ABOUT THE SPEAKER
William Black - Academic
William Black is a professor of economics and law at University of Missouri, Kansas City.

Why you should listen

William Black is an associate professor of economics and law. He was the executive director of the Institute for Fraud Prevention from 2005-2007. He previously taught at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement.

His 2005 book The Best Way to Rob a Bank Is to Own One has been called “a classic.” Professor Black recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management.

He teaches white-collar crime, public finance, antitrust, law and economics, and Latin American development.

More profile about the speaker
William Black | Speaker | TED.com
TEDxUMKC

William Black: How to rob a bank (from the inside, that is)

威廉姆·布莱克: 银行是如何被掏空的?

Filmed:
1,594,124 views

威廉姆布莱曾任职银行业的监管人员。他从亲身经历中看到了银行系统是如何行骗的;看到了诈骗性贷款和其他狡猾的伎俩是如何导致了2008年的银行业危机,从而威胁到了全球的经济。布莱克的这场引人入胜的演讲从学术角度揭示了从内部掏空一个银行的“最佳方案“。
- Academic
William Black is a professor of economics and law at University of Missouri, Kansas City. Full bio

Double-click the English transcript below to play the video.

今天的“顶级大厨”寓教于食,揭秘怎么抢银行,
00:12
So today's今天的 top最佳 chef厨师 class is in how to rob a bank银行,
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00:16
and it's clear明确 that the general一般 public上市 needs需求 guidance指导,
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显然,大众对这个外行。
00:20
because the average平均 bank银行 robbery抢劫 nets
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因为一般的劫匪抢一次银行,
00:23
only 7,500 dollars美元.
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平均只能抢到区区7500刀,
00:26
Rank amateurs业余 who know nothing
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这是完全不懂做假帐的
00:28
about how to cook厨师 the books图书.
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业余会计的水平。
00:30
The folks乡亲 who know, of course课程,
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当然,懂行的专业人士
00:32
run our largest最大 banks银行,
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全是大银行的头头们,
00:34
and in the last go-around四处走走,
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上次他们出手,
00:36
they cost成本 us over 11 trillion dollars美元.
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我们损失11万亿刀。
00:41
That's what 11 trillion looks容貌 like.
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11万亿看起来是酱紫的。
00:43
That's how many许多 zeros?
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数数多少个0?
00:45
And cost成本 us over 10 million百万 jobs工作 as well.
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还让我们损失1000万个工作岗位。
00:48
So our task任务 is to educate教育 ourselves我们自己
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所以我们的当务之急是
00:51
so that we can understand理解
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好好学习,长长见识,搞清楚
00:52
why we have these recurrent复发,
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金融危机一再出现
00:54
intensifying加强 financial金融 crises危机,
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并且愈演愈烈的原因,
00:56
and how we can prevent避免 them in the future未来.
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以及未来如何防范。
01:00
And the answer回答 to that is
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答案就是
01:02
that we have to stop epidemics流行病 of control控制 fraud舞弊.
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我们需要制止大面积的管理欺诈行为。
01:06
Control控制 fraud舞弊 is what happens发生
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何为管理欺诈?
01:08
when the people who control控制,
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管理人员,
01:10
typically一般 a CEOCEO,
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通常是CEO
01:12
a seemingly似乎 legitimate合法 entity实体,
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在管理一个貌似合法的金融机构时,
01:14
use it as a weapon武器 to defraud骗取.
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把这个机构当成武器来使,搞诈骗。
01:17
And these are the weapons武器 of mass destruction毁坏
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这些算是金融界的
01:20
in the financial金融 world世界.
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大规模杀伤性武器。
01:22
They also follow跟随 in finance金融 a particular特定 strategy战略,
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在金融领域,他们还采取一种特定的策略,
01:27
because the weapon武器 of choice选择 in finance金融
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因为他们所使用的武器是会计(accounting),
01:30
is accounting会计,
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这是金融领域的不二之选。
01:31
and there is a recipe食谱 for accounting会计
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会计管理欺诈行为及其发生
01:35
control控制 fraud舞弊, and how it occurs发生.
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都有固定的“套路”。
01:37
And we discovered发现 this recipe食谱
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我们发现这一点
01:39
in quite相当 an odd way that I'll
come back to in a moment时刻.
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也是不期而然。我稍后再谈。
01:42
First ingredient成分 in the recipe食谱: grow增长 like crazy;
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这一套路不可缺少的“原料”:首先是疯狂地膨胀扩张。
01:46
second第二, by making制造 or buying购买 really crappy蹩脚的 loans贷款,
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其次是放出或者购买“垃圾贷款”,
01:51
but loans贷款 that are made制作 at a very high interest利益 rate
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不过这种贷款的利率或者收益
01:54
or yield产量;
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非常之高。
01:56
three, while employing采用 extreme极端 leverage杠杆作用 --
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第三,大肆利用金融杠杆,
01:58
that just means手段 a lot of debt债务 --
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也就是相对于资产而言不成比例
01:59
compared相比 to your equity公平;
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的大量债务。
02:01
and four, while providing提供 only trivial不重要的 loss失利 reserves储量
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第四,为应对必然发生的坏账
02:05
against反对 the inevitable必然 losses损失.
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提供少之又少的准备金。
