The FBI vs. the Hedge Fund | A Game of Poker | 1
发布时间 2022-03-15 07:01:00 来源
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It's the evening of November 8th, 2011, and BJ Kang is driving down a suburban street outside Boca Raton, Florida. Kang is an FBI agent with a short crew cut and a form fitting suit. As he drives through Southeast Florida, he gazes out at the palm trees, swaying in the warm evening breeze.
现在是2011年11月8日的晚上，BJ Kang正在佛罗里达州博卡拉顿市郊区的一条街上开车。Kang是一名FBI特工，头发理得很短，穿着合体的西装。当他开车穿过东南佛罗里达州时，他注视着棕榈树，在温暖的晚风中摇曳。
Tonight, Kang is over a thousand miles from his office in Manhattan. But he's not here on vacation. Kang and his partner at the FBI are looking for the home of a former Wall Street trader, named Matthew Martoma. A man they believe is guilty of financial crimes.
今晚，康是在曼哈顿办公室的一千多英里外。但他不是来度假的。康和他在联邦调查局的合作伙伴正在寻找前华尔街交易员马修·马托马的家。他们相信这个人有金融犯罪嫌疑。
Soon, Kang reaches a two-story mansion at the end of a cul-de-sac. It's built like some Spanish castle, the kind of place that comes with marble floors and an elevator.
不久之后，康格到达了一个死路尽头的两层豪宅。它建得像西班牙城堡一样，拥有大理石地板和电梯等物品。
And while Kang's never been inside, he already knows what the interior looks like. Because for five years, Kang has been investigating Martoma. He knows almost everything there is to know about the former trader.
康虽然从未进去过，但已经知道内部长什么样子。因为在过去的五年里，康一直在调查马托玛。他几乎了解这位前交易员的所有信息。
And what it all comes down to is that Martoma broke one of the most important rules on Wall Street. He engaged in insider trading, a crime that could send him to prison.
最终得出的结论是，马托玛违反了华尔街最重要的规则之一，从事内幕交易，这是一种可能让他坐牢的犯罪。
But tonight, Kang's not here to make an arrest. Because even though Martoma committed a felony, the former trader could play a key role in a much larger investigation.
但今晚，康不在这里进行逮捕。因为尽管马托马犯了重罪，这位前交易员可能会在一项更大的调查中发挥关键作用。
Kang is hoping that he can get Martoma to flip to rat out his old boss, a man named Stephen Cohen. Cohen is the biggest hedge fund trader in the United States, and he appears to be gaming the market, running an operation that profits off bribes and illegally acquired information.
康正在希望他能够说服马托马翻脸而背叛他的老板，一个叫斯蒂芬·科恩的人。科恩是美国最大的对冲基金交易员，他似乎正在操纵市场，运作一个利用贿赂和非法获取信息获利的实体。
And if Kang is successful, if he can pressure Martoma to admit the truth about his old boss, the FBI will be one step closer to bringing down Cohen's empire.
假如康先生能成功的话，他能迫使马托马老板承认真相，那麼FBI就会更接近于打倒Cohen的帝国了。
Kang opens the door to his rental car and steps out into the humid evening air. He and his partner approach the mansion's front door, and Kang straightens the lapels of his jacket.
康打开租来的车门，走出车外，感受着潮湿的夜晚空气。他和他的伴侣走向豪宅的前门，康整理了一下他夹克的翻领。
After ringing the doorbell, Kang waits. A minute passes with no answer. So he rings the doorbell again. It doesn't seem like anyone's home, but they've come too far to turn back now. So Kang and his partner stand on the front steps, waiting.
按门铃后，康格等待着。一分钟过去了，没有回应。于是他再次按了门铃。看起来似乎没有人在家，但他们已经走了太远，现在也无法回头。因此，康格和他的搭档站在前门台阶上等待着。
An hour passes. And Kang starts to feel himself losing patience. And then a car pulls into the driveway, and a man with short-cropped black hair steps out alongside his wife.
过了一个小时，康渐渐开始觉得自己有点失去耐心了。就在这时，一辆车驶来，一个剪短黑发的男人和他的妻子一同从车上走了下来。
"Can I help you?"
你需要帮忙吗？
"Yes, Mr. Martoma. I'm special agent BJ Kang. We're from the FBI. We'd like to speak with you about a former business associate, FBI. It's not really a good time."
是的，Martoma先生。我是特工BJ Kang。我们是来自联邦调查局的。我们想和您谈谈一个以前的商业伙伴，FBI。现在可能不是最好的时间。
"Mr. Martoma, I'm afraid I can't wait. We need to speak to you about something sensitive, and we should probably go somewhere private."
马朵马先生，恐怕我等不及了。我们需要跟您谈论一些敏感的问题，最好去一个私密的地方。
"What's this all about? We're here because you worked for SAC Capital from 2006 to 2010. That's correct, right?"
这到底是什么意思？我们在这里是因为你从2006年到2010年为SAC Capital工作。没错吧？
"Uh, yeah, that's right. I was a trader."
"嗯，是的，没错。我曾经是个交易员。"
"And you worked for Stephen Cohen in the firm's healthcare division."
你在该公司的医疗保健部门为Stephen Cohen工作过。
"Yeah, that's right, too. But that was a long time ago. I moved on from Cohen in SAC. So what is this about, really?"
是的，没错。但那是很久以前的事了。我已经离开了Cohen和SAC。那么这件事是关于什么的呢？
Kang exchanges looks with his partner. It's time to show his cards.
康与他的搭档交换了一下眼神，现在是展示他手牌的时候了。
"Mr. Martoma, we're here to talk about insider trading. We know about the Wyeth and Elon trades. We know you sold your shares just in time. Made a large profit. And we know your tips came from someone on the inside."
马托马先生，我们来谈谈内幕交易。我们知道您参与了Wyeth和Elon的交易，知道您恰好在最佳时机出售了股份并获得了巨额收益。我们还知道您的交易信息来自内部人士。
"What? No, I'm sorry. Could you just."
什么？不好意思，请您再说一遍。
Martoma leans against the doorway, suddenly looking fatigued.
马托玛靠在门口，突然看起来很疲倦。
"Mr. Martoma, are you okay?"
"Martoma 先生，你没事吧？"
"I'd like to sit down if I'm not, I'm not."
如果没关系的话，我想坐下。
But Martoma doesn't finish getting his words out. His eyes go glassy, and suddenly he faints and collapses.
但马托马没有说完他的话。他的眼睛变得呆滞，突然晕倒了。
"Mr. Martoma, Matthew, Matthew, can you hear me?" Kang tells his partner that they might need an ambulance. Martoma might have just suffered a stroke or a heart attack. And if he did, it's not just Martoma's life that's in danger. He could impair all Kang's entire investigation.
康告诉他的合作伙伴：“Martoma 先生，Matthew，你能听到我吗？”他们可能需要叫救护车，因为 Martoma 可能刚刚经历了中风或心脏病发作。如果是这样的话，不仅是 Martoma 的生命处于危险状态，而且他可能会影响到康的整个调查。
But just as his partner is about to dial for the ambulance, Kang notices Martoma's eyelids begin to flutter. Then they open and Kang smiles. His potential informant is going to be fine. He must have been overwhelmed with the accusation. His own body has all but admitted the truth. But Kang will be careful and further questioning. He can't have Martoma faint again.
当他的合作伙伴正准备打电话叫救护车时，康格注意到马托马的眼睑开始颤动。接着它们打开了，康格露出了微笑。他的潜在线人会没事的。他一定是被控诉吓倒了。他自己的身体几乎已经认了罪。但是康格要小心谨慎地进一步询问。他不能让马托马再晕倒了。
Still, if all goes according to plan, by the end of this evening, Kang will have more than enough information to go after Stephen Cohen, his head fund, SAC Capital, and the illegal financial empire they've built.
然而，如果一切按计划进行，到今天晚上结束时，康将会获得足够的信息来追究斯蒂芬·科恩以及他所领导的对冲基金公司SAC Capital和他们建立的非法金融帝国的责任。
From Wondery, I'm Lindsey Graham, and this is American scandal.
我是林赛·格雷厄姆，来自Wondery，这是美国丑闻。
The 1980s and 90s were a boom time for traders on Wall Street. Some investors grew staggeringly rich, and the American economy expanded at record base. In one firm, SAC Capital Advisors distinguished itself from the pack. Year after year, this hedge fund produced mesmerizing profits. Other investors on Wall Street couldn't figure out the secret behind the success at SAC, and how Stephen Cohen, the hedge fund's founder, became one of the most powerful men in finance.
