Reporter: Not a significant number of people of great wealth coming and saying, ‘Tm worried about Citibank, I’ve seen the stock collapse, and we better get our deposits out of there?”
记者：并没有多少富人过来说：“我们 为花旗感到担忧，因为看到了股票的 崩溃，我们最好将在花旗的储蓄都取出？”
Vikram Pandit: That’s right. That’s right. And so，you know, from that perspective, again, with 300,000 people around the world knowing exactly the strength of the bank, we did a pretty good job of making sure we had informed our clients about the strength of Citi. So really, what could happen this coming week that we’re in? And it became pretty clear that this was something that was bigger than Citi. In the sense that...
潘迪特：是的，是这样的。另外，从这 个角度来说，世界上30万人都清楚地 了解我们银行的实力所在，我们确实也 在使顾客们对我们花旗保持信任的事情 上下了很大功夫。那么，这周到底还会 发生什么事情呢？很明显的，那个事情 要比花旗的事情大很多，从某种意义上 来说……
Reporter: What was it?
记者：是什么呢？
Vikram Pandit: In the sense that if it is about Citi— and it was really about the entire financial system. It was about confidence in the financial system. It was about stability of the financial system. It really was about the US banking system. And for Citi, we have a rather unique place. We，re in 109 countries around the world, and Citi’s strength is viewed to be America’s strength, in many ways.
潘迪特：如果那是关于花旗的，那它就 真正的关系到整个金融体系。这事关人 们对于整个金融体系的信心，事关金融 体系的稳定，这真的与美国的银行体系 有关。对于花旗来说，我们处于一个独 特的位置，我们在世界上的109个国家 都有分公司，从很多方面，花旗的力量 即被视为是美国的力量。
Reporter: OK, so you knew you had a crisis and a crisis of confidence that may go beyond Citibank and you had to do something. And it’s negotiated all over the weekend and it’s not decided until 12: 00 on Sunday night—I think—that is the report we have. How was it negotiated? Whose plan was it? Was this your plan? This plan for $306 billion in terms of after the initial loss—if there was an initial loss in some of these securities, you would cover the first $29 billion, and then after that, the government would cover 90 percent of the loss, and therefore you had a guarantee that the assets would be in a sense protected. And that instills confidence. You had $20 billion in terms of preferred took place as well. Was that your plan? Was that Geithner’s plan? Was that Paulson’s plan? How do those things happen?
记者：那么您知道，你们现在正面临一 场危机，并且也存在有人对于花旗的信 心危机的问题，所以你必须要做些什 么。事情在周末的时候得到协商，一直 到周曰晚上12点，事情才最终被决定 下来，这是我们所听到的报道。那么协 商将如何进行呢？那是谁的计划，是您 的计划吗？计划是针对于起初的亏损而 制定的3060亿美元，即如果一些有价 证券在开始的时候出现亏损，您将会弥补最初的290亿美元，在那之后，亏 损的90%将由政府买单，因此从某种 意义上来说，您保证了资金会受到保 护，那就逐渐使人们对此有了信心。 您还有200亿美元的资金用于首选的 —些情况，那是您的计划吗？是盖特 J纳的计划？还是保尔森的计划呢？那 些事情是怎么发生的？
Vikram Pandit: When you look at the announcement that came out—and it was a joint announcement by the FDIC, the Federal Reserve and the Treasury—it takes about Citi，but it also talks about a lot of different things. It talks about how all the regulators and the Treasury, everybody is going to stand behind the US financial system. And it was about making sure people understood that all measures, all resources available to us would be used to make sure there was not an issue of confidence in the US financial markets and the banking institutions of the US financial markets. That was to me the major part of the announcement. Obviously, given where we were at Citi, with where the stock price was，just an announcement, we would have been OK. I mean, it could have worked. The announcement might have been enough a week ago，two weeks ago, three weeks ago，but now that we’re here...
潘迪特：如果你看一下由美国联邦存款 保险公司、联邦储备系统和财政部共同 发布的公告，它是有关花旗集团的，也 是有关很多其他事情的。它谈到，所有 监管者和财政部每一个人都会成为金融 体系的后盾，它旨在确保人们明白美国 金融市场和银行体系等不存在缺乏信心 的问题，我们将会采取一切可以采取的 措施，利用一切可利用的资源来实现这 一目标。这对于我来说是这个公告最重 要的部分。很明显的，考虑到我们花旗 现在的境况，考虑到股票的价格，对于 那个公告我们都觉得能够接受。我的意 思是，那个公告也许会发挥它的作用， 它也许对于一周之前、两周之前、三周 之前的形势产生一定的作用，但是现在
Reporter: Some have said—many have said, and I think Bemanke has even mentioned this, not necessarily with respect to Citi—I don’t remember—some institutions are too big to fail. Clearly, as the world’s largest financial institution at one time, you were too big to fail. Is Citi too big to manage?
