The FBI vs. the Hedge Fund | Inside Men | 2
发布时间 2022-03-22 07:01:00 来源
摘要
FBI Agent BJ Kang gets a promising tip from an informant. Mathew Martoma, a trader at SAC Capital, goes on a hunt for inside information.Listen to new episodes 1 week early and to all episodes ad free with Wondery+. Join Wondery+ for exclusives, binges, early access, and ad free listening. Available in the Wondery App https://wondery.app.link/americanscandal.Support us by supporting our sponsors!See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
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嘿，亚马逊会员，您可以在Amazon Music上免费观看美国丑闻的三集内容，“美国政变在伊朗”。现在就下载应用程序吧。
It's mid 2006 in New York City. In a park in Manhattan, FBI agent BJ Kang walks along a shaded path. Nearby, several children laugh as they play a game of hopscotch. Couples lounge together on the grass, reading books. And everywhere he looks, Kang sees crowds of people enjoying the warm weather.
现在是2006年中期，在纽约市的一座公园里，FBI特工BJ Kang沿着一条有树荫的小路走着。附近有几个孩子嬉戏着玩跳房子的游戏。情侣们一起靠在草地上阅读书籍。无论Kang看到哪里，他都看到人群享受着温暖的天气。
But Kang is trying to find just one person, an informant who could be a key for his FBI investigation. As an agent for the Bureau, Kang focuses on securities fraud. He looks at crimes in the financial markets, like Ponzi schemes and other criminal acts that hurt investors. Recently, Kang has been taking a close look at a potentially major source of criminal activity, hedge funds.
但康正在试图找到一个人，一个能成为他联邦调查局调查的关键线人。作为联邦调查局的特工，康专注于证券欺诈。他关注金融市场的犯罪，比如庞氏骗局和其他伤害投资者的犯罪行为。最近，康一直在密切关注一个潜在的重要犯罪活动来源，对冲基金。
Kang knows the basics. Hedge funds pool together money from investors and often take aggressive positions in the market. The risks can be high, but so can the rewards, sometimes producing staggering returns for their wealthy clients. Still, there's a lot about hedge funds that remain shrouded in secret. And with rumors circulating that these firms are committing crimes, Kang has begun to dig deeper, contacting his sources and seeing what he might turn up.
康知道一些基础知识。对冲基金从投资者汇集资金，通常在市场上采取激进立场。风险可能很高，但报酬也很高，有时为他们的富有客户带来惊人的回报。尽管如此，对冲基金仍然有很多秘密。而且，关于这些公司正在犯罪的传言正在流传，康已经开始深入调查，联系他的信息来源，看看他能发现什么。
The man he's hoping to meet with today is a traitor who knows all about hedge funds and might help Kang learn what exactly is happening inside these firms, and whether any of them are playing crooked. Kang runs a hand through his short hair as he continues to scan the park. Finally, he spots his man, reading a newspaper over by the back wall.
他今天希望见到的那个人是一个叛徒，他知道关于对冲基金的一切，可能会帮助康学习这些公司内部到底发生了什么，以及是否有人在搞鬼。康一边继续扫描公园，一边用手抓了一下短发。最后，他发现那个人在后面墙边读报纸。
Kang heads over and grabs a nearby seat. He opens a newspaper himself, and while pretending to read, he glances at the informant. Thanks for coming today. Did know if you'd show. Well my interest was peaked when you reached out, Agent Kang. I had to show up. But tell me what's this all about. Who's the FBI going after?
康走过去抓住附近的一个座位。他自己打开一份报纸，假装在读，同时瞥了一眼线人。谢谢你今天过来。我不知道你会不会来。当你联系我的时候，我的兴趣就被引起来了，康特工。我必须出现。但告诉我这到底是关于什么的。FBI在追查谁？
Well, you know I can't tell you that. This is just me gathering information. Oh come on, you don't have to be so cagey. I helped you in Jersey City back when you were still focused on the small time. You know I can help you again. Just tell me who you're targeting.
嗯，你知道我不能告诉你。我只是在收集信息。噢，拜托了，你不必那么谨慎。我曾经帮助过你，当时你还专注于小事情。你知道我还可以再次帮助你。告诉我你瞄准的是谁就好。
Kang turns a page of his newspaper. He's not yet ready to trade any intelligence, so he redirects the conversation. Well, before any of that, let's go over some basics. I'm new to this unit. Still getting up to speed. So start walking me through it. How does insider trading actually work? I mean in real life.
康格翻过报纸上的一页。他还不准备交流任何情报，于是改变了谈话方向。好了，在那之前，让我们先梳理一些基础知识。我是这个部门的新人，还在逐渐了解中。所以请你给我解释一下，内幕交易到底是如何运作的呢？我指的是现实生活中。
Well, it's both a simple answer and a really complicated one. But I guess it all comes down to this. The stock market is all about information. And as a trader, my job is to get the best information and to get it before the next guy does. Where does the information come from? Oh God, anywhere. Could be an old college friend, guy you meet over drinks, your neighbor, your cousin, anyone.
嗯，这个问题简单却又非常复杂。但我认为最终归结于这点。股票市场全部都是关于信息的，作为一名交易者，我的工作就是获取最好的信息并且要比其他人早获取。这些信息来自哪里呢？哦天啊，任何地方。可以是一个老大学同学，和你喝酒的人，你的邻居，你的表亲，任何人。
Look, it's not illegal to get stock tips. The issue is if it's significant information you can trade on, that the public doesn't have access to. But what the SEC calls material non-public information, well, it's hard to quantify. It's a broad rule. And the truth is insider trading happens all the time on Wall Street.
听着，获取股票提示并不违法。问题在于，如果这是公众无法获得的重要信息，你是否可以进行交易。但是SEC称之为非公开重要信息的东西，很难量化。这是一个广泛的规则。而事实上，在华尔街上，内幕交易经常发生。
All the time, huh? Well, would it be more common in hedge funds? The informant smiles and turns the page of his newspaper. Aiton Kang, what do you think? Where do those returns come from?
一直都是这样，是吗？这会更常见在对冲基金里吗？那位消息人士微笑并翻动了报纸的一页。艾顿•康，你觉得呢？这些回报来自哪里？
Well, you know the landscape. Who's breaking the rules? Well, there is one who's doing very, very well. You should take a look at SAC Capital. SAC. Yeah, Stephen Cohen's fun. He's a beast. 30% returns. Year after year. No one gets that. And you think that sort of success is evidence of insider trading.
嗯，你知道这个景象。是谁在违规？嗯，有一个人表现得非常非常好。你应该看看SAC Capital。SAC. 是啊，Stephen Cohen管理的基金。他是一个兽。年复一年，回报率达到30%。没人有这样的表现。你认为这种成功的证据是内幕交易吗？
No, it's not evidence, sage at Kang. Nothing bulletproof. But you don't get those kind of returns if you're playing by the rules. The informant folds up his newspaper and rises. Ah, that's about all the time I've got, but there is one last thing.
不，这并不是证据，康大师。没有绝对可靠的证据。但如果你按规矩玩，你不可能得到这种回报。这位消息人士折叠报纸起身。啊，时间差不多了，但有最后一件事情要说。
Catching someone in the act isn't going to be easy. Every trader on Wall Street knows the rules and how to get around them. So trust me. If you try charging these guys, you will need to be absolutely certain about what you're doing. There'll be several steps ahead of you, miles even. So good luck. It's a wild west out there.
抓住某人行骗不会容易。华尔街上的每个交易者都了解规则并知道如何绕过它们。所以相信我，如果你试图起诉这些人，你需要绝对确定自己在做什么。他们会比你走得更多的步骤，甚至是远去的里程。所以祝你好运。那里是一个野蛮的西部。
Kang nods and the informant turns, making his way back out of the park. Once he's alone, Kang exhales deeply. This is a promising lead. If there's anything behind these allegations, hedge funds like SAC Capital could be responsible for serious criminal acts. And so at this point, there's no doubt that the FBI needs to continue pushing forward and investigating hedge funds.