上世纪80年代和90年代是沃尔街交易员的繁荣时期。一些投资者变得惊人的富有，美国经济也以创纪录的速度扩张。在其中一家公司中，SAC资本顾问公司从众多的竞争对手中脱颖而出。多年来，这个对冲基金获得了令人着迷的利润。其他沃尔街的投资者无法搞清楚SAC的成功秘诀，以及这家对冲基金的创始人斯蒂芬·科恩如何成为金融界最有权势的人之一。
But in a world where good intelligence can help produce huge returns, rumors began that Cohen had a network of insiders who traded him secret information, helping him become a billionaire multiple times over. Cohen's winning streak wouldn't last forever. The FBI and other government agencies began a year's long investigation into Cohen and insider trading, culminating with a series of high stakes trials. In the eyes of the public, it was a test to see whether Wall Street could actually be policed.
在一个好情报能帮助获得巨额回报的世界里，传言开始流传科恩有一群内幕人士向他交易秘密信息，帮助他成为亿万富翁。科恩的胜利纪录不可能永远持续。联邦调查局和其他政府机构开始进行长达一年的调查，调查科恩和内幕交易，最终以一系列高风险的审判告终。在公众眼中，这是一个测试看看华尔街是否能够被监管。
But before he faced off against the authorities, and before the world grappled with the huge power of hedge funds, Stephen Cohen was a young man with a talent for numbers and a burning desire to win.
在他面对当局之前，且在全世界应对对冲基金巨大的力量之前，Stephen Cohen是一个数学天赋异禀且渴望赢得胜利的年轻人。
This is Episode 1, a game of poker. It's the early 1970s and a humid day in Great Neck, New York. Stephen Cohen is about to head into his senior year of high school. But today, he stuck working a summer job, stocking shelves at the Bohak supermarket, and he asked to be on his feet for hours, going aisle to aisle, sticking price tags on cans of corn, boxes of cereal, and stacking them on the shelves.
这是第一集，一场扑克游戏。现在是1970年代早期，在纽约州的格里特内克，是一个潮湿的日子。史蒂芬·科恩即将进入他的高中毕业班级。但今天，他被困在了一个暑期工作中，要在Bohak超市里清货架，被要求整天站着，一个走道接一个走道地贴上玉米罐头的价格标签，麦片盒子，然后把它们堆放在货架上。
It's mind-numbing work, but it's not the worst job, because it gives Cohen time to think about the one thing that truly matters to him, winning at poker. As he stacks cans in his head, Cohen begins dealing imaginary hands of cards, trying to figure out how to win. For Cohen, there's nothing like poker. He loves to compute numbers and probability, and the thrill of getting it right is like an addiction.
这项工作看起来很枯燥，但并不是最糟糕的，因为它给了科恩思考真正重要的事情——在扑克中获胜的时间。当他在头脑中把罐子堆起来时，科恩开始发牌，尝试着弄清如何赢牌。对科恩而言，没有什么比扑克更好的了。他喜欢计算数字和概率，正确鉴别的快感就像一种瘾一样。
But Cohen also knows that he has a special gift. He can spot the other players' tells, the hidden language of the body, size, and frowns, nervous tapping on the table. And while he has a strong intuition, Cohen also knows that to win at poker, you need an informational edge. And that's why he keeps playing imaginary hands in his head, trying to game out all possible outcomes. Practice and probability make perfect.
可是科恩也知道自己有特殊的天赋。他能够发现其他选手的身体语言，体型和皱眉、桌子上紧张的敲打等隐藏的语言。虽然他有很强的直觉，但科恩知道赢得扑克，需要一个信息方面的优势。这就是他为什么会在脑海中玩虚拟的牌局，试图推算出所有可能的结果。实践和概率是达到完美的秘诀。
And that matters because tonight Cohen is going to meet with some of the neighborhood guys. They often stay up gambling until dawn. A lot of money gets exchanged, and Cohen wants to win as much of it as he possibly can. Cohen is playing through another imaginary hand in his head, when suddenly his train of thought is interrupted.
这很重要，因为今晚科恩将会和附近的一些家伙见面。他们经常熬夜赌博，直到天亮。很多钱被交换了，科恩想赢取尽可能多的钱。科恩正在头脑中虚构另一手牌，突然他的思路被打断了。
The floor manager of the grocery store appears in front of Cohen, wreaking of cigarette smoke. He grabs a price gun out of Cohen's hand, and with a look of frustration, he points out that the cans are mislabeled. Cohen got the price wrong.
杂货店楼面经理现身在科恩面前，浑身散发着烟味。他从科恩手中抢过一个价格枪，苦恼地指出罐头标签有误。科恩价格搞错了。
Cohen wins. It isn't like him to make a careless mistake like that. He tries to plate off, joking that his brain is a bit mushy after all the repetitive work. But the manager doesn't smile. Instead, he warns Cohen that he needs to be more careful, or he'll find he's out of a job. But Cohen laughs at the threat. Sounds like a bluff. The floor manager repeats himself though. Cohen cannot slip up.
科恩获胜了。他不会像那样犯粗心大意的错误。他试图糊弄过去，开玩笑说他的大脑在重复的工作后变得有些糊糊的。但经理并没有微笑。相反，他警告科恩需要更加小心，否则他会失业。但科恩对这一威胁笑了笑。听起来像是虚张声势。地面经理却不断重复着。科恩不能出差错。
It may seem like a matter of nickels and dimes, but it adds up to real money for the grocery store. Cohen is about to make another wise crack. But the floor manager turns and stalks off, leaving him alone with stacks of mispriced canned food. Cohen returns to work, knowing full well that the manager is right. Nickels and dimes do add up to real money, at least here in a place like Great Neck.
虽然看起来只是小钱小数额的问题，但对杂货店来说，这是真正的金钱。科恩正要开玩笑，但楼面经理转身离开，他只好留在一堆售价错误的罐头食品前。科恩回去工作，心里明白经理是对的。在像格雷特内克这样的地方，即使只是几毛几分的小钱，也会转化为真正的金钱。
Even when Cohen wins big at poker, he only takes home a few extra dollars, small amount of spending money. It's nothing life-changing. Like the kind of money Cohen knows, you can make across the river in Manhattan. Cohen starts slapping new price tags on each can of corn. But with his hands aching and his mind turning again to numbers, Cohen makes a promise to himself. He's going to get through this summer, and he's going to start and finish his senior year of high school. But then, he's going to find his way into Manhattan, and start playing for real money.
即使科恩在扑克牌游戏中赢得很大，他也只能带回一些额外的美元，仅仅是一点点零花钱。它不能改变他的生活。这种与上游的曼哈顿相比，科恩知道你可以赚到的钱是微不足道的。科恩开始给每罐玉米标上新价签。但是，手疼和思考数字后，科恩向自己许下了一个承诺。他会度过这个夏天，他要开始和完成他高中的毕业年级。但是接着，他会找到自己走向曼哈顿，开始赢取真正的钱。
This 1976, and Stephen Cohen crosses a busy street in downtown Philadelphia. He arrives in front of an office for Merrill Lynch, the financial services company. It's an unassuming building, but behind a large window is something that catches Cohen's eye, a stock ticker, a spitting out a list of today's stock prices on a ribbon paper. These days, Cohen is studying at the Wharton Business School at the University of Pennsylvania. He's working to get a degree in economics, hoping that this diploma would be a golden ticket into the world of business and finance.
在1976年，斯蒂芬·科恩穿越费城市中心繁忙的街道。他来到了美林证券公司的一间办公室前面。这是一座不引人瞩目的建筑，但是在一个大窗户后面有一件吸引科恩注意的东西——一台股票行情机，它在一条带纸上呼出今天的股票价格清单。这些日子里，科恩正在宾夕法尼亚大学沃顿商学院学习。他正在努力取得经济学学位，希望这个文凭能成为进入商业和金融界的金票。
But Cohen hasn't gone to a lecture in over a week. The papers, the historical case studies, none of it feels relevant, not when there's a real world out there, with real businesses and million dollar deals happening every day. So Cohen has let go of the idea of being a student. Instead, he's spending his nights playing poker at his fraternity house.
科恩已经一个星期没有去听讲座了。这些报纸，历史案例研究，似乎都不太相关，因为现实世界里每天都有真实的企业和数百万美元的交易。所以，科恩已经放弃了当学生的想法。相反，他把晚上花在了在他的联谊会里玩扑克。
During the day, Cohen studies the financial pages of the local newspaper. He watches companies like General Motors and Boeing as they rise and fall in value. And that's why he's standing outside the office for Merrill Lynch, watching the stock ticker. Earlier this morning, Cohen made some practice trades. He's pretending to buy and sell stocks. And now he waits to see whether his bets will pay off.
