Loading

代表华尔街的财长姆努钦只会为川普总统提供垃圾建议 【中英对照翻译】

新闻来源:presentdangerchina《当委会》;作者:presentdangerchina;发布时间:August 11, 2020 / 2020年8月11日

翻译:Cathy r;简评:TCC/ InAHurry;校对/审核:InAHurry;Page:拱卒

简评:

“总统金融市场工作组”(PWG,又称“紧急保护小组”或PPT),受川普总统委任,被要求就(a)如何应对中国共产党在香港对自由的压制;(b)如何保护美国投资者免受中国共产党问题公司的影响,向川普总统提供建议。但这个由一群华尔街资深人士组成的“小组”却毫无悬念地辜负了他们所肩负的使命。“小组” 花了近两个月时间才提出的五项建议得到了来自布拉格安全研究所批评,并被指是为华尔街和中共谋福利的五项建议。

文章对“小组”的5条建议逐条进行了分析,揭露它们的本质。不仅如此,作者在最后还列举了来自当前中共国危机委员会(“当委会”)的反堵建议。希望川普总统及幕僚能以行动立刻对中共使出杀手锏,掐断”华尔街内部人士”向中共输送美国投资者财富的输血管。

原文翻译:

PLUNGE PROTECTION TEAM’S ADVICE TO PRESIDENT TRUMP WOULD PROTECT CHINA AND WALL STREET INSIDERS, BUT NOT THE U.S. OR ITS INVESTORS

“紧急保护小组”对川普总统的建议只会保护中共国和华尔街知情人士,而不会保护美国或其投资者

Prague Security Studies Institute Exposes Seriously Defective Recommendations

“布拉格安全研究所”(Prague Security Studies Institute)揭露存在严重错误的建议

WASHINGTON, D.C.— Predictably, a group of Wall Street veterans tasked by President Trump with advising him about how: a) to respond to the Chinese Communist Party’s snuffing of freedom in Hong Kong and b) to protect American investors from problematic CCP companies failed in both tasks. A timely critique of the five recommendations that it took nearly two months for the Presidential Working Group on Financial Markets (PWG, also known as the Plunge Protection Team or PPT) to generate confirms the time-tested intelligence axiom: Garbage in, garbage out.

华盛顿 — 由川普总统委任的,就(a)如何应对中国共产党在香港对自由的压制;(b)如何保护美国投资者免受中国共产党问题公司的影响,两个问题向他提供建议的一群华尔街资深人士毫无悬念地辜负了他们所肩负的使命。“总统金融市场工作组”(PWG,又称“紧急保护小组”或PPT)花了近两个月时间才提出的五项建议得到了及时的批评,证实了久经考验的智慧公理:垃圾进,垃圾出。

In this case, individuals with long ties to the financial sector[1], led by former Goldman Sachs executive and current Treasury Secretary Steven Mnuchin, clearly placed a premium on assuring continued preferential treatment for the CCP and the lucrative fees it makes for their Wall Street cronies. Not surprisingly, what they produced serves those favored clients, rather than the national interest.

这里所指的是,以前高盛(Goldman Sachs)高管、现任财政部长史蒂文·姆努钦(Steven Mnuchin)为首的这些与金融业有长期关联的个人,他们很显然对确保中国共产党继续享有优惠待遇,以及为他们在华尔街狐朋狗友带来丰厚的费用收入高度重视。因此,毫不奇怪地,他们所提出的建议是为他们所青睐的客户服务,而不是为国家利益服务的。

A just-released analysis by the Prague Security Studies Institute (PSSI) reveals the wholesale inadequacy of each of the PPT’s putative correctives to the serious problems associated with U.S. capital markets’ underwriting of Chinese corporations that are not transparent, accountable, properly governed or honest about material risks. Such risks include: threats to our national security, human rights abusers, federal government-sanctioned entities, as well as non-financially viable companies.

布拉格安全研究所(PSSI)刚刚发布的一项分析报告揭示了,“紧急保护小组”提出的每一项针对美国资本市场对中共国公司提供承保所带来的严重问题的纠正措施都是完全不足的。这些中共国公司不透明、不负责任、管理不善或对重大风险不诚实。这些风险包括:对我们国家安全的威胁、侵犯人权、(是否与)联邦政府已制裁的实体(有关联)以及(是否)是有财务困难的公司。

The following are highlights from the PSSI study offering brief descriptions of the PPT’s five recommendations and the Institute’s assessment of their respective shortcomings (bolded emphasis added throughout):

以下是布拉格安全研究所(PSSI)研究的摘要,它简要地描述了“紧急保护小组”提出的五项建议和研究所对这些建议的缺点的评估(重点用黑体字标出):

1. Enhanced Listing Standards for Access to Audit Work Papers

1. 强化上市标准中对审计工作文件的查阅权限

This recommendation aims to increase the PCAOB access to the auditing papers of the “principal audit firm for the audit of the listed company.” Those companies which do not allow access to work papers may satisfy the requirement by providing a “co-audit from an audit firm with comparable resources and experience where the PCAOB determines it has sufficient access to audit work papers.”