康点了点头，线人转身走出公园。他独自一人时，康深深地吐了口气。这是一个有前途的线索。如果这些指控背后有任何东西，像SAC资本这样的对冲基金可能对严重的犯罪行为负责。因此，目前毫无疑问，FBI需要继续推进和调查对冲基金。
But Kang hasn't forgotten the informant's final words. The investigation isn't going to be easy. Wall Street traders know how to cheat and get away with it. So while Kang doesn't have strong evidence of insider trading yet, he's going to have to find it. Even if that means taking on some of the richest and most powerful people in the world.
但是康还记得线人说的最后一句话。这项调查不会容易。华尔街交易员知道如何欺骗并逃脱惩罚。因此，尽管康尚未拥有内幕交易的确凿证据，他必须找到它。即使这意味着要挑战一些世界上最富有和最有权势的人。
From Wondry, I'm Lindsey Graham. And this is American scandal. When Stephen Cohen founded SAC Capital, he had lofty ambitions. Cohen had been successful early in his career as a trader. Starting a hedge fund offered him the chance to earn huge profits far beyond anything he'd ever made before. And by 2006, SAC Capital had grown to be one of the hottest firms on Wall Street. But with its profit soaring, SAC was the center of talk on Wall Street, with rumors floating that they may be engaging in criminal activity. That coincided with a shift in federal law enforcement, which had begun taking a closer look at hedge funds. Political authorities were considering whether these high-risk, high-reward firms could be profiting from inside information and potentially gaming the financial system.
我是林赛·格雷厄姆，来自Wondry。这就是美国的丑闻。当斯蒂芬·科恩创办SAC Capital时，他怀揣着崇高的抱负。科恩在他职业生涯早期就已经成为一名成功的交易员。成立对冲基金给了他赚取比以往更大的利润的机会。到了2006年，SAC Capital已经成长为华尔街最热门的公司之一。但随着其利润飙升，SAC成为了华尔街上的谈资，有传言称他们可能涉及犯罪活动。这与联邦执法力量的转变同时发生，他们开始更加密切地审查对冲基金。政治当局正在考虑这些高风险、高回报的公司是否能够从内部信息中获利，以及可能操纵金融系统。
One FBI agent, BJ Kang, would find himself at the forefront of this investigation. Kang began gathering damning evidence about hedge funds. And what he found would lead him into a brutal fight against Wall Street's kingpins. This is Episode 2. Inside Men.
一名联邦调查局探员，BJ康，将置身于这项调查的前沿。康开始搜集有关对冲基金的证据，发现他的这些发现将引导他与华尔街的顶尖人物展开残酷的斗争。这是第二集《内部人》。
It's mid-2006 in Stanford, Connecticut. In the offices of SAC Capital, Matthew Martoma walks across a sprawling trading floor. It's full of men and women sitting at computer terminals, scrutinizing the movements of the markets. As Martoma makes his way through the office, he stares at all the action with a look-a-wall. He's just 32 years old. But with dark, serious eyes. For a while now, he's been a portfolio manager at a smaller firm, where he specializes in biotechnology investments. Martoma is here to score a job with SAC Capital and to join the ranks of its elite traders making enormous profits.
现在是2006年中期，在康涅狄格州的斯坦福，Matthew Martoma在SAC Capital的办公室里穿过一片广阔的交易大厅。大厅里有很多男女坐在电脑终端前，仔细研究市场的变化。当Martoma穿过办公室时，他满脸无表情地盯着所有的动作。他只有32岁，但有着深邃、认真的眼神。他一直是一家较小公司的投资组合经理，专注于生物技术投资。Martoma来这里是为了获得一份SAC Capital的工作，并加入其精英交易员的行列，获得巨额利润。
It's been a long time goal for Martoma. As the son of Indian immigrants, he understands that in America, money and status make everything easier. He saw that first hand at the prestigious universities he's attended. The wealthy students were always a step ahead. And now with children of his own, Martoma wants to provide his family with every advantage possible.
这是Martoma早就追求的目标了。作为印度移民的儿子，他明白在美国，金钱和地位可以让所有事情变得更容易。在他所就读的著名大学里，他亲眼看到了这一点。富裕的学生总是领先一步。现在，作为自己孩子的父亲，Martoma希望为他的家人提供尽可能多的优势。
So today, he needs to impress SAC Capital's director of business development, Saul Cuman, who's going to be interviewing Martoma for a new job. Minutes later, Martoma steps into Cuman's office. Once they take a seat, Cuman cuts to the chase, explaining that SAC Capital has created a whole new division, focused on generating the best research and information for the hedge fund. And if there's any job for Martoma, that's where he'll fit in, acquiring the best information and using it to execute successful trades.
今天，他需要打动SAC Capital的业务发展总监Saul Cuman，因为Cuman将对Martoma进行新工作的面试。几分钟后，Martoma走进了Cuman的办公室。他们坐下后，Cuman直奔主题，解释说SAC Capital已经建立了一个全新的部门，专注于为对冲基金生成最佳的研究和信息。如果有任何工作适合Martoma，那就是在那里他能获得最好的信息并用它来执行成功的交易。
Martoma nods his head. Already it sounds like an exciting possibility. But his stomach almost lurches when Cuman describes the size of his potential portfolio. If Martoma turns out to be the right fit, he'll have $400 million to invest in a guarantee of taking home 17% of his profits. He could stand to make $10 million every year, a compensation package that's almost unrivaled in the industry.
Martoma点了点头。听起来已经有了一个振奋人心的可能性。但是当库曼描述他的潜在投资组合的规模时，他的胃几乎猛地一颤。如果Martoma被证明是合适的人选，他将有4亿美元用于投资，保证带回17%的利润。他每年可能赚取1000万美元的报酬，这几乎是该行业中无与伦比的报酬计划。
Martoma tries to hide his excitement. The numbers are unbelievable. But he hasn't been offered a job yet, and so Martoma begins selling himself. He explains why he thinks he'd be successful at the job. He's an expert in biotechnology, and has already proven himself a winning trader. He'd be able to hit the ground running if he got the job.
Martoma试图掩盖自己的兴奋之情。数字是令人难以置信的。但他还没有被提供工作，所以Martoma开始推销自己。他解释了为什么认为自己在这个工作上会成功。他是生物技术的专家，已经证明了自己是一个成功的交易员。如果他得到这个工作，他将能迅速开展工作。
Cuman nods, but then says there's something even more important than Martoma's success from the past. Martoma needs to be able to handle intense pressure, because in Steve Cohen's kingdom, it's prosper or die. Any portfolio manager who loses too many trades will find himself without a job.
库曼点了点头，但接着说道，有比马托马以前的成功更重要的事情。在史蒂夫·科恩的王国里，应对巨大压力至关重要，因为只有繁荣才能生存。任何失去太多交易的投资组合经理将面临失业的风险。
Martoma swallows. He's heard about the culture at SAC, and a large part of him is conflicted about working in such a pressure cooker. But Martoma also knows that with serious pressure comes a serious paycheck. The kind of money that buys ferraris and bettlies, cars that Martoma saw in the parking lot earlier today. So Martoma doesn't back down. He assures Cuman that he can handle the pressure and still produce results. He's already cultivated several high-value sources inside the healthcare industry. There's no question his value to the firm would be immense.
马托玛吞咽口水。他听说了SAC的文化，他内心感到矛盾，不知道是否应该在如此高压力的工作环境中工作。但是马托玛也知道，随着压力的增加，薪水也越高。这种钱买得起法拉利和贝蒂斯，这是马托玛今天早上在停车场看到的车。所以马托玛不会退缩。他向库曼保证，他可以承受压力，并且仍然能够产生成果。他已经在医疗保健行业内培养了几个高价值的信息来源。毫无疑问，他对公司的价值将是巨大的。
Cuman sits tapping his pen, scrutinizing Martoma. And for a moment, Martoma worries that he overdid it. He might have appeared too arrogant, too confident. But Cuman sticks out his hand. If Martoma is interested, the job's all his. Martoma is a wash and relief. This new job could change his life, but he knows he shouldn't make a decision right away.