白天，科恩会研究当地报纸的财经版面。他会关注像通用汽车和波音这样的公司，因为它们的价值在上涨或下跌。这就是为什么他现在站在美林证券公司的办公室外，看着那个股票交易的显示器。今天早上，科恩进行了一些模拟交易。他假装买卖股票。现在，他在等待看看他的赌注是否有回报。
Cohen focuses on the stock symbols coming out of the machine. When out of the corner of his eye, he notices someone approaching, clean, shave, an older man in a suit. And steps in front of Cohen, tells him to move along. He's a broker with Merrill Lynch and the company can't have people loitering out front. The Cohen ignores a man, says he's not leaving. He's got as much right to learn about the New York Stock Exchange as the next guy.
科恩专注于从机器中出现的股票符号。突然，他的余光中瞥见一个干净、剃须的穿西装的老人朝他走来。他挡在科恩面前，让他离开。他是美林证券的经纪人，公司不能容忍人们在门口游荡。科恩无视了这个人，说他不会离开。他和其他人一样，有权学习纽约证券交易所的知识。
Cohen stares at the man, waiting for a reprimand. But his surprise, the broker just joins Cohen at the window, asking him how old he is, and where he goes to school. And before Cohen realizes it, he and the broker are talking like friends. Cohen explains that he's gotten good at reading the ticker tape. He can predict the way the prices will go based on figures like the stock's volume, the number of shares being traded.
科恩盯着那个人，等待着受到惩罚的指责。但是令他惊讶的是，那个经纪人只是加入到科恩身边的窗户旁，问他多大了，还有他在哪里学习。在科恩意识到之前，他和那个经纪人就像朋友一样交谈了起来。科恩解释说他已经擅长阅读股票行情表了。他可以根据股票的成交量、交易的股份数字等数据预测价格走势。
The broker smiles as he watches the ticker tape. And then he asks Cohen what he's watching for. Cohen's got his eye on an oil company. It was trading at 27.5, but Cohen believes it's about to lose value, slip a quarter percent or even more. The broker races a eyebrow. And then together at the two stair silently at the ticker tape, watching and waiting.
经纪人看着行情表笑了笑，然后问科恩他在关注什么。科恩正在关注一家石油公司，该公司的股价在27.5，但科恩认为它即将失去价值，下滑四分之一甚至更多。经纪人挑眉表示惊讶，然后两人默默地并肩立在楼梯旁，注视着行情表，等待着。
Soon, the stock he's been waiting for taps out of the ticker and Cohen leaps back with a grin. $27 even. He was right, the price dropped. The broker smiles and tells Cohen that he's impressive. But if Cohen really knows how to read the direction of the market, he should come inside and invest him money. It's an exciting time to get into the market if Cohen can stomach a little risk.
不久，他一直等待的股票从股市表中跑出来了，考恩满面笑容地回到了原处。27美元。他是对的，股价下跌了。经纪人微笑着告诉考恩他很厉害。但如果考恩真的知道如何研读市场趋势，他应该走进来投资。如果考恩能容忍一些风险，现在是进入市场的激动人心时刻。
Cohen pauses. He knows that risk goes both ways. You could lose big, but you could also win bigger. So Cohen makes up his mind. He'll take a risk. He'll invest real money. The stock market has always seemed just like poker on a larger scale. Now, if Cohen is as good as he thinks he is, there's no reason to be afraid of a little risk.
Cohen 停了一会儿。他知道风险双向存在。你可能会输得很惨，但也可能赢得更多。所以 Cohen 下定决心。他要冒险。他要投入真金白银。股市总给人感觉就像是一个更大规模的扑克游戏。现在，如果 Cohen 还像他自认为的那样优秀，那么没有理由害怕一点风险。
It's 1978 in Manhattan, two years after watching that ticker tape in front of the Merrill Lynch building. In the office of a Wall Street trading firm, Steven Cohen hangs up a phone. He scribbles a couple figures on a yellow note pad and takes a deep breath, gazing across the bustling office.
1978年，曼哈顿，看过在美林证券大楼前的那条纸带两年后。在一家华尔街交易公司的办公室里，史蒂文·科恩挂断电话。他在黄色笔记本上匆匆写下几个数字，深呼吸一口气，眺望熙熙攘攘的办公室。
All throughout the room, stock traders are barking orders into phones, pacing around their desks. The place is a pressure cooker, but for Cohen, it doesn't get much better than this. After graduating with a degree from the Wharton Business School, Cohen made the move he knew he was destined for. He got a job trading stocks on Wall Street. An old friend was running a department at a small firm called Gruntle & Company. And while it's not the most prestigious firm in New York, Cohen doesn't mind. It's his chance to begin making a name for himself as a trader.
整个房间里，股票交易员们如狂犬般对着电话大喊买卖指令，踱来踱去。这里是一个压力炸锅，但对于考恩来说，没有比这更好的了。从沃顿商学院毕业后，考恩就开始了他注定要走的路。他在华尔街当起了股票交易员。一个老朋友在一家名为Gruntle & Company的小公司中领导着一个部门。虽然这并不是纽约最负盛名的公司，但考恩并不在意。这是他展示自己作为交易员开始建立名声的机会。
Cohen isn't planning to wait. Today is his first day on the job, but has been given some tedious work. He's conducting trades that are both low risk and mindless. But Cohen's eager to start turning a real profit. And to prove to his boss and all the other traders that he's got what it takes, Cohen just took a big risk and used company money to make a few trades on the side.
科恩没有计划等待。今天是他上班的第一天，但被分配到一些枯燥无聊的工作。他正在进行低风险和机械化的交易。但科恩渴望开始获得真正的利润。为了向老板和其他交易商证明他有能力，科恩刚刚冒了很大的风险，使用公司的资金进行了一些额外的交易。
Cohen glances at the clock. It's 3.50 pm, 10 minutes to the closing bell. Cohen then turns back to the quote-on screen on his desk where quotes and prices dash across the screen, a river of green numbers and letters against a black background. Cohen needs the trades he made to swing in the right direction. Because if they do, he'll be up $12,000. But if he's wrong, he'll lose the company's money and probably his job.
科恩看了一眼时钟，发现现在是下午3点50分，还有10分钟就要收市了。然后他又转回桌上的行情屏幕，屏幕上不断闪过着报价和价格，黑色背景上呈现出一条绿色的数字和字母的河流。科恩需要他做出的交易朝着正确的方向转移，因为如果成功了，他就能赚到12000美元。但是如果他出错了，他就会亏损公司的钱，可能还会失去工作。
Cohen fidgets in his chair as the minutes tick down. As he reaches for a sip of coffee, he feels a tap on his shoulder. He turns to find his boss, Ron Azer, looming over his desk. Azer is a family friend and the reason Cohen has the job. Well right now, the look on his face is anything but friendly. He's scanning the numbers on Cohen's screen, Azer Snorrel's. And he reminds Cohen that employees aren't supposed to make side trades without authorization.
科恩坐在椅子上，不断地坐立不安，看着时间一分一秒地过去。他伸手拿起一口咖啡，突然感觉到肩膀上被轻轻拍了一下。他转过头，发现他的老板罗恩·阿泽正伫立在他的桌子前。阿泽是他的家庭朋友，也是他能够有这份工作的原因。但现在，从阿泽脸上的表情来看，显然不是来友好交流的。他正在审视科恩屏幕上的数字——阿泽·斯诺雷尔公司的数字。他提醒科恩，员工不应该在未经授权的情况下进行任何附属交易。
Cohen shrinks in his seat. He's about to offer a meek reply. But when he looks back up, he notices it's 4 o'clock. Trading has ended. And when Cohen glances at the figure on his screen, he becomes immediately clear. He just made $4,000. And probably, stands to make another $4,000 overnight.
科恩坐在椅子上缩了起来，他准备回答一个温和的回答。但当他抬起头时，他注意到已经是下午4点了，交易已经结束了。当科恩看着屏幕上的数字时，他立刻明白了。他刚赚了$4,000，而且很可能还能在过夜后再赚$4,000。
His boss sees the numbers too and shakes his head and disbelief. It's true Cohen broke the company's rules. But Azer isn't aware of any trader having made this much money on their first day. He doesn't know whether to congratulate Cohen or smack him in the head.
