But when the crisis erupted at Bear Stearns and Lehman Brothers in 2008, the importance of the repo market became clear.

I have worked at Merrill Lynch, Bear Stearns and UBS, she says, but I have to point out that their problems were nothing to do with me.

我曾在美林（Merrill Lynch）、贝尔斯登（Bear Stearns）和瑞银工作过，她说，但我必须指出，它们的问题与我无关。

An important distinction between Lehman and bear is that, while bear failed suddenly, Lehman Brothers has been struggling for months.

雷曼与贝尔斯登之间的重要区别是：贝尔斯登是突然失败的，而雷曼兄弟挣扎了好几个月。

Mine is not a judgment on whether the Fed was right to rescue Bear Stearns from bankruptcy.

我不是要评判美联储拯救贝尔斯登脱离破产境地是否正确。

So Lehman got more support than Bear.

因此，雷曼兄弟获得的支持要比贝尔斯登更多。

They've been there for a long time. They are proud and should be proud.

我想贝尔斯登公司有很多很伟大的人，他们在自己的岗位上已经做了很久，他们感到很骄傲，也应该感到骄傲。

The rough-edged, cigar-smoking Bear Stearns chief executive had recently become a paper billionaire as shares in his investment bank remained near their record high of$ 171.51 at the start of last year.

在那之前，贝尔斯登（Bear Stearns）这位棱角粗糙、叼着雪茄的首席执行官刚刚成为纸面上的亿万富翁，因为去年年初的时候，他所在投资银行的股价保持在171.51美元的历史高位附近。

The gruff, cigar-chomping Mr Cayne inquired, according to an anecdote shared at a recent Bear Stearns analyst conference.

这位语气粗暴、咬着雪茄的凯恩先生如是问道。贝尔斯登近期一次分析会议上流传着这件轶事。

Though still operating in all of those except Bear Stearns ( which closed in March), the company now must look to its recent expansion in other regions and industries for growth, said Tom Maraday, the senior vice president. ( Google is one new client.)

高级副总裁汤姆·麦拉戴表示，除了今年3月宣布倒闭的贝尔斯登外，其他账户仍处于运作中，近期公司的增长主要依靠将业务扩展到其他地区和行业（Google是他们的新客户之一）。

The critical point is that, like Bear Stearns, Lehman was just an extreme case of a general phenomenon.

关键在于，雷曼与贝尔斯登一样，只是普遍现象的一个极端案例。

Bear Stearns provided just that: a large franchise with a promising future.

贝尔斯登恰好可以提供这一业务：拥有大好未来的大额特许业务。

In contrast to the Bear Stearns case, the jury this time found the good sense to see through this.

与贝尔斯登案不同，这次陪审团认为绝不应被表象所蒙蔽。

We do see the Fed action post the Bear Sterns fall out as being significant in trying to stabilise the financial system.

继贝尔斯登的解散后，我们的确看到美联储在稳定金融系统中起到的重要作用。

There were reasons for saying no to Lehman that were not there for Bear Stearns.

对雷曼说“不”的一些理由，并不适用于贝尔斯登。

Citic Securities is to go ahead with a planned Hong Kong listing that could raise as much as$ 2bn for the Beijing-based financial services group.

中信证券（Citic Securities）将推进在香港上市的计划，有望为这家总部位于北京的金融服务集团筹资至多20亿美元。

At the end, valuation results are presented as well as being analyzed briefly compared the EVA valuation method with the relative valuation method.

并且对比分析了经济增加值估值法和相对估值法对中信证券的价值评估，最后对评估结果进行了具体的分析。

The difference in valuation is explained by the fact that CITIC Securities, whose shares have tripled so far this year, is trading at more than five times its book value.

双方估值的差异可以从一个事实中找到原因：今年迄今，中信证券股价已上涨两倍，目前是其账面价值的5倍多。

At CITIC Securities, which has the largest market capitalisation of all the Chinese securities firms, pay absorbs just 20 per cent of revenues less than half the proportion of their American counterparts.

市值居中国券商之首的中信证券（citic securities），薪酬支出仅占总收入的20%，不到美国同行的一半。

Zhou xizeng, analyst with CITIC Securities, said steelmakers were trying to adjust rapidly to uncertainty about demand and an inventory build-up.

中信证券（citic securities）分析师周希增认为，由于需求和库存方面的不确定性，钢铁生产商正试图迅速进行相应调整。

The success of Citic, one of China's largest brokerages, comes as local firms continue to dominate the underwriting market in Asia, especially in primary offerings, according to a separate report by Oliver Wyman, an industry consultant.

行业咨询公司奥纬咨询（Oliver Wyman）的另一份报告显示，作为中国最大的券商之一，中信证券取得成功的背景是：本地公司继续主导着亚洲的承销市场，特别是首次公开发行市场。

CITIC Securities has been increasing its earnings rapidly and expects to continue growing fast.

中信证券的利润一直在迅速增长，而且有望继续快速增长。