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1、Whentheconceptof“peer-to-peer”lendingpoppedupadecadeago,libertariansandleftwingidealistsalikecheered.Fortheideaofusingtheinternettomatchborrowerswhoneededcashwithlendersseemedtoepitomisethesharingeconomy.10年前“个人对个人”（peer-to-peer,简称P2P）贷款突然兴起时，自由主义者和左翼理想主义者都为之欢呼。这是因为，利用互联网为需要资金的借款者与贷款者牵线搭桥似乎带有“分享型经济”
2、的特征。WhatmadeP2Psounddoublyexciting—atleastintheaftermathofthe2008crisis—wasthattheseplatformsalsoappearedtothumbanoseatthebanks.Or,tousethetechnicalterm,P2Pthreatenedto“disintermediate”mainstreamfinance,inademocraticway.令P2P听起来更加激动人心的是——至少在2008年经济危机之后的一段时期里——这些平台似乎也对银行嗤之以鼻。或者，用专业术语来说，P2P以民主的方式威胁着将主流
3、金融“去中介化”。Butthatutopianidealisstartingtobeturnedupsidedown.True,ifyoulookattheprofileofwhoisprovidingloansonAmerica’sbiggestP2Pplatformstoday,suchasLendingClubandProsperMarketplace,youwillstillseewealthy“momandpop”investors,attractedbythehopeofgoodreturnsinalowinterestrateworld.Since2009loansonthebi
4、gP2Pplatformshavegeneratedyieldsofbetween5and9percent.但是现在，这种不切实际的想法即将被颠覆。没错，如果看看美国各大P2P平台上——如LendingClub和ProsperMarketplace——贷款方的介绍，你还是会看到富有的“夫妻店”投资者——在当今的低利率时代，对高回报率的期待把他们吸引到互联网平台上。自2009年以来，大型P2P平台贷款产生的收益率在5%至9%之间。Butthosepluckyindividualsareinaminority—andashrinkingone.Thesedays,four-fifthsofthef
5、inanceonP2Pplatforms[allofthem?saysjustLendingClubinsourceicanfindourstorydatedDecember14.2014]comesfrominstitutions,suchashedgefunds,orarmsoftheestablishedbanks.但是，大胆的个人投资者毕竟是少数——而且越来越少。如今，P2P平台上五分之四的资金来自机构，如对冲基金，或者老牌银行的分支。Indeed,hedgefundsandbanksarenowmovingintothissectorwithsuchavengeancethatthe
6、yarenotonlyrepackagingthoseP2Ploansintonewinstruments,viasecuritisation;theyarelendingviatheseplatformstoo.的确，对冲基金和银行正在大张旗鼓地进入P2P领域——不仅通过证券化把P2P贷款重新包装为新的金融工具，还通过这些平台从事贷款业务。Earlierthisyear,forexample,Citigroupagreeda$150mtie-upwithLendingClub,tofinanceloans.CitizensBankhasbought$200mofloansfromSoFi,a
7、bigstudentloan-focusedmarketplacelender,andcommittedtobuy$300mmore.Insteadofthumbingtheirnoseatbanks,inotherwords,P2Plendersareco-optingthem,ifnotbeingco-optedtoo.Infinancialterms,thisislikeUberquietl
