Wall Street banks are reaping outsized profits by trading with the Federal Reserve， raising questions about whether the central bank is driving hard enough bargains in its dealings with private sector counterparties， officials and industry executives say.

　　政府官員及銀行業(yè)高管表示，華爾街銀行通過(guò)與美聯(lián)儲(chǔ)（Fed）的交易收獲了超乎尋常的利潤(rùn)，這引發(fā)了美國(guó)央行在與私營(yíng)部門(mén)交易時(shí)殺價(jià)力度是否足夠的疑問(wèn)。

　　The Fed has emerged as one of Wall Street's biggest customers during the financial crisis， buying massive amounts of securities to help stabilise the markets. In some cases， such as the market for mortgage-backed securities， the Fed buys more bonds than any other party.

　　美聯(lián)儲(chǔ)已成為金融危機(jī)期間華爾街的最大客戶(hù)之一，為幫助穩(wěn)定市場(chǎng)購(gòu)買(mǎi)了大量證券。在某些情況下，例如在抵押貸款支持證券（MBS）市場(chǎng)，美聯(lián)儲(chǔ)購(gòu)買(mǎi)的債券比其他任何買(mǎi)家都要多。

　　However， the Fed is not a typical market player. In the interests of transparency， it often announces its intention to buy particular securities in advance. A former Fed official said this strategy enables banks to sell these securities to the Fed at an inflated price.

　　然而，美聯(lián)儲(chǔ)不是典型意義上的市場(chǎng)參與者。為了透明度著想，美聯(lián)儲(chǔ)往往會(huì)事先公布購(gòu)買(mǎi)某種證券的意愿。一位前美聯(lián)儲(chǔ)官員表示，這種策略致使銀行能夠以抬高的價(jià)格向美聯(lián)儲(chǔ)出售這些證券。

　　The resulting profits represent a relatively hidden form of support for banks， and Wall Street has geared up to take advantage. Barclays， for example， e-mails clients with news on the Fed's balance sheet， detailing the share of the market in particular securities held by the Fed.

　　由此獲得的利潤(rùn)，為銀行提供了某種相對(duì)隱性的支撐，華爾街因此做好準(zhǔn)備充分利用這種機(jī)會(huì)。例如，巴克萊（Barclays）會(huì)通過(guò)電子郵件向客戶(hù)發(fā)送有關(guān)美聯(lián)儲(chǔ)資產(chǎn)負(fù)債表的消息，詳細(xì)說(shuō)明美聯(lián)儲(chǔ)在某種證券上所占的市場(chǎng)份額。

　　“You can make big money trading with the government，” said an executive at one leading investment management firm. “The government is a huge buyer and seller and Wall Street has all the pricing power.”

　　“與政府做生意，你能掙大錢(qián)，”一家主要投資管理公司的高管表示。“政府是超級(jí)買(mǎi)家和賣(mài)家，而華爾街完全掌控著定價(jià)權(quán)。”

　　A former official of the US Treasury and the Fed said the situation had reached the point that “everyone games them. Their transparency hurts them. Everyone picks their pocket.”

　　財(cái)政部及美聯(lián)儲(chǔ)一位前官員表示，局面已經(jīng)達(dá)到這樣一種程度，即“所有人都在與美聯(lián)儲(chǔ)博弈。透明度害了他們。每個(gè)人都想從他們的口袋里撈錢(qián)。”

　　The central bank's approach to securities purchases was defended by William Dudley， president of the New York Fed， which is responsible for market operations. “We believe that opting for transparency is a greater good，” he said. “If we didn't have transparency， we'd be criticised on other grounds.”

　　紐約聯(lián)邦儲(chǔ)備銀行（New York Fed）負(fù)責(zé)市場(chǎng)運(yùn)作。該行行長(zhǎng)威廉？達(dá)德利（William Dudley），為美國(guó)央行購(gòu)買(mǎi)證券的做法進(jìn)行了辯護(hù)。“我們認(rèn)為，選擇透明度更加有益，”他表示。“如果我們沒(méi)有透明度，我們會(huì)因?yàn)槠渌碛墒艿脚u(píng)。”

　　However， another official familiar with the matter said the central bank “has heard that dealers load up on securities to sell to the Fed. There is concern， but policy goals override other considerations.”

　　然而，另一名熟悉情況的官員表示，央行“已聽(tīng)說(shuō)有些銀行會(huì)囤積證券，以向美聯(lián)儲(chǔ)出售。擔(dān)憂(yōu)是存在的，但政策目標(biāo)壓倒其它顧慮。”

　　Barney Frank， chairman of the House financial services committee， said the potential profiteering may be part of the price for stabilising the financial system.

　　眾議院金融服務(wù)委員會(huì)主席巴尼？弗蘭克（Barney Frank）表示，潛在的牟取暴利行為，可能是為了穩(wěn)定金融體系而必須付出的代價(jià)之一。

　　“You can't rescue the credit system without benefiting some of the people in it.” Still， Mr Frank said Congress would be watching. “We don't want the Fed to drive the hardest possible bargain， but we don't want them to get ripped off.”

　　“不讓體系內(nèi)部的某些人獲利，就無(wú)法拯救信貸體系。”不過(guò)，弗蘭克表示，國(guó)會(huì)將密切關(guān)注。“我們不希望美聯(lián)儲(chǔ)盡其可能地壓價(jià)，但也不希望他們被敲詐。”

　　The growing Fed activity has coincided with a general widening of market spreads - the difference between bid and offer prices - as the number of market participants declines. Wider spreads enable banks， in their capacity as market-makers， to make more profit.

　　在美聯(lián)儲(chǔ)交易活動(dòng)不斷增加的同時(shí)，隨著市場(chǎng)參與者減少，市場(chǎng)利差（出價(jià)和要價(jià)之間的差額）普遍擴(kuò)大。利差越大，作為做市商的銀行獲得利潤(rùn)越高。