记者：有人说过，我想伯南克先生也曾 经提及过，一些机构太大了以至于不能 让他们破产，我记不太清楚了，他们指 的不一定就是花旗集团。很明显，一度 作为世界上最大的金融机构，花旗集团 太大了，它不能够破产。花旗集团会因 为规模太大而难以管理吗？
Vikram Pandit: You know, Charlie, the answer is no. It’s not too big to manage. Let’s talk a little bit about Citi. I mean, you are bringing up a question about Citi. What is unique about Citi? What is unique about Citi is that we’re in 109 institutions around the world. Which means we bring the world to our clients and we bring our clients to the world. We're helping the world globalize. It’s a very unique place to be, and probably exactly the place to be, given what’s happening around the world, globalization, trade flows, capital flows. With those 109 countries come the requirement to operate the company in exactly the right way. And what we’ve been doing and I’ve been doing over the last 11 months is saying, OK, that’s what we，re good at. We’re good at bringing the world to our clients and our clients to the world. And then you get back to saying that when I help my clients, I help them save...
潘迪特：查理，你知道答案是“不”， 它并不会因为大而难管理。让我们来谈 论一下关于花旗的情况。我的意思是，你提出了一个有关花旗的问题。花旗究 竟有什么独特之处呢？我们的独特之处 就在于在全世界拥有109个分公司，也 就是说，我们的客户来自于全世界，我 们也将客户带向全世界。我们在帮助世 界实现全球化，考虑到现在世界上所发 生的事情：全球化、贸易往来、资金流 通等，我们的确是有独特之处的。在那 109个国家中，人们要求公司能够以一种 非常准确的方式运行，而那就是我们在过 去的11个月的时间里所作的事情，我们 对此很擅长。我们擅长于将我们的客户带 向全世界，也擅长于从全世界发掘我们的 客户。然后你可以说，当我们帮助客户的 时候，我们帮助他们节省了……
Reporter: OK, but you are saying it’s not too big. Certain assets we had that we shouldn’t necessarily have had, whether it's insurance or whatever it might have been, but we’re going to clean it up. But the idea of being too big to manage is not an idea that you accept. Is that right? What’s your opinion about it?
记者：是的，但是你的意思是花旗并不是 —个很大的集团。也许我们拥有一些我们 并不应该拥有的资产，无论是保险还是什 么，但是我们会将其清除，但是说花旗太 大以至于不好管理的观念您并不能够接 受，是吗？您对此的看法是什么呢？
Vikram Pandit: It’s definitely not a company that’s too big to manage. It’s a company that is being refocused on its uniqueness. A company where we're slimming down, we’re simplifying, we’re getting it more efficient, and going back to our core purpose. And our core purpose is to be a bank. What does a bank do?
潘迪特：花旗绝不是一个大得难以管理 的公司，而只是重新着眼于它的独特之 处。我们进行公司楕简，使其效率更 高，然后再回到我们的中心目标上去。 我们的中心目标就是成为一家银行。银 行都要做些什么工作呢？
Reporter: It loans money.
记者：银行给人们提供贷款。
Vikram Pandit: It helps people save. It loans money to people that need it.
潘迪特：银行帮助人们节省资金，借钱 给需要的人们。
Reporter: And gives them a place for their deposits.
记者：并且为人们提供储蓄。
Vikram Pandit: Gives them a place for their-it takes deposits and put them to work. That’s what a bank does.
潘迪特：银行吸收人们的储蓄并且使它们发挥一定的作用。那就是银行的工作。
Reporter: Tell me what happened. How did you get to this place where you had so many obligations? There was a very tough piece by Eric Dash in The New York Times over the weekend, an exhaustive look at Citibank, and it basically painted the picture of a bank where risk management was not handled very well at all.
