【英文报刊翻译090324】金融海啸中的AIG该何去何从?

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In a state
糟！

Despite another rescue for AIG, problems at the state-owned insurer weigh heavily on the markets
尽管再度对AIG援以救助，但这家国有保险商依旧问题重重

AT EACH lurch downwards in the financial crisis, American International Group (AIG) has played an infamous starring role. Yet again, as the Dow Jones Industrial Average closed below 6,800 on Monday March 2nd, its lowest level in almost 12 years the company deemed to be too big to fail has proven almost too big to rescue.

此次金融危机中的每次市场下行，AIG都扮有臭名昭著的角色。随着道琼斯工业平均指数在3月2日收于近乎12年新低的6800点以下，这家被认作是大到不会倒的公司再一次被证明是几乎大到无药可救。

Once the world's largest insurer, now AIG is in the record books for all the wrong reasons. On Monday it revealed the biggest quarterly loss of any company in American history, at $61.7 billion, down from a loss of $5.3 billion in the fourth quarter of 2007. Much of the red ink stemmed from misplaced bets in the credit-derivatives markets; what it called "market-disruption related" lost the insurer $25.9 billion, which is more than the combined losses in the fourth quarter of both Merrill Lynch and Citigroup, two of America's biggest banking casualties.

曾经为世界上最大保险公司的AIG目前正列在所有错误原因的记录上。星期一，AIG披露了美国历史上任何公司都未有过的最大单季损失，达到617亿美金，比起公司在2007年第四季度的53亿美金损失又滑了一大截。大多数损失都缘起在信贷衍生品市场错误投下的赌注。被称作是"市场破坏相关"损失达到259 亿美金，这一项比美国最大的银行输家美林和花旗在第四季度加起来的损失数额都要大。

AIG's losses, though shockingly large, could have been worse. Its problems mainly stem from the insurance coverage it provided to banks on devilishly complex structured products. According to CreditSights, a research firm, the loss of value in these so-called super senior credit-default swaps (CDSs), as well as the company's operating businesses, was no worse than expected.

尽管AIG的损失已很巨大，但是事情本来还有可能变得更糟。AIG的问题主要源自于公司向各银行结构极度复杂的产品提供的保险。按照调研公司 CreditSights的研究表明，公司持有的这些所谓超高级信贷违约掉期的贬值以及在公司自己经营的业务上的损失并没有超出预计。

But the results had threatened to trigger a downgrade by the credit-rating agencies, which would have required AIG to post billions of dollars more of collateral to back its CDS exposures. This provoked another of those feverish weekends at the Treasury and the Federal Reserve that were so prominent in the closing months of the Bush administration, as the authorities scrambled to find a new way out for AIG.

The upshot was the firm's fourth bail-out. The Fed first threw it an $85 billion lifeline in September and took a 79.9% stake in the company in return. The announcement, issued on the same day as the fourth-quarter earnings, marks quite a substantial softening of the terms of that rescue package, as well as providing up to $30 billion in new capital. It removes the coupon on $40 billion of government equity injected into AIG in November and lowers the interest rate on the Fed's credit line. While the new plan pacifies the credit-rating agencies for the moment, and provides some solace to AIG's creditors and counterparties, it provides little reason for taxpayers to hope that much of the cost of this colossal bail-out-by far the biggest so far in the crisis-will be recouped.

此次救助的结果是对AIG公司进行第四次注资。联邦政府一再去年九月份向公司扔出了850亿美金的救命索，作为代价，政府持有公司79.9%的股权。于第四季度收益公布同时发布的公告大大弱化了救援计划的条件，同时对新注入的300亿美金资本亦是如此。此次援助取消了去年11月份向AIG注入的400亿美金权益资本的利息偿付，同时降低了联储提供的信贷额度的利率水平。虽然新的救援计划缓和了此刻信贷评级机构的动作，同时也一定程度的缓和了AIG债权人和公司的合约对方，但是至于多数的资金（目前为止，此笔资金是当前经济危机下注入的最大一笔）会否得到偿还，纳税人很难找到希望的理由。

AIG's tide of red ink makes the record so far of government support for stricken financial institutions, albeit one that bridges two administrations, even more depressing. Messy rescues of Citigroup and Bank of America have failed to staunch their losses. Fannie Mae and Freddie Mac, the two giant mortgage agencies that are also wards of the state, have continued to bleed. Fannie last week reported a $25.2 billion fourth-quarter loss. Freddie expects to seek up to another $35 billion in public funds when it announces results shortly that are expected to be disastrous. On Monday David Moffett, its chief executive, resigned six months after the government had given him the job. It was yet another reminder that problems for big financial firms continue to get worse even when they are wrapped in the forgiving arms of the state.

尽管对AIG的救助跨越两届政府，但是AIG的巨额损失使得政府目前为止对金融机构的救助（成效）记录更加令人沮丧。对花旗及美银的混杂救助并没有止住它们的损失。同为国家收容的两家抵押贷款机构房利美与房地美公司也继续下行。房利美公司上周报告了252亿美金的第四季度损失。房地美则预测在即将公布第四季度损益时（预计亏损巨大），将要寻求另外350亿美金的公共基金。在受政府指定而接掌房地美6个月之后，首席执行官大卫•莫弗特（David Moffett）在周一辞去了执行官一职。而这只不过是再一次敲响了金融企业继续恶化的警钟 - 即便是当这些公司被政府宽容地收于自己臂腕之下的情况下。

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