Cuman 坐在那里敲着笔，仔细审视 Martoma。这时，Martoma 担心自己有点过头，可能显得太傲慢、太自信了。但是，Cuman 伸出了手来。如果 Martoma 对这个工作感兴趣，就可以全权交给他了。Martoma 感到宽慰和解脱。这份新工作可以改变他的生活，但他知道自己不应该马上决定。
So he tells Cuman that while this is great news, he'll need to talk to his wife before making a final call. He hopes Cuman understands. Cuman nods and says of course it's a good idea. And as the two men rise and exit the office, Martoma takes one last look around. SAC capital is a hive of activity. It's the kind of place where Martoma might finally reach his full potential. And while he will talk things over with his wife, Martoma's decision is already made. He'll be back at these offices soon. He'll become one of SAC's star traders. And before long, he'll start taking home tens of millions of dollars.
他告诉库曼，这确实是个好消息，但在做出最终决定前他需要先和他的妻子商量。他希望库曼能够理解。库曼点头表示当然是个好主意。随着两人起身离开办公室，马托玛最后再看了一眼四处繁忙的SAC资本总部。这是一个马托玛可能实现他全部潜力的地方。虽然他将和妻子商量，但马托玛已经做出了决定。他很快会回到这些办公室，成为SAC的明星交易员。不久之后，他将带回数千万美元的收益。
Three months later, Matthew Martoma sets down a telephone and turns on his computer. All day, he's been waiting for an email that could change the course of his work at SAC capital. But that email still hasn't arrived. Martoma lets out a sign and glances over at Stephen Cohen, his boss, and the founder of the hedge fund. Martoma is feeling antsy. He came to SAC promising to deliver, producing large returns on his investments in biotechnology. He needs to impress Cuman, who has no patience for weak traders.
三个月后，马修·马托玛放下电话，打开电脑。整天以来，他一直在等待一封可能改变他在SAC资本工作的发展方向的电子邮件。但是那封邮件还没有到达。马托玛长叹一口气，瞥了一眼他的老板、对冲基金创始人斯蒂芬·科恩。马托玛感到焦虑。他来到SAC承诺要交出成绩，生产生物技术投资的高回报。他需要给库曼留下深刻印象，因为库曼对弱交易员没有耐心。
But Martoma has yet to hit a home run. And that's why he turned to a firm known as an expert network, a group that acts like matchmakers between Wall Street traders and insiders and companies. With these kinds of connections, traders can gain access to some of the most valuable and rare information about a company, information that can help inform an investment. And Martoma needs that kind of information now. He's been looking to invest in two companies developing an Alzheimer's drug. If the drug pans out, their stock could be worth a fortune.
但马托马还没有取得一个大胜利。这就是为什么他求助于一个被称为专家网络的公司，这个团体就像撮合沃尔街交易员、内部人员和公司之间的媒人。通过这些连接，交易员可以获得一些关于一家公司最有价值和最稀有的信息，这些信息可以帮助投资者决定是否要进行投资。而现在马托马需要这种信息。他一直在寻找投资两家开发阿尔茨海默病药物的公司。如果这种药物成功，它们的股票可能会价值巨大。
But Martoma can't make that kind of risky investment without having good intelligence. So he sent a query to one of these expert networks, listing 22 medical experts he's hoping to connect with. Martoma assumed that at least one of them would respond. But as he stares at his email box, Martoma is feeling despondent. He hasn't gotten a single response from anyone all day. Martoma is about to turn his attention to another task when he hears the dang of an incoming message.
但马托玛没有足够的情报就不能进行那种冒险性的投资。因此，他向其中一家专家网络发送了一个查询，列出了他希望联系的22位医学专家。马托玛认为至少会有一位专家回应他。但是他注视着自己的邮箱，感觉很沮丧。整整一天都没有得到任何人的回应。当他听到一条新信息的声音时，他即将转移注意力去做另一项任务。
He walks at the monitor and sees a new email from someone named Dr. Sid Gilman. The email is short into the point. Gilman is a neurologist and researcher at the University of Michigan. He says he'd be happy to work with Martoma as a consultant. Martoma doesn't hesitate. He grabs the phone and dials the number for Gilman. And after a few rings, the doctor answers.
他走到显示器前，看到一封来自名叫西德·吉尔曼博士的人的电子邮件。这封邮件非常简短。吉尔曼是密歇根大学的神经学家和研究员。他说他很愿意作为咨询顾问与马托玛合作。马托玛毫不犹豫。他拿起电话拨通了吉尔曼的号码。几声铃响后，医生接听了电话。
I first, the exchange is polite and a little awkward. Gilman confirms that he is a leading expert in Alzheimer's research, and he is working on the trial for Bapinusabab, the Alzheimer's drug. Gilman is even the chair of a key committee for that drug trial. Martoma sits up. This doctor could be a gold line. He wouldn't just have access to the results of the drug's development. He's one of the people running the trials.
首先，双方交流礼貌但有些不自然。吉尔曼确认自己是阿尔茨海默病研究的领先专家，并且正在进行巴皮努萨巴布（一种阿尔茨海默病药物）的试验。吉尔曼甚至是该药物试验关键委员会的主席。马托马坐直了身子。这位医生可能是金矿线索。他不仅可以获得药物开发的结果，他还是正在进行试验的人之一。
Martoma knows this lead is worth pursuing. So he begins courting Dr. Gilman, discussing the science and potential cures for Alzheimer's, and he appraises him, saying it's an exciting time to be a researcher like him. When Martoma finishes, Gilman says he's impressed. He's spoken to dozens of traders at hedge funds, but Martoma seems to know a lot more about the science than any of them.
马托玛知道这个线索值得追踪。于是他开始追求吉尔曼博士，讨论阿尔茨海默病的科学和潜在治疗方法，并对他进行评估，称这是一个对于像他这样的研究员而言非常激动人心的时代。马托玛讲完后，吉尔曼说他印象深刻。他曾经与许多对冲基金的交易员交谈过，但是马托玛似乎比他们中的任何人都更了解这方面的科学。
Gilman says he's interested in consulting with Martoma, but there are of course limits. The doctor has to stay on the right side of the law, and that means strictly following his confidentiality agreement. He needs Martoma to understand that and to respect the boundaries of their relationship. He talks with knots, saying he agrees, playing by the rules is always the best course of action, but the two of them should be in regular contact.
Gilman说他对与Martoma咨询很感兴趣，但当然也有限制。这位医生必须要遵守法律，严格履行他的保密协议。他需要让Martoma明白这一点，并尊重他们关系的边界。他语言含糊，说他同意，遵循规则总是最好的选择，但他们两个应该保持定期联系。
It would probably be smart for the two of them to have a standing phone call. Maybe Martoma could even come to Ann Arbor, and speak with him in person. There's a pause on the other line. Martoma hopes that he didn't just overstep, but Gilman agrees. He says he'll look forward to it. They'll talk on the phone regularly, and a meeting in person could be productive.
两个人有一个固定电话通话可能是明智的。也许马托玛甚至可以来安阿伯见面。对方那边沉默了一会儿。马托玛希望自己没有越线，但吉尔曼同意了。他说他会期待这件事。他们会经常通电话，面对面交流可能会更有收获。
Toma smiles and thanks the doctor for his time. And when the two hang up, Martoma feels triumphant. Up until now, he's been worried about his track record at SAC Capital. He knows that Stephen Cohen could fire him at any moment for not hitting his numbers. But now Martoma has an expert on the inside of a drug trial. And if he plays this right, maybe he can convince the doctor to share a little extra information, giving Martoma the edge he needs to prove himself at SAC Capital and make a fortune.
Toma微笑着感谢医生抽出宝贵的时间。当两人挂电话时，马托玛感到胜利无比。一直以来，他一直担心自己在SAC Capital的业绩记录。他知道Stephen Cohen可能会随时解雇他，因为他的数量不达标。但现在，马托玛有了内部药物试验的专家。如果他做得好，也许他可以说服医生分享一些额外的信息，给他在SAC Capital证明自己和赚大钱的优势。
It's a rainy afternoon in November 2006 and a few months later. FBI agent BJ Kang crosses the carpeted floor as he makes his way through a federal building in Manhattan. He opens a door, and on the other side finds a man with a clean, shaven face and bright blue eyes.
这是2006年11月的一个下雨的下午，几个月后，联邦调查局特工Kang穿过曼哈顿的一座联邦大楼的铺着地毯的地面，他打开一扇门，另一边发现了一个干净无须的面孔和明亮蓝眼睛的男人。
Michael Bowie is no stranger to the offices of federal prosecutors. Kang first met the lawyer four months ago during an interview at the US Attorney's Office. Bowie had come to explain why he was suing the hedge fund SAC Capital. He was representing an insurance company and said that SAC was damaging that company by spreading false rumors, hoping to depress the company's stock and make a profit off the decline.