记者：告诉我都发生了些什么，您是怎 样做到如今负有重任的这样一个高位 的？根据埃里克?戴史周末时在《纽约 时报》中所说的，花旗集团现在处于非 常困难的时期，从审视的角度来看，其 风险管理并没有得到很好的处理。
Vikram Pandit: Charlie, go back again to what a bank does. A bank takes deposits and puts deposits to work, by lending money, et cetera. We learned historically that if you take deposits in Houston and put them in Houston real estate, it didn’t work 20 years ago. So, a good bank takes deposits from a diversified set of places and puts that money to work in a diversified set of risks. What went wrong? What went wrong is we had tremendous concentration, in the sense we put a lot of our money to work against US real estate. So, how we got here is we got here by lending money and putting money to work in the US real estate market.
潘迪特：查理，让我们再讨论一下银 行的职能所在。银行吸收存款，银行 借钱给人们使存款发挥其作用等等。 从历史来看我们知道，如果你在休斯 顿接受存款，并将存款用于休斯顿的 房地产行业中，20年之前那并不会发 挥什么作用。那么，一个好的银行能 够从各种各样的地方种吸收存款，并 !能够将存款投资于各式各样的风险 中。哪里出问题了呢？出问题的地方 在于我们有很多关注的焦点，那也就 I意味着我们将太多存款投资于美国房 地产以外的事业。所以我们之所以能够 做到今天这一步，是因为我们借钱给人 们，并且把资金应用于美国的房地产事 业之中。
Reporter: There’s no question about that, is there?
记者：那并没有什么问题，是吗？
Vikram Pandit: Well...
潘迪特：嗯……
Reporter: You said “probably”.
记者：您说的是“可能”。
Vikram Pandit: Results would show that’s kind of where we are.
潘迪特：最终的结果将会告诉我们到底 是怎样的。
Reporter: And that the role of risk management, which Warren Buffett said to me is the role of the CEO - that’s the man who has to be in charge of risk management. He’s right. And risk management at Citi seemed to have gotten out of control. Will you accept that?
记者：沃伦?巴菲特曾对我说il，风险管理 所扮演的角色就是首席执行官扮演的角色， 首席执行官也就是要进行风险管理的人。 他是正确的。花旗集团的风险管理似乎已 经不在掌控之内，您接受这个说法吗？
Vikram Pandit: I do consider... I do consider the role of the CEO as that of a risk manager. I’ll take that. And that is my role. I’m very clear about that.
潘迪特：我的确考虑过……我的确考虑过 首席执行官的任务就是要进行风险管理， 我也会接受，我很清楚那就是我的任务。
Reporter: You seem to be saying that it was—we shouldn’t—no one should have expected a better performance, because no one could have imagined the housing collapse that we saw in this country, correct? Is that what you are saying? Because it says that no one was to blame.
记者：您的意思是，人们不应该总是期 待有更好的表现，因为没有人曾料想过 我们今天所看到的房产业崩溃的现象， 是吗？您的意思是这个吗？我们不应该 将其归罪于任何人。
Vikram Pandit: What I’m saying is that when you look at the housing market, when you look at what has happened to housing prices over time, they’ve steadily gone up. And customers, consumers, the average person in the US has looked at their house as their bank. It’s where you collect equity, where you have your savings. And they started using them. And so yes, I think Wall Street, financial institutions went a little bit further, went to a point where they started encouraging people to use those savings. They went a little bit further in the sense of saying, OK, housing prices have really not dropped that much over the years; encourage them to buy more houses. Now, we’re not the first country that has gotten into this bubble. There’s a lot of different places that have gone into that.
潘迪特：我是说，当你看一下房地产 市场的时候，看一下房地产价格的变 化，你会发现房产价格一直在持续稳定 上升。而我们的顾客们，消费者，普通 的美国公民，开始将房产视为他们的银 行。那里才是他们收集普通股的地方， 那里才是他们放置储蓄的地方。然后 他们开始使用自己的房产。所以我想， 华尔街的金融机构做得确实有一些过 分，他们已经开始鼓励人们去利用那些 储蓄。他们说房地产的价格一直居高不 下，他们鼓励人们去买更多的房子，这 就有点儿过分了。现在，我们不是第一 个掉进这种泡沬中的国家，有很多的国 家也曾经经历过。
Reporter: Let me just come back to this question, though. I mean, Citibank had become much larger than the functions that you had talked about. Trading was a central part of this. And you look around, and all these functions were under this one institution.
记者：让我们还是回到这个问题上来， 我的意思是说，花旗现在的职能已经不 仅仅局限于你说的那些了。贸易就是其 中心部分，当你去进行调查的时候，你 会发现所有的职能都是在这个机构负责 的范围之内的。
Vikram Pandit: Yes, absolutely.
潘迪特：是的，绝对是这样的。