
肯纳斯说，银行很可能利用这笔政府资金清偿未偿债务，这些债务的息率比政府优先股5%的息率要高。这样会降低融资成本、提高利润。他说，这样的做法将提高银行利润，但不会对整体经济起到支撑作用。


Already some politicians, including both presidential nominees, are suggesting the government's investment should merit additional government requirements, such as tougher oversight and more help for distressed borrowers.
包括两党总统候选人在内的部分政界人士已经在建议政府投资应该附加更多的政府要求，比如更为严格的监管以及对陷入困境的贷款人提供更多的帮助。


'We will not merely inject billions of dollars into companies and walk away hoping for the best. We will require that those companies be reformed and restructured until they are sound assets again, and can be sold at no loss -- or perhaps even a profit -- to the taxpayers of America,' said Republican presidential nominee Sen. John McCain.
共和党总统候选人麦凯恩(John McCain)说，我们不会向公司注入数十亿美元的资金，然后就一走了之，希望一切尽如人意；我们会要求那些银行进行改革和重组，直到他们的资产恢复良好状况、能够在对美国的纳税人不造成损失甚至有些盈利的情况下卖掉。


Democratic nominee Sen. Barack Obama said 'we must make sure this plan is implemented in a way that helps homeowners and does not enrich Wall Street CEOs at the taxpayers' expense.'
民主党总统候选人奥巴马(Barack Obama)则说，我们必须确保这项计划实施的时候能帮助房屋所有者，而不是以牺牲纳税人的利益为代价养肥了华尔街的高管们。