A rapid-fire series of moves Tuesday promised to extend Washington's reach into American business, illuminating the ways in which the financial crisis could reshape the relationship between government and the economy.
美国政府一系列闪电般的举措将让华盛顿的触角延伸至美国商界，这也揭示了金融危机在如何重塑政府和经济之间的关系。
During a Senate hearing, Securities and Exchange Commission Chairman Christopher Cox -- citing a 'regulatory hole that must be immediately addressed' -- issued a strong call for Washington to exert oversight of exotic types of financial instruments that previously were unregulated. Also moving forward: proposals from Congressional Democrats to allow the government to set limits on executive pay and to take equity stakes in companies that tap a possible $700 billion government-bailout fund. On Tuesday, Republican presidential candidate Sen. John McCain again backed the imposition of pay caps.
在参议院听证会上，美国证券交易委员会(Securities and Exchange Commission)主席考克斯(Christopher Cox)以“一个监管漏洞必须立即被修补”为由，强烈要求华盛顿对此前未受监管的特殊类型金融工具实施监管。同样被摆上桌面的还有国会民主党人的提案，允许政府对那些参与政府一项救助计划的公司高管实行薪酬限制，并收购这些公司股票。该项救助计划耗资可能达到7,000亿美元。周二，共和党总统候选人麦凯恩(John McCain)再次对薪酬限制提案表示支持。
All told, the moves represent the early stages of what economists and policy makers say typically happens at moments of great economic turmoil: Government responds by crafting solutions that revolve around beefing up regulation and oversight.
总而言之，上述种种举动代表了经济学家和政策制定者所称经济大动荡时期较早出现的典型事件：政府制定的应对措施都与加强监管和监督相连。
'I have never been a proponent of intervention, and I just think we have an unprecedented situation here and it calls for unprecedented action,' said Treasury Secretary Henry Paulson at a Senate Banking Committee hearing to defend his bailout plan. 'There's no way to stabilize the markets other than through government intervention.'
美国财政部长鲍尔森(Henry Paulson)在参议院银行委员会听证会上为自己的救助计划辩护时说，我从来都不是政府干预的支持者，我只是认为我们面对的史无前例的形势要求我们采取史无前例的举措。在稳定市场方面，除了政府干预，别无他法。
The bailout plan continued to get a frosty reception on Capitol Hill on Tuesday, as lawmakers grilled Mr. Paulson and Federal Reserve Chairman Ben Bernanke during a five-hour hearing. But many lawmakers stopped short of saying they'd vote against the proposal. And the Republican and Democratic leaderships in Congress made progress on several key questions, notably executive-pay limits.
周二，救助计划继续在国会受到冷遇，议员们在长达5个小时的听证会上不断“拷问”鲍尔森和美国联邦储备委员会(Fed)主席贝南克(Ben Bernanke)。不过，许多议员都没有说会对该计划投反对票。共和党和民主党党魁在某些关键问题上取得进展，其中颇为引人瞩目的就是高管限薪问题。
Still, the speed at which the process is unfolding has left many questions unanswered about how the government would fulfill its expanded role. That's providing succor for critics looking to preserve the hands-off approach to business that's dominated Washington for decades.
不过，以目前进展的速度看，在政府将如何扮演好其扩大了的角色方面，还有诸多问题尚无答案。这让那些救助计划的批评者们获得了翻盘的机会，他们希望能够保留华盛顿坚持了数十年的不干涉市场的做法。
'Do you really want the government to own all this?' said Anne Canfield of the Consumer Mortgage Coalition, a national trade association, referring to the proposal that the government get equity stakes in companies it rescues. 'They've got to manage the assets with multiple goals -- keeping homeowners in their homes, stabilizing neighborhoods, stabilizing mortgage markets -- and achieve value for the taxpayer.'
在谈到有关政府可以收购接受救助企业股份的计划时，美国行业组织消费者抵押贷款联盟(Consumer Mortgage Coalition)的坎菲尔德(Anne Canfield)说，你真地想政府拥有这一切吗？他们在管理这些资产时必须顾及多项目标：让居者有其屋、稳定社会、稳定抵押贷款市场、还要为纳税人获取价值。
Regarding executive pay, the financial crisis and threat of government regulation are prodding corporate boards to do their own soul-searching. Richard Koppes, an attorney with law firm Jones Day who sits on two boards and advises others, says directors at several companies have recently asked him whether their compensation systems encouraged unnecessary risk.