他的老板也看到了那些数字，非常不敢相信地摇着头。Cohen确实违反了公司的规定。但是Azer不知道有没有交易员在第一天就赚这么多钱。他不确定是该祝福Cohen还是给他一巴掌。
Cohen barely conceals a grin. And then he takes another risk asking his boss whether he can keep trading on the side. Azer pauses. Then nods. For now he says Cohen can keep it up. And if he continues to do well, soon enough he'll be done with the mindless tasks he was first assigned. But Cohen has to produce impressive results tomorrow, the next day and every day after. Cohen says that won't be a problem. And as his boss walks away, Cohen leans back and smiles. It only took him one day, but he's beginning to realize how this company works. And how Wall Street works. The only thing that matters is getting results. No one cares if you bend or even break the rules. As long as the money keeps rolling in.
科恩勉强掩饰着微笑。然后他冒险询问他的老板是否可以在业余时间继续交易。阿泽尔停了一下，然后点了点头。他说目前科恩可以继续下去。如果他继续表现良好，很快他就可以摆脱最初分配给他的无聊工作了。但科恩必须在明天、后天以及每天都要表现出色。科恩说那不是问题。当他的老板走远时，科恩仰靠在椅子上微笑着。他只用了一天的时间，但他开始意识到这家公司的运作方式，以及华尔街的运营方式。唯一重要的是取得成果，不管你弯曲甚至违反规定，只要资金不断涌入，没有人会在意。
It's 1985 in Manhattan several years later. Stephen Cohen is standing in front of a mirror, fixing his hair and straightening his tie. In just a few minutes he and his boss are going to sit down for what's sure to be a contentious discussion, a salary negotiation.
现在是1985年，曼哈顿，几年后的一天。斯蒂芬·科恩站在镜子前，整理他的头发，拉直他的领带。只需几分钟，他和他的老板就会坐下来进行一次肯定会引起争议的讨论，一次薪资谈判。
The conversation shouldn't come as a surprise. All around them Wall Street is booming, helped along by President Ronald Reagan's pro-business policies, and Cohen himself has continued to produce large profits for the firm. With all of his success, Cohen recently received a promotion, along with the responsibility of running his own trading division. Cohen is finally getting the control he's always wanted. But he also knows that a trader's value is measured by his salary. And it's about time that Cohen was properly compensated.
这个对话不应该让人感到惊讶。在华尔街，因为罗纳德·里根总统的亲商政策的帮助下，一切都在蓬勃发展，而科恩本人也一直为公司带来巨大的利润。凭借他的成功，科恩最近获得了晋升，并负责管理自己的交易部门。科恩终于得到了他一直想要的掌控权。但他也知道，交易员的价值是由他的薪水来衡量的。现在，是时候让科恩得到适当的补偿了。
Cohen enters the office and his boss Ron Azer looks up to greet him. Hey Steve, that's a nice tie. Ralph Lauren. I wish I could tell you my wife buys him. I just put him on. Well isn't that how it goes with guys like us. Focused on the markets, not men's wear. Anyways, come on in. You wanted to talk?
Cohen进入办公室，他的老板Ron Azer抬起头来迎接他。嘿Steve，那是一条很漂亮的领带。Ralph Lauren的。我希望我能告诉你它是我妻子买的。我只是把它戴上了。好吧，这不是我们这些男人的常态吗？专注于市场，而不是男装。无论如何，进来吧。你想谈什么？
Yeah Ron. To start out, I think we have a reason to celebrate. Things have been going really well with a new division.
嗯，Ron。首先，我认为我们有理由庆祝。新的部门的发展一切顺利。
Well that's great news. You know, I'm proud of you Steve. You're not even 30 years old. You're already in the boss' chair.
那可真是好消息。你知道吗，Steve，我为你感到骄傲。你还不到30岁就已经坐在老板的椅子上了。
Yeah, I'm happy. That's no question. But there is one thing. The new promotion is great, but the compensation is not.
嗯，我很开心。毋庸置疑。但有一件事。新的晋升很棒，但是补偿待遇不好。
Steve, you've got a more than generous package.
Steve，你的福利待遇非常丰厚。
Maybe. But I keep delivering money to the firm. I was thinking that I ought to take home 60% of profits from my division.
或许吧，但我一直都在向公司输送资金。我在想我应该把我部门的利润拿回家的百分之六十。
Azer's mouth falls open in surprise. Steve, last year you made $5 million.
阿泽尔惊讶地张大了嘴巴，“史蒂夫，去年你赚了500万美元！”
I want to make more.
我想赚更多钱。
I'm sorry, 60% is unheard of. You've got a good deal. You've complete autonomy. Half a dozen traders. You can hire and fire at will.
对不起，60%是不可想象的。你得到了一个好协议。你有完全的自主权。有六个交易员。你可以自由雇佣和解雇。
That's not enough. You know my contributions. No one else was doing mergers and IPOs before I started doing it. You know I deserve 60%.
那还不够呢。你知道我的贡献。在我开始做之前，没有人做并购和IPO。你知道我应该得到60%。
Steve, no one deserves anything.
史蒂夫，没有人应该得到任何东西。
Okay, fine. That's true. But I want you to think about my value. Information separates a good trade from a bad one. Now I get the information. My Rola Dex covers the entire United States. I'm the best trader in this firm. And I could take my talents and my Rola Dex elsewhere.
好的，没问题。这是真的。但是我希望你考虑我的价值。信息可以区分好的交易和不好的交易。现在我掌握了信息。我的联系人名单覆盖了整个美国。我是这个公司最优秀的交易员。我也可以带着我的才能和我的联系人名单去其他地方。
There's a long pause as Cohen's boss rubs a hand across his forehead. Alright, Steve. Um, I'll run it up the chain, okay?
科恩的领导人在额头上擦了擦手，沉默了很长一段时间。好吧，史蒂夫，我会向上级汇报的，好吗？
Okay. Good. And thank you.
好的。很好。谢谢你。
Cohen rises and heads to the door. But Steve, I want you to pay very close attention to Rule 10B5. Since you're so good at getting information.
柯恩站起身，走向门口。史蒂夫，我希望你非常注意10B5规则。因为你很擅长获取信息。
10B5?
请提供更多上下文，以便我能够正确理解你所说的句子并做出适当的翻译。
Yeah, I've read it. Look, you may think you're some kind of rock star, but you need to be careful with your sources. I don't want this company on the wrong side of an investigation.
是的，我读了它。听着，你可能认为自己是某种摇滚明星，但你需要小心你的信息来源。我不想让公司陷入调查的麻烦。
Oh, Ron, trust me. I'm always careful.
哦，罗恩，相信我。我总是很小心的。
Cohen turns, walked out of the office. He meant what he said. He is always careful. And he will protect the company from any kind of federal investigation. But Cohen now runs his own division. He's done taking orders. From here on out. He's going to play by his own rules.
科恩转身走出办公室。他说的话是认真的，因为他总是很谨慎。他将保护公司免受任何联邦调查的侵害。但现在，科恩运营自己的部门了。他不再接受命令。从今以后，他将按照自己的规则行事。
Today, Hawaii is renowned as America's Pacific Island Paradise. But its journey from independent kingdom to US state was fraught with power struggles, controversy, and violence. Hi, I'm Lindsey Graham, the host of Wondrous Podcast American History Tellers. We take you to the events, times, and people that shaped America and Americans. Our values, our struggles, and our dreams.
今天，夏威夷作为美国的太平洋岛屿天堂而闻名。但它从独立王国到成为美国州的旅程充满了权力斗争、争议和暴力。大家好，我是奇妙播客《美国历史讲述者》的主持人林赛·格雷厄姆。我们带您走进塑造美国和美国人的事件、时代和人物。我们的价值观、我们的挣扎和我们的梦想。
In our latest series, we trace the turbulent history of Hawaii from the 1893 coup that deposed its queen to the 1941 attack on Pearl Harbor that triggered America's entry into World War II. Follow American history tellers wherever you get your podcasts. You can listen ad-free on the Amazon Music or Wondrous app.
在我们最新的系列中，我们追溯了夏威夷的动荡历史，从1893年的政变，废黜夏威夷女王，到1941年珍珠港袭击，触发美国参加第二次世界大战。请在任何您获得播客的地方关注美国历史讲述者。您可以在亚马逊音乐或令人惊异的应用程序上免费收听无广告。
Meet Jill Evans. Jill's got it all. A big house, fast car, two kids, and a great career. But Jill has a problem. When it comes to love, Jill can never seem to get things right. And then along comes Dean.
遇见吉尔·埃文斯。吉尔拥有一切。一幢大房子，一辆快车，两个孩子和一个伟大的事业。但吉尔有一个问题。当谈到爱情时，吉尔似乎总是无法做到正确的事情。然后迪恩出现了。
I can't believe my look. Whoa, I hit the jackpot.
我简直不敢相信我的样子。哇，我中了大奖。
It looks like they're going to live happily ever after. But on Halloween night, things get a little gruesome.