迈克尔·鲍伊并不陌生于联邦检察官的办公室。康格在四个月前在美国行政部门的面试中第一次遇见了这位律师。鲍伊前来解释，他正在起诉对冲基金SAC Capital。他代表一家保险公司，并称SAC正在通过散布虚假传闻来损害该公司，希望打压该公司的股价，并从股票的下跌中获利。
Bowie's allegations had surprised the prosecutors. But as an FBI agent investigating financial crimes, Kang realized that he might just found another key source. Someone who could better explain the CD practices of hedge funds. And Bowie might be able to also shed more light on SAC Capital in particular, which could turn out to be one of the most crooked players on Wall Street.
鲍伊的指控让检方大为震惊。然而，身为调查金融犯罪的联邦调查局特工，康意识到他或许找到了另一个重要的消息来源，一位能更好地解释对冲基金的CD交易实践的人。此外，鲍伊可能还可以为SAC公司提供更多的信息，SAC公司可能会成为华尔街上最不正当的参与者之一。
Kang takes a seat across from Bowie. It starts up his voice recorder. "Mr. Bowie, thanks for coming in today. Your help could be a real asset as we take a look at some of the corrupt practices on Wall Street."
康格坐在鲍伊对面，开启了录音器。“鲍伊先生，感谢您今天来参加。我们审查华尔街上一些腐败行为时，您的帮助可能会成为真正的财富。”
"Yeah, absolutely. I'm glad to be here. Well, let's get started. A few months ago, you claimed that many hedge funds rely on what you call an insider trading business model."
是的，当然了。很高兴来到这里。好，我们开始吧。几个月前，你曾声称许多对冲基金依赖于你所称的内幕交易商业模式。
"Gosh, I use those exact words."
天啊，我用的就是那些话。
"You did. You implied that the majority of hedge funds on a Wall Street were engaged in insider trading on a regular basis. And that helps explain the enormous profits at firms like SAC Capital."
你这么说过。你的意思是华尔街大多数对冲基金经常参与内幕交易，这有助于解释像SAC资本这样的公司获得巨额利润。
"Well, Mr. Kang, I think I should back up. Let's start with a basic question. Do you understand how all this works, how all this fits together?"
嗯，康先生，我想我应该退后一步，从基本问题开始说起。你明白这一切是如何运作的，它们如何相互联系吗？
"Well, for the moment, assume I don't."
好的，暂且假设我不知道。
"OK, well, a hedge fund takes big risks and aims for big profits. But independent funds like SAC Capital, they face much less regulation than bigger banks or mutual funds. Whether it's been no shortage of violations at some of the big investment banks, how is SAC Capital different?"
好的，那么，对冲基金承担很大的风险，旨在获得巨大的利润。但是独立基金，比如SAC Capital，面临的监管比大银行或共同基金要少得多。虽然一些大型投资银行存在违规行为的问题，但SAC Capital又有什么不同呢？
"Well, Morgan Stanley, Goldman Sachs, we all know they sometimes behave badly. But we know what they're doing. It's all pretty predictable because there's history, federal oversight. Yeah, exactly. But we don't know what's going on at the hedge funds. They get these returns year after year. It seems impossible. And in a way, it is. They can only make these profits because they're not operating with the same kind of regulation."
呃，我们都知道摩根斯坦利、高盛有时会表现不良。但我们知道他们在做什么。这非常可预测，因为有历史记录和联邦监管。是的，确切如此。但是我们不知道对冲基金正在发生什么事情。他们年复一年获得这些回报。看起来不可能。在某种程度上，确实如此。他们只能获得这些利润，因为他们没有遵守相同类型的监管。
"Well, what about the SEC? How are they failing? Did the Securities and Exchange Commission?"
SEC是怎么失败的呢？证券交易委员会也失败了吗？
"No, the SEC has no teeth. Not with hedge funds. Places like SAC Capital operate in the shadows. And you believe that's how they get away with cheating. Look, it's not what I believe. It's what I've uncovered already. Insider trading, schemes to ruin a company's reputation, firms like this will do whatever it takes to get their 30% return. I'm telling you, it's how they operate. Cheating is the business model."
不，美国证券交易委员会（SEC）没有真正的法律武器，特别是对于对冲基金这种操作在阴影中的机构，像SAC Capital这样的地方。你相信，这就是他们如何逃脱欺诈的方式。你看，我已经发现了这一切。内部交易，破坏公司声誉的计划，像这样的公司会做任何必要的事情来获得他们的30%回报。我告诉你，这就是它们运作的方式。欺诈就是它们的商业模式。
"But here's the thing. Look, there isn't just a couple of bad actors, a few bad apples ruining the bushel. Now, it's a systemic problem. And over the last 10 years or so, there's been a shift, a huge shift. Investors are taking their money out of banks, and they're handing it over to hedge funds because of their outsized returns."
但是这里有一个问题。看，不只是几个坏蛋、几个烂苹果在毁坏着一整编（放在篮子里的水果）。现在，这是一个系统性的问题。在过去的10年左右，发生了一次巨大的变化。投资者正在从银行中提走他们的资金，并将其交给对冲基金，因为他们有超出预期的回报。
"Yeah, of course you go where the money is. There's not really a lot of consideration about how it's done though. So the investments come flooding in, even if hedge funds break the law, or act like thugs."
当然啦，你会去钱多的地方。不过，没怎么考虑到具体做法。所以，即使对冲基金违法或表现得像恶棍一样，投资也会源源不断地涌入。
As the two men continue talking, Bowie walks Kang through some of the dirtier secrets inside hedge funds, practices like the use of expert networks and other services that help traders get information from people inside companies. The revelations are astonishing.
当两个男人继续交谈时，鲍伊向康介绍了一些关于对冲基金内部的不良秘密，例如使用专家网络和其他服务帮助交易员从公司内部获取信息等做法。这些揭示令人震惊。
And as Bowie gets up to leave, it hits Kang for the first time, just how big a problem this really is. Corruption inside hedge funds appears to be rampant. In one firm, SAC Capital, maybe the worst or the worst. Kang has plenty of work ahead of him, but he's gonna have to keep things quiet, so he doesn't scare anyone back into the shadows. It appears that Wall Street has become a home to criminals and corruption. And it's up to Kang and the FBI to fix the problem.
当Bowie起身离开时，康格第一次深刻地意识到，这真是一个极其严重的问题。对冲基金内部的腐败现象似乎十分猖獗。在一个公司中，SAC Capital也许是最糟糕的。康格面前的工作还有很多，但他必须保持沉默，以免把任何人吓回到阴影之中。华尔街似乎已经成为罪犯和腐败的聚集地。解决问题需要康格和联邦调查局的努力。
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 Wondries 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，夏威夷被誉为美国太平洋岛屿乐园，但它从独立王国到成为美国州份的历程充满了权力斗争、争议和暴力。嗨，我是林赛·格雷厄姆，Wondries播客《美国历史讲述者》的主持人。我们会带您了解塑造美国和美国人的事件、时代和人物，我们的价值观、挣扎和梦想。
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 Wondry 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年的政变推翻其女王到1941年的珍珠港袭击，这次袭击引发了美国参加第二次世界大战。在你获取播客的任何地方关注“美国历史讲述者”。你可以在亚马逊音乐或Wondry应用程序上无广告收听。
Hey, I'm Mike Corey, the host of Wondries Against the Odds. In our next season, three friends, backcountry skiing in Alaska, disturb a hibernating bear, and she attacks. The skiers must wait for help to arrive before one of them succumbs to his injuries. Listen to Against the Odds on Amazon Music, or wherever you get your podcasts.
嘿，我是麦克·科瑞，Wondries Against the Odds节目的主持人。在我们的下一个季节中，三个朋友在阿拉斯加的野外滑雪，打扰了一只正在冬眠的熊，结果被熊攻击了。滑雪者必须等待帮助到来，以避免其中一人因伤势过重而不幸身亡。在Amazon Music或其他任何播客平台收听Against the Odds节目。
It's late 2007 in Stanford, Connecticut. He's once again on the phone with Dr. Sid Gilman, having once become one of their regular chats. Martoma is a portfolio manager at the hedge fund, with a focus on healthcare and biotechnology.