02:07
If you follow跟随 those four simple简单 steps脚步,
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只要遵循这四个简单的步骤,
02:11
and any bank银行 can follow跟随 them,
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任何银行都做得到,
02:13
then you are mathematically数学 guaranteed保证
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就会确定无疑地出现以下
02:15
to have three things occur发生.
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三种情况。
02:18
The first thing is
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第一,银行的账面利润
02:19
you will report报告 record记录 bank银行 profits利润 --
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将会是史无前例的高
02:23
not just high, record记录.
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不是一般的高,是史无前例的高。
02:25
Two, the CEOCEO will immediately立即
be made制作 incredibly令人难以置信 wealthy富裕
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第二,鉴于现代的高管薪酬结构,
02:30
by modern现代 executive行政人员 compensation赔偿金.
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CEO会一夜暴富。
02:33
And three, farther更远 down the road,
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第三,长此以往
02:36
the bank银行 will suffer遭受 catastrophic灾难性的 losses损失
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银行就会遭受巨额损失,
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and will fail失败 unless除非 it is bailed跳伞 out.
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除非获得救助,不然就将倒闭。
02:42
And that's a hint暗示 as to how
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因为我们对整个流程进行了“解剖”。
02:46
we discovered发现 this recipe食谱,
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顺藤摸瓜,
02:48
because we discovered发现 it
through通过 an autopsy尸检 process处理.
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我们才发现了这个固定的套路。
02:52
During the savings and loan贷款 debacle崩溃 in 1984,
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1984年储贷危机期间,
02:57
we looked看着 at every一切 single failure失败,
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我们仔细研究了每一个破产案例。
02:59
and we looked看着 for common共同 characteristics特点,
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寻找其中的共同点,
03:02
and we discovered发现 this recipe食谱 was common共同
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我们发现这一套路在每个欺诈案例中
03:06
to each of these frauds欺诈.
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都存在。
03:08
In other words, a coroner验尸官 could find these things
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换言之,“验尸官”能够找到这些东西。
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because this is a fatal致命 recipe食谱
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因为这是致命的“毒方”,
03:14
that will destroy破坏 the banks银行
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不仅会毁掉银行,
03:16
as well as the economy经济.
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也会毁掉我们的经济。
03:18
And it also turns out to be precisely恰恰
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这也正是可以阻止
03:21
what could have stopped停止 this crisis危机,
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这场危机发生的东西,
03:23
the one that cost成本 us 11 trillion dollars美元
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这一危机仅在经济的私人部门就让我们
03:26
just in the household家庭 sector扇形,
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损失11万亿,
03:28
that cost成本 us 10 million百万 jobs工作,
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丢掉1000万个工作岗位,
03:30
was the easiest最简单的 financial金融 crisis危机 by far
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如果我们能够运用这一固定套路
03:33
to have avoided避免 completely全然
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从大面积的管理欺诈行为中吸取教训,
03:36
if we had simply只是 learned学到了 the lessons教训
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我们就可以
03:38
of epidemics流行病 of control控制 fraud舞弊,
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轻而易举地
避免这场危机的发生。
03:40
particularly尤其 using运用 this recipe食谱.
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03:43
So let's go to this crisis危机,
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现在我们来看看这场危机
03:45
and the two huge巨大 epidemics流行病
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以及导致它发生的
03:47
of loan贷款 origination首创 fraud舞弊 that drove开车 the crisis危机 --
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两种大面积借贷欺诈行为:
03:51
appraisal评价 fraud舞弊 and liar's骗子的 loans贷款 --
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估价欺诈和欺骗性贷款。
03:54
and what we're going to see
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研究这两者,
03:55
in looking at both of these is
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我们发现:
03:58
we got warnings警告 that were incredibly令人难以置信 early
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第一,对于这些欺诈行为,我们接到的预警信号
04:01
about these frauds欺诈.
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非常之早。
04:03
We got warnings警告 that we could
have taken采取 advantage优点 of easily容易,
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第二,我们可以轻而易举地利用这些预警信号采取措施,
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because back in the savings and loan贷款 debacle崩溃,
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因为早在储贷危机时期,
04:09
we had figured想通 out how to respond响应
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我们就知道了如何应对,
04:12
and prevent避免 these crises危机.
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从而避免危机的发生。
04:14
And three, the warnings警告 were unambiguous明确的.
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第三,这些预警信号确切不疑。
04:17
They were obvious明显 that what was going on
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它们清楚地表明了
04:20
was an epidemic疫情 of accounting会计 control控制 fraud舞弊 building建造 up.
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大面积的会计管理欺诈行为正在升级。
04:25
Let's take appraisal评价 fraud舞弊 first.
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我们先来看估价欺诈
04:27
This is simply只是 where you inflate膨胀 the value
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简单地说,估价欺诈就是
04:29
of the home that is being存在 pledged承诺