这项建议的目的是增强美国上市公司会计监督委员会(PCAOB)对来自“上市公司主要的审计公司”的审计文件的查阅权,那些不允许PCAOB查阅审计工文的公司可以通过出具来自“被PCAOB确定有足够权力获得审计文件查阅权的,具有同等资源和经验的审计公司的联合审计文件”来满足这一要求。

This is a clear case of the PWG seeking to accommodate the requirements of the Chinese Communist Party (CCP) over the interests of unwitting and largely unprotected American retail investors. The proposed “co-audit” arrangement as a “solution” to the PCAOB audit problem and Beijing’s overall non-compliance with U.S. securities laws is fundamentally problematic. It is nothing more than an invented, preferential work-around that is not made available to American companies in the U.S. capital markets. Moreover, the lack of access also creates the unverifiable possibility of Chinese companies generating “two sets of books,” one for Chinese auditing firms to share with its government and a second ginned up to be used by an American auditing firm reviewing the same PRC enterprise to share with the PCAOB.

这是“紧急保护小组”试图迎合中国共产党(CCP)的要求,而放弃不知情和基本不受保护的美国散户投资者的利益的一个明显的例子。(小组)以“联合审计”作为解决美国上市公司会计监督委员会(PCAOB)的审计问题和北京总体上对美国证券法的不遵守的“解决方案”,这从根本上来讲就是有问题的。这只不过是一种杜撰出来的、偏袒性的,而且对美国资本市场内的本土公司却不适用的变通办法。此外,(PCAOB)无法获得审计文件的查阅权也造成了中共国公司编写 “两套账簿”的可能性,即一套账簿供中共国审计公司与中共政府共享,另一套則是供美国审计公司与美国上市公司会计监督委员会(PCAOB)共享。

The simple fact is that the CCP will not permit the PCAOB to audit any Chinese companies, particularly its auditing firms. This refusal should be viewed as unacceptable to the Trump White House, as it constitutes the continuation of preferential treatment being accorded to Chinese companies over their American corporate counterparts and the resulting obvious endangerment of American investors. It should be the case – given the special circumstances in the U.S.-China relationship – that any Chinese company traded in the U.S. capital markets (including those in index funds) be audited directly by the PCAOB or be delisted and deregistered from U.S. exchanges.

根本的事实是,中国共产党绝不会允许美国上市公司会计监督委员会(PCAOB)审计任何一家中共国公司,特别是中共国的审计公司。中共的这种拒绝审计应该是不会被川普的白宫所接受的,因为这意味着继续给予中共国公司比美国同行公司更优惠的待遇,而且这明显危及到了美国的投资者。鉴于美中关系所处的特殊时期,任何在美国资本市场交易的中共国公司(包括指数基金公司)都应该由美国上市公司会计监督委员会(PCAOB)直接审计,不然就应该从美国交易所退市并取消注销。

Moreover, providing Chinese companies with almost 18 months to comply with U.S. securities laws – after having refused to do so for some 20 or more years – merely extends the amount of time that U.S. authorities are permitting the enabling and funding of their respective abuses in certain cases, such as those of U.S.-sanctioned and other Chinese corporate “bad actors.” The deadline for compliance should be not later than January 1, 2021.

此外,在中共国公司拒绝遵守美国证券法规已有20年或更长时间之后,仍为它们提供近18个月的时间来遵守美国证券法规,這只是延长了美国当局允许中共国公司在某些情况下 – 比如已被美国制裁或是中共国公司中的“不良行为者”,能继续扶持和资助它们各自的滥用行为的时间。遵守(美国证券法规的)期限应不迟于2021年1月1日。

2. Enhanced Issuer Disclosures

2. 加强股票发行人的信息披露

The PWG calls for enhanced disclosures for issuers from non-cooperating jurisdictions (NCJs) — again, read: China — and offers guidance for providing increased investor awareness of the elevated risks of investing in these companies. It adds that although these types of disclosures are currently required by the SEC, “a more specific listing standard or disclosure requirement could further highlight for investors the risks of investing in an issuer from an NCJ.”

