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Merrill’s Peril
美林证券的危机

DOBBS
Congress today took aim at Merrill Lynch and its relationship with Enron. Investigators say Merrill replaced one of its analysts because he was too negative on Enron. That analyst told MONNEYLING today that there was always pressure to be positive toward investment banking clients of any kind. Greg Clarkin has our story.
道比斯
今天,美国国会盯上了美林和安然的关系。调查人员称,美林撤换了公司内部一个证券分析师,因为他对安然持负面态度。这个分析师今天向《钱线》栏目透露,任何时候都存在着对于投资银行的客户保持正面态度的压力。格雷格·克拉金对此进行报道。


Greg Clarkin, CNN Financial Correspondent
Meet Merrilll Lynch’s newest worst nightmare, long-time energy analyst John Olson. He was negative on Enron during its boom days. Merrill’s bankers complained saying he was costing them big bucks in banking fees. Shortly after, Olson was gone.
On Capitol Hill, Merrill officials denied Olson was let go because of his negative stand on Enron, saying he was cut as part of a downsizing. But Olson said everyone knew his negative view on Enron was hurting Merrill’s banking business. Enron’s CEO sent that message.
格雷格·克拉金,CNN财经特派记者
这是美林最近碰到的噩梦——资深能源分析师约翰·奥尔森。他在安然鼎盛时期就对其有负面评价。美林银行家抱怨说,奥尔森的评价使他们失去了大笔客户佣金。不久,奥尔森就走人了。
在美国国会,美林的官员们否认奥尔森是因为不看好安然而被解职的。他们说他只是因为机构缩编而被裁员的。但是奥尔森称,所有人都明白他对安然所持的负面态度损害了美林的银行业务。安然CEO曾表露过此类信息。


John Olson
At one point, Ken Lay mentioned to me very clearly sending a message, he said we are for our friends and our friends have strong buy recommendations.
约翰·奥尔森
肯·雷曾经向我明确表示,我们是为了朋友,我们的朋友都有强烈的“购入”建议。

Clarkin
The series of events surrounding Olson’s departure from Merrill are compelling. July 1997: Olson cuts his rating on Enron to neutral. The following April, Merrill bankers e-mail Merrill’s president, complaining about being shut out of an Enron stock offering. Merrill banker Skyleer Tilney says John has not beben a real supporter of the company. He says Enron wants to send a message about “ho viscerally its senior management feels about our research effort.” Four months later, Olson is gone. Five months after that, in another e-mail to Merrill’s president, the bankers tell him his responsive message was appreciated by Enron, and any animosity in that regard seems to have dissipated. Olson maintained his negative stand on Enron during the period, and says he was never contacted by Merrill executives or bankers. But he did feel the pressure nonetheless.
克拉金
围绕奥尔森从美林离职的这一系列事件引人注目。1997年7月,奥尔森评估安然时把其降为“中等”。次年4月,美林银行家向总裁发了一封电子邮件,抱怨说安然股票发行计划没有他们的份儿。斯凯乐·迪尔尼说,约翰和公司不是一条心。他说,安然想要表达“它的高层官员对我们的研究工作作何感想”。4个月后,奥尔森就离职了。5个月后,银行家又给总裁发了一封电子邮件,信中提到他作出的回应很为安然所欣赏,就此事产生的不快已烟消云散。在此期间,奥尔森仍然坚持他对安然的负面立场。他说,虽然没有美林高层或者银行家直接接触过他,但是他仍然感到了压力的存在。


Olson
There was always the pressure to be positive toward investment banking clients. And that was, I think, implicit in the organization at the time. There was big bull market and everybody was trying to do their thing.
奥尔森
始终有股压力强迫你对任何投资银行的客户保持正面的态度。我认为,当时这在那个公司中是不可能明说的。那时投市牛气冲天,每个人都想“大干一场”。


Clarkin
And part of that thing meant big banking fees. In that last e-mail to Merrill’s president, the bankers say they’re back in the good graces of Enron, and that Enron has awarded them two new pieces of business, business that could bring Merrill fees of up to $50 million.
克拉金
“大干一场”意味着行佣金。银行家在给美林总裁的最后一封电子邮件中表示,他们又重新获得安然的照顾。安然奖励他们两桩生意,能给美林带来多达5000万美元的佣金。

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