FT社评：华尔街必须收敛（中英文对照）

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As the year draws to an end for Wall Street and the City of London, there is still little sign of the financial services industry managing to restore its reputation in the eyes of taxpayers who bailed out banks two years ago.	时近岁末，但华尔街和伦敦金融城仍几乎没有迹象表明，金融服务业已成功挽回在两年前出手纾困银行的纳税人眼中的声誉。
Having grown to outsize proportions in the economies of the US and UK, investment banks are finding it hard and painful to shrink. But shrink they must, both in terms of leverage and the risks they take, if they are to regain their legitimacy.	在美国和英国，投资银行在经济中的比重发展到了过大的地步，收缩起来既艰难又痛苦。然而，不论是从负债水平还是他们承担的风险来说，他们如果想重新获得合法性，就必须收缩规模。
Many bankers still struggle to accept the enormity of what happened, and the implications of having had to be rescued by governments. They would like simply to return to the old bonus culture, with few questions asked.	许多银行家仍难以接受事态的严重性以及不得不让**出手相救的后果。他们希望直接恢复旧日的奖金文化，不要有人问东问西。
Some, notably Goldman Sachs, have recognised the damage it could cause to them in the long term if they fail this challenge. Goldman has just completed a review of its business practices aimed at persuading investors and clients of its worth.	部分银行（特别是高盛(Goldman Sachs)已经认识到，不能成功应对这项挑战从长远来看可能给自己带来的损害。高盛刚刚完成了对其业务惯例的评估，以期说服投资者和客户相信其价值。
But Goldman and others still hope to have their cake and eat it – to reduce their leverage, eliminate their most awkward conflicts of interest, and still to restore profitability to the elevated levels of 2007. They also aspire to be rewarded by investors with higher ratings for their depressed shares.	但高盛和其他投行仍希望有大蛋糕可吃——他们既想减轻负债，消除最令他们尴尬的利益冲突，还希望利润率能恢复到2007年时的较高水平。他们也渴望自身低迷的股票能够被上调评级，从而受到投资者嘉赏。
The reality is that this will be hard, if not impossible, to achieve. For a time following the 2008 crisis, banks’ trading divisions made windfall profits as interest rates fell and they enjoyed explicit subsidies from the state. But long-term rates are rising, imposing pressures on revenues.	现实是，要实现上述目标即使不是完全无望，也将困难重重。2008年危机过后的一段时期，由于利率下跌，银行的交易部门大发横财，而它们同时还享受着**的公然补贴。然而，目前长期利率正在上升，给营收带来了压力。
In 2011, banks will be tested by the “new normal”. Instead of being able to offset a squeeze on margins with higher leverage and a rush into complex credit derivatives, they will have to operate in straitened circumstances, under tighter and more intrusive global regulatory oversight.	2011年，银行将受到“新常态”的考验。他们非但不能借助增加负债和大举使用复杂的信用衍生品来抵消利润率所受的挤压，而且必须在限制重重的环境中，在更严厉和更具干预性的全球监管下运营。
The Dodd-Frank Act, which contains a raft of new rules and restrictions, will start to bite next year. Some Wall Street banks have already shed proprietary trading desks in response, and many over-the-counter derivatives will be pushed on to exchanges, taking away fat profit margins.	明年，包含大量新规戒律的《多德-弗兰克法案》(Dodd-Frank Act)将开始生效。部分华尔街银行已作出反应，剥离了自营交易部门，许多场外衍生品也将被纳入交易所，从而削弱银行丰硕的利润率。
Meanwhile, European countries such as Ireland are struggling to refinance the public debt burden brought on by past bank bail-outs. In those circumstances, it is not surprising that higher taxes on banks and bankers’ bonuses enjoy strong public support.	与此同时，爱尔兰等欧洲国家正在艰难地为之前银行纾困造成的公共债务负担进行再融资。在这种形势下，对银行和银行家奖金增税会受到民众的热烈支持也就不足为奇了。
Above all, regulators do not want to be fooled again. The deregulatory consensus of the 1990s and 2000s has given way to a more stringent approach that is bound to last for several years. Memories are often short in financial markets but those of 2008 will take some time to fade.	最重要的是，监管者不想再被愚弄。上世纪90年代至本世纪头十年间的“去监管化”共识，已经让位于更严厉的方式，在未来若干年内都不会改变。金融市场向来善忘，但2008年留下的记忆不会那么快就消退。
In policy terms, there is no reason why the financial services industry need occupy such a prominent role as in recent history. Adair Turner, chairman of the UK’s Financial Services Authority, has raised appropriate questions about the usefulness of the explosion of financial innovation.	在政策方面，金融服务业没有理由继续保持近期历史上占据的那种显赫地位。英国金融服务管理局(FSA)主席阿戴尔•特纳(Adair Turner)对海量金融创新的有用性提出了适当的质疑。
Banks need to adjust to this combination of regulatory and financial pressure. They must demonstrate to a broad constituency – beyond their own employees and investors – that they do a useful job. Retail banks can achieve that by starting to loosen their tight restrictions on mortgages and small business loans.	银行必须适应这种来自监管和财务的双重压力。除了自己的员工和投资者，他们也必须向广大选民证明：自己做的是有用的工作。要达到这一目的，零售银行不妨开始放宽在按揭和小企业贷款方面的严格限制。
For Wall Street, it will be harder to restore legitimacy. Although investment banks oil the wheels of global trade and help multinationals to operate, the average taxpayer still wonders what they are there for. Unless they can demonstrate a good answer, they will remain popular villains.	而华尔街要恢复合法性将会更加困难。虽说投资银行对全球贸易车轮有着润滑作用，并为跨国公司的经营提供了一臂之力，但普通纳税人仍然不明白他们有什么用处。除非他们能拿出一个漂亮的答案，否则他们仍将是“公认的恶棍”。
The challenge is to adjust gracefully to being more modest and transparent businesses. Their employees may not enjoy it but that is their best hope.	挑战在于如何有条不紊地转型，变得更加谦逊和透明。他们的员工或许会觉得不痛快，但这是他们最有希望的出路。

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关键词：中英文对照 中英文 华尔街 Restrictions Implications 中英文 华尔街 社评