“紧急保护小组”呼吁加强非合作司法管辖区(NCJs) –这里指的也是中共国的股票发行人的信息披露,而且要为提高投资者对投资这些公司的高风险的认识提供指导。建议补充说,虽然美国证券交易委员会(SEC)目前要求这些类型的信息披露,但“一个更具体的上市标准或披露要求可以进一步向投资者强调对于投资来自非合作司法管辖区的股票发行人的风险”。

This is a rather weak, understated PWG acknowledgement of the “black box” nature of investing in Chinese companies that offer a level of disclosure that would be wholly inadequate were it to come from most any other jurisdiction.

这是对“紧急保护小组”早已承认的,投资中共国公司相当于“暗箱”投资的一个相当薄弱、轻描淡写的表态。因为如果这些公司是来自于大多数其它司法管辖区而不是中共国,他们现有的信息披露程度是远远不够的。

3.Enhanced Fund Disclosures

3. 增强资金来源的信息披露

The PWG suggested reviewing the existing disclosures of registered funds to enhance them, and issued guidance to clarify the disclosure requirements to increase investor “awareness.”

“紧急保护小组”建议审查注册资金现有的披露信息,以加强透明度,同时,“小组”还发布了对信息披露的指导意见,以明确信息披露的要求,达到提高投资者“认识度”的目的。

When reviewing a recommendation like this one, it is easy to see how some 150 million or more American investors have ended up in the present tragic conundrum, whereby Chinese corporate “bad actors” are being integrated into their investment portfolios amidst shabby investor protection procedures.

当看到类似这样的一项建议时,我们能很清楚地明白大约1.5亿或更多的美国投资者是如何最终陷入目前的悲惨困境的,中共国企业中的“不良行为者”因为投资组合中简陋的投资者保护程序而被纳入了他们的投资组合。

4. Due Diligence of Indexes and Index Providers

4. 对指数和指数提供商的尽职调查

“Encouraging or requiring” registered funds that track indexes to increase due diligence prior to the index selection. It adds that this includes encouraging funds to focus this due diligence on restructuring how due diligence is constructed, including taking into account “any potential errors in index data, index computation and/or index construction if the information from issuers based in NCJs, including China, is unreliable or outdated or if less information about such companies is publicly available due to differences in regulatory, accounting, auditing and financial recordkeeping standards.”

“鼓励或要求” 跟踪指数的注册基金在选择指数之前以增强对指数尽职调查。“建议”补充说,这包括鼓励基金将尽职调查的重点放在重新调整尽职调查的构建方式上,这包括需要考虑到“如果来自例如中共国的非合作司法管辖区的股票发行人提供的信息是不可靠或过时的,或者由于监管、会计、审计和财务记录标准的差异,有关这类公司的公开信息较少,那么在指数数据、指数计算和/或指数构建方面可能存在的任何错误”。

U. S. index providers and their Exchange-Traded Funds sponsors are the principal architects of China’s multi-trillion-dollar undisciplined access to the U.S. capital markets. The existing way in which U.S. index providers choose “A shares”– whereby hundreds of unregulated and unvetted Chinese companies listed in Shenzhen and Shanghai are added to U.S. indexes and then onward into the investment portfolios of scores of millions of unwitting American investors – should be eliminated forthwith and “Regulation S” discontinued. The current system is harmful to our national security, the financial well-being of American investors and our fundamental human rights values.

美国指数提供商及其在交易所交易的基金的发起人是中共国之所以能无节制地从美国资本市场获取数万亿美元的主要缔造者。美国指数提供商现有的,将“A股”纳入指数的做法应该立即被取消,而且“S条例”也应该停止。因为通过指数中的“A股”成分,数百家在深圳和上海上市的,不受监管和未经审查的中共国公司加入到了美国的指数中,然后再转而进入了数百万不知情的美国投资者的投资组合。目前的制度对我们的国家安全、美国投资者的金融福利和我们的基本人权价值观都是有害的。

5. Guidance for Investment Advisers

5. 投资顾问的行为指南

The PWG recommends providing “guidance to investment advisors with respect to fiduciary obligations” when considering investments in China. This entails reminding investment advisors of their duty to their clients, “including a duty of loyalty and a duty of care,” including advice in the best interest of their clients. This is largely a “principles-based” recommendation, and would not limit investor-choice, but simply provide guidance.