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夸大用作贷款担保的
04:32
as security安全 for the loan贷款.
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房屋的价值。
04:35
In 2000, the year 2000,
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在2000年,
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that is over a year before Enron安然 fails失败, by the way,
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也就是安然破产一年多前,
04:43
the honest诚实 appraisers估价师 got together一起 a formal正式 petition请愿
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有节操的估价师聚在一起,起草了一份正式的请愿书。
04:47
begging乞讨 the federal联邦 government政府 to act法案,
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要求联邦政府采取措施,
04:50
and the industry行业 to act法案,
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要求行业自身采取措施,
04:52
to stop this epidemic疫情 of appraisal评价 fraud舞弊.
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制止这种大面积的估价欺诈行为。
04:56
And the appraisers估价师 explained解释 how it was occurring发生,
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这些估价师解释问题是如何发生的:
04:59
that banks银行 were demanding严格 that appraisers估价师
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银行要求估价师弄虚作假
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inflate膨胀 the appraisal评价,
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夸大估值,
05:04
and that if the appraisers估价师 refused拒绝 to do so,
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一旦估价师拒绝配合,
05:08
they, the banks银行, would blacklist黑名单
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银行就把这些有节操的估价师
05:12
honest诚实 appraisers估价师
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拉入黑名单,
05:14
and refuse垃圾 to use them.
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不再雇佣他们。
05:16
Now, we've我们已经 seen看到 this before
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在储贷危机期间,
05:19
in the savings and loan贷款 debacle崩溃,
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我们就遇到过这种情况,
05:20
and we know that this kind of fraud舞弊
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我们知道这种欺诈行为的
05:22
can only originate起源 from the lenders贷款人,
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罪魁祸首就是借方,
05:25
and that no honest诚实 lender贷款人 would ever inflate膨胀
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有节操的借方绝对不会
05:28
the appraisal评价,
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为估值灌水,
05:29
because it's the great protection保护 against反对 loss失利.
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因为拒绝灌水才是防止损失的上策。
05:32
So this was an incredibly令人难以置信 early warning警告, 2000.
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所以说,预警信号早在2000年就已出现。
05:36
It was something we'd星期三 seen看到 before,
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这是我们之前见到过,
05:38
and it was completely全然 unambiguous明确的.
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并且确切不疑。
05:40
This was an epidemic疫情 of accounting会计 control控制 fraud舞弊
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这就是银行主导的
05:44
led by the banks银行.
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大面积会计管理欺诈行为。
05:45
What about liar's骗子的 loans贷款?
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欺骗性贷款又是神马呢?
05:47
Well, that warning警告 actually其实 comes earlier.
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实际上,它的预警信号来得更早。
05:51
The savings and loan贷款 debacle崩溃 is basically基本上
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储贷危机基本上从1980年代早期开始
05:54
the early 1980s through通过 1993,
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持续到1993年,
05:57
and in the midst中间 of fighting战斗 that wave
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在打击那波会计管理欺诈
06:00
of accounting会计 control控制 fraud舞弊,
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的行动中,我们在1990年
06:02
in 1990, we found发现 that a second第二 front面前
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发现欺诈行为出现了
06:07
of fraud舞弊 was being存在 started开始.
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第二波。
06:09
And like all good financial金融 frauds欺诈 in America美国,
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果不其然,和美国的所有牛逼的金融欺诈行为一样,
06:11
it began开始 in Orange橙子 County, California加州.
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发源地又是加州橙县。
06:15
And we happened发生 to be the regional区域性 regulators监管机构 for it.
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我们刚好是当地的监管机构。
06:18
And our examiners考官 said,
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我们的检查人员说,
06:20
they are making制造 loans贷款 without even checking检查
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当地银行根本不核实借款人的收入情况
06:23
what the borrower's借款人 income收入 is.
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直接就发放借款。
06:25
This is insane, it has to lead to massive大规模的 losses损失,
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这太没底线了,必然会导致大规模损失,
06:30
and it only makes品牌 sense for entities实体 engaged订婚
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这种情况只可能是金融机构进行了
06:34
in these accounting会计 control控制 frauds欺诈.
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会计管理欺诈行为。
06:36
And we said, yeah, you're absolutely绝对 right,
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我们对检查人员说,没错,你们说的对,
06:38
and we drove开车 those liar's骗子的 loans贷款
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然后就在90、91年,我们在银行业取缔了
06:41
out of the industry行业 in 1990 and 1991,
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这些欺诈性的贷款。
06:46
but we could only deal合同 with the industry行业
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但是,我们只能处理我们有权
06:48
we had jurisdiction管辖权 over,
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管理的业务,
06:50
which哪一个 was savings and loans贷款,
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也就是储蓄和贷款业务。
06:52
and so the biggest最大 and the baddest最不好的 of the frauds欺诈,
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业内最大最狡猾的诈骗银行
06:55
Long Beach海滩 Savings, voluntarily自行 gave up