现在是2007年末，在康涅狄格州的斯坦福市。他又一次打电话给西德·吉尔曼医生，由于经常联系，他们已成为了聊天的常客。马托马是对医疗保健和生物技术专注的对冲基金的组合经理。
And over the last year, he's spoken many times with Gilman, a neurologist who's working on a clinical trial for a new Alzheimer's drug. After all the conversations, Martoma and Gilman have begun to open up to each other.
在过去的一年里，他多次与Gilman，一位正在进行新型阿尔茨海默病药物临床试验的神经学家交谈。在所有对话结束后，马托玛和吉尔曼开始对彼此敞开心扉。
Martoma has talked at length about his love for science and his young children. And Gilman has spoken candidly about the highs and lows of teaching undergrad, as well as his troubled relationship with his son. The conversations have clearly veered far away from business.
Martoma详细谈了他对科学和年幼的孩子的热爱。Gilman坦率地谈到了教授本科课程的高峰和低谷，以及他与儿子的问题关系。这些对话显然偏离了商业话题。
But while Martoma has enjoyed these talks, he's never lost sight of the bigger goal. He's still trying to get information about the Alzheimer's drug and clinical trials. If he could get some exclusive information, whether it works, whether it doesn't, he could earn a fortune, along with the respect of his boss, Stephen Cohen.
然而，尽管马托玛喜欢这些谈话，但他从未忘记更大的目标。他仍在努力获取关于阿尔茨海默氏病药物和临床试验的信息。如果他能获取一些独家信息，无论是它是否有效，是否无效，他都能赚取一笔财富，同时获得老板史蒂芬·科恩的尊重。
On the phone, Martoma and Gilman continued chat about work and families. It's a pleasant conversation, but Martoma knows he can't keep it up forever. He's going to have to convince Gilman to share non-public information about the drug trials.
在电话里，马托玛和吉尔曼继续谈论工作和家庭。这是一次愉快的交谈，但马托玛知道他不能永远保持这样的谈话。他将不得不说服吉尔曼分享关于药物临床试验的非公开信息。
So as Gilman finishes talking about a gripe at work, Martoma pivots and mentions something he discovered doing his own research. Apparently, the Alzheimer's drug may have the potential for serious brain swelling.
当吉尔曼谈论他在工作中的抱怨时，马托马突然转移话题，提到了他在自己的研究中发现的一些东西。显然，治疗阿尔茨海默病的药物可能会导致严重的脑部肿胀。
Martoma asks whether that's something Gilman has seen in the clinical trials. Gilman hesitates, but Martoma reminds the doctor that he dug up this research. He's just trying to see if it's credible. After a long pause, Gilman says that, like all drugs, there are a number of potential side effects, headaches, back pain, swelling in the joints.
Martoma问Gilman是否在临床试验中见过这种情况。Gilman犹豫了一下，但是Martoma提醒医生他挖掘出了这项研究，他只是想知道它是否可信。经过漫长的沉默，Gilman说，像所有药物一样，它有一些潜在的副作用，如头痛、背痛、关节肿胀。
Up until now, Martoma has been patient, but he senses an opening. And so he asks directly whether those side effects did occur in patients in the trial. There's another long pause on the other end of the line. And Gilman says he's sorry, but he can't reveal that information. It's not public.
到目前为止，马托马一直耐心等待，但他感觉到有机会了。于是他直接问是否在试验中发现了那些副作用。电话另一端又沉默了很久。吉尔曼说他很抱歉，但他不能透露那些信息。这不是公开的。
Martoma knows he just crossed a line, but he can't stop now. Not when he's close to getting valuable information. So, Martoma keeps charging forward, asking again, whether participants in the drug trial experienced any adverse reactions.
Martoma知道他刚刚越过了界限，但他现在无法停下来。尤其是当他接近获得有价值的信息时。所以，Martoma继续向前冲，再次询问参与药物试验的人是否经历了任何不良反应。
Gilman sighs. But then, all at once something changes in his tone. The doctor clears his throat, and in a quiet voice, he says, yes, side effects did occur. Martoma sits up, suddenly alert. Gilman is talking, sharing sensitive information. This may be Martoma's only shot.
吉尔曼叹了口气。但突然间他的语气有所改变。医生清了清嗓子，小声地说道：“是的，确实出现了副作用。”马托马顿坐起身，顿时警觉起来。吉尔曼在说话，分享着敏感的信息。这可能是马托马顿的唯一机会。
So he pushes Gilman for details. Did patients experience brain swelling? That kind of side effect could be catastrophic for the drug's prospects. Gilman's voice remains quiet. And he says, yes, he has seen brain swelling. But Martoma is wrong. He has it backwards. Brain swelling could very likely be assigned that the drug is working.
所以他追问吉尔曼有没有病人出现了脑肿胀的情况？这种副作用会对药物前景产生灾难性的影响。吉尔曼的声音保持平静。他说，是的，他确实看到过脑肿胀，但马托马错了。他弄反了。脑肿胀很有可能是因为药物有效的表现。
The tone of the conversation has shifted. It's clear to both men that they've crossed a line. But Martoma doesn't care. He's gotten exactly what he needed after spending countless hours on the phone with the doctor. He has some proof that the drug could be a success, and he should invest in the pharmaceutical companies right away.
对话的语气已经转变了。对于两个男人来说，他们已经跨越了一道界线，这一点显而易见。但是Martoma并不在意。在和医生通话无数个小时后，他得到了他想要的东西。他有一些证据表明这种药可能会成功，并且他应该立即投资于制药公司。
After hanging up with Dr. Gilman, Martoma starts to calculate how he'll divvy up his capital between the two companies responsible for the drug. There's no reason to hold back. So Martoma is going to take large positions in both companies, and then sit back and watch those investments grow.
在与吉尔曼博士通话后，马托马开始计算他将如何在这两家负责该药物的公司之间分配他的资本。没有必要保留什么。所以马托马将会在这两家公司中持有大量的股份，然后坐等这些投资增长。
It's July 20th, 2008, in the town of East Hampton, New York. It's a humid Sunday morning, and Stephen Cohen is reclining in the backyard of his mansion, enjoying the calm and peaceful day. As Cohen lies back in the sun, he listens to the waves off in the distance along the coastline of Long Island.
今天是2008年7月20日，地点是纽约州东汉普顿小镇。这是一个潮湿的星期天早上，斯蒂芬·科恩躺在自己豪宅的后院里，享受着宁静祥和的日子。科恩靠在太阳椅上晒太阳，听着来自长岛海岸线的远处波涛声。
He can't help but think of the irony of the situation. When he was young, Cohen did everything he could to get off Long Island. But now in his middle age, he's come back. The difference this time is that he owns a beautiful mansion, and he's far from the backwaters of his old hometown.
他不禁想到这种情况的讽刺。当他年轻时，科恩尽其所能离开长岛。但是现在中年之际，他又回到了这里。不同的是，这一次他拥有一座美丽的豪宅，远离了他老家的凉水区。
Cohen looks out at his pool, which shimmers in the sunlight. It's a beautiful sight. And Cohen feels pleased with everything he's accomplished over the years. His hedge fund, SAC Capital, is a runaway success. Cohen himself is worth some $9 billion, making him one of the richest men alive. And the whole of Wall Street recognizes Cohen as a brilliant trader, a titan of the financial markets.
科恩望着他的泳池，在阳光下闪烁着，真是美不胜收。科恩对自己这些年来所取得的成就感到欣慰。他的对冲基金——SAC Capital，大获成功。科恩本人的身价达到了约90亿美元，成为了全世界最富有的人之一。整个华尔街都认为科恩是一位出色的交易员，金融市场的泰斗。
Still as Cohen picks up a newspaper and starts reading, he reminds himself that he can never rest on his accolades, especially now with the US facing a financial crisis. Stocks are falling, and with the collapse of the housing market, everyone seems to be scrambling and losing money. But Cohen has managed to keep SAC Capital performing well.