“紧急保护小组”建议:在考虑中共国的投资时需要向投资顾问提供“关于信托义务的指导”。这包含了提醒投资顾问他们对客户的责任,“包括对忠诚和谨慎的责任”和为客户的最佳利益提供建议。这主要是一项“基本原则上”的建议,它不会限制投资者的选择,仅仅只是提供指导。

By now, it is abundantly clear that what drives most fund managers and “fiduciaries” on Wall Street – at least with respect to China – are the prospect of large fees. These often require looking the other way on investor protection, national security and human rights. It is telling that this mini lecture the PWG provides for fiduciaries is viewed as adequate to persuade these firms to return to the straight and narrow and offer more responsible “guidance.” They surely must realize that mere platitudes are likely to change little with regard to the status quo. Robust new SEC rules and tough enforcement measures have a much better chance of success, only exceeded by Presidential Executive Orders and veto-proof bipartisan legislation.

现在,可以很清楚地看到的是,至少就中共国公司而言,驱动华尔街大多数基金经理和“信托机构”的是巨额费用收入的前景。而这往往需要在保护投资者、国家安全和人权方面睁一只眼闭一只眼。“紧急保护小组”为信托机构提供的这一迷你讲座被看作足以说服这些公司回归正途,并为投资者提供更负责任的“指导”,这告诉了我们一切,即他们肯定已经认识到,“小组”提出的仅仅是陈腔滥调,不会改变现状。因此,稳健的,只有总统行政命令和两党立法才能否决的证监会(SEC)新规和严厉的执法措施,才有成功的可能。

Last week, the Committee on the Present Danger: China urged President Trump to reject the Plunge Protection Team’s wholly inadequate recommendations in favor of the following, meaningful alternatives:

上周,“当前中共国危机委员会”(Committee on the Present Danger: China)敦促川普总统拒绝“紧急保护小组”完全不合适的建议,而支持以下有意义的取代提议:

• Require all eligible Chinese companies traded in American capital markets to conform to U.S. securities laws and regulations, just like their U.S. corporate counterparts and competitors – not just those “listed” on our markets, or even those “registered” there.

要求在美国资本市场上交易的所有符合条件的中共国公司像他们的美国同行和竞争对手一样遵守美国证券法律和法规 — 这不仅仅包含那些在我们的资本市场上“上市”的公司,还包括那些在那里“注册”的公司。

• Deem ineligible for access to our capital markets Chinese Communist companies that are: subject to sanctions by any entity of the U.S. government; “Communist Chinese military companies”; pose “material risks” by threatening U.S. national security and/or human rights values; and/or Chinese “A shares.”

不符合进入美国资本市场的中国共产党公司包括:受到美国政府任何实体的制裁(的公司);“中国共产党军事公司”;威胁美国国家安全和/或人权价值观,构成“重大风险”(的公司);和/或中共国的“A股”。

• Audit all eligible Chinese companies directly by U.S. PCAOB, not by some “co-audit” arrangement with an ostensibly “independent” firm.

由美国上市公司会计监督委员会(PCAOB)直接审计所有符合条件的中共国公司,而不是通过与表面上“独立”的公司的某种“联合审计”对中共国公司进行审计。

• Prevent non-transparent Chinese companies from having access to the funds of Private Pension Funds.

禁止不透明的中共国公司获得来自私人养老基金(Private Pension Funds)的投资。

• Prohibit the inclusion of Chinese (and Russian) sovereign bonds in American portfolios.

禁止将中共国(和俄罗斯)主权债券纳入美国人的投资组合

• Terminate “Regulation S which affords preferential treatment with respect to U.S. securities law and regulations for offerings on foreign exchanges that can be sold on U.S. ones after a prescribed time.

终止“条例S”,该条例对在规定时间后,可在美国交易所出售的,外国交易所发行的金融产品给予美国证券法律和法规方面的优惠待遇。

• Formally withdraw now from the May 2013 bilateral Memorandum of Understanding that allows Chinese companies to ignore U.S. securities laws and regulations.

立即正式退出2013年5月的《双边谅解备忘录》,该谅解备忘录允许中共国公司无视美国的证券法律和法规。

• Designate the CCP as what it is: a Transnational Criminal Organization (TCO).

指定中国共产党为:跨国犯罪组织(TCO)。

This is no time to be perpetuating the dangerously short-sighted practices that have enriched immensely a coterie of Wall Street’s “Masters of the Universe” as they helped underwrite the Chinese Communist Party’s ominous ambitions. President Trump is entitled to get a second opinion on the Plunge Protection Team’s advice. A good place to start is with the countervailing recommendations of the Committee on the Present Danger: China.

现在不是延续那些危险的短视做法的时候,这些行为让华尔街那些自认为“掌控宇宙”的小圈子在帮助包庇中国共产党邪恶野心的同时,为他们自己创造了巨额的财富。川普总统有权就“紧急保护小组”的建议征求不同意见。倾听“当前中共国危机委员会”的反堵建议会是一个很好起点。

编辑:【喜马拉雅战鹰团】Edited by:【Himalaya Hawk Squad】