蒂莫西_盖特纳_奥巴马的财长.pdf

Jan 9English Digest 寰 球 人 物 剪 影 For the last year Timothy F Geithner has been at the very heart of dealing with the financial crisis the junior partner with Treasury Secretary Henry M Paulson Jr and Ben S Bernanke chairman of the Federal Reserve Together they scrambled1to save Bear Stearns American International Group and Citigroup while letting Lehman Brothers fail NowMr Geithner youthfulpresidentoftheFederal Reserve Bank of New York and President elect Barack Obama s choice for Treasury secretary will be thrust2from go between3to the head of the table He will graduate from team player to team captain steering the new administration s economic policies and its plan to rescue the financial system The two month wait until Mr Obama takes office4could be awkward5 so much so that6people who know Mr Geithner say he may step down7from the New York Fed within a few weeks That would give him an early start in developing a stimulusplan whichMr Obama saidessaytheyare coordinating with Democratic leaders in Congress and hope to pass before the inauguration Mr Geithner s immersion8in the critical events of the crisis and his close ties to Mr Paulson and Mr Bernanke both appointees9of President Bush will provide a vital sense of continuity10for the rescue effort Mr Obama indicated on Monday in Chicago Tim will waste no time getting up to speed11 Mr 在过去的一年中 蒂莫西 F 盖特纳作 为财政部长小亨利 M 保尔森和美联储主 席本 S 伯南克的小伙伴 一直处于处理金 融危机的最核心位置 他们一道匆忙拯救 了贝尔斯登公司 美国国际集团和花旗银 行 而让雷曼兄弟公司倒闭了 现在 这位年轻的纽约联邦储备银行 行长和当选总统巴拉克 奥巴马选定的财 长 将从中间人的角色被推到前台 他将 从队员变身为队长 执掌新政府的经济政 策和拯救金融系统的计划 在奥巴马正式就职前两个月的等待 可能有些令人尴尬 以至于了解盖特纳 的人认为他可能会在几周内辞去在纽约 联邦储备银行的职务 这会使他在制定 经济刺激计划时先行一步 奥巴马的助 手称 他们正在与国会民主党领袖进行 协调 希望在新政府就职前就能通过这 个计划 奥巴马周一 11 月 24 日 在芝加哥表 示 盖特纳亲历了危机的重大事件 并与 由布什总统任命的保尔森 伯南克关系密 切 这为拯救工作带来了非常关键的连续 性 蒂姆会很快进入角色 奥巴马在 By Mark Landler and Jackie Calmes 导读 面对自上世纪 30 年代以来最严重的金融 危机 如何逆转经济颓势 解冻信贷市场 推动 金融监管改革 11 月 24 日 美国当选总统奥巴 马任命蒂莫西 盖特纳担当财政部长 选定了引 领美国经济走出困境的核心执行者 并非专业 经济学家的盖特纳 自 20 世纪 90 年代以来 职 业生涯的大部分时间都在负责美国政府对各种 金融危机的处置 从拉美金融危机 亚洲金融危 机到本次金融危机中处理令华尔街濒临崩溃的 不良资产 47 岁的盖特纳临危受命 当是奥巴 马 实用主义 核心经济理论的最好体现 蒂莫西 盖特纳 奥巴马的财长 Timothy Geithner Obama Treasury Secretary 荩荩 22 9 1 英语文摘 寰 球 人 物 剪 影 Obama said in announcing his intention to nominate Mr Geithner He will start his first day on the job with a unique insight into the failures of today s markets and a clear vision of the steps we must take to revive them Experts said Mr Geithner would have to make a series of difficult decisions in quick succession12 about how to proceed with a rescue effort that has been marked by political tension reversals13and a growing sense of confusion as Mr Paulson appears to be hostage to events And he will have to do this in the vortex14of a deepening economic crisis at home and abroad that could limit his options Though Mr Geithner 47 cut his teeth15in past crises most overseas economists who know him say little could have preparedhimforthemagnitude16ofresponsibilityheis assuming It s hard to think of a moment in history where a new Treasury secretary has started in this position said Kenneth S Rogoff a professor of economics at Harvard It s a position of incredible responsibility He really has to reshape the financial system on the run17 WhiletheweekendrescueofCitigroupcalmedthe financialmarkets Mr Rogoffdescribeditasmerelya temporizing measure that would have to be followed by other steps Indeed there were reports Monday of a vast new loan purchase initiative being readied by