Good evening. It doesn’t take a financial expert to appreciate how rough-and- tumble this day was on Wall Street. The market held together for much of the day with only a two to three hundred point loss. And then at the end of the trading daythe bottom fell out, and in the final moments the Dow dropped to a 504 point loss. Financial institutions are in trouble. One-hundred-and-fifty-eight-year-old Lehman Brothers filed for bankruptcy.
Stock giant Merrill Lynch was sold after just two days of discussions. It is all a bit dizzying. Betsy Stark is here with more. Charlie, this was the day we were afraid to wake up to: the bankruptcy of one major Wall Street investment bank, the shotgun wedding of another. Some called it the end of an era, others, a day of reckoning, but that 500-point drop in the Dow is telling us investors are worried there is more to come.
It was a day for the history books on Wall Street. “You go to sleep on Friday and you wake up on Monday and things have just completely turned around.” Nervous investors today fled the stocks of not only the weak, such as AIG and Washington Mutual, but of the strong as well, including Goldman Sachs and Morgan Stanley.
The die was cast this weekend after emergency meetings between government officials and Wall Street executives failed to produce a buyer for Lehman. The suitors were looking for government guarantees against Lehman’s billions in bad debts, but Treasury Secretary Hank Paulsen refused, sending the message that after the federal takeover of mortgage giants Fannie Mae and Freddie Mac and the rescue of Bear Stearns, there would be no more bailouts at the taxpayers' expense.
“The government is trying to restore confidence in the markets, and you don’t restore confidence by rescuing one institution after another, after another, after another.” For Merrill Lynch that meant the only way to avoid the fate of Lehman and Bear Stearns was to agree to a takeover. So, a deal was made with Bank of America in less than 48 hours.
Lehman Brothers, which was trading at sixty dollars a share just a year ago, finished this Monday as a penny stock, worth just twenty-one cents a share. That, despite the fact that the company still holds assets worth billions of dollars, but no one wanted to buy it because they were afraid of taking on billions more in risky investments Lehman had made in the mortgage market. Charlie. Betsy Stark reporting tonight, thanks to you.
※ take on ~ : 1. <양상·색채·음조 등을> 나타내다, 띠다 (to develop a particular character or appearance) ex. The war took on a different meaning for everyone involved. 2. 일이나 책임을 맡다 (to accept some work or responsibility) ex. I can't take on any more work at the moment. 3. 대결하다, 대적하다 (to fight or compete against someone) ex. This evening Manchester United take on Barcelona . ex. Democrats were reluctant to take on a president whose popularity ratings were historically high. * take on something : attitude or opinion about something ex. What's your take on the oil crisis? * take in ~ : 섭취하다, 벌어들이다 ex. We need to take in plenty of water. ex. That company plans to take in $ 1 million a month.
appreciate : <사람의 호의 등을> 고맙게 생각하다, 감사하다, 진가[좋은 점]를 인정하다, 높이 평가하다, <사물을> 올바르게 인식하 다 ex. I appreciate your help. 도와주신 데 대해 감사드립니다 ex. I'd appreciate it if you would turn the light off. 불을 꺼주시면 고맙겠습 니다 rough-and-tumble : 1. 마구하는, 되는 대로의, 뒤범벅의 /characterized by roughness and disregard for order or rules 2. 