至于高管薪酬，金融危机以及政府监管威胁正促使很多公司董事会进行自省。律师事务所Jones Day的律师柯普斯(Richard Koppes)在两家董事会任职、同时也还是其他董事会的顾问，他说，有几家公司的董事最近向他咨询他们的薪酬系统是否助长了不必要的风险。
He says boards are also bracing for complaints, and efforts to curb executive pay, at next year's shareholder meetings. 'This crisis brings home the reality of the anger of the public,' says Mr. Koppes.
他说，在明年的股东大会上，董事会还将听到抱怨之声、以及限制高管薪酬的提议。“这场危机让人们真实感受到了公众的愤怒情绪”，柯普斯说。
The federal government's role in the economy today still pales in comparison to the 1930s in the depths of the Great Depression. That era gave birth to agencies like the SEC -- but also mammoth job-creation programs like the Tennessee Valley Authority, which built dams during the Depression years. By the 1980s, however, an era of deregulation had curtailed Washington's hand in business.
今天，联邦政府在经济中所扮演的角色依然不及上世纪30年代大萧条时期。那个年代催生了像SEC这样的监管机构，以及田纳西河流域管理局(Tennessee Valley Authority)等制造了大量就业机会的庞然大物，后者在大萧条期间修建了一些水坝。然而，到了80年代放松监管时期，华盛顿的大手渐渐远离了市场。
As a result, the spate of bailouts and takeovers of the past month or so is pushing Washington into unfamiliar turf. The federal government, through either the Treasury Department or the Federal Reserve, now controls a vast chunk of the mortgage market, as well as the world's largest insurer, American International Group Inc. And it is poised to spend as much as $700 billion buying toxic mortgage assets from ailing financial companies.
由此带来的后果是：在过去一个月中美国政府进行的救助和收购行动正将其推入了一个陌生的领域。现在，通过美国财政部或美联储，联邦政府控制着一大块抵押贷款市场、以及全球最大的保险商美国国际集团(American International Group Inc.，AIG)。另外，美国政府还在打算斥资7,000亿美元从受困的金融公司那里收购不良抵押贷款资产。
There are risks to acting quickly. Following America's last spasm of crisis, during the accounting scandals of 2002, Congress passed the Sarbanes-Oxley corporate-governance law in a matter of days. That was just seven months after Enron Corp. filed for bankruptcy.
迅速采取行动存在风险。在发生在2002年会计丑闻期间的上一次危机过后，国会在数日内通过了有关公司治理的萨班斯－奥克斯利法案(Sarbanes-Oxley)。而这仅发生在安然公司(Enron Corp.)申请破产7个月后。
Sarbanes-Oxley required chief executives and chief financial officers to formally sign off (and accept legal liability for) the accuracy of their firms' financial statements. It also created an independent auditing oversight body.
萨班斯－奥克斯利法案要求首席执行长和首席财务长就其会计报表的准确性正式签名（并承担相关法律责任）。一个独立的审计监督实体也因此诞生。
The law's speedy passage has been followed by years of debate over its efficacy. Companies have complained the law is expensive to implement, while investors have applauded it as a necessary check on management.
在迅速通过萨班斯－奥克斯利法案后的数年时间里，人们一直在讨论它的效力。公司抱怨该法案的执行成本太过昂贵，而投资者对此表示欢迎，认为它是制约管理层的必要手段。
In the past few days, calls for regulation of credit-default swaps -- a complex type of investment that acts like an insurance policy on loans and bonds -- have ramped up as these financial instruments have been identified as one of the culprits of the current market stress.
在过去数日内，要求对信用违约掉期进行监管的呼声不管提高，因为此类金融工具被认为是导致目前金融市场危机的元凶之一。
Credit-default swaps are believed to have played a role in the collapse of Lehman Brothers Holdings Inc. They also likely helped push AIG to seek shelter in the arms of the government.