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“长滩储蓄”主动放弃
06:58
its federal联邦 savings and loan贷款 charter宪章,
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联邦政府颁发的储蓄和借贷执照,
07:01
gave up federal联邦 deposit存款 insurance保险,
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放弃联邦存款保险,
07:03
converted转换 to become成为 a mortgage抵押 bank银行
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变身一家抵押银行,
07:06
for the sole唯一 purpose目的 of escaping逃逸 our jurisdiction管辖权,
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煞费苦心,只为了逃避我们的监管,
07:09
and changed its name名称 to AmeriquestAmeriquest,
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“长滩储蓄”后来更名为Ameriquest,
07:11
and became成为 the most notorious臭名昭著
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是早期欺骗性借贷欺诈行为中
07:13
of the liar's骗子的 loans贷款 frauds欺诈 early on,
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最为臭名昭著的。
07:17
and to add to that,
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此外,
07:18
they deliberately故意 predated upon minorities少数民族.
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他们还故意欺骗美国的少数族裔。
07:23
So we knew知道 again about this crisis危机.
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所以这样的诈骗性贷款危机也是我们所了解的,
07:27
We'd星期三 seen看到 it before. We'd星期三 stopped停止 it before.
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我们之前见过,我们之前也阻止过。
07:31
We had incredibly令人难以置信 early warnings警告 of it,
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我们接到的预警信号非常之早,
07:34
and it was absolutely绝对 unambiguous明确的
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预警信号确切不疑:
07:36
that no honest诚实 lender贷款人 would
make loans贷款 in this fashion时尚.
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有节操的借方绝不会这样放款。
07:40
So let's take a look at the reaction反应
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我们来看看面对这些完全可以
07:43
of the industry行业 and the regulators监管机构
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阻止危机发生的清晰预警信号,
07:46
and the prosecutors检察官 to these clear明确
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从行业自身、监管机构到
07:48
early warnings警告 that could have prevented防止 the crisis危机.
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检调人员都做了些什么。
07:53
Start开始 with the industry行业.
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先看行业本身。
07:55
The industry行业 responded回应 between之间 2003 and 2006
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从2003年到2006年,金融行业
08:01
by increasing增加 liar's骗子的 loans贷款
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的欺骗性借贷业务增加了
08:04
by over 500 percent百分.
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5倍之多。
08:09
These were the loans贷款
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1895
正是这些贷款
08:11
that hyperinflated过度膨胀 the bubble泡沫
169
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1755
使泡沫飞速膨大,
08:12
and produced生成 the economic经济 crisis危机.
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造成了经济危机。
08:16
By 2006, half of all the loans贷款 called subprime次贷
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4851
截至2006年,半数被称为次贷的借款,
08:21
were also liar's骗子的 loans贷款.
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同时也是欺骗性借贷。
08:23
They're not mutually相互 exclusive独家, it's just that together一起,
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这两者并不互斥,而是交织在一起
08:26
they're the most toxic有毒的 combination组合
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共同构成你所能想象出的
08:29
you can possibly或者 imagine想像.
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最坏组合。
08:31
By 2006, 40 percent百分 of all the loans贷款
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截至2006年,当年发放的所有贷款,
08:34
made制作 that year, all the home loans贷款 made制作 that year,
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当年的所有房屋贷款中,
08:37
were liar's骗子的 loans贷款,
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四成是欺骗性贷款。
08:40
40 percent百分.
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高达四成啊,亲。
08:41
And this is despite尽管 a warning警告
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行业自身的反欺诈专家
08:44
from the industry's业界 own拥有 antifraud反欺诈 experts专家
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曾经警告,
08:47
that said that these loans贷款 were an open打开 invitation请帖
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这些贷款简直是引狼入室,
08:50
to fraudsters骗子,
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518779
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诈骗率高达九成,百分之九十。
08:52
and that they had a fraud舞弊 incidence发生率
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尽管有这些警告,
08:54
of 90 percent百分,
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问题
08:56
nine zero.
186
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还是发生了。
08:59
In response响应 to that, the industry行业
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作为回应,金融行业
09:02
first started开始 calling调用 these loans贷款 liar's骗子的 loans贷款,
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首先开始称呼这些贷款为欺骗性借贷,
09:07
which哪一个 lacks缺乏 a certain某些 subtlety明敏,
189
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听上去不太悦耳。
09:11
and second第二, massively大规模 increased增加 them,
190
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其次,大幅增加这种贷款。
09:14
and no government政府 regulator调节器 ever
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没有任何政府监管机构
09:17
required需要 or encouraged鼓励 any lender贷款人
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要求或者鼓励任何借方
09:21
to make a liar's骗子的 loan贷款
193
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放出欺骗性贷款
09:22
or anyone任何人 to purchase采购 a liar's骗子的 loan贷款,
194
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要求或鼓励任何人去购买欺骗性借贷,
09:25
and that explicitly明确地 includes包括 Fannie房利美 and Freddie房地美.
195
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3170
这当然也包括房利美和房地美。
09:28
This came来了 from the lenders贷款人
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由于欺诈的成因和模式,
09:30
because of the fraud舞弊 recipe食谱.
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借方难辞其咎。
