Lehman Brothers lobbied the US Federal Reserve this summer to be given access to much-needed liquidity, but was unable to convince the regulators, just two months before the Fed endorsedsimilar proposals from Goldman Sachs and Morgan Stanley, the Financial Times has learnt.
在今年夏天雷曼曾向美联储游说以获得大量流动性。也就是美联储批准高盛与摩根斯坦利的建议前的两个月前。
Lehman held talks with regulators over a plan to convert to a traditional bank holding company inJuly.
七月，雷曼与监管者讨论传统银行控股公司的转变的计划。
Lehman also held a round of meetings that month with Bank of America over a potential takeover,and considered selling itself to other banks including Morgan Stanley, HSBC and Nomura before iteventually filed for bankruptcy.
当月，雷曼也同美国银行进行一系列的会面商讨购并的可能性，在最终申请破产保护前也考虑将自己出售给包括摩根斯坦利，HSBC和NOMURA等公司。

It held extensive merger talks with AIG in 2006, and solicited potential minority investors

ranging from General Electric to the Abu Dhabi Investment Authority, other Middle Eastern andAsian partners and private equity firms.
雷曼曾与AIG在2006年多次商讨兼并事宜，并向潜在的少数投资者请求帮助，这些投资者包括GE，ABU DHABI政府投资，和其他中东，亚洲合作者与私募股权公司。
According to people involved in Lehman’s efforts, Dick Fuld, Lehman’s former chief executive,quickly embraced the idea of becoming a bank holding company this summer.
据参与到雷曼公司这一系列努力的人说，今夏，雷曼前执行官DICK FULD很快的接受了成为银行控股公司的想法。
“We were working that hard as one of the angles for a while,” said one source close to the

matter. “We had an application in front of them.”
知情人表示：“我们为此努力了一段时间，我们的申请早于他们。”
Lehman, the Fed and potential partners all declined to comment.
对此，雷曼，美联储和潜在合作者都拒绝置评。
Becoming a bank holding company would have subjected Lehman, which had been an independentinvestment bank, to regulation by the Fed.
成为一个银行控股公司将使雷曼服从美联储的监管，而之前雷曼是一家独立的投资银行。
But it could also have helped to keep Lehman’s wholesale funding model from collapsing beforethe bank was able to metamorphose into a more deposit-based institution.
这可能会帮助雷曼公司大额资金模式业务免于崩溃。虽然雷曼转变成一家储蓄机构需要一些时间。
The Fed, however, was not willing to change the rules over which types of collateral it wouldaccept in exchange for credit, according to sources close to the talks.
而美联储不想改变现在的抵押规定（规定了那些抵押美联储会接受并提供信用）。知情人报料。
It was also concerned that Lehman could be stigmatised if it converted to a bank holding company

on its own. Without the Fed’s encouragement, Lehman felt it had to abandon the plan.
如果雷曼独资转变为银行控股集团，也有名誉将损毁的忧虑。没有美联储的审批，雷曼值只得放弃该计划。

Last month, Morgan Stanley and Goldman received quick Fed approval for their own conversions,after Lehman’s collapse reverberated through the markets with unanticipated severity.
上月，在雷曼倒闭使得市场的不确定性显现，随后，摩根斯坦利和高盛的改革申请快速获得了美联储的同意。
The high degree of co-ordination between Morgan Stanley and Goldman helped convince regulatorsthat the proposal could work, people close to those talks said. To provide Goldman and MorganStanley with additional liquidity, the Fed agreed to loosen its collateral arrangements when it approved their conversions.
了解事件的人表示，摩根斯坦利与高盛的高度合作有助于说服监管者改革的方案是可行的。在批准了他们的改革后，美联储放松了两个公司的抵押协议，以为两个公司提供流动性。

Goldman and Morgan Stanley have since been able to attract significant capital infusions from billionaire investor Warren Buffett and Mitsubishi UFJ, the Japanese bank, respectively.
高盛与摩根斯坦利已经吸引了重要的资本投入。这些资本投资分别来自巴菲特，日本的三菱银行
While it is far from certain that Lehman could have recruited similar help after convertiing to a bank holding company, Wall Street’s top minds are now debating whether the bank’s

disintegration should have been prevented.
如果雷曼当初转型成功是否能够获得相似的帮助不得而知。但是华尔街的聪明人都在争论雷曼的解体当初是不是可以被阻止的.

“Rehabilitation, rather than failure, is much more consistent with controlling systemic risk,” said Rodgin Cohen, chairman of law firm Sullivan & Cromwell, who helped advise Lehman in the days leading up to its bankruptcy.
“恢复，而不是破产，更应与控制系统风险相一致。” 法律公司 Sullivan & Cromwell主席Rodgin Cohen表示。他在导致雷曼破产的日子里，曾向雷曼提供咨询服务。

Additional reporting by Justin Baer

词组、单词学习
1.Rehabilitation     恢复，复原
Rehabilitate       v 复原，恢复
2. solicited   solicit    恳求，请求（帮助）
3.embraced    拥抱，收买，信奉
4.subject to   受管辖，受支配，服从于
5.metamorphose into 使变成，变形，变质
6.stigmatize   打上烙印，诋毁，荣誉遭损
7.reverberate [ri5vE:bEreit] v. 反响，驳回，反射
8. UFJ stands for United Financial group of Japan