當科恩拿起報紙開始閱讀時，他提醒自己不能因自己的榮譽而停止努力，尤其是現在美國面臨著金融危機。股市下跌，房產市場崩潰，每個人似乎都在爭先恐後地損失金錢。但是科恩成功地使SAC Capital表現良好。
Still, if he wants to keep producing large returns, he knows he'll have to find the edge, a hard-to-find information that gives him, and his traders, an advantage. Cohen flips the page of his newspaper when his cell phone suddenly vibrates. Check the screen. It's an email from Matthew Martoma, one of his portfolio managers. The subject line is concerning. That's there a good time to catch up with you this morning. The email says, it's important.
然而，如果他想继续获得高回报，他知道必须找到那个有利可图却难以找到的信息作为优势，来继续生产获益。当科恩翻开报纸的一页时，他的手机突然震动了起来。他查看屏幕，是来自他的投资经理马修·马图马的一封邮件，主题十分重要。邮件上说：“早上跟你聊天的时间怎么样？这是很重要的事情。”
Cohen frowns. And he was hoping for a little more peaceful time out by the pool. But after scanning the email, Cohen realizes the issue is an emergency, one he can't ignore. Cohen dials Martoma's number and waits nervously for his employee to pick up. Steve, hey, I apologize. I know it's the Sunday, but we have a big problem. I'm freaking out really, and I need your help. Matthew Calm down. Tell me what happened.
科恩皱起眉头。他原本希望在泳池边能多些平静的时光，然而在查看完这封电邮后，他认识到这个问题是一个紧急情况，他不能置之不理。科恩拨通了马托马的号码，紧张地等待着员工接听电话。史蒂夫，嘿，我很抱歉打扰你，我知道今天是周日，但我们出现了一个大问题。我非常着急，需要你的帮助。马修冷静点，告诉我发生了什么事。
It's a land in Wyos. This is about the Alzheimer's drug. Yeah. Well, so you know my position is large. Huh? Right? How big? We're in for over a billion. OK. But what's the problem? You said you were to conviction rate even 9 out of 10. You were certain it was a right call.
这是关于治疗阿尔茨海默病的药物，位于Wyos地区。是的，我持有大量的股份。哦？对啊，有多大？我们投资超过十亿了。好的。但问题是什么？你曾经说过你对决策正确的信心甚至达到了十分之九。你确信这是个正确的决定。
Yeah, I was all but certain. Something's changed. Martoma goes silent. Cohen can almost hear him quivering on the other line. Steve, I thought I was right. But the drug doesn't work. It's only effective in half the people in the clinical trial. Half. Yeah, half. I'm sorry, Steve. I don't know what to do.
是的，我本来非常确定的。但是有些事情发生了变化。马托马一声不吭。科恩几乎可以听到对方电话那头的他在颤抖。史蒂夫，我以为我是对的。但是这种药物并不奏效。在临床试验中，只有一半的人有效。一半。对不起，史蒂夫。我不知道该怎么办。
For a moment, Cohen is struck with an overwhelming feeling of fear, something he hasn't felt in a long time. Because while occasionally, SAC capital does take a loss. This is a big one, over a billion dollars. The hedge fund has already taken some hits from the financial crisis. But a big loss like this, and the firm could suddenly find itself in serious trouble. Cohen knows there's only one possible decision. They need to dump the shares before it's too late. But that's risky.
有一刻，科恩被一种难以抗拒的恐惧感冲击了，这是他很久以前就没有感受到的。因为虽然 SAC 资本偶尔会有亏损，但这一次却是一个大数目，超过了10亿美元。对冲基金已经受到了金融危机的一些冲击。但像这样的巨大亏损，公司可能会突然陷入严重困境。科恩知道只有一种可能的决定是正确的。他们需要在太迟之前卖掉这些股票。但这很有风险。
Our toma clearly isn't using publicly available information, and trading on that intelligence could pose a threat. But Cohen won't allow his hedge fund to suffer such a major loss. So he hangs up with Martoma and contacts his top broker at SAC. Cohen tells the broker to sell all their positions in the pharmaceutical companies, but they need to do it quietly.
我们的托马显然没有使用公开可获得的信息，如果基于这些智慧进行交易可能会构成威胁。但考恩不会让他的对冲基金遭受如此重大的损失。所以他和马托马的电话结束后，联系了他在SAC的顶级经纪人。考恩告诉经纪人要将他们在制药公司的所有头寸卖掉，但必须要悄悄进行。
Cohen hangs up the phone, but he can't let go of the adrenaline coursing through his body, spoiling what should have been a peaceful Sunday morning. And with his heart still racing, Cohen gets another idea, one that makes him smile. He now knows that the drug trials are going to fail. The stocks of the pharmaceutical companies are going to take.
柯恩结束了电话，但他无法释放那仍在血液中奔腾的肾上腺素，破坏了原本应该是宁静的周日早晨。他的心仍在狂跳，但柯恩又想到了另一个主意，这让他露出了笑容。他现在知道这些药物试验将会失败，制药公司的股票将会下跌。
So Cohen can do more than just play defense. He can make some serious money by shorting the stocks of both companies, placing a bet that their value will go down. And surely they will, with everything Cohen just learned from his portfolio manager.
所以Cohen不仅可以进行防御性投资，他还可以通过卖空这两个公司的股票赚取可观的利润。这意味着他打赌它们的价值会下降，而且从他的投资经理那里学到的东西肯定会成为现实。
It's early 2009, about six months later, at the FBI's field office in New York City. Agent BJ Kang puts on a thick pair of headphones and turns up the volume on a digital console. When he hears a pair of voices, Kang pulls up his laptop and starts taking notes. Kang and his partner are sitting in what's known as the wire room, a dark, windowless space where the two are eavesdropping on a phone conversation, one that could help him build a case against the hedge fund, SAC Capital.
现在是2009年初，大约六个月后，BJ Kang特工在纽约FBI分局戴上厚厚的耳机，调高数字控制台的音量。当他听到两个声音时，Kang会打开笔记本电脑开始做笔记。Kang和他的伙伴坐在被称为窃听房间的黑暗无窗室内，他们在监听一次电话谈话，这可能帮助他构建起对对冲基金SAC Capital的案件。
The two men on the call are Raj Raj Ratnam, a man who founded a $7 billion hedge fund, an Ali Far, one of Raj Ratnam's former employees. Kang knows there's a good chance that on this call, Far will hand over an illegal stock tip, giving his former boss material he needs to commit insider trading.
打电话的两个人分别是Raj Raj Ratnam，一位创办了70亿美元对冲基金的人，以及他曾经的员工Ali Far。康知道在这个电话里，Far很有可能会提供一个非法的股票提示，把他的前老板需要进行内幕交易的材料交给他。
That's of course a crime, but for Kang what matters isn't just these two men or the particular exchange. It's what could come out of it. Leverage Kang could use to eventually go after SAC Capital. Because what's true for the traders is true for the FBI, it all comes down to relationships.
当然，这是一项罪行，但对于康来说，重要的不仅仅是这两个人或这次特定的交易。重要的是可能发生的事情。这是康可以利用的杠杆，最终可以追究SAC资本的责任。因为对于交易员的真相也是FBI的真相，这都归结于关系。
Ali Far, one of the men on the wire tap, has a business partner named CB Lee. And Lee used to be an analyst at SAC Capital. Kang is trying to build a case against SAC. To do so, he needs a way in. And he believes that these relationships could do the trick. If Far passes along illegal stock tips to his former boss, he'll be caught red handed. And that means he might be willing to flip.
阿里·法尔（Ali Far）是窃听的男子之一，他有一个名叫CB Lee的商业伙伴。 而李曾经是SAC Capital的分析师。 康（Kang）试图建立对SAC的指控。 为此，他需要一种进入方式。 而他相信这些关系可能会奏效。 如果法尔向他的前上司传递非法股票提示，他就会被抓个现行。 这意味着他可能愿意翻供。
If he does, Far could cooperate by incriminating his business partner Lee. The FBI could then go after him and get Lee to flip too, and be willing to turn on his old boss, Stephen Cohen. Keeping one criminal after another, Kang could build a case that would take down SAC Capital. Before any of that, he needs his first potential informant to incriminate himself.
