PBS高端访谈:小企业在当地银行破产的困境时离开

 　　RICK KARR: Jesse Morreale has a lot of experience buying run-down buildings in edgy¹ neighborhoods, fixing them up, and opening bars, restaurants and clubs in them. It's his business model and his passion.

　　JESSE MORREALE: I see, for instance, a building like this as an opportunity to contribute something to the community in addition to myself. As the businesses around me are growing and being more successful, my businesses are more successful. This is basic economics.

　　RICK KARR: Morreale's been lauded² by the City of Denver for helping³ to revive a few neighborhoods there. He started out rehabbing old theaters when he was a concert promoter. That's when I first interviewed him. He bought this building in 2008 and opened a couple of restaurants on the ground floor. He dreamed of converting the upper floors into a luxury hotel. But as the restaurants started to attract crowds the hotel project ran into trouble with city inspectors⁴ and his business plan derailed.

　　RICK KARR: Your company was wounded, but was it a mortal wound, in your opinion?

　　JESSE MORREALE: Absolutely not. It was a distress⁵ period. Manageable issues, curable issues.

　　RICK KARR: One reason Morreale was optimistic was the relationship he had with his bank. FirsTier Bank had provided most of the financing for the hotel. It was small, so its top executives got involved and it was local, so they knew the area. The bank gave him millions of dollars in loans. He gave the bank all of his business: credit card transactions, checking accounts, everything. Morreale thought of his bankers almost like they were his partners.

　　JESSE MORREALE: If we had a cash flow problem, I would go and talk to the bank president, right? And they would be accommodating to that because they had a vested interest in making sure that the small business and their customer was successful.

　　GEORGE BAILEY "IT'S A WONDERFUL LIFE": Remember last year when things weren't going so well and you couldn't make your payments? Well, you didn't lose your house, did you? You think Potter would have let you keep it?"

　　RICK KARR: It was the way George Bailey did business in the film "It's a Wonderful Life"- old-fashioned, personal banking⁶. So when Morreale went to FirsTier to talk about a loan modification⁷, to defer⁸ payments for a few months so he could take care of the building problem and get the business back on track, the bank had incentives¹⁰ to be flexible. At least it did until the financial crisis hit and FirsTier Bank failed. Hundreds of banks went under during the financial crisis and of business owners like Jesse Morreale lost the bankers they'd been doing business with in some cases for years. They found themselves dealing¹¹ with strangers who didn't have a vested interest in making sure they were successful.

　　RICK KARR: On a Friday night in January of 2011, Morreale learned that regulators had shut down FirsTier, and the Federal Deposit Insurance Corporation had taken over.

　　JESSE MORREALE: And from that day on, it was a nightmare. And for a while we had employees who couldn't cash their paychecks. It was a mess.

　　RICK KARR: Meanwhile, Morreale was getting letters about the loan for the hotel project from the FDIC and others – each one left him with a different impression of who was in charge of the loan he had been trying to modify.

　　JESSE MORREALE: We didn't know who to write the checks to. They changed the addresses you sent them to. They change everything. And each and every time we would have to go through this fire drill with getting things like insurance certificates changed to reflect these new people. And each time that would cost us money.

　　RICK KARR: By now the FDIC was trying to figure out what to do with FirsTier's assets, including Morreale's loan.

　　BRET EDWARDS: We have a statutory obligation to maximize the value of these assets.

　　RICK KARR: Bret Edwards runs the FDIC's division that handles the assets of failed banks. He says because there were so many loans to handle during the crisis and to try to maximize what the agency could get for them, he and his team turned to the private sector¹², including hedge funds and real estate firms. They became the FDIC's partners on more than twenty-six billion dollars worth of loans. The agency and the firms split the money that comes in from the loans. The firms also get paid management fees because they collect payments, chase down deadbeats, and deal with modification requests like Morreale's.

　　BRET EDWARDS: We are trying to get out of their way so that they can do what they're best at doing.

　　RICK KARR: A firm called Sabal Financial is one of the FDIC's partners in Jesse Morreale's loan. CEO Pat Jackson says his firm doesn't do business like a bank.

　　PAT JACKSON: I don't have a regulator looking over my shoulder saying, "Hey, you've gotta do it this way or that way or this way."

　　RICK KARR: Does that mean that you can be a little bit more aggressive with borrowers than a bank, a regulated bank could?

　　PAT JACKSON: Banks in general still look at their borrowers that, "I have a relationship. I'm a community bank." And they take a different point of view about collections than perhaps we would. We're simply looking at the value of the collateral¹³, the ability of the borrower to pay, and that's that simple.

　　RICK KARR: Firms like Jackson's have only one incentive⁹: to maximize the amount of money they make. Morreale believes that gave Sabal and its partner Oaktree Capital incentive to foreclose on the hotel building he'd put up as collateral against his loan. The blocks around his building have gentrified and become a nightlife strip. He also alleges¹⁴ in an affidavit¹⁵ filed in Colorado court that the firms misled him and instructed him to stop making payments on the loan.

