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The mistake that the Erie Board have made is
伊利董事会犯了一个错误
that they have telegraphed
他们发电报称
where they need to expand without securing the land first.
他们需要扩张 而无需首先确保土地
Gould and Fisk are stuck in middle-management at the Erie.
古尔德和菲斯克当时不过是伊利的中层管理者
But they represent the new America that Vanderbilt is helping to create.
但他们代表了范德比尔特帮助建立的新美国
One of self-made men with ruthless ambition.
一个人们怀有残酷野心 靠自己力量成功的国度
And after years of watching the Commodore dominate,
经过很多年对船长统治的观察之后
they're eager to build their own empire.
他们渴望建立自己的帝国
They recognize Vanderbilt's plan to buy the line,
他们意识到了范德比尔特的铁路收购计划
and see the opportunity they've been waiting for.
将这看成是自己等待已久的时机
Competition, I think, it's good for the system,
我认为竞争是对系统有好处的
and it's really, I think, what most businesses is about,
我认为它就是商业经营的实质
is doing a better job, and out-hustling your competitors.
做好自己的工作 打败竞争对手
Gould and Fisk begin printing new shares of stock,
古尔德和菲斯克开始印刷新股票
using a printing press they set up in the basement of the Erie offices.
利用他们在伊利地下室配置的印刷机
Each share they print
他们所印的每一份股票
dilutes Vanderbilt's stake in the company,
都会稀释范德比尔特在公司的股权
and they print over one hundred thousand.
他们一印就是十万份
There was some fine print in one of the clauses of the Erie's
伊利章程的条款中有一条细则
charter that allowed the board of directors to issue new stock,
允许董事会印刷发行新股票
unbeknownst to the shareholders.
同时无需让股东知道
Go.
快去
And so, the more shares that Vanderbilt bought,
因此 范德比尔特买得股份越多
the more he had to buy in order to approach that magic majority.
他就还需要买更多 才能获得多数控制权
Their plan is known as "watering down stock".
他们的计划被称作"股票掺水"
Highly illegal today,
在现在 这是非法的
at the time, it had never been imagined.
但在当时 没人想到过这样做
Its simplicity is brilliant.
这种方法的简洁性太过巧妙
And Wall Street is never the same.
华尔街因此变得不同以往
The only rule was there were no rules.
唯一的规则就是没有规则
Whatever it took to put your competition out of business,
只要能将对手挤出竞争
they were gonna try to do it.
什么手段都值得一试
Unaware, Vanderbilt continues to buy.
毫不知情的范德比尔特还在继续购买
Think of the look on his face.
想想他脸上会是什么表情
Oh, God, I wish I could be a fly on that wall.
天啊 真想亲眼看看
The freshly printed shares are hand-delivered to Vanderbilt.
新印出的股份被亲手交送给范德比尔特
Here are the Erie shares.
这些是伊利的股份
I assume we control the company now.
我想我们现在就能控制公司了
a toast!
干杯
A toast.
干杯
To money!
为钱干杯
To Vanderbilt's money!
为范德比尔特的钱干杯
Vanderbilt has bought seven million dollars
范德比尔特买了七百万美元
of watered-down stock from Gould and Fisk.
古尔德和菲斯克的掺水股票
Today, worth over one billion dollars.
折算到今天 价值超过十亿美元