如果他这样做的话，法尔就可以通过揭发他的商业伙伴李的罪行来合作。然后FBI就可以追捕李并使他愿意反转，转而揭发他的老板Stephen Cohen。康可以一步步揭露犯罪人的罪行，建立一个能够打倒SAC Capital的案件。但在此之前，他需要让第一个可能的线人自己揭露自己的罪行。
On the phone, Far and Rajarotnam begin talking about semiconductors and microchips. It's an uneventful conversation. Until Far tells Rajarotnam, the company producing certain semiconductors is about to guide down, meaning its quarterly earnings will be lower than expected. Rajarotnam lasts when he hears the news, and thanks Far for his work, the line goes dead.
在电话里，法尔和拉加罗特纳姆开始谈论半导体和微芯片。这是一次毫无波澜的对话。直到法尔告诉拉加罗特纳姆，制造某些半导体的公司即将进行指导调低，这意味着它的季度盈利将会低于预期。拉加罗特纳姆听到这个消息后感到震惊，并感谢法尔的工作，电话断了。
Inside the FBI wire room, Kang and his partner turn to each other with a look of joy. It happened fast, and there weren't a lot of details. But what they heard was undeniable. Far, passed on information that's not available to public traders. Kang rips off his headphones and starts gathering materials. He's going to have to move fast.
在FBI的线路室里，康和他的搭档互相转头，表情满是喜悦。事情发生得很快，也没有太多细节。但是，他们听到的消息是不可否认的。法尔传递了一些普通交易者无法获取的信息。康摘下耳机开始收集资料，他必须要行动迅速。
First, he'll put pressure on Ali Far, convincing him to cooperate with the FBI. Then he'll have to do the same with Far's partner, C.B. Lee. He used to work at SAC Capital. What if Kang moves, play out as they should? The FBI will be one step closer to taking down SAC Capital, and its founder, Stephen Cohen.
首先，他会施加压力给阿里·法尔，说服他与联邦调查局合作。然后他会对法尔的伙伴C.B.李做同样的事情。他曾在SAC Capital工作。如果康行动了，一切都会按计划进行吗？联邦调查局将离抓捕SAC Capital及其创始人斯蒂芬·科恩更近了一步。
It's April 2009, and late afternoon near Cupertino, California. In a quiet suburban neighborhood, FBI agent BJ Kang brings his rental car to a stop. He and his partner step out of the car. Kang buttons up his dark jacket and checks the holster at his side. He doesn't think he'll have to use a firearm in the confrontation he's about to initiate, but with people's freedom on the line, you can never be too sure.
现在是2009年4月，在加州库比蒂诺市附近的一个安静的郊区。FBI特工BJ Kang停下了他的租赁车。他和他的搭档下了车。Kang系好了他的深色夹克并检查了他腰边的手枪套。他不认为他需要在即将发生的冲突中使用枪械，但是因为人们的自由受到威胁，一定要保持警觉。
Kang takes a deep breath and gets ready to ring the doorbell of a stock trader named C.B. Lee, a former technology analyst for SAC Capital who used to work directly under Stephen Cohen. Kang knows that Lee has taken part in insider trading. It all came out recently when Kang confronted Lee's business partner, Ali Far. Kang had been listening in on a wiretap and had proof that Far committed a crime. He's facing the possibility of time in prison, Far crumbled, and admitted the truth.
康格深深地吸了一口气，准备敲响股票交易员C.B.李的门。李曾经是SAC Capital的技术分析员，直接为斯蒂芬·科恩工作。康格知道李参与了内幕交易。最近，当康格找到李的生意伙伴Ali Far举报他犯罪时，这一切都曝光了出来。康格在窃听中收集到了证据。虽然Far面临着入狱的可能性，但他崩溃了，承认了真相。
For Kang, it's all going according to plan. He got his first source to flip, and now he needs to use his leverage to acquire another informant, someone who can lead the FBI all the way to Stephen Cohen and SAC Capital. Kang and his partner walk up the front steps and ring the doorbell.
对于康格来说，一切都按计划进行。他已经让他的第一个消息来源翻了盘，现在他需要利用自己的优势获取另一个消息人士，一个能够带领FBI最终找到斯蒂芬·科恩和SAC Capital的人。康格和他的搭档走上前台阶，按响门铃。
When the door opens, Kang is faced to face with a 52-year-old man with gray hair and baggy eyes. Kang flashes his credentials. Mr. Lee, my name is BJ Kang. My partner and I are agents with the FBI. We'd like to ask you a few questions. Can we come in?
当门打开时，Kang面对着一位五十二岁的男子，他有灰色的头发和松弛的眼睛。Kang展示了他的证件。“李先生，我叫BJ Kang。我和我的搭档是FBI的特工。我们想问你几个问题。我们可以进来吗？”。
I'm sorry, what is this about? Well, it might take a while, so we should find somewhere to sit down. You're not coming into this house until you tell me what this is about. Kang exchanges a look with his partner. You can already tell that Lee is inclined to be uncooperative.
对不起，这是关于什么的？嗯，可能要花一段时间，所以我们应该找个地方坐下。在你告诉我这是关于什么之前，你不能进这个房子。康和他的伙伴交换了一个眼神。你已经可以看出李倾向于不合作。
Mr. Lee, we're investigating insider trading. Okay, what does that have to do with me? Well we know you have broken federal law, and you've done so many times. No, I don't know what you're talking about.
李先生，我们正在调查内幕交易。好的，这和我有什么关系？我们知道您违反了联邦法律，并且您多次这么做了。不，我不知道你在说什么。
Mr. Lee, your partner, Ali Far, has confessed on tape. He's the one who led us to you. You know, we're done here. Lee tries to close the front door, but Kang stops him. Mr. Lee, we can play you the recording, or you can talk. You can tell us about how you paid a firm for illegal information about semiconductor companies. The partner told us all about that.
李先生，你的合作伙伴阿里·法尔已经在录音中承认了。他是那个带我们来找你的人。你知道，我们的工作已经完成了。李试图关闭前门，但康居然阻止了他。李先生，我们可以播放录音，或者你可以坦白一些。你可以告诉我们关于你向某家公司支付了非法半导体公司信息的事情。合伙人已经将全部事情全部告诉我们了。
Agent Kang, I've done nothing illegal. Well we have a different take, and I think you know we're right. But you're a smart man, and you probably want to strike a deal.
康特工，我没有做任何违法的事情。嗯，我们有不同的看法，我认为你知道我们是正确的。但是您是个聪明的人，您可能想要谈判。
Oh, is that what you're offering? A deal? Mr. Lee, I'm offering you a chance to cooperate. Because if you do, you can avoid prosecution. Lee runs a hand through his hair. Huh. Okay. Well, before I make any decision, level with me. This isn't about me, is it? It's about Colin.
哦，你是要交易吗？李先生，我是提供给您一个合作的机会。因为如果你合作，你可以避免被起诉。李先生用手梳理了一下头发。哦。好吧，在我做出任何决定之前，请跟我坦白。这不是关于我，是关于科林的吧。
Mr. Lee, I will level with you. You're right. It is about Colin. And if you do cooperate, you'll have to come to New York and answer questions about your time at SAC Capital on the record.
李先生，我和你坦率地说。你是对的，我们谈的就是柯林的事情。如果你愿意合作，你需要来纽约，并在记录上回答关于你在SAC Capital的工作时间的问题。
Well, I can answer questions.
嗯，我可以回答问题。
That's not all though. No?
不过，还不止这些。不是吗？
We would like you to be an informant and wear a wire.
我们希望你能成为线人并佩戴窃听器。
No, no, I don't think so.
不，不，我不这样认为。
Well that's the deal. You wear a wire and help us get Colin and you walk free. Or we'll arrest you now. This is your choice.
好的，这就是交易。你戴上窃听器帮助我们抓到科林，你就能自由离开。否则我们就会立刻逮捕你。这是你的选择。
Lee stares at the ground, his eyes sullen and tired. But when he looks back up at the agents, he nods and says he'll think about it. For Agent Kang, that is all he needed to hear. They don't yet have a guarantee. But Kang is confident that in the coming weeks, they'll get Lee to flip. Eventually, he'll agree to wear that wire. And soon enough, they'll have a recording of Stephen Cohen himself taking an illegal tip from his old analyst.