the Fed and the Treasury As the rescue plan has mutated18from asset purchases to direct injections of capital Mr Geithner has worked hard to maintain a public alliance with Mr Paulson who on Monday welcomed his nomination and noted that Mr Geithner had been critical to designing and implementing the financial industry s rescue But people familiar with his thinking say Mr Geithner has had significant differences with Mr Paulson over how the bailout should proceed Mr Geithnerhasexpressedsupportfortheideaof modifying19largenumbersofloansheldbysubprime 宣布打算提名盖特纳时说 他上任第一天 时就会对当前市场的失败有独到见解 对 我们必须采取的恢复市场的步骤也有清晰 的思路 有专家表示 由于保尔森似乎已任由 危机事件摆布 拯救金融系统的努力已经 带有政治纷争 反复及日益强烈的混乱感 盖特纳必须接连快速地就如何继续进行拯 救做出一系列艰难的决定 而且他必须在愈演愈烈的国内外经济 危机的旋涡中做出这些决定 这可能限制 他的选择 虽然 47 岁的盖特纳曾在过去处 理危机中 多数发生在国外 积累了经验 但了解他的经济学家都认为 过去的经验 对于他即将担当的重任来说可借鉴之处不 多 很难想象历史上有哪位新财长会在 这种局面下走马上任 哈佛大学经济学教 授肯尼思 S 罗戈夫说 身处这个职位责任 非同寻常 他真是在劣势中不得不重塑经 济体系 虽然上周末宣布拯救花旗集团的消息 使金融市场恢复平静 但罗戈夫先生将此 称为仅是权宜之计 随后必须有其他跟进 措施 果然 周一有消息称美联储和财政部 正在筹划一个新的大举购买债务的计划 尽管拯救计划从购买资产变为直接注 资 盖特纳仍努力保持在公开场合中与保 尔森的同盟关系 保尔森周一表示欢迎提 名盖特纳为新财长 并着重指出盖特纳 对 设计和实施拯救金融业的计划至关重要 但熟悉盖特纳思路的人说 他与保尔 森在如何继续进行拯救工作上有相当大的 区别 盖特纳已表示支持为大量次贷贷款人 重新调整贷款计划的办法 而这个办法 1 scramble 蘖skr覸mbl vi 仓促行动 2 thrust 夼r蘧st vt 用力 推 强使 强使接受 3 go between中间人 4 take office担任公职 5 awkward 蘖蘅蘼kw藜d a 不便的 使人尴尬的 6 so much so that到这样的程度以至 7 step down辞职 让位 下台 8 immersion I蘖m誻蘼蘩藜n n 沉浸 投入 陷入 9 appointee 藜摭p蘅In蘖ti蘼 n 被任命人 被委派者 10 continuity 摭k鬑ntI蘖nju蘼藜tI n 继续 性 连续 性 11 up to speed达到预期水平 了解最新情况 12 in quick succession紧接的 地 一连串的 地 13 reversal rI蘖v誻蘼sl n 反转 倒向 颠倒 14 vortex 蘖v蘅蘼teks n 旋涡 15 cut one s teeth on sth从某事中获得经验 初试 牛刀 16 magnitude 蘖m覸gnItju蘼d n 重大 重要 重要性 17 on the run 在争论 竞赛等中 处于劣势 18 mutate mju蘼蘖teIt vt 改变 19 modify 蘖m鬑dIfaI vt 稍改 某事物 使改进 荩荩 23 Jan 9English Digest 寰 球 人 物 剪 影 U S Treasury Secretary Henry Paulson looks over his entourage after announcing that the Treasury Department will take equity stakes in potentially thousands of banks totalling about 250 billion at the TreasuryDepartmentCashRoomin Washington October 14 2008 荩荩 borrowers a move Mr Paulson has largely avoided Such modifications would create a psychological lift for the nation Mr Geithner has told others and would help resolve uncertainty in the financial markets by creating support for home prices Mr Geithner has also voiced private support for purchasing distressed assets from banks which was originally the focus of the 700 billion Troubled Asset Relief Program or TARP Mr Paulson abandoned that strategy this month in favor of direct capital injections into the banks Asset purchases Mr Geithner has told associates20 would revive investor confidence in many banks whereas announcing plans to abandon those purchases introduced more uncertainty as Citigroup discovered last week Lobbyists21forthefinancialindustrywhofavorasset purchases are hopeful that Mr Geithner will move the program back in that direction The bailout of Citigroup was a positive step they say although what the government has agreed to do is absorb22most of the losses on 306 billion in home and commercial real estate assets on Citigroup s balance sheet23 rather than buying those assets outright It s getting closer to the piece we think is necessary but it doesn t quite get us there said Timothy Ryan chief executive of the Securities Industry and Financial Markets Association Mr Ryan who helped direct the government s rescue of the savings and loan industry in the 1990s said Mr Geithner s involvement in the current