据信，信用违约掉期在雷曼兄弟控股公司(Lehman Brothers Holdings Inc.)的崩溃过程中起到了一定作用。这一市场可能还在一定程度上将美国国际集团(AIG)逼向了被政府接管的命运。
Tuesday, the SEC's Mr. Cox took the strongest position yet by a federal regulator when he urged Congress to 'provide in statute the authority to regulate these products.'
SEC主席考克斯周二呼吁国会提供正式法律授权，对这些衍生工具实施监管；这是联邦监管官员目前所表现出来最强硬的立场。
The market for these instruments is estimated to have doubled in just two years, to $62 trillion. The industry has successfully fended off regulatory calls over the years mainly because the investments are sold between sophisticated investors who were presumed to know what they were doing. In the past, they were credited with helping to stabilize the economy by allowing companies to hedge their risks. Former Federal Reserve Chairman Alan Greenspan has called them one of the most important financial instruments around.
仅仅在过去两年，这类衍生品的市场规模估计就翻了一番，达到了620亿美元。这一行业多年来一直成功规避了监管，主要是因为此类投资是在老练投资者之间交易的，他们被认为清楚此类交易的性质。这类产品因为可以帮助公司对冲风险，过去还被认为有助于稳定经济。Fed前主席格林斯潘(Alan Greenspan)就曾称它们为最重要的金融工具之一。
Congress is unlikely to address the matter this year. But political will for a change seems to be gathering pace. Mr. Cox's statement follows moves Monday by the New York Insurance Department to regulate some credit-default swaps.
国会今年不太可能处理这个问题。但要求改变的政治呼声似乎正在不断升高。在考克斯发表声明前，美国纽约州保险局(New York Insurance Department)周一采取措施，对部分信用违约掉期产品实施了监管。
'The SEC's backing of this, I think, carries a powerful punch,' said Michael Greenberger, a former division director at the Commodity Futures Trading Commission who has advocated for oversight of the market.
商品期货交易委员会(CFTC)前部门主管格林博格(Michael Greenberger)表示，我认为SEC的支持带来了强大的压力。他一直提倡对该市场实施监管。
Mr. Paulson struck a more cautious note on Tuesday. He said CDS have been 'extraordinarily useful' in allowing institutions to hedge their own risks. 'It's not as simple as to just say, 'Let's just regulate it,'' he told the committee.
鲍尔森周二讲话口气较为谨慎。他对委员会说，信用违约掉期产品在允许机构对冲自身风险方面一直“非常有用”。这并不是简单说“让我们对它实施监管”就可以搞定的。
A more controversial proposal would have Treasury becoming a shareholder in firms assisted via the bailout. The Democrats pressing for this know the risk of delay, but in recent days they've been bombarded with calls and emails from voters with a clear message: Bail out Wall Street without a payback for taxpayers, and we'll vote you out.
财政部可能会借助拯救方案成为接受援助公司的股东，这是该方案更具争议性的一面。在这方面施压的民主党议员也知道行动迟缓的风险，但近日来他们不断收到选民的电话和邮件轰炸；选民们明确表示：若敢拯救华尔街却不给纳税人实惠，我们就把你选下台。
Though details are still under discussion, the proposal broadly envisions the government receiving 'warrants,' or the right to buy nonvoting shares, from institutions participating in the bailout. In effect, it's a guarantee that the government could recoup at least what it paid for troubled assets: Should the sale price of the assets fall short, the Treasury could sell the shares to make up the difference.
尽管具体细节还有待讨论，但拯救方案大致包括了政府会得到认股权，也就是从接受拯救的金融机构收购非表决权股份的权利。这实际上相当于保证，政府至少能收回购买问题资产的费用：如果资产的售价低于预期，那财政部还可以卖出股票来弥补损失。
Financial-industry lobbyists and representatives argue the share proposal would muddy the bailout bill. Bankers say privately it would be a disincentive for institutions to participate, because they must keep the warrants on their books as a liability until Treasury sells the assets.