李眼神呆滞，看着地面，显得沮丧疲惫。但当他抬起头看向探员们时，点了点头，表示会考虑。对于康探员来说，这已经足够了。他们还没有保证。但是康非常有信心，在未来几周里，他们会说服李。最终，他会同意戴上窃听器。很快，他们就会有一段录音，内容是史蒂芬·科恩亲自接受来自他的前分析师的非法内幕消息。
A few weeks later, Stephen Cohen is sitting in his office working when his phone rings. He glances over at the caller ID. It's CB Lee. Cohen stares at the phone as it rings. He has a busy day in front of him and he probably shouldn't take the call. The Cohen is always liked Lee. He produced some of the best research and analysis and he was fun to have around the office. So Cohen grabs the receiver and greases old employee, asking how everything's going.
几周后，斯蒂芬·科恩坐在办公室里工作时，电话响了。他看了一眼来电显示。是 CB 李。科恩看着电话响着。他接下来的日子非常忙，也许不应该接电话。但是科恩一直很喜欢李。他制作出一些最好的研究和分析，而且在办公室里非常有趣。所以，科恩抓起接收器，热情地问候这位老员工，询问一切是否好。
The two men make small talk for a bit and then Lee gets to the point. He wants to know if Cohen would consider bringing him back to the hedge fund, but this time as a consultant. Lee says he's looking for new work and reminds Cohen that it would be a worthwhile investment. Lee's information was always good right there on the edge.
这两个男人先闲聊了一会儿，接着李打开话匣子。他想知道科恩是否考虑再次雇用他，这次作为顾问。李说他正在寻找新的工作机会，提醒科恩这将是值得的投资。李总是能够提供一些边缘信息，很有价值。
Cohen taps his finger on the table and he considers the pitch. It's true, Lee did use to have solid information, but sources can dry up and analysts can lose their momentum. So Cohen asks Lee to say more, to explain why now is the right time. His voice bright with excitement, Lee explains that he has people in sales and finance at Nvidia, the technology company, and that his sources keep him updated on quarterly earnings. Lee also tells Cohen that he has a contact and a semiconductor company who feeds him information about their products.
Cohen敲打着桌子，思考着这个计划。没错，Lee以前确实有可靠的信息来源，但是消息来源可能会干涸，分析师也有可能丧失动力。所以，Cohen要求Lee多说些，解释为什么现在是合适的时机。Lee激动地说话声音很亮，解释说他有销售和财务方面的关系在科技公司——Nvidia，他的消息来源会定期更新季度业绩。Lee还告诉Cohen，他还有一个联系人在一家半导体公司，可以提供有关其产品的信息。
Hearing this, Cohen is intrigued, but he also notes he needs to be careful about these kind of conversations over the phone. So he tells Lee that he'll think about it and get back to him. Cohen hangs up and soon after he takes a walk around the office to clear his head. He ends up at the desk of one of his research traders. And when Cohen casually mentions talking to CB Lee, the trader looks away shaking his head.
科恩听到这个消息很感兴趣，但他同时也注意到这种电话谈话需要小心谨慎。所以他告诉李说他会考虑一下并回复他。科恩挂断电话后，他在办公室里散步放松一下。他最后来到了一位研究交易员的桌子前。当科恩随口提到与 CB 李的谈话时，交易员摇了摇头不再看他。
Seeing this, Cohen asks what's wrong. Why did he just respond like he'd heard about a disaster? Meeting Cohen's eyes, the trader explains that there's a rumor going around. Sounds like Lee is working with the FBI. People are saying he's wired up. The trader had assumed Cohen had already heard the news.
看到这个情况，科恩问发生了什么事情。他为什么会像听到灾难一样反应？看着科恩的眼睛，交易员解释说有一个流言正在传播。听起来李正在和联邦调查局合作。人们都说他被安装了窃听器。交易员原以为科恩已经听说了这个消息。
Cohen stands there staring, shocked. He's aware that the SEC has been poking around, but he had no idea the FBI was involved, or an former employee might be trying to set him up. Cohen storms back to his desk, and for a few minutes he sits doing. The CB Lee might be trying to betray him, and suddenly Cohen feels like the world is closing in on him. That invisible enemies are lining up trying to take him down.
Cohen狐疑地站在那里，目瞪口呆。他知道监管机构SEC一直在关注他，但他不知道FBI也牵涉其中，也不知道前雇员可能在试图设局害他。 Cohen愤怒地回到他的桌子前，坐了几分钟。他开始怀疑CB Lee可能在背叛他，突然间Cohen感到整个世界正在向他逼近，看不到的敌人在排队企图击败他。
Cohen takes a deep breath to call himself, and after a few minutes he regains his composure. If the FBI was listening to that call, Cohen didn't say anything incriminating, and he's been in the business far too long to make a mistake like that. And now that he thinks about it, the call was actually useful.
Cohen深呼吸，恢复镇静后自我叫了起来。如果联邦调查局正在监听通话，Cohen并没有说任何可疑的话。他做这个生意很久了，不会犯这样的错误。现在他想一想，这通电话实际上很有用。
Because Cohen knows the score now. The FBI appears to be coming after him, and they're going to try to lure him into making a mistake. The Cohen won't fall for it. He just needs a cool head and a little patience. Just like those poker games so many years ago, he'll wait for the FBI to show their hand, and whether he has to bluff or play a stronger hand himself, Cohen has no doubt that he'll walk away the winner.
因为科恩现在已经了解情况。FBI似乎在追捕他，他们会试图诱使他犯错误。但科恩不会上当。他只需要保持冷静和一点耐心。就像许多年前的那些扑克游戏一样，他会等待FBI展示他们的底牌，无论他需要虚张声势还是自己出一张更强的牌，科恩毫不怀疑自己会成为赢家。
From Wondering, this is episode 2 of the FBI vs The Hedge Fund from American Scandal. In our next episode, a Wall Street Journal exposé creates problems for agent BJ Kang's investigation on high alert Stephen Cohen realizes he must act quickly to protect himself.
这是《好奇心》的第二集，讲述FBI与对冲基金之间的斗争。在下一集中，有一篇《华尔街日报》的揭秘报道给探员BJ Kang的紧急调查带来了麻烦。史蒂芬·科恩感到必须迅速采取行动来保护自己。
Hey prime members, you can listen to American Scandal ad free on Amazon Music, download the Amazon Music Cap today, or you can listen ad free with Wondering Plus and Apple podcasts. Before you go, tell us about yourself by completing a short survey at Wondering.com slash survey.
嘿，亚马逊会员们，你们可以在亚马逊音乐上无广告地收听美国丑闻。现在就下载亚马逊音乐应用程序，或者通过Wondering Plus和苹果播客无广告收听。在你离开之前，请花一点时间填写Wondering.com/survey的简短调查，让我们更了解你。
If you'd like to learn more about Stephen Cohen and the SAC capital, we recommend the book Black Edge by Sheila Cole Hotcar. This episode contains reenactments and dramatized details. And while in most cases we can't know exactly what was said, all our dramatizations are based on historical research.
如果您想了解更多关于斯蒂芬·科恩和SAC资本的知识，我们建议阅读《黑色边缘》这本由希拉·科尔·霍特卡撰写的书籍。本期节目包含了重演情节和戏剧化细节。尽管在大多数情况下，我们无法准确知道当时发生了什么，但我们所有的戏剧化都基于历史研究。
American Scandal has hosted, edited, and executed produced by me Lindsey Graham for airship, audio editing by Molly Bach, sound designed by Derek Barrett's, music by Lindsey Graham. This episode is written by George Duckard, edited by Christina Mallsberger. Our senior producer is Gabe Ribbon. Kid producers are Stephanie Chen's, Jenny Lauer Beckman and Marsha Louis for Wondering.
"美国丑闻"是由我Lindsey Graham制作、编辑和执行制作的，出品方为Airship。音频编辑由Molly Bach完成，声音设计由Derek Barrett负责，音乐则由我Lindsey Graham制作。此集节目由George Duckard编写，Christina Mallsberger编辑。我们的高级制片人是Gabe Ribbon，Wondering的小制片人则分别是Stephanie Chen's、Jenny Lauer Beckman和Marsha Louis。"