09:33
What happened发生 to appraisal评价 fraud舞弊?
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估价欺诈行为又是怎样呢?
09:36
It expanded扩大 remarkably异常 as well.
199
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同样膨胀得非常了得。
09:39
By 2007, when a survey调查 of appraisers估价师 was doneDONE,
200
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2007年,有份针对估价师的调查,
09:43
90 percent百分 of appraisers估价师 reported报道
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2701
9成受访的估价师表示,
09:46
that they had been subject学科 to coercion强迫
202
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他们受到借方的胁迫,
09:48
from the lenders贷款人 trying to get them
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要求他们对估值进行
09:51
to inflate膨胀 an appraisal评价.
204
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灌水(夸大价值)。
09:52
In other words, both forms形式 of fraud舞弊
205
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2990
换言之,两种形式的欺诈行为
09:55
became成为 absolutely绝对 endemic流行 and normal正常,
206
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3774
成为常态,疯狂肆虐,
09:59
and this is what drove开车 the bubble泡沫.
207
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泡沫于是成型。
10:01
What happened发生 in the governmental政府 sector扇形?
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政府部门的情况呢?
10:04
Well, the government政府, as I told you,
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政府啊,不提也罢,说多了都是泪,
10:06
when we were the savings and loan贷款 regulators监管机构,
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2716
我们监管储贷的时候,
10:09
we could only deal合同 with our industry行业,
211
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我们只能处理我们负责的行业,
10:12
and if people gave up their
federal联邦 deposit存款 insurance保险,
212
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如果借方放弃他们的联邦存款保险,
10:14
we couldn't不能 do anything to them.
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我们就将束手无策。
10:16
Congress国会, it may可能 strike罢工 you as impossible不可能,
214
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3329
国会,说起来你们可能不信,
10:20
but actually其实 did something intelligent智能 in 1994,
215
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3248
在1994年实际上倒是干了点实事,
10:23
and passed通过 the Home Ownership所有权
and Equity公平 Protection保护 Act法案
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3553
通过了《房屋所有权和股权保护法》,
10:26
that gave the Fed美联储, and only the Federal联邦 Reserve保留,
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3253
法案赋权美联储,仅限美联储
10:30
the explicit明确的, statutory法定的 authority权威 to ban禁止 liar's骗子的 loans贷款
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明确的法律权力去取缔来自任何借方的
10:34
by every一切 lender贷款人,
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欺骗性贷款业务,
10:36
whether是否 or not they had federal联邦 deposit存款 insurance保险.
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无论这些借方有无联邦存款保险。
10:39
So what did Ben Bernanke伯南克 and Alan艾伦 Greenspan格林斯潘,
221
627358
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在接到这些预警信号:
10:42
as chairs椅子 of the Fed美联储, do
222
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1967
这些大面积的欺诈性贷款
10:44
when they got these warnings警告
223
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1906
这些要转售给次级市场的欺骗性贷款
10:46
that these were massively大规模 fraudulent骗人的 loans贷款
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3010
作为美联储主席
10:49
and that they were being存在 sold出售
to the secondary次要 market市场?
225
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3354
到底做了些什么?
10:53
Remember记得, there's no fraud舞弊 exorcist祓魔师.
226
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2220
请记住,没有神人能将这些欺诈行为消失。
10:55
Once一旦 it starts启动 out a fraudulent骗人的 loan贷款,
227
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欺骗性贷款一旦出现,
10:57
it can only be sold出售 to the secondary次要 market市场
228
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2312
只能通过更多的欺诈行为,
10:59
through通过 more frauds欺诈,
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1196
如编造合约声明和保证条款
11:00
lying说谎 about the reps代表 and warrantees被担保人,
230
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把这一借款转售给次级市场。
11:03
and then those people are going to produce生产
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1608
然后借方再推出
11:05
mortgage-backed抵押贷款支持 securities证券
232
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抵押贷款证券和
11:06
and exotic异国情调 derivatives衍生品
233
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1268
衍生产品,
11:07
which哪一个 are also going to be supposedly按说 backed已备份
234
655758
3222
而为这些产品进行担保的正是
11:10
by those fraudulent骗人的 loans贷款.
235
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1723
欺骗性借款。
11:12
So the fraud舞弊 is going to progress进展
236
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1541
欺诈行为将贯穿
11:14
through通过 the entire整个 system系统,
237
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整个系统的始终,
11:15
hyperinflatehyperinflate the bubble泡沫, produce生产 a disaster灾害.
238
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3253
使泡沫急剧膨胀,进而造成灾难。
11:18
And remember记得, we had experience经验 with this.
239
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想想看,这事我们之前经历过。
11:22
We had seen看到 significant重大 losses损失,
240
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2288
我们遭受了巨大的损失,
11:24
and we had experience经验 of competent胜任 regulators监管机构
241
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3446
职能监管机构也有阻止危机出现的
11:27
in stopping停止 it.
242
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1490
先例。
11:29
Greenspan格林斯潘 and Bernanke伯南克 refused拒绝
243
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但是格林斯潘和伯南克拒绝
11:32
to use the authority权威 under the statute法令
244
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2411
使用法律赋予他们的权力来取缔
11:34
to stop liar's骗子的 loans贷款.
245
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2317
欺骗性借贷。
11:37
And this was a matter first of dogma教条.
246
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2564
首先,这完全是意识形态在作祟。
11:39
They're just horrifically速度惊人 opposed反对