　　JESSE MORREALE: They said that basically the loans needed to be in default to have their decision-makers pay attention to a modification request. So we let the loans go into default at their suggestion.

　　RICK KARR: Did any alarm bells go off in you at that point?

　　JESSE MORREALE: They told me that I was in a deferral¹⁶ period. And that was evidenced by the fact that they weren't sending me any loan statements. They weren't sending me invoices¹⁷. And I trusted them, which was a mistake.

　　RICK KARR: Is that something that happens? That you actually have to advise people to get behind on their loans?

　　PAT JACKSON: No. I mean, certainly not. I mean, if we have a borrower that's coming to us saying, "Hey, I've got problems. I need to work with you." We're gonna work with them to try to find the best overall outcome.

　　RICK KARR: Jackson alleges that Morreale made unacceptably low offers to settle his debt. Morreale alleges that Jackson and his colleagues wouldn't negotiate in good faith. As the battle escalated¹⁸. Morreale turned for help to the FDIC. The agency has enforcement power over the financial firms like Sabal and Oatkree Capital that it partners with. The FDIC's Brett Edwards wants borrowers to come to him if they have complaints.

　　BRET EDWARDS: Because we wanna hear about it, we wanna investigate it. I'll tell you there're a lot of controls we have in place. We do annual audits¹⁹, we do site visits. We thoroughly²⁰ investigate all complaints.

　　RICK KARR: But when Morreale wrote at least two letters to the FDIC detailing his concerns and made dozens of phone calls to the agency, the FDIC replied that there was nothing it could do. And its investigation²¹ consisted of contacting one of the companies Morreale alleges is trying to grab his property. We pressed to find out more from the FDIC during a conference call.

　　RICK KARR: We got all the parties' permission to record the call. Here's how the FDIC's Brett Edwards got it started:

　　BRET EDWARDS: Rick and Hannah, thanks for doing this. And I'm gonna turn it over to Pat, and he can get into the actual details of this particular credit situation. Thank you.

　　RICK KARR: He turned the call over to Pat – as in Pat Jackson of Sabal Financial. All of the details about the case we learned during that call came from Pat Jackson. The FDIC didn't provide any specific information.

　　RICK KARR: There's no way to know how many businesses may be in Morreale's situation because nobody's keeping track. There's at least one other business in Denver. When Sabal filed to foreclose on its property, it laid off dozens of employees. Other business owners testified before the House Financial Services Committee. Jesse Morreale's business is in bankruptcy²² court.

　　RICK KARR: Is that the collateral damage of 2008 and the financial meltdown?

　　BRET EDWARDS: I think what the FDIC's view on that would be is we've tried to do as good a job as we can, given our statutory mandate²³, to make this work for everybody. But I think the concept that this could've been a painless exercise, it's probably just not gonna happen.

　　RICK KARR: As you've already said, even before the FDIC's involvement here, there were issues. Some people might look at this and say, "It's Jesse's fault. It's not Oaktree's fault. Oaktree's just doing what they do.

　　JESSE MORREALE: The businesses wouldn't be here without me. I build things. These people don't build anything. They're out there taking things from people that other people have built.

　　RICK KARR: Is this the FDIC's fault? Is this Oaktree's fault? Is this Sabal's fault?

　　JESSE MORREALE: I think it is a combination of the FDIC and Oaktree Capital and Sabal. This is the ultimate display of avarice²⁴ without conscience, without consequence. And that's a result of the FDIC failing to appropriately oversee²⁵ their partner. Fundamentally, if this is how the FDIC is protecting us, I don't need these kinds of protections.

　　RICK KARR: It's now up to a Federal bankruptcy judge to decide whether Jesse Morreale keeps the building or loses it to the hedge fund and real estate firm. That ruling's expected on May 15th.

1 edgy   

adj.不安的；易怒的

参考例句：

• She's been a bit edgy lately,waiting for the exam results.她正在等待考试结果，所以最近有些焦躁不安。
• He was nervous and edgy, still chain-smoking.他紧张不安，还在一根接一根地抽着烟。

2 lauded   

v.称赞，赞美( laud的过去式和过去分词 )

参考例句：

• They lauded the former president as a hero. 他们颂扬前总统为英雄。 来自辞典例句
• The nervy feats of the mountaineers were lauded. 登山者有勇气的壮举受到赞美。 来自辞典例句

3 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

4 inspectors   

n.检查员( inspector的名词复数 )；（英国公共汽车或火车上的）查票员；（警察）巡官；检阅官

参考例句：

• They got into the school in the guise of inspectors. 他们假装成视察员进了学校。 来自《简明英汉词典》
• Inspectors checked that there was adequate ventilation. 检查员已检查过，通风良好。 来自《简明英汉词典》