혼전, 난투 / a condition marked by rough disorderly struggle ex. rough-and-tumble politics. ex. the rough-and-tumble of national politics. hold together : 한데 모아 두다, 일치 단결하다[시키다], 뭉치게 하다, 결합시키다 ex. Her 13-year-old daughter is holding the family together. trading day : 거래일 the bottom falls[drops]out (of something) : 무너지다, 붕괴하다, (시세가) 폭락하다 /used for saying that something stops being successful or stops making money, often because people stop buying a product ex. Analysts are warning that the bottom could soon fall out of the market. financial institution : 금융기관 file : 세로줄, (항목별로) 철하다, 철하여 정리 보관하다, <고소 등을> 제기하다, 제출하다 * file/bring a suit (against): ex. The family has filed a lawsuit against the company. ex. A number of them have filed formal complaints against the police. ex. I filed for divorce on the grounds of adultery a few months later. bankruptcy : 파산[상태], 도산 ex. file for bankruptcy : 파산 신청을 하다 / ex. bankruptcy filing : 파산신청 dizzying : 현기증이 나게 하는, 어찔어찔하게 하는, 현기증이 날 것 같은 wake to~ : ~에 눈을 뜨다, ~을 깨닫다, 각성하다 (to start to realize something) ex. You must wake up to this danger. 너는 이 위험을 깨달아 야 한다. * awake : adj. 자지 않고, 자각하고, vt. ~을 깨우다, 자각시키다, vi. 깨 어나다, 자각하다, 깨닫다(to) ex. Her death awoke him to a sense of sin. 그 녀가 죽자 그는 죄의식을 깨달았다. ex. He awoke to find himself famous. 그는 자고 나니 자기가 유명해진 것을 알았다. ex. Young people need to awake to the risks involved in casual sex. investment bank : 투자은행 / A financial institution that deals primarily with raising capital, corporate mergers and acquisitions, and securities trades. * investment banker 증권인수업자, 기업이나 지방단체를 위해 자금을 모 으는 금융 전문인이나 기업 shotgun wedding : 강제결혼, 억지 결혼(결혼을 강요하기 위해 신랑을 산탄총으로 위협한 신부 아버지의 이야기에서) ex. Mary was six months pregnant when she married Bill. It was a real shotgun wedding. 메리는 빌과 결혼했을 때 임신 6개월이었다고. 억지로 하게 된 결혼이지. era : 연대, 시대 day of reckoning : 계산일, 결산일; [the Day of Reckoning] 응보를 받는 날, 최후의 심판일/ a time when you are forced to deal with the results of your actions * reckoning 계산, 집계, 결제, 응보, 벌 * reckon : <수를> 계산하다, ~로 평가하다, 간주 하다(consider), ~으로 치다[생각하다] ex. reckon the cost of the trip 여행 비용을 계산하다 ex. I reckon him as[(to be), for] a wise man. 그를 현명한 남자라고 생각한 다 ex. I reckon that he will not come. 그는 오지 않을 것으로 생각한다 a day for the history books : 역사에 남을 날, 역사에 기록될 날 turn around : 경기 따위가 회복 되다 [회복시키다], <의견 태도 등> 바뀌다 [바꾸다] ex. If the economy turned round the President's popularity would quickly increase. * turnaround : 회전, 전향, 호전, 부실 기업 회생 (작업) / 1. A turnaround is a complete change in opinion, attitude, or method. 2. A turnaround is a sudden improvement, especially in the success of a business or a country's economy. ex. A new survey shows signs of a turnaround in Northern California's housing market. flee : vi. 달아나다, 도망치다, vt. <사 람·장소에서> 달아나다, 도망치다, <나라 등을> 버리다 ex. Earthquake victims have been forced to flee their homes. ex. Police caught up with one of the gang, but the other three fled. suitor : 구혼자, 다른 기업울 매수하고자하는 기업(a company that wants to buy another company) bad debt : 불량 대출, 부실 대출, 부실 채권 takeover : 인 계, (권위 지배 등의) 장악, 접수 * take over : 1. 인계받다 2. 장악하다, 접수하다 3. 우세해지다, 대체하다 ex. Can you take over the cooking while I walk the dog? ex. Gibraltar was taken over by Spain in 1462. ex. IBM is taking over the smaller company. ex. Cars gradually took over from horses. 차량이 점차 말을 대신했 다. mortgage : 저당, 주택 융자, 모기지, ~ 을 저 당하다 ex. hold a mortgage on a person's house 의 집을 저당잡다 / ex. The estate is mortgaged. 그 대지는 저당이 되어 있다. * take out a mortgage 모기지융자 받다 bailout : (낙하산에 의한) 비상 탈출, (경제적 인) 구제 조치, (정부 금융 기관에 의한) 구제 금융, 긴급 금융 지원 ex. Three years of huge losses forced the bank to seek a government bailout. * bail 보석, 보석금, (돈을 지원하여 어려움에서) 구출하다 * on bail : 보석금을 내고 , 보석으로 ex. He was allowed out on bail. 그 는 보석금을 내고 출감을 허가받았다 at the expense of ~ : ~의 비용으로, ~을 희생시켜 ex. success bought at the expense of happiness. 행복을 희생으로 얻어 진 성공 one after another : 하나씩 하나씩, 차례차례, 잇따라 ex. They disappeared one after another. fate : 운명, 숙명, 비운(the things that happen to someone, especially unpleasant things) ex. The refugees have suffered an appalling fate. penny stock : 저주가 (1주의 가격이 1달러 미만의 주식) asset : 재산, 자산 take on : 1. <양상·색채·음 조 등을> 나타내다, 띠다 2. 일이나 책임을 맡다 3. 대결하다, 대적하다 [메모 참고]