247
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他们反对任何形式的监管措施,
11:42
to anything regulatory监管.
248
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令人震惊和深恶痛绝。
11:44
But it is also the international国际 competition竞争 in laxity松弛,
249
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4716
但同时也是国际上放松监管的竞争,
11:49
the race种族 to the bottom底部
250
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力争下游。
11:50
between之间 the United联合的 States状态 and the United联合的 Kingdom王国,
251
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这场竞争在美国和英国,确切说是
11:54
the city of London伦敦, in particular特定,
252
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1601
伦敦之间展开,
11:55
and the city of London伦敦 won韩元 that race种族 to the bottom底部,
253
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2970
伦敦获胜,监管最松。
11:58
but it meant意味着 that all regulation in the West西
254
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这也意味着,
12:02
was completely全然 degraded降级
255
710802
2004
从这场看谁的监控最松的愚蠢竞争中
12:04
in this stupid competition竞争 to be
256
712806
2084
可以看出在西方社会,
12:06
who could have the weakest最弱 regulation.
257
714890
2072
监管措施是多么的不受待见。
12:08
So that was the regulatory监管 response响应.
258
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2050
这就是监管层面的反应。
12:11
What about the response响应 of the prosecutors检察官
259
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3657
这场让我们损失11万亿
12:14
after the crisis危机,
260
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1000万个工作岗位,
12:16
after 11 trillion dollars美元 in losses损失,
261
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损失和欺诈规模
12:20
after 10 million百万 jobs工作 lost丢失,
262
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超过储贷危机
12:22
a crisis危机 in which哪一个 the losses损失 and the frauds欺诈
263
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3284
70倍的危机之后,
12:25
were more than 70 times larger
264
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3455
检调人员
12:29
than the savings and loan贷款 debacle崩溃?
265
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2304
又做了些什么呢?
12:31
Well, in the savings and loan贷款 debacle崩溃,
266
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1891
在储贷危机中,
12:33
our agency机构 that regulated调控 savings and loans贷款, OTSOTS,
267
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3970
负责储贷监管的机构-储蓄管理局
12:37
made制作 over 30,000 criminal刑事 referrals推介,
268
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4084
提出3万起刑事诉讼,
12:41
produced生成 over 1,000 felony重罪 convictions信念
269
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2636
1千人被判以重罪,
12:44
just in cases designated特定 as major重大的,
270
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2674
这还仅是大案要案方面,
12:46
and that understates低估 the degree of prioritization优先,
271
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3138
而且还没反映问题的严重性,
12:50
because we worked工作 with the FBI联邦调查局
272
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1796
因为我们跟联邦调查局携手,
12:51
to create创建 the list名单 of the top最佳 100 fraud舞弊 schemes方案,
273
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4264
开列了一个清单,上面是全国范围内
12:56
the absolute绝对 worst最差 of the worst最差, nationwide全国.
274
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3264
最没节操最无底线的100种诈骗伎俩。
12:59
Roughly大致 300 savings and loans贷款 involved参与,
275
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2784
差不多300个储贷机构,
13:02
roughly大致 600 senior前辈 officials官员.
276
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3314
600个高级官员涉案。
13:05
Virtually实质上 all of them were prosecuted起诉.
277
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几乎全被起诉,
13:07
We had a 90 percent百分 conviction定罪 rate.
278
775840
2831
定罪率9成。
13:10
It's the greatest最大 success成功 against反对
279
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1830
堪称针对白领精英犯罪的
13:12
elite原种 white白色 collar criminals罪犯 ever,
280
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2602
一场漂亮仗,史无前例,
13:15
and it was because of this understanding理解
281
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2236
原因无他,我们掌握了管理欺诈及
13:17
of control控制 fraud舞弊
282
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1335
会计管理欺诈的内幕
13:18
and the accounting会计 control控制 fraud舞弊 mechanism机制.
283
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2511
和伎俩。
13:21
Flash forward前锋 to the current当前 crisis危机.
284
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3172
再回到当前的这场危机。
13:24
The same相同 agency机构, Office办公室 of Thrift节约 Supervision监督,
285
792357
2573
同一个机构-储蓄管理局,
13:26
which哪一个 was supposed应该 to regulate调节
286
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1630
本应该监管全国
13:28
many许多 of the largest最大 makers制造商 of liar's骗子的 loans贷款
287
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2097
欺骗性贷款祸首的各大银行。
13:30
in the country国家,
288
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1107
到今天,什么都没做,
13:31
has made制作, even today今天 -- it no longer exists存在,
289
799764
4694
好像一切不曾发生过,
13:36
but as of a year ago,
290
804458
1808
一年前,提出的
13:38
it had made制作 zero criminal刑事 referrals推介.
291
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4844
刑事诉讼案件数还是零。
13:43
The Office办公室 of the Comptroller主计长 of the Currency货币,
292
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1696
负责全国性大银行
13:44
which哪一个 is supposed应该 to regulate调节
the largest最大 national国民 banks银行,
293
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2516
监管任务的金融管理局,
13:47
has made制作 zero criminal刑事 referrals推介.
294
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2551
提出的刑事诉讼案件数同样为零。
13:49
The Fed美联储 appears出现 to have made制作
295
817873
1626
美联储提出的刑事诉讼案件貌似
13:51
zero criminal刑事 referrals推介.
296
819499
1995
也是零。
13:53
The Federal联邦 Deposit存款 Insurance保险 Corporation公司
297
821494
1955
联邦存款保险公司更刁钻,顾左右而言他,
13:55
is smart聪明 enough足够 to refuse垃圾 to answer回答 the question.
298
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4534
根本不回答这个问题。
13:59
Without没有 any guidance指导 from the regulators监管机构,
299
827983
5535
没有监管机构的协助,