金融业说客和代表争辩道，认股计划可能会导致拯救方案举步维艰。银行业人士私下表示，金融机构可能会因此而不愿参与计划，因为他们必须在帐面上将权证视为负债，直至财政部售出资产。
Supporters in Congress say the plan would ensure the bailout isn't simply a freebie for Wall Street.
国会支持这一倡议的人则说，这将确保拯救方案不会成为华尔街的免费午餐。
On the question of executive pay, the crisis is sending shudders through corporate boards. Many are starting to ask whether pay practices structured to reward executives for short-term growth of a company helped stoke the risky behavior that crippled firms like Lehman.
在高管限薪的问题上，金融危机也对公司董事会带来了极大振动。许多人都开始质疑，为公司短期增长而奖励管理人士的薪酬惯例是否鼓励了冒险行为。这类行为导致雷曼兄弟等公司的崩溃。
'It's a significant moment,' says Thomas J. Lehner, director of public policy for the Business Roundtable, a Washington group that represents big-company CEOs. 'Everybody who is on a board or compensation committee watching this recognizes there are implications for all companies.'
代表大公司CEO利益的华盛顿组织Business Roundtable公共政策主管雷纳(Thomas J. Lehner)说，这是个关键时刻；董事会或薪酬委员会的每个成员都在关注着这个问题，他们意识到这次危机会冲击到所有公司。
Among other things, legislators are trying to bar executives whose companies receive government-bailout aid from getting severance pay, and from receiving bonuses for taking 'risks' that the Treasury 'deems to be inappropriate or excessive.' The curbs would apply for two years after a company applied for government aid.
除了其他措施，议员们还希望对接受政府拯救的金融公司管理人士实施限制，禁止公司向高管发放解约费以及财政部认为“不合适或过多”的风险奖金。在公司申请政府援助后，这些限制将适用两年。
Outrunning the regulatory impulse, a few companies have already been trying to curb compensation excesses. For instance, Jill Granoff, who took command of apparel maker Kenneth Cole Productions Inc. last spring, earns $1 million annual salary and could collect a $1 million bonus for fiscal 2008, according to her agreement. That's on par with her predecessor, Mr. Cole, who received a $1 million salary and a $666,667 bonus last year.
在监管呼声高企前，一些公司就已经开始着手限制高管过高薪酬问题。例如，根据合同，去年春天执掌服装制造商Kenneth Cole Productions Inc.的吉尔•格拉诺夫(Jill Granoff)在2008财年将拿到100万美元年薪和最多100万美元奖金。这和她的前任科尔(Cole)不相上下，后者去年拿到了100万美元薪水和666,667美元奖金。
But Ms. Granoff agreed to pay the company $500,000 if she quits without good reason before Dec. 31, 2009, a highly unusual provision. She received 100,000 shares of restricted stock, but she'll get to keep the shares only if the company hits certain performance targets.
但格拉诺夫同意，如果她在2009年12月31日前无正当理由离职的话，她将支付公司50万美元；这一条款极不寻常。格拉诺夫还拿到了10万股受限制的股份，但只有当公司完成具体业绩目标后，她才能持有这些股份。
At DARA Biosciences Inc., a small biotech-development firm, employment agreements for top executives specify they won't get severance if the board determines they performed poorly. Steve Gorlin, founder and co-chairman, says he pushed for such provisions after seeing Robert Nardelli, the ousted CEO of Home Depot Inc., walk away with a $210 million exit package.
在生物科技研发小公司DARA Biosciences Inc.，高管的工作合同规定，如果董事会认定高管工作表现不佳，他们就拿不到解约费。该公司创始人和联席董事长高林(Steve Gorlin)表示，他是在目睹家得宝(Home Depot Inc.)首席执行长纳德里(Robert Nardelli)被迫下台后还拿了2.1亿美元的解约费后，决定加入此类条款的。
'I think it's unconscionable what's happened,' said Mr. Gorlin, who says the current financial crisis is tied at least partly to a lack of connection between job performance and pay. 'You see what's happening in Wall Street today.'
格林说，我认为这种事情是不合理的。高管的工作业绩和薪酬之间缺乏关联至少是当前金融危机的部分原因。他说：你看看华尔街现在发生了什么。
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