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Nasty, brutish and short

机译：讨厌，野蛮和矮小

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It is difficult being a short-seller. Most shareholders and managers agree that you are an important part of an efficient stockmarket-until you dump shares in their company. Then things can turn nasty. "We appreciate that, asshole," barked Enron's chief executive, on a public conference call, to a suspected short-seller who had complained about the lack of a published balance sheet. Sometimes bears need even thicker skins. In 1995 Malaysia's finance ministry reportedly proposed caning as a punishment for abusive shorting. Since markets turned sour last year, plenty of financial firms, from Bear Stearns and Lehman Brothers in America, to Bab-cock & Brown and Macquarie Group in Australia, have seen increased shorting. A few have grumbled about unfair speculation. In February mbia, an embattled bond insurer, complained to a congressional committee that "self-interested parties have gone to substantial effort to undermine the market confidence that is critical to mbia's business". Yet the regulatory response was muted until Britain's Financial Services Authority (fsa), a City watchdog, abruptly announced new disclosure rules for anyone short-selling the stock of companies in the delicate process of issuing shares to raise capital. If market abuse does not stop with this new regime, due to come into force from June 20th, the fsa will take further steps. Since it intervened, British banks raising emergency capital have seen their shares rise.
机译：做空者很难。大多数股东和经理都同意，直到您抛售其公司股票之前，您都是高效股票市场的重要组成部分。这样事情就会变得讨厌。 “我们对此深表歉意。”安然的首席执行官在公开电话会议上对一个怀疑的卖空者抱怨说，该卖空者抱怨缺乏公布的资产负债表。有时熊甚至需要更厚的皮肤。据报道，1995年马来西亚财政部提议以鞭打作为对滥用空头行为的一种惩罚。自去年市场转坏以来，从美国的贝尔斯登和雷曼兄弟，到澳大利亚的巴布克-布朗与布朗和麦格理集团，许多金融公司的空头数量都在增加。一些人抱怨不公平的投机行为。 2月份，四面楚歌的债券保险公司姆比亚向国会委员会抱怨说：“自私自利的各方已作出重大努力，破坏了对姆比亚业务至关重要的市场信心”。然而，监管反应平息，直到英国金融监管机构英国金融服务管理局（fsa）突然宣布了新的披露规则，允许任何在发行股票筹集资金的微妙过程中卖空公司股票的人。如果新制度于6月20日生效，这种滥用新制度不会阻止市场滥用，则fsa将采取进一步措施。自从干预以来，筹集紧急资金的英国银行看到了它们的股票上涨。

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    《The economist》 |2008年第8585期|99-100|共2页
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