5 distress   

n.苦恼，痛苦，不舒适；不幸；vt.使悲痛

参考例句：

• Nothing could alleviate his distress.什么都不能减轻他的痛苦。
• Please don't distress yourself.请你不要忧愁了。

6 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

7 modification   

n.修改，改进，缓和，减轻

参考例句：

• The law,in its present form,is unjust;it needs modification.现行的法律是不公正的，它需要修改。
• The design requires considerable modification.这个设计需要作大的修改。

8 defer   

vt.推迟，拖延；vi.(to)遵从，听从，服从

参考例句：

• We wish to defer our decision until next week.我们希望推迟到下星期再作出决定。
• We will defer to whatever the committee decides.我们遵从委员会作出的任何决定。

9 incentive   

n.刺激；动力；鼓励；诱因；动机

参考例句：

• Money is still a major incentive in most occupations.在许多职业中，钱仍是主要的鼓励因素。
• He hasn't much incentive to work hard.他没有努力工作的动机。

10 incentives   

激励某人做某事的事物( incentive的名词复数 )； 刺激； 诱因； 动机

参考例句：

• tax incentives to encourage savings 鼓励储蓄的税收措施
• Furthermore, subsidies provide incentives only for investments in equipment. 更有甚者，提供津贴仅是为鼓励增添设备的投资。 来自英汉非文学 - 环境法 - 环境法

11 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 collateral   

adj.平行的；旁系的；n.担保品

参考例句：

• Many people use personal assets as collateral for small business loans.很多人把个人财产用作小额商业贷款的抵押品。
• Most people here cannot borrow from banks because they lack collateral.由于拿不出东西作为抵押，这里大部分人无法从银行贷款。

14 alleges   

断言，宣称，辩解( allege的第三人称单数 )

参考例句：

• The newspaper article alleges that the mayor is corrupt. 报纸上断言该市长腐败。
• Steven was tardy this morning and alleges that his bus was late. 史提芬今天早上迟到的说词是公车误点了。

15 affidavit   

n.宣誓书

参考例句：

• I gave an affidavit to the judge about the accident I witnessed.我向法官提交了一份关于我目击的事故的证词。
• The affidavit was formally read to the court.书面证词正式向出席法庭的人宣读了。

16 deferral   

n.延期，缓役

参考例句：

• It also calls for the deferral of a share of bonuses. 协议还要求一部分奖金延期发放。 来自互联网
• Even implementing the interest-deferral scheme for homeowners has proved inconveniently tricky. 甚至是对房主实行的推迟利息的方案，结果证明也是极不方便的。 来自互联网

17 invoices   

发票( invoice的名词复数 )； （发货或服务）费用清单； 清单上货物的装运； 货物的托运

参考例句：

• Take the example of a purchasing clerk keying invoices into a system. 继续说录入员输入发票的例子，这个录入员是一个全职的数据输入人员。 来自About Face 3交互设计精髓
• Consular invoices are declarations made at the consulate of the importing country. 领事发票是进口国领事馆签发的一种申报书。

18 escalated   

v.（使）逐步升级( escalate的过去式和过去分词 )；（使）逐步扩大；（使）更高；（使）更大

参考例句：

• The fighting escalated into a full-scale war. 这场交战逐步扩大为全面战争。
• The demonstration escalated into a pitched battle with the police. 示威逐步升级，演变成了一场同警察的混战。

19 audits   

n.审计，查账( audit的名词复数 )v.审计，查账( audit的第三人称单数 )

参考例句：

• Requires that use of all bond funds is subject to independent audits. 需要使用的所有债券基金是受独立审计。 来自互联网
• Support the locations during customer-visits, audits and quality-improvement programs. 支持客户参观，稽核和提高品质等项目。 来自互联网

20 thoroughly   

adv.完全地，彻底地，十足地

参考例句：

• The soil must be thoroughly turned over before planting.一定要先把土地深翻一遍再下种。
• The soldiers have been thoroughly instructed in the care of their weapons.士兵们都系统地接受过保护武器的训练。

21 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

22 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

23 mandate   

n.托管地；命令，指示

参考例句：

• The President had a clear mandate to end the war.总统得到明确的授权结束那场战争。
• The General Election gave him no such mandate.大选并未授予他这种权力。

24 avarice   

n.贪婪；贪心

参考例句：

• Avarice is the bane to happiness.贪婪是损毁幸福的祸根。
• Their avarice knows no bounds and you can never satisfy them.他们贪得无厌，你永远无法满足他们。

25 oversee   

vt.监督，管理

参考例句：

• Soldiers oversee the food handouts.士兵们看管着救济食品。
• Use a surveyor or architect to oversee and inspect the different stages of the work.请一位房产检视员或建筑师来监督并检查不同阶段的工作。