看起来他们将会过上幸福美满的生活。但在万圣节的晚上，事情变得有点可怕。
This is where the shooting happened outside a building society in New Romney. It's thought the 42-year-old victim was killed after he opened fire on police.
这就是发生枪击案的地方，位于纽罗姆尼一家建筑协会外面。据悉，这位42岁的受害者被杀害，是因为他向警察开枪了。
And Jill's life is changed forever. From Wondery and Novel comes Stolen Hearts. A story about a cop who falls in love with a man who is not all he seems to be. Follow Stolen Hearts wherever you get your podcasts. You could binge the entire series ad-free on Amazon Music. Download the Amazon Music app now.
杰克和吉尔的生活永远改变了。来自Wondery和Novel的《被盗心》讲述了一位警察爱上了一个并非表面上看起来那么简单的男人的故事。无论你在哪里收听播客，都可以关注《被盗心》。你可以在Amazon音乐上无广告地连续看完整个系列。现在下载Amazon音乐应用程序吧。
It's December 1985 in Lower Manhattan. Stephen Cohen rises from his desk and steps out into the doorway of his office, where he surveys a room full of stock traders. They're all shouting into their phones, staring nervously at screens as the day's stock prices rise and fall. For Cohen, it's a beautiful sight. This is his division. All of these traders answered directly to him. And so far, their performance has been the source of envy and incredible profits.
在1985年的12月，地处曼哈顿下城的史蒂芬·科恩从他的办公桌上站起来，走到门口向外看，他所看到的是一个满是股票交易员的房间。他们都在大声喊叫着，在屏幕前紧张地注视着每天的股票价格。对于科恩来说，这是一道美丽的景象。这是他的部门，所有这些交易员都直接听从他的命令。到目前为止，他们的表现是令人羡慕的，也获得了巨额的收益。
And to bring in all these dollars, Cohen didn't turn to the Wall Street Elite or anyone with an Ivy League pedigree. He put the word out that if he wanted to work for his division, he only had to be a winner. But winning isn't everything. Sometimes Cohen feels like giving back. With his success, Cohen has already helped out his brother, Liz and Florida, getting him hired as an accountant for the firm. But Cohen knows he can do more.
为了赚更多的钱，科恩没有求助于华尔街的精英人士或任何拥有常青藤背景的人。他让人们知道只要想在他的团队里工作，就必须是一个赢家。但是赢并不是一切。有时候科恩感觉自己也应该回报社会。凭借着他的成功，科恩已经帮助他的兄弟、利兹和佛罗里达了。他帮他们在公司找到了工作。但是科恩知道自己还能做得更多。
So he picks up the phone and dials. Don Cohen. Hey, it's Steve.
于是他拿起电话拨号。唐·科恩。嘿，是史蒂夫。
Steve, how are those Manhattan winters? Gotta tell you, it's 68 degrees and sunny here in Florida.
史蒂夫，曼哈顿的冬天怎么样啊？我得告诉你，佛罗里达这里气温是68度，阳光明媚。
Oh, that sounds nice, but I tell you what. I bet I can make your day even brighter.
哦，那听起来不错，不过我告诉你。我打赌我可以让你的一天更加美好。
Oh yeah, what you got?
哦，是啊，你有什么呢？
RCA, Radio Corporation of America. It's a buy.
RCA，即美国无线电公司，是一个值得购买的公司。
Really? You wanna explain that?
真的嘛？你想解释一下吗？
Well, look around. It's a year of mergers and acquisitions. Everyone's buying someone else out, spending off some part of their company, and I make a lot of money on it. I want you to as well.
嗯，看看周围。现在是兼并收购的一年。每个人都在收购别人，或剥离公司的某些部分，而我在这方面挣了很多钱。我也希望你能赚到。
Okay, but why RCA? They're conglomerate. Some technology, but what's there?
好的，可是为什么是RCA呢？他们是一个大型企业集团。虽然有一些技术，但他们有什么优势呢？
Well, they're also the parent company of NBC. We're talking television, radio, right-frack acquisition. And if that happens, the stock is gonna go through the roof. Maybe 20 points. So.
嗯，他们也是NBC的母公司。我们在谈论电视和广播，对吧，还有非常好的收购机会。如果成功了，股票就会飞涨，可能会涨20个点。所以……
So I'm telling you to put in whatever you can.
所以我告诉你尽可能多地投入其中。
Oh, well, I don't know. Things are pretty tight down here.
哦，嗯，我不知道。这里的情况相当紧张。
That's why I'm trying to give you a leg up. Um, but it just feels risky.
这就是为什么我试图帮你一把。嗯，但是感觉有风险。
Don, this is as certain as it gets. How do you know you have a source?
唐，这是毫无疑问的。你怎么知道你有消息来源？
No, it doesn't matter. I know people. I hear things.
这不重要。我认识很多人，听到了一些消息。
Steve, it does matter. You gotta be careful with these things, especially if you make a lot of money.
史蒂夫，这很重要。如果你挣了很多钱，你必须小心这些事情。
Cohen's size. He's always careful with his tips and timing. But he knows that other people, including his brother, have a lower tolerance for risk.
Cohen 的规模很小，他总是谨慎对待自己的提示和时间选择。但是他知道，包括他的兄弟在内的其他人对风险的容忍度较低。
All right, to ease your mind, here's what I know. The other night, I met up with a buddy from Orton. He mentioned that there might be some restructuring going on in NBC, but it was nothing specific. And there's nothing illegal about hearing someone speculate, right?
好吧，为了让你放心，我来告诉你我知道的事情。前几天，我碰到了一个来自奥尔顿的朋友，他提到在 NBC 可能会有一些重组，但没有具体的消息。而且听别人推测也没有什么不合法的，是吧？
I guess.
1. "I think it's going to rain today."
我想今天会下雨。
2. "Can you please pass me the salt?"
请给我递一下盐好吗？
3. "I'm sorry, I didn't understand what you just said."
对不起，我听不懂你刚才说的话。
4. "Would you like to go out for dinner tonight?"
今晚你想去外面吃晚餐吗？
5. "I don't feel well. I think I might be getting sick."
我感觉不太舒服。我想我可能要生病了。
All right. Well, just think about it. I thought it'd be good to pass it along.
好的。那么，想一想吧。我觉得把它传递下去会很好。
Okay, well, thank you. I-I will think about it.
好的，谢谢。我会考虑一下的。
Cohen hangs up the phone, smiling to himself. His brother, Don, might have sounded concerned. But Cohen knows him too well. Don is probably calling his broker right now, placing the orders. He'll buy the shares, and eventually he'll make a lot of money. And when that happens, he'll have no one to thank, but his brother, Steve.
科恩挂断电话，对自己微笑。他的兄弟唐可能听起来很担心，但科恩很了解他。唐现在可能正在给他的经纪人打电话，下订单。他会买股票，最终他会赚很多钱。当这种情况发生时，他将没有别人可感谢，只有他的兄弟史蒂夫。
It's late at night, six months later, and Steve and Cohen can't fall asleep. He's in bed, tossing and turning. His mind racing. Finally, after what feels like an eternity, Cohen gets out of bed and glances at the clock. It's 2 a.m.
晚上已经很晚了，六个月之后，史蒂夫和科恩无法入睡。他躺在床上，辗转反侧。他的脑子一直在想。最后，在漫长的时间之后，科恩起床，看了一眼时钟。那时已经凌晨两点了。
And even though he doesn't want to, Cohen is probably going to have to take another sleeping pill to die. Cohen looks over at his wife, Patricia. She still sounds asleep, looking calm and untroubled. But Cohen knows that's just temporary. As soon as she wakes up, the fighting will start all over. It's been that way for a while now. Seems like their marriage is only getting more and more rocky.
即使他不想，Cohen很可能不得不再吃一粒安眠药来死。 Cohen看向他的妻子Patricia。她仍然睡着，看起来平静无忧。但Cohen知道这只是暂时的。一旦她醒来，争吵会重新开始。这种情况已经持续了一段时间。似乎他们的婚姻只会变得越来越不稳定。
Normally, Cohen would find peace by going into work, studying the calming rhythms of the stock market. But these days, even work is no longer a place of refuge. Back in December, Cohen urged his brother to invest in RCA, the parent company of the broadcaster NBC. Cohen himself had also invested in the company. And soon, their bets paid off. RCA was acquired by General Electric and the stock price soared. Cohen and his brother made a good deal of money. But the celebration didn't last long. The two were subpoenaed by the Federal Securities and Exchange Commission, which asked them to testify about insider trading.
