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.

　　政府官員及銀行業高管表示，華爾街銀行通過與美聯儲（Fed）的交易收獲了超乎尋常的利潤，這引發了美國央行在與私營部門交易時殺價力度是否足夠的疑問。

　　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.

　　美聯儲已成為金融危機期間華爾街的最大客戶之一，為幫助穩定市場購買了大量證券。在某些情況下，例如在抵押貸款支持證券（MBS）市場，美聯儲購買的債券比其他任何買家都要多。

　　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，美聯儲不是典型意義上的市場參與者。為了透明度著想，美聯儲往往會事先公布購買某種證券的意愿。一位前美聯儲官員表示，這種策略致使銀行能夠以抬高的價格向美聯儲出售這些證券。

　　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，為銀行提供了某種相對隱性的支撐，華爾街因此做好準備充分利用這種機會。例如，巴克萊（Barclays）會通過電子郵件向客戶發送有關美聯儲資產負債表的消息，詳細說明美聯儲在某種證券上所占的市場份額。

　　“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，”一家主要投資管理公司的高管表示。“政府是超級買家和賣家，而華爾街完全掌控著定價權。”

　　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.”

　　財政部及美聯儲一位前官員表示，局面已經達到這樣一種程度，即“所有人都在與美聯儲博弈。透明度害了他們。每個人都想從他們的口袋里撈錢。”

　　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.”

　　紐約聯邦儲備銀行（New York Fed）負責市場運作。該行行長威廉？達德利（William Dudley），為美國央行購買證券的做法進行了辯護。“我們認為，選擇透明度更加有益，”他表示。“如果我們沒有透明度，我們會因為其它理由受到批評。”

　　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“已聽說有些銀行會囤積證券，以向美聯儲出售。擔憂是存在的，但政策目標壓倒其它顧慮。”

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

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

　　“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.”

　　“不讓體系內部的某些人獲利，就無法拯救信貸體系。”不過，弗蘭克表示，國會將密切關注。“我們不希望美聯儲盡其可能地壓價，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.

　　在美聯儲交易活動不斷增加的同時，隨著市場參與者減少，市場利差（出價和要價之間的差額）普遍擴大。利差越大，作為做市商的銀行獲得利潤越高。