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WHERE THE RISK WENT

机译：风险在哪里

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Financial stocks soared on Oct. 15 after Citigroup Inc. announced that its net income in the third quarter was up 23% from last year. But the jubilation proved premature. The rally stalled the next day, when J.P. Morgan Chase & Co. announced a 91% drop in net income after writing off bad loans to telecom and cable companies. There's good reason for caution. True, the U.S. financial system is stronger than in the 1990-91 recession, when dozens of savings and loans failed and even giant Citi was weakened. But it is exposed to new risks that aren't fully visible to investors, rating agencies, and maybe even regulators. The explosive growth of securitiza-tion and derivatives during the 1990s may have enabled banks to reduce their risks, but it also made their balance sheets harder to decipher. Sometimes, banks have retained risks that they had seemingly transferred. Other times, they have shifted the risks to institutions that are less-equipped to handle them―from insurers to highly leveraged hedge funds. And because disclosure is limited, it's not always clear just who is exposed. "Securitization cannot make risk disappear. It can only segment and redistribute the risk," says Standard & Poor's Corp. banking analyst Tanya Azarchs.
机译：花旗集团（Citigroup Inc.）宣布其第三季度净收入较去年同期增长23％，导致金融股在10月15日飙升。但是欢腾被证明还为时过早。第二天，摩根大通（J.P. Morgan Chase＆Co.）宣布注销了对电信和有线电视公司的不良贷款后，净利润下降了91％，从而拉低了涨势。谨慎是有充分理由的。诚然，美国的金融体系比1990-91年的衰退更为强大，当时数十次储蓄和贷款失败，甚至巨型花旗也遭到削弱。但是，它面临着新风险，而这些新风险对于投资者，评级机构甚至监管者而言都是不完全可见的。 1990年代证券化和衍生工具的爆炸性增长可能使银行降低了风险，但也使银行的资产负债表难以破译。有时，银行保留了看似已经转移的风险。在其他时候，他们将风险转移到了没有能力应对的机构，从保险公司到高杠杆对冲基金。而且由于披露是有限的，所以并不总是清楚谁被暴露。标准普尔银行分析师Tanya Azarchs说：“证券化不能使风险消失。它只能分割并重新分配风险。”

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