通常，科恩会通过进入工作，研究股市的平静节奏来寻找平静。但是现在，即使工作也不再是一个避难所。去年12月，科恩敦促他的兄弟投资于广播公司NBC的母公司RCA。科恩自己也投资了该公司。很快，他们的赌注就得到了回报。RCA被通用电气收购，股价飙升。科恩和他的兄弟赚了不少钱。但这场庆祝活动没持续多久。他们被联邦证券交易委员会传唤，要求他们证明自己没有进行内幕交易。
Cohen knows that it could be a damaging interrogation, the kind that his old boss, Ron Azar, had warned him about. Kind of threat that's keeping him up, nine after night. As Cohen gets up and stumbles through the darkness of the bedroom, makes his way to the bathroom and flips on the light. Cohen stares at himself in the mirror, looking at his tired red eyes. He's not sure how it all came to this. He doesn't feel like he did anything wrong. But it doesn't matter what he feels.
科恩知道这可能是一次有害的审问，这就是他的前老板Ron Azar曾经警告他的那种威胁，让他彻夜难眠。当科恩起床摇摇晃晃地穿过卧室黑暗，走向浴室并打开了灯。科恩凝视着镜子里的自己，看着他疲惫的红眼睛。他不确定一切是怎么来的。他觉得自己没有做错任何事情。但他的感受并不重要。
If the SEC decides he's broken the law, he could face huge fines or even time in jail. And just the threat of such a punishment has him shaken. For years, Cohen has felt invincible, and his bank account has grown by millions of dollars. It seemed like nothing could stop him. But now Cohen can't even sleep. And once again, he's up in the middle of the night, racked with anxiety.
如果证券交易委员会认为他违法了，他可能会面临巨额罚款甚至是坐牢。仅仅是这样的惩罚威胁已经让他感到震惊。多年来，科恩一直觉得自己是无敌的，他的银行账户增长了数百万美元。仿佛没有什么能阻止他。但现在，科恩甚至睡不着觉。再一次，他在半夜醒来，忧虑万分。
Cohen reaches for the bottle of sleeping pills. He doesn't want to take one. Feels like admitting defeat. But if he has another sleepless night, he'll be a wreck in the morning. So closing his eyes, Cohen pops a pill, and swallows it down with a gulp of cold water. A minute later, Cohen is back in bed, but his mind's still racing. He's worried that he could be ruined professionally, and his marriage might not survive. But soon, the sleeping pill starts to kick in, and his mind grows soft and gauzy. In his stupor, Cohen starts to believe that everything will be okay. It'll all be fine. He'll survive the investigation. It won't be any prison time. And even he and his wife will make it through this rocket patch better than ever.
科恩伸手拿了睡眠药瓶，他其实不想吃一粒。因为觉得这是承认失败的表现。但是如果再无法入睡，第二天早上他将会疲惫不堪。于是他闭上眼睛，吞下一粒药，并喝了一口冰水。一分钟后，科恩回到床上，但他的思维仍在疯狂地奔涌。他担心自己的事业会被毁掉，婚姻也许无法幸存。但很快，睡眠药开始发挥作用，他的思维变得柔软而模糊。在昏沉状态下，科恩开始相信一切都会没事的。所有事情都会好起来，他将经历调查，但不会被判入狱。即使他和妻子在这个困境中度过，他们也会比以前更好。
A month later, Stephen Cohen sits waiting in the lobby of 26 federal plaza in New York City. The building houses the offices of several federal agencies, and by now, Cohen has been waiting for what feels like hours. Cohen wipes his forehead as he looks around the office. He suspects that this is all part of the government's game.
一个月后，史蒂芬·科恩正在纽约市联邦广场26号的大厅里等待。这座建筑物内有几个联邦机构的办公室，而此时此刻，科恩已经等了好像有几个小时了。科恩在环顾办公室时擦了擦额头。他怀疑这都是政府的游戏。
He's here to testify about his investments in RCA, a move that federal regulators seem to believe was a violation of insider trading laws. But apparently, the SEC lawyers want to keep him waiting, trying to rattle him before he comes in for his deposition. But Cohen's going to stay strong. He can't lose this particular battle. There's too much on the line.
他来作证他在RCA的投资情况，联邦监管机构似乎认为这是内幕交易法律的违规行为。但显然，证券交易委员会的律师想让他等待，试图在他作证前让他感到震惊。但科恩会坚强，他不能输掉这场战斗。风险太大了。
So he waits patiently and stoically, until finally Cohen sees a man with silver hair approaching. Although Obermeyer is Cohen's lawyer, he says the SEC is ready, and it's time to testify on the record. Cohen and Obermeyer step into an elevator, and on the right up, Obermeyer reminds him of the strategy he needs to follow. Be polite, be firm, and deflect every question the SEC asks. Cohen nods. He knows the game plan. He'll follow it to a tee.
于是，他耐心而坚定地等待着，直到最终科恩看到一位银发男子走近。虽然奥伯迈尔是科恩的律师，但他表示SEC已经准备好，是时候在记录上作证了。科恩和奥伯迈尔走进电梯，在向上的路上，奥伯迈尔提醒他需要遵循的策略：要礼貌，要坚定，并避开SEC所问的每一个问题。科恩点点头。他知道这个游戏计划。他会完全遵循它。
A minute later, the elevator door opens, and Obermeyer leads Cohen down a hallway into a conference room. Sitting behind a large table are two SEC lawyers. In front of them are large vanilla folders, and when Cohen takes a seat, one of the government lawyers reaches over to a tape machine, and hits record.
一分钟后，电梯门打开，欧伯迈耶领着科恩走过走廊进入了一个会议室。大桌后坐着两位SEC律师，他们面前摆放着大型香草色文件夹。当科恩坐下后，一位政府律师伸手去一台录音机上按下录音键。
Right away, the SEC lawyers ask pointed questions. They want to know about the timing of Cohen's RCA trades. They ask whether he knew about the impending takeover by General Electric, and whether he got his tips from someone inside the company. Cohen exchanges a look with his lawyer, and then he issues the same response over and over, and when his lawyer drilled into him. Upon the advice of counsel, I respectfully decline to answer the question on the ground that I'm being compelled to be a witness against myself. Each time Cohen makes that statement, the SEC lawyer seemed to lose a little more steam.
SEC的律师立即提出尖锐的问题，他们想知道Cohen RCA交易的时间。他们询问他是否知道通用电气即将收购，还是从公司内部获得了信息。Cohen和他的律师交换了一下眼神，然后一再发表了同样的回答，在他的律师不断追问时。按照律师的建议，我恭敬地拒绝回答问题，因为我被迫作证。每次Cohen发表这种声明，SEC的律师似乎都会失去更多的动力。
At just five minutes in, both government lawyers look ready to give up. It's not like Cohen himself is enjoying this. He doesn't like hiding or obscuring the truth. He wishes he could tell these lawyers that his information is above board, that they should go find someone else to harass. But more than anything, Cohen wants to keep himself and his brother out of jail. So he'll do what he has to do.
才五分钟过去，两位政府律师看起来已经准备放弃了。可这并不意味着科恩自己很开心。他不喜欢隐藏或者掩盖真相。他希望能够告诉这些律师他提供的信息都是合法的，他们应该找别人麻烦去。但是最重要的是，科恩想让自己和他的兄弟远离监狱。所以他会去做他需要做的事情。
Soon the deposition wraps up, and as Cohen follows his lawyer out of the room, he feels cautiously optimistic. His attorney seems to share the sentiment. He tells Cohen that he couldn't have done better. The higher ups in his firm will be proud of him for keeping us cool. The two ride the elevator back downstairs with Cohen feeling buoyed by his lawyer's confidence.
很快，证词结束了。科恩跟着他的律师走出房间，心里感觉很有希望但也谨慎。他的律师似乎也有同样的感觉。他告诉科恩，他做得很好。他所在公司的上司将为他的冷静感到骄傲。两人乘电梯下楼，科恩感到律师的信心让他倍感振奋。
When as he steps out into the lobby, Cohen is suddenly struck by a feeling of doubt. Maybe his lawyer is just putting up a good act, pretending to be confident. Everyone's seen the news. The SEC has been putting pressure on a lot of powerful Wall Street traders, people like Dennis Levine and Michael Milken. The old days of bending the rules for easy money might be coming to an end.
当科恩走出大堂时，他突然感到怀疑。也许他的律师只是装出信心来，假装很自信。大家都看到了新闻，证券交易委员会正在对许多强大的华尔街交易商施加压力，比如丹尼斯·莱文和迈克尔·米尔肯这样的人。为了轻松赚钱而打破规则的旧时代可能正在结束。
But as Cohen steps out into the warm sunshine of the Manhattan streets, he lets his worry slip away. For now, he can only do one thing, continue to make brilliant trades, and turn out money for his clients. Cohen knows this may not be the last time he hears from the SEC. But today did offer another valuable lesson. If the government tries coming after him again, he only has to stay smart and make sure he's one step ahead.