rescueeffortwouldgivehiman invaluable head start He s one of a core group of government executives who s been part of every decision Mr Ryan said Robert S Nichols president of the Financial Services Forum which represents large institutions said the transition from Mr Paulson to Mr Geithner was like delicate surgery adding If you have to switch doctors you don t want to bring in someone who hasn t even watched the surgery IfthereisamysteryaboutMr Geithner industry executives said it is his views on tax matters Having spent his career in international economics before becoming a central banker he has said almost nothing about his views on issues like capital gains taxes24and dividends25 Whatever substantive26change Mr Geithner makes could well reflect a personal style that is different from Mr 是保尔森先生基本不予考虑的 盖特纳曾 对别人说过 这种贷款计划的修改将振奋 国民心理 并有助于通过支撑住宅价格解 决金融市场的不确定性问题 盖特纳也曾私下表示支持购买银行 的不良资产 这正是 7000 亿美元问题资 产救助计划 简称 TARP 最初的焦点 但 保尔森本月放弃了这个战略 转而倾向于 向银行直接注资 盖特纳对他的同事说 过 购买资产会恢复投资者对很多银行的 信心 而宣布放弃购买银行资产只会导致 更多的不确定性 正如花旗集团上周所发 现的那样 支持购买资产的金融界游说者希望 盖特纳会让拯救计划回到原来的方向 他 们说 拯救花旗集团是积极的一步 虽然 政府同意做的只是承担花旗集团在资产 负债表上住宅和商业地产上的 3060 亿美 元亏损的大部分 而不是直 接购买这些资产 这更接近于我们认为 的必要措施 虽然还不是很 到位 证券业和金融市场 协会首席执行官蒂莫西 瑞 安说 曾经在 20 世纪 90 年 代帮助指导政府拯救存贷 款业的瑞安说 盖特纳先生 参与了目前的拯救行动 这 使他具有极宝贵的优势 他是参与做出每一个 决定的政府核心决策人士 之一 瑞恩说 代表大型机构的金融服务论坛主席罗 伯特 S 尼科尔斯称 从保尔森到盖特纳的 过渡正如 精密的手术 他又补充道 如 果你不得不换医生 总不会想换一个连这 次手术都没看过的人吧 金融业的高管们说 如果说盖特纳先 生还有什么令人不解之处 那就是他对税 务的观点 在成为一位央行行长前 他从事 过国际经济工作却几乎从未对资本利得税 和红利表达过任何看法 无论盖特纳做出什么实质性变革 都 会反映出他与保尔森先生不同的个人风 24 9 1 英语文摘 20 associate 藜蘖s藜尬蘩I藜t n 合伙人 同事 伙伴 21 lobbyist 蘖l鬑bIIst n 说客 22 absorb 藜b蘖s蘅蘼b vt 承担 费用 23 balance sheet资产负债表 决算表 24 capital gain tax资本利得税 25 dividend 蘖dIvIden n 经 红利 股息 股利 26 substantive 蘖s蘧bst藜ntIv a 实在的 实际的 根本性的 本 质的 27 trigger quick 蘖trIg藜摭kwIk n 行动迅速的 反应快的 28 stop and start走走停停 断续的 29 upbringing 蘖蘧p摭brI耷I耷 n 抚育 养育 教养 培养 30 studious 蘖stju蘼dI藜s a 专心的 周详的 认真的 31 juggle 蘖d廾蘧gl vt 力图使平衡 尽力对付 32 proximity pr鬑k蘖sIm藜tI n 接近 邻近 临近 亲近 33 Oval Office 美国白宫的 椭圆形办公室 总统办公室 这 里指美国总统 Paulson s The current Treasury secretary for decades was a Wall Street deal maker accustomedtoshort term trigger quick27 decisions andreversals Somesaythat accounts for the rescue program s constant evolution and its stop and start28tendencies Geithner has had a very different upbringing29 a much more studious30 and sober professional training said a former Treasury official and Wall Street executive who knows both men RobertGibbs Mr Obama spress secretary said that the president elect spoke with Mr Bernanke on Monday morning and that the Fed chairman asked that Mr Geithner remain at the New York Fed until he could be replaced to ensure a smooth transition Mr Obama agreed Mr Gibbs added Once Mr Geithner steps down it is expected that he will join Lawrence H Summers the incoming director of the National Economic Council in drafting the two year economic stimulus package of spending and tax cuts Mr Obama has called for In addition he will have to organize his Treasury staff prepare for his Senate confirmation hearing and continue to oversee the rescue effort Though Mr Geithner is expected to be easily confirmed by a Democratic controlled Senate he will face questions about the bailouteffortathishearing beforetheSenateFinance Committee given unhappiness in both parties about the way that program has been operated As secretary Mr Geithner will have to juggle31his oversight of the financial rescue program the process of enacting and carrying out the