First, Bear Stearns, now Lehman Brothers and Merrill Lynch.

首先是贝尔斯登投资银行，然后是雷曼兄弟和美林证券。

In March of two thousand eight Bear Stearns became the first investment bank to fail as a result of the crisis. Others followed.

2008年3月，贝尔斯登成为第一家因危机而倒闭的投资银行。其他银行紧随其后。

And then remind us, what happened with Bear Stearns?

然后提醒我们，贝尔斯登发生了什么事？

It's a bit of a shotgun acquisition, a shotgun marriage for JPMorgan and Bear Stearns.

这有点像猎枪式的收购， 摩根大通和贝尔斯登的猎枪式联姻。

The collapse of Bear Stearns and Lehman Brothers get only a few pages each, which may not matter so much because they have been so thoroughly covered elsewhere.

对贝尔斯登和雷曼兄弟公司崩溃的讨论在书中都只有寥寥几页。不过这样处理也并无不妥，因为它们已经被说烂了。

And 14 years on since JPMorgan bought Bear Stearns, they're still having teething problems with integrating this business.

自摩根大通收购贝尔斯登 14 年以来，他们在整合这项业务方面仍然遇到初期问题。

And the JPMorgan Advisors business, that's really the old Bear Stearns financial advisory business that JPMorgan acquired back in 2008 during the financial crisis.

摩根大通顾问业务，实际上是摩根大通在 2008 年金融危机期间收购的贝尔斯登旧财务咨询业务。

And it ended up being acquired by JPMorgan in a deal that was orchestrated by the US government to bail out Bear Stearns, essentially.

它最终被摩根大通收购， 这笔交易是由美国政府精心策划的，目的是救助贝尔斯登。

I mean, you know, as we discussed, the history of this JPMorgan Advisors is that it was an acquisition from Bear Stearns after the financial crisis.

你知道，正如我们所讨论的那样， 这家摩根大通顾问公司的历史是， 它是在金融危机后从贝尔斯登手中收购的。

So Bear Stearns was an investment bank and a Wall Street broker that was one of the early dominoes to fall during the 2008 financial crisis.

因此，贝尔斯登是一家投资银行和一家华尔街经纪人， 是 2008 年金融危机期间最早倒下的多米诺骨牌之一。

So that's why you have this internal competition in the way that you do and that JPMorgan has this legacy big private bank and then this newer, you know, adviser business that they acquired through the Bear Stearns acquisition.

所以这就是为什么你会以这种方式进行内部竞争， 而摩根大通拥有这家传统的大型私人银行，然后是他们通过收购贝尔斯登获得的这个更新的顾问业务。