当科恩踏出曼哈顿的热阳光时，他放下了担忧。现在，他只能做一件事，继续做出卓越的交易，为客户赚钱。科恩知道这可能不是他最后一次听到美国证券交易委员会的消息。但今天确实提供了另一个宝贵的教训。如果政府再次来找他，他只需要保持聪明，确保自己领先一步即可。
It's 1991 in a trendy Manhattan Italian restaurant, and Stephen Cohen takes a sip from a glass of wine and smiles at Alexandra Garcia his date for the night. Cohen already likes Garcia. She's in her early 40s, and she's energetic and attractive. But most importantly, she's here, sitting across the table from Cohen, and that seems like a minor miracle.
在一个时髦的曼哈顿意大利餐厅里，现在是1991年，斯蒂芬·科恩小心地喝了一口酒，对晚上的约会对象亚历山德拉·加西亚微笑着。科恩已经喜欢上加西亚了。她已经40岁出头了，有着精力充沛和吸引人的魅力。但最重要的是，她在这里，正坐在科恩的对面，这似乎像是一个小小的奇迹。
A year ago, Cohen divorced his wife Patricia. After the papers were final, Cohen didn't have any interest in going on a string of unsuccessful dates. So he signed up for a dating service, and the service sent out invitations to 20 different women. Cohen was hopeful he'd find a match, but he only got one response from Alexandra Garcia, who's sitting across the table from him now.
一年前，科恩与妻子帕特里夏离婚了。文件办好之后，科恩对于接二连三的不成功约会毫无兴趣。于是他加入了一个约会服务，服务向20个不同的女人发出了邀请。科恩希望他能找到一个匹配的对象，但他只收到了来自亚历山德拉·加西亚的一封回复，而现在亚历山德拉就坐在他对面。
Garcia's twirls are pasta and takes a bite. Cohen smiles as he watches. So far, this date seems to be going well, but Cohen worries what will happen once the conversation turns to work. For most people, finance is as boring as it gets, but even more, Cohen has learned to hold his cards close ever since the SEC questioned him about insider trading. Cohen managed to escape then without facing charges, but he's hesitant to talk about his job to anyone, and he hopes he can somehow make it through dinner and drinks without having to address the subject.
加西亚转动着面条，咬了一口。柯恩看到了，微笑着观察着。迄今为止，他们的约会似乎很顺利，但柯恩担心一旦谈论工作，会发生什么。对于大多数人来说，财务是最无聊的，但柯恩更加担心自己内幕交易受到SEC的质疑后，已经学会了紧口不提。柯恩当时成功躲过了指控，但他不愿意向任何人谈论自己的工作，希望能在晚宴和饮料中度过，而无需谈论这个话题。
The waiter pours another glass of wine, and Garcia looks at Cohen with his smile. You know what I like about you, Steve? You're really listening. This whole time I've been going on and all about myself, but I barely talked about you, about your life.
服务员倒了另一杯酒，加西亚面带微笑地看着科恩。你知道吗，史蒂夫，我喜欢你的地方在于你真的在倾听。这段时间我一直在谈论我自己，却几乎没有谈论过你，关于你的生活。
"Well, my life is pretty boring, honestly."
嗯，说实话，我的生活相当无聊。
"Well, I don't believe that for a second. Tell me about work. What do you do?"
哦，我一秒钟也不相信那个。告诉我关于工作的事情，你做什么工作呢？
"I trade stocks. I think that's fun."
我买卖股票。我觉得这很有趣。
"You be one of the few."
你是为数不多的人之一。
"No, I've seen that movie. What was it? Wall Street."
不，我看过那部电影。它是什么来着？《华尔街》。
"Oh, yeah. Well, it's just like that."
哦，是的。那就像那样。
"Steve, if it's not, tell me what it is like."
史蒂夫，如果不是这样的话，请告诉我它像什么。
"Well, okay. What do you want to know?"
嗯，好的。你想知道什么？
"Well, start with the easy parts. What's the name of your company?"
好的，我们先从简单的部分开始吧。你们公司的名字是什么？
"Well, I used to work at a firm called Gruntle & Company. I was there for years. But a few months back, I struck out on my own."
嗯，我曾经在一家叫 Gruntle & Company 的公司工作。我在那里工作了多年。但是几个月前，我决定单独创业了。
"Oh, wow. An entrepreneur. I suppose. I mean, it's a hedge fund. SAC capital."
哦，哇。一位企业家。我想是吧。我的意思是，这是一家对冲基金。SAC资本。
"You're going to have to forgive me, but I don't know what a hedge fund is."
你得原谅我的无知，我不知道什么是对冲基金。
"I'm sure most people don't. Basically, we get some investors, you know, people with lots of money. And we take some of it and put it in the stock market. But when we buy in sell stocks, we go big and we do it fast. The point is to always beat the market. But we use risky strategies. I mean, it's technical."
我相信大多数人都不知道。基本上，我们要找一些有很多钱的投资者。然后我们会拿其中一部分进入股票市场。但是我们买卖股票的时候，我们采用快速、大手笔的策略。我们的目的是要一直超越市场。但是我们使用的是冒险的策略。我是说，这是很技术性的。
Cohen pauses, unsure about how much to reveal.
Cohen 暂停了一下，不确定应该透露多少信息。
"Oh, I don't know how to sandrack us. I mean, it's exciting. There's a lot of money that we get to work with. But, you know, I'm not sure we're going to be successful."
哦，我不知道如何评估我们的情况。我的意思是，这真是令人兴奋。我们有许多资金可以用来工作。但是，你知道，我不确定我们会获得成功。
Garcia sets down her wine glass, locks eyes with Cohen.
加西亚放下她的酒杯，与科恩对视着。
"Steve, you've been listening to me in paying attention. But I've also been paying attention to you. And I don't know anything about finance or stocks. But I think I see someone who's going to be successful no matter what he does. Gosh, I wish I could be as confident."
史蒂夫，你一直在认真听我讲话。不过我也一直在关注你。虽然我对金融和股票一无所知，但我觉得你是一个无论从事什么工作都会成功的人。天啊，我真希望能像你一样自信。
"Well, I am confident. You're going to be a huge success. And I look forward to seeing that happen."
好的，我很有信心。你会取得巨大的成功。我期待着看到这一切的发生。
For a moment, Cohen stares at Garcia as he processes the implication. It sounds like she wants to stick around. And this may not be their one and only date. And maybe Garcia is right. He has always been a winner. And while it may take time, and there will be forks in the road, at some point, Cohen is sure that eventually he'll rise to the top of Wall Street.
科恩静静地凝视着加西亚，思考着这个含义。听起来她想继续待在他身边。这也许不会是他们唯一的约会。也许加西亚是对的，他一直都是一个赢家。虽然可能需要时间，道路上可能会有很多岔路口，但在某个时刻，科恩相信他最终会登上华尔街的顶峰。
A year later, Kenny Lysack walks through a frozen yogurt shop in Manhattan. When he reaches the front of the line, he leans forward inspecting the flavors, trying to find something simple and good to make today less bad. Lysack is a trader who used to work for Gruntle on company in Stephen Cohen's division.
一年后，肯尼·利萨克在曼哈顿的一家冰冻酸奶店走来走去。当他来到队伍的最前面时，他俯身检查口味，试图找到简单又美味的东西，让今天不那么糟糕。利萨克曾经在斯蒂芬·科恩的公司中为Gruntle担任交易员。
A three years ago, Colin asked if Lysack wanted to jump ship and help him launch a new hedge fund. Lysack's only question was how much he could invest. He hasn't had many regrets since. SAC Capital has been a wild success, producing unthinkable results for investors year after year. Lysack has also relished the chance to work alongside Cohen, trader whose genius is not up for debate.
三年前，Colin问Lysack是否愿意离开现有公司，帮助他推出新的对冲基金。Lysack唯一的问题是他可以投资多少。从那以后，他没有后悔过。SAC Capital一直是一个巨大的成功，每年为投资者带来难以想象的收益。Lysack也很享受与Cohen一起工作的机会，他是一个智慧无与伦比的交易员，这点是不容辩论的。
But today was a down day. One of the worst Lysack has ever seen. He and Cohen lost over $2 million chasing a hunch they thought would pay off. But it didn't. And Lysack isn't used to losing. He wants to figure out where he and Cohen went wrong. So he grabs enough frozen yogurt for two and heads to the corner of the shop, where Stephen Cohen is waiting at a small table.
