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It was something we'd seen before,and it was completely unambiguous.
這是我們之前見到過，并且確切不疑。
This was an epidemic of accounting control fraud led by the banks.
這就是銀行主導的大面積會計管理欺詐行為。
What about liar's loans?
欺騙性貸款又是神馬呢？
Well, that warning actually comes earlier.
實際上，它的預警信號來得更早。
The savings and loan debacle is basically the early 1980s through 1993,and in the midst of fighting that wave of accounting control fraud.
儲貸危機基本上從1980年代早期開始持續到1993年，在打擊那波會計管理欺詐的行動中，
In 1990, we found that a second front of fraud was being started.
我們在1990年發現欺詐行為出現了第二波。
And like all good financial frauds in America,it began in Orange County, California.
果不其然，和美國的所有牛逼的金融欺詐行為一樣，發源地又是加州橙縣。
And we happened to be the regional regulators for it.
我們剛好是當地的監管機構。
And our examiners said,they are making loans without even checking what the borrower's income is.
我們的檢查人員說，當地銀行根本不核實借款人的收入情況直接就發放借款。
This is insane, it has to lead to massive losses,and it only makes sense for entities engaged in these accounting control frauds.
這太沒底線了，必然會導致大規模損失，這種情況只可能是金融機構進行了會計管理欺詐行為。
And we said, yeah, you're absolutely right,and we drove those liar's loans out of the industry in 1990 and 1991.
我們對檢查人員說，沒錯，你們說的對，然后就在90、91年，我們在銀行業取締了這些欺詐性的貸款。
But we could only deal with the industry we had jurisdiction over, which was savings and loans,
但是我們只能處理我們有權管理的業務，也就是儲蓄和貸款業務。
And so the biggest and the baddest of the frauds, Long Beach Savings, voluntarily gave up its federal savings and loan charter, gave up federal deposit insurance.
業內最大最狡猾的詐騙銀行長灘儲蓄主動放棄聯邦政府頒發的儲蓄和借貸執照，放棄聯邦存款保險。
Converted to become a mortgage bank for the sole purpose of escaping our jurisdiction,
變身一家抵押銀行煞費苦心，只為了逃避我們的監管，
and changed its name to Ameriquest,and became the most notorious of the liar's loans frauds early on.
長灘儲蓄后來更名為Ameriquest，是早期欺騙性借貸欺詐行為最為臭名昭著的。
and to add to that,they deliberately predated upon minorities.
此外，他們還故意欺騙美國的少數族裔。
So we knew again about this crisis.
所以這樣的詐騙性貸款危機也是我們所了解的，
We'd seen it before. We'd stopped it before.
我們之前見過，我們之前也阻止過。
We had incredibly early warnings of it,and it was absolutely unambiguous that no honest lender would make loans in this fashion.
我們接到的預警信號非常之早，預警信號確切不疑：有節操的借方絕不會這樣放款。
So let's take a look at the reaction of the industry and the regulators and the prosecutors to these clear early warnings that could have prevented the crisis.
我們來看看面對這些完全可以阻止危機發生的清晰預警信號，從行業自身、監管機構到檢調人員都做了些什么。
Start with the industry.
先看行業本身。
The industry responded between 2003 and 2006 by increasing liar's loans by over 500 percent.
從2003年到2006年，金融行業的欺騙性借貸業務增加了5倍之多。
These were the loans that hyperinflated the bubble and produced the economic crisis.
正是這些貸款使泡沫飛速膨大，造成了經濟危機。
By 2006, half of all the loans called subprime were also liar's loans.
截至2006年，半數被稱為次貸的借款，同時也是欺騙性借貸。
They're not mutually exclusive, it's just that together,they're the most toxic combination you can possibly imagine.
這兩者并不互斥，而是交織在一起共同構成你所能想象出的最壞組合。
