商務(wù)英語閱讀第二版王關(guān)富unit10banking課后答案

1、Chapter10TheAlchemistsofFinanceExercisesQuestionsonthetextWhatsthemaindifferencebetweencommercialbanksandinvestmentbanksIntodaysbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksandbondsandadvisecompaniesonmergersandacqu

2、isitions.WhydoinvestmentbankstrytokeepquietabouttheirbigprofitsInvestmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveovertakentheminraisingmoneyandmakingexcessivebets.Whatchangeshavetakenplacein

3、thefinancialmarketssincethe1980sThemainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesofthosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.Whydobankersandregulatorsworryaboutapos

4、siblecollapseofaninvestmentbankTheyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.Whichthreefactorscanexplainthehu

5、geprofitforinvestmentbanksThosefactorsare:first,thealchemiststrickofturningdebt(mostlyleaden)intoderivatives(mostlyliquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowu

6、singtheirownmoney,todifferingdegrees.Whatdoestheexpression“thewildeast”refertoThatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcen

7、terLondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontinentEuropeancountriescanraisecapitalthere;third,LondonisalsoregardedasaspringboardforemergingmarketssuchasChinaandRussia.Howdoin

8、vestmentbanksmanagetherisksInvestmentbankstrytofindthemosttalentedpeopletohandletheintricateassets;theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinanattempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearintechnologiestomeasureandstress-testrisks;theyalsotrytoboosttheirrisk-we

9、ightedcapital.Accordingtothetext,whatstherelationshipbetweenrevenueandriskinfinanceTherelationshipbetweenrevenueandriskisfundamentalinfinance.Risk-takingisawardedbypossiblehighrevenue.Lowriskoftenmeanslessrevenue.However,inordertogainmorerevenue,youneedtotakemorerisks.Youshouldcarefullycalculatether

10、iskandbalanceitagainstrevenuebeforehand,oryouwillpayahighpriceforfoolishinvestmentbet.Whichoneismoreimportanttothegrowthofthefinanceindustry,innovationorregulationBasedonthetext,bothinnovationandregulationarevitaltothehealthygrowthofthefinanceindustry.Withoutinnovation,investorshavefewerplacestogain

11、returnsontheirmoneyandthoseseekingmoneywouldhavemuchmoredifficultiesinobtainingit.Thusinnovationbooststherapidgrowthoffinanceindustryandbringsbenefitstomorepeoplebothindevelopedcountriesanddevelopingcountries.However,innovationwithoutproperregulation,suchasthesecuritiesthatnooneknowshowtoexactlymeas

12、uretheirrisk,couldleadthegrowthofthefinanceindustrytoadisastrousend.Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:Thegovernmenthastakenmanymeasurestobringdownthepricesofoil.Employeesareaskedtokeepquietabouttheiryear-endbonus.Regulatorsdemandthemonopolycompanytosplitint

13、osmallerentities.ItsreportedthatChinaTelecomplanstospinoffitsnetworkservicesunitinHK.Thetraffichadseizedupformilesbecauseoftheaccident.Accordingtothoserepresentatives,newforcesareatworkintherefiningindustry.Weshallneverknowhowshemanagedtoacquireherpromotion;thereisnowaytoaccountforit.Anationwidelawa

14、imedatstampingoutpassivesmokinginpublicspacesinSwitzerlandcameintoforceonSaturday.Innovationswillbringaboutdramaticchangesinthisindustrialsector.Iwouldsaythat,onbalance,ithasntbeenabadyear.MatchthetermsincolumnAwiththeexplanationsincolumnB:AB1)liquiditycrisisa)abankthatprovidescheckingaccounts,savin

15、gsaccounts,andmoneymarketaccountsandthatacceptstimedeposits.62)leveragedