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Investment Bank:Glory and Failure
投資銀行的盛衰
Investment banking describes the activities of a firm conducted when serving as an intermediary between an issuer of securities and the investing public. Most of these activities are related to what is called “underwriting” whereby an investment bank commits to buy the new issue shares of a company for resale to the investing public. The majority of investment banks also maintain brokerage and trading operations for institutional and retail clients. As an investment bank, a company can use one of several agreements when assisting a company going through the process of issuing shares to the public. Investment banks will usually undertake one of the following arrangements when assisting a company in the issuance of shares: firm commitment, best efforts, or all or none. Not all of these methods guarantee that the initial public offering of stock will be successful.
投資銀行業(yè)務(wù)描述的是一家公司作為證券發(fā)行者和投資大眾的中間人進(jìn)行服務(wù)活動(dòng)。這些活動(dòng)大多數(shù)與承銷有關(guān)，由此投資銀行許諾購(gòu)買一家公司的新股票并轉(zhuǎn)售給投資大眾。大多數(shù)投資銀行也會(huì)為一些機(jī)構(gòu)和散戶投資者做經(jīng)紀(jì)和委托買賣業(yè)務(wù)。作為一家投資銀行公司，它可以使用多種發(fā)行協(xié)議之一來(lái)幫助公司向大眾發(fā)行股票。它通常會(huì)進(jìn)行以下協(xié)議中的一種：包銷，代銷或整批委托。但并非所有這些方式都可以保證首次公開發(fā)行能夠成功。
Aside from signaling the end of an era for Lehman Brothers and Merrill Lynch, American financial crisis definitively drew a line at the end of another historical era: the Age of Glass-Steagall.
除了象征雷曼兄弟公司和美林證券時(shí)代的結(jié)束，美國(guó)的金融危機(jī)毫無(wú)疑問同時(shí)終結(jié)了另一個(gè)時(shí)代：格拉斯一斯蒂格爾。
Crudely speaking, in the 1920s commercial banks (the types that took deposits, made construction loans, etc.) plunged into the bull market, making margin loans, underwriting new issues and investment pools, and trading stocks. When the bubble popped in 1929，exposure to Wall Street helped drag down the commercial banks. In the absence of deposit insurance, the results were devastating. Wall Street’s failure helped destroy Main Street.
總的來(lái)說(shuō)，在1920年商業(yè)銀行（含存款，發(fā)放建設(shè)貸款等類型）進(jìn)人牛市，進(jìn)行發(fā)放保證金貸款，承保新發(fā)行業(yè)務(wù)和聚集投資，買賣股票一系列的活動(dòng)。當(dāng)經(jīng)濟(jì)泡沬在1929年破裂，與華爾街有業(yè)務(wù)的相關(guān)商業(yè)銀行被拖累。在沒有存款保險(xiǎn)制度的情況下，結(jié)果是災(zāi)難性的。華爾街的失敗同時(shí)摧垮了中央街。
The Glass-Steagall Act is the Depression-era law that separated commercial and investment banking. It was functionally repealed in 1998, when Travelers (the parent company of Salomon Smith Barney) acquired Citicorp. And it was officially repealed in 1999. But recent events on Wall Street-the failure or sale of three of the five largest independent investment banks-have effectively turned back the clock to the 1920s, when investment banks and commercial banks cohabited under the same corpcrrate umbrella.
格拉斯一斯蒂格爾法是大蕭條時(shí)期法律，它規(guī)定分離商業(yè)和投資銀行業(yè)務(wù)。該法案在1998年，旅行者公司（該公司的母公司為所羅門美邦）收購(gòu)花旗集團(tuán)的時(shí)候?qū)嵸|(zhì)上被廢除。并于1999年正式廢除。但是最近發(fā)生的事件——華爾街的的五個(gè)最大的獨(dú)立投資銀行中三個(gè)的失敗或出售，似乎已將歷史的車輪輾轉(zhuǎn)回20世紀(jì)20年代，那時(shí)投資銀行和商業(yè)銀行同居在同一企業(yè)的保護(hù)傘下。
Generally, the investment banks weren’t subject to regulation by the Federal Reserve and didn't have to adhere to stodgy capital requirements. In 2000, the investment banking firm JPMorgan bought commercial bank Chase. Commercial banks like Bank of America and Wachovia have tried to build up their own investment-banking operations, but they haven’t had much success in eating into the core franchises of the five big independent investment banks: Merrill Lynch, Goldman Sachs, Morgan Stanley, Lehman Brothers, and Bear Steams.
一般來(lái)說(shuō)，投資銀行不受美國(guó)聯(lián)邦儲(chǔ)備的管制，并且不受單一的資本要求的約束。2000年，投資銀行JP摩根買入商業(yè)銀行大通。商業(yè)銀行如美國(guó)銀行和Wachovia試圖建立自己的投資銀行業(yè)務(wù)，但他們還沒有成功地吃進(jìn)五大獨(dú)立投資銀行（美林，高盛，摩根士丹利，雷曼兄弟和貝爾斯登）的核心特許經(jīng)營(yíng)業(yè)務(wù)。
Up until the summer of 2007，the debt-powered independent broker-dealers who minted money with stock brokering, proprietary trading, and advising on mergers and acquisitions looked set to leave boring commercial banks in their dust. But 2008 has been another story. In March, a faltering Bear Steams was swallowed by JPMorgan Chase. Lehman has gone bankrupt. Now the investment bank with the largest brokerage force, Merrill Lynch, is being bought by Bank of America,
直到2007年夏季，債務(wù)積壓的獨(dú)立股票經(jīng)紀(jì)人，他們?cè)?jīng)通過(guò)股票經(jīng)紀(jì)，自營(yíng)交易，并對(duì)合并和收購(gòu)提供咨詢意見來(lái)吸金，似乎將拋棄枯燥的商業(yè)銀行業(yè)務(wù)。但2008年又是一番境況。3月份，步履蹣跚的貝爾斯登被摩根大通所吞沒。雷曼兄弟巳經(jīng)破產(chǎn)。現(xiàn)在，投資銀行與券商的最大力量，美林，正在被美國(guó)銀行收購(gòu)。