但今天是个不顺利的日子。这是Lysack见过最糟糕的一天之一。他和Cohen跟着一种他们认为会赚钱的直觉追了2百万美元，但是却失败了。Lysack不习惯输。他想找出他和Cohen错在哪里了。所以他买了足够两个人吃的冰冻酸奶，走到店角落的一张小桌子旁，那里Stephen Cohen正在等他。
Lysack takes a seat and as the two men dig in, the conversation turns inevitably to finance. Cohen begins by asking Lysack what he thinks happened today. How did everything go south so quickly? Lysack takes a spoonful and he thinks back to the events earlier.
Lysack 坐了下来，两个男人开始吃东西，谈话不可避免地转向了财务。Cohen 开始问 Lysack 他认为今天发生了什么。为什么一切变得如此糟糕？Lysack 用勺子舀了一口，回想起早些时候发生的事情。
A telecommunications company reported their earnings and both Lysack and Cohen agreed it would be a good time to take a large position in the company. But almost immediately the company's price started to plummet. Within minutes it went from $38 to $37 and then to $35. And as the price kept dropping, Cohen shouted to buy more shares. It could be an opportunity. What at $33 a share, Lysack started feeling queasy. Still Cohen insisted they keep going. Finally, when the stock had fallen to $31, Cohen himself seemed to recognize defeat. It was then he told Lysack to cash out.
一家电信公司报告了他们的收益，Lysack和Cohen都认为现在是买入该公司的好时机。但几乎立刻，该公司的股价开始暴跌。在几分钟内，它从38美元下降到37美元，然后到35美元。当价格继续下跌时，Cohen大喊要购买更多股票。这可能是个机会。当股票降至每股33美元时，Lysack开始感到不舒服。但Cohen仍然坚持他们继续购买。最终，当股票跌至31美元时，Cohen似乎认识到了失败。这时，他告诉Lysack卖出股票。
Altogether they took a nearly 20% hit and that came out to about $2 million, a stunning loss that accrued over the course of just an hour. Now sitting meekly in a frozen yogurt shop, Lysack tells Cohen what he believes really happened. They got emotional, they acted rationally and it's as simple as that.
总的来说，它们受到了近20%的打击，大约损失了200万美元，这是一个惊人的损失，仅在一个小时内发生。现在坐在一家冷冻酸奶店里，Lysack告诉Cohen他认为到底发生了什么。他们情绪激动，行动不够理性，就是这么简单。
Cohen nods, he's seen it happen time and again, fear and ego begin to kick in and emotion drives the decisions, not reason. But Cohen tells Lysack not to worry. $2 million isn't going to shut the company down. And besides, Cohen admits that he was the one who made the call. He can live with a mistake and the consequences.
科恩点点头，他一次又一次地见过这种情况。恐惧和自我开始占据主导地位，情感驱动决策而非理性。但是科恩告诉利萨克不用担心，200万美元不会让公司倒闭。此外，科恩承认自己是做出这个决定的人。他可以接受错误和其带来的后果。
But there is one more lesson to take away from today's disaster. A lot of it came down to just bad intelligence. Their edge wasn't as good as Cohen thought. Lysack nods, he knows that for traders, the word edge is just another way of saying good information. When you have edge, you have an intelligence that's unavailable to other traders. It can be the difference between making a profit of 5 or 50% or losing $2 million an hour.
今天的灾难还有一个更重要的教训。很大程度上是由于情报不足。他们的优势不像科恩想象的那样好。李萨克点头，他知道对于交易员来说，edge这个词就是形容好情报的另一种说法。当你拥有edge时，你有其他交易员无法获得的情报。这可能是赚取5或50％的利润或每小时损失200万美元之间的区别。
Cohen crumbles up his napkin and sets it in his empty cup. He tells Lysack that things have to change. If their hedge fund is going to stay ahead of the pack, they're going to have to devote all their time, all their energy to a single pursuit, getting better edge. They need to cultivate better sources on the inside of companies.
Cohen把他的餐巾揉成一团，放进了空杯子里。他告诉Lysack必须做出改变。如果他们的对冲基金想要领先于其他人，他们就必须全心全力致力于一个目标：获取更好的优势。他们需要在公司内部培养更好的信息来源。
Lysack raises an eyebrow. He knows there's a fine line between getting good information and getting insider information. If you trade stocks using information that's not available to the public, you can be charged and sent to prison. That's not a risk Lysack wants to take. But when Lysack raises this concern, Cohen says he's not talking about breaking any laws. A phone call to an ex-employee at AT&T isn't breaking the law, and it's not illegal to get dinner with a colleague, whose brother works in microchips. It's just networking. It happens every day all across the world. And that's what gives traders their edge.
Lysack挑起了眉毛。他知道在获取好的信息和获取内部信息之间有一道细微的界限。如果你使用不公开的信息进行股票交易，你可能会被指控并被送进监狱。这不是Lysack想要承担的风险。但是当Lysack提出这个问题时，Cohen说他不是在谈论违法行为。给AT＆T的前雇员打电话不违法，和一名同事一起吃晚餐，他的兄弟在微芯片领域工作，这都只是网络建立的一部分。这种情况每天都在全世界发生。而这就是使交易员具有竞争力的原因。
Lysack and Cohen rise from the table and walk out into the early evening. Lysack has to remain cautious, but he tells Cohen that he agrees. The company does need to cultivate more sources. He's on board. But privately, Lysack can't help but worry about what will happen. That legal line gets crossed when innocent research becomes insider trading. Because while Cohen might be a visionary, he's not infallible. Today proved it. And just like the stock market, what goes up often comes down.
莱萨克和科恩起身走出早上地表，进入傍晚时分。莱萨克必须保持谨慎，但他告诉科恩他同意。公司确实需要开发更多的资源。他会尽力的。但是私下里，莱萨克不禁担心会发生什么。当无辜研究变成内幕交易时，那条法律线就被越过了。因为虽然科恩可能是一个有远见的人，但他并不是不犯错。今天证明了这一点。就像股市一样，上涨时往往也会下跌。
From wondering, this is episode 1 of the FBI versus the hedge fund from Americans Camp.
我在想，这是FBI对抗美国营地对冲基金的第一集。
In our next episode, Stephen Cohen has to dodge trouble when a large stock trade goes awry. And an FBI agent begins his inspectors more to the success of SAC Capital than he's the eye.
在我们的下一集中，斯蒂芬·科恩在一次大型股票交易出现问题时需要避开麻烦。而一位联邦调查局特工开始对SAC资本的成功深入调查。
Hey, prime members. You can listen to American Scandal Add Free on Amazon Music. Download the Amazon Music Camp today. Or you can listen Add Free with Wondery Plus and Apple Podcasts.
Hey，亚马逊Prime会员们，你们可以在Amazon Music上免费收听《美国丑闻》哦。赶快下载Amazon Music应用吧。或者，你们也可以通过Wondery Plus和Apple Podcasts来享受免费收听体验。
Before you go, tell us about yourself by completing a short survey at Wondery.com slash survey. If you'd like to learn more about Stephen Cohen and SAC Capital, we recommend the book Black Edge by Sheila Colhat Car.
在你离开之前，请通过Wondery.com/survey的短调查告诉我们你的情况。如果你想了解更多关于Stephen Cohen和SAC Capital的信息，我们推荐阅读Sheila Colhat Car的《黑边缘》这本书。
This episode contains reenactments and dramatize details. And while in most cases we can't know exactly what was said, all our dramatizations are based on historical research.
这一集中包含了实景再现和戏剧化的细节。虽然我们不可能知道究竟说了什么，但我们所有的戏剧化场景都是基于历史研究的。
American Scandal is hosted, edited, and executed produced by me, Lindsay Graham, for airship, audio editing by Molly Bach, sound design by Derek Barrett, music by Lindsay Graham. This episode is written by George Docker, edited by Christina Malzberger.
美国丑闻是由我，林赛·格雷厄姆主持、剪辑和制作的节目。音频剪辑是由莫莉·巴赫完成的，音效设计由德里克·巴雷特完成，音乐则是由我来制作。本集节目的编写者是乔治·多克尔，剪辑者则是克里斯蒂娜·马尔茨伯格。
Our senior producer is Gabe Riven, executive producers, our Stephanie Jenns, Jenny Lauer Beckman, and Marshall Lewy for Wondery.
我们的高级制片人是盖布·里文，执行制片人包括斯蒂芬妮·詹斯、珍妮·劳尔·贝克曼和马歇尔·卢伊，这是由 Wondery 制作的。