14:05
there's no expertise专门知识 in the FBI联邦调查局
300
833518
2882
联邦调查局在调查复杂的欺诈案件上
14:08
to investigate调查 complex复杂 frauds欺诈.
301
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2472
无能为力。
14:10
It isn't simply只是 that they've他们已经 had
302
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1932
提出诉讼不是什么难事,
14:12
to reinvent重塑 the wheel
303
840804
1822
不过是举手之劳,易如反掌。
14:14
of how to do these prosecutions起诉;
304
842626
1918
只是他们忘了怎么举,
14:16
they've他们已经 forgotten忘记了 that the wheel exists存在,
305
844544
4756
忘了怎么反。
14:21
and therefore因此, we have zero prosecutions起诉,
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因而,
14:25
and of course课程, zero convictions信念,
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853398
2602
造成这场危机的
14:28
of any of the elite原种 bank银行 frauds欺诈,
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2790
华尔街顶尖银行诈骗犯们
14:30
the Wall Street types类型,
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858790
1537
没有一个被起诉
14:32
that drove开车 this crisis危机.
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没有一个被定罪。
14:35
With no expertise专门知识 coming未来 from the regulators监管机构,
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监管机构不愿伸出援手,
14:37
the FBI联邦调查局 formed形成 what it calls电话 a partnership合伙
312
865696
3091
联邦调查局2007年与抵押贷款银行家协会
14:40
with the Mortgage抵押 Bankers银行家 Association协会 in 2007.
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携起手来。
14:45
The Mortgage抵押 Bankers银行家 Association协会
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873110
1833
抵押贷款银行家协会
14:46
is the trade贸易 association协会 of the perps犯罪者.
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874943
3751
是这些祸首的行业组织。
14:50
And the Mortgage抵押 Bankers银行家 Association协会
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878694
2416
抵押贷款银行家协会
14:53
set out, it had the audacity大胆 and the success成功
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3790
出手了,他们不仅有能力也有动机
14:56
to con the FBI联邦调查局.
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1678
去欺骗联邦调查局。
14:58
It had created创建 a supposed应该 definition定义
319
886578
3077
抵押贷款银行家协会为抵押欺诈行为
15:01
of mortgage抵押 fraud舞弊, in which哪一个, guess猜测 what,
320
889655
2875
下了个定义,不出所料,按照这个定义,
15:04
its members会员 are always the victim受害者
321
892530
1862
这个协会的成员都是欺诈行为的受害者,
15:06
and never the perpetrators肇事者.
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894392
2017
没一个是欺诈行为的加害者。
15:08
And the FBI联邦调查局 has bought this hook, line线, sinker沉子,
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4514
联邦调查局不疑有他
15:12
rod竿, reel卷轴 and the boat they rode骑着车 out in.
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900923
4081
照单全收。
15:17
And so the FBI联邦调查局,
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3056
就这样,
15:20
under the leadership领导 of an attorney律师 general一般
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908060
3098
在一个非裔司法部长
15:23
who is African-American非裔美国人
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911158
1174
和一个非裔美国总统的
15:24
and a president主席 of the United联合的
States状态 who is African-American非裔美国人,
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912332
2462
领导之下,联邦调查局完全相信了
15:26
have adopted采用 the Tea Party派对 definition定义 of the crisis危机,
329
914794
3500
茶党对这场危机的说辞,
15:30
in which哪一个 it is the first virgin处女 crisis危机 in history历史,
330
918294
3482
成了破天荒的“圣女生子案”,
15:33
conceived设想 without sin in the executive行政人员 ranks行列.
331
921776
3678
高管层人人清白。
15:37
And it's those oh-so-clever哦,所以,聪明 hairdressers美发师
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925454
3396
问题出在狡猾的临时工身上,
15:40
who were able能够 to defraud骗取 the poor较差的, pitiful可怜 banks银行,
333
928850
3218
他们在欺骗穷人,他们在欺骗对金融行业一无所知
15:44
who lack缺乏 any financial金融 sophistication诡辩.
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2384
的银行业者。
15:46
It is the silliest最愚蠢的 story故事 you can conceive构想 of,
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3358
这简直是最奇葩的谎话,
15:49
and so they go and they prosecute起诉 the hairdressers美发师,
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3901
然后他们把临时工抓起来了,
15:53
and they leave离开 the bankstersbanksters alone单独 entirely完全.
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941711
4179
银行家们毫发未损。
15:57
And so, while lions狮子 are roaming漫游 the campsite营地,
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就这样,满地西瓜
16:00
the FBI联邦调查局 is chasing mice老鼠.
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联邦调查局却在那里捡芝麻。
16:04
What do we need to do?
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我们该怎么办?
16:05
What can we do in all of this?
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2504
面对这一切,我们能做什么?
16:07
We need to change更改 the perverse incentive激励 structures结构
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3819
我们需要改革不正常的激励机制,
16:11
that produce生产 these recurrent复发 epidemics流行病
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2996
正是这种机制在催生一再出现的大面积
16:14
of accounting会计 control控制 fraud舞弊
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1329
会计管理欺诈行为,
16:16
that are driving主动 our crises危机.
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2014
进而导致危机的发生。
16:18
So we have to first get rid摆脱
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第一,我们要排除这种具有
16:20
of the systemically全身 dangerous危险 institutions机构.
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2488
系统性危险的金融机构。
16:23
These are the so-called所谓 too-big-to-fail太大而不能倒闭 institutions机构.
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3485
所谓“尾大不掉”的金融机构。
16:26
We need to shrink收缩 them to the point,
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2142
在接下来的五年里,
16:29
within the next下一个 five years年份,
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977105
1595
我们要给它们大幅瘦身,
16:30
that they no longer pose提出 a systemic系统的 risk风险.
351
978700
2735
让它们不再具有系统性风险。
16:33
Right now, they are ticking滴答 time bombs炸弹
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2137
现在,它们就是定时炸弹,
16:35
that will cause原因 a global全球 crisis危机
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3343
其中一个破产倒闭,
16:38
as soon不久 as the next下一个 one fails失败 --
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2349
就会引发全球性危机。
16:41
not if, when.
355
989264
1796
而且问题还不是会不会倒,而是什么时候倒的问题。
16:43
Second第二 thing we need to do is completely全然 reform改革
356
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2911
第二,我们要彻底改革
16:45
modern现代 executive行政人员 and professional专业的 compensation赔偿金,
357
993971
2992
当前的高管人员薪酬制度,
16:48
which哪一个 is what they use to suborn贿买 the appraisers估价师.
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996963
4343
这也是他们用来胁迫估价师的工具和手段。
16:53
Remember记得, they were pressuring施压 the appraisers估价师
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1001306
1888
想想看,他们在通过薪酬体系
16:55
through通过 the compensation赔偿金 system系统,
360
1003194
1782
向估价师施压,
16:56
trying to produce生产 what we call a Gresham's格雷欣 dynamic动态,
361
1004976
2662
造成“劣币驱逐良币”的
16:59
in which哪一个 bad ethics伦理 drives驱动器 good ethics伦理
362
1007638
2579
格雷欣效应,
17:02
out of the marketplace市井.
363
1010217
1366
市场上道德节操无人问津。
17:03
And they largely大部分 succeeded成功,
364
1011583
1936
很大程度上,他们得逞了。
17:05
which哪一个 is how the fraud舞弊 became成为 endemic流行.
365
1013519
2883
这就是为什么欺诈行为如此猖獗。
17:08
And the third第三 thing that we need to do
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1016402
2698
第三,我们要解决三“无”问题:
17:11
is deal合同 with what we call the three D'sD的:
367
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2638
无规章制度、无有效监管
17:13
deregulation放松管制, desupervisiondesupervision,
368
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2581
出事后,无人担责被绳之以法
17:16
and the de facto事实上 decriminalization合法化.
369
1024319
4021
的问题。
17:20
Because we can make
370
1028340
2097
因为我们可以
17:22
all three of these changes变化, and if we do so,
371
1030437
3674
从这三方面进行改革,只要我们这样做,
17:26
we can dramatically显着 reduce减少
372
1034111
2809
就能大幅降低危机
17:28
how often经常 we have a crisis危机
373
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2192
发生的频率和危机发生后的
17:31
and how severe严重 those crises危机 are.
374
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3627
危害程度。
17:34
That is not simply只是 critical危急 to our economy经济.
375
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2981
这不仅事关我们的经济。
17:37
You can see what these crises危机 do to inequality不等式
376
1045720
3426
看看这些危机对贫富差距的影响,
17:41
and what they do to our democracy民主.
377
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2320
对我们的民主制度的破坏。
17:43
They have produced生成 crony裙带 capitalism资本主义,
378
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2744
危机产生了裙带资本主义,
17:46
American-style美式风格,
379
1054210
1382
有美国特色的裙带资本主义,
17:47
in which哪一个 the largest最大 financial金融 institutions机构
380
1055592
3278
最大的金融机构是
17:50
are the leading领导 financial金融 donors捐助者 of both parties派对,
381
1058870
3644
两党的最大金主。
17:54
and that's the reason原因 why
382
1062514
1920
这就是为什么
17:56
even after this crisis危机,
383
1064434
3975
这场比储贷危机严重
18:00
70 times larger than the savings and loan贷款 crisis危机,
384
1068409
5285
70倍的危机发生之后,
18:05
we have no meaningful富有意义的 reforms改革
385
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2854
在我提到的三个方面依然没有
18:08
in any of the three areas that I've talked about,
386
1076548
3374
任何实质性的改革。
18:11
other than banning取缔 liar's骗子的 loans贷款,
387
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1792
除了欺骗性贷款被取缔,
18:13
which哪一个 is good,
388
1081714
1076
这当然是好事
18:14
but that's just one form形成 of ammunition弹药
389
1082790
2424
但欺骗性贷款只是他们手中的
18:17
for this fraud舞弊 weapon武器.
390
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1396
一种武器。
18:18
There are many许多 forms形式 of ammunition弹药 they can use.
391
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3981
他们可用的武器还很多。
18:22
That's why we need to learn学习
392
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1751
这就是为什么我们需要
18:24
what the bankers银行家 have learned学到了:
393
1092342
2112
求教银行家的地方:
18:26
the recipe食谱 for the best最好 way to rob a bank银行,
394
1094454
3423
抢银行的最佳“秘方”,
18:29
so that we can stop that recipe食谱,
395
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2865
这样我们才能除掉它。
18:32
because our legislators立法者,
396
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1762
因为我们的国会议员
18:34
who are dependent依赖的 on political政治 contributions捐款,
397
1102504
2690
离不开政治献金,
18:37
will not do it on their own拥有.
398
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2194
所以他们不会主动来做这一切。
18:39
Thank you very much.
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2070
谢谢,多谢。
18:41
(Applause掌声)
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(掌声)
Translated by Zachary Lin Zhao
Reviewed by Psycho Decoder

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ABOUT THE SPEAKER
William Black - Academic
William Black is a professor of economics and law at University of Missouri, Kansas City.

Why you should listen

William Black is an associate professor of economics and law. He was the executive director of the Institute for Fraud Prevention from 2005-2007. He previously taught at the LBJ School of Public Affairs at the University of Texas at Austin and at Santa Clara University, where he was also the distinguished scholar in residence for insurance law and a visiting scholar at the Markkula Center for Applied Ethics. Black was litigation director of the Federal Home Loan Bank Board, deputy director of the FSLIC, SVP and general counsel of the Federal Home Loan Bank of San Francisco, and senior deputy chief counsel, Office of Thrift Supervision. He was deputy director of the National Commission on Financial Institution Reform, Recovery and Enforcement.

His 2005 book The Best Way to Rob a Bank Is to Own One has been called “a classic.” Professor Black recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae’s former senior management.

He teaches white-collar crime, public finance, antitrust, law and economics, and Latin American development.

More profile about the speaker
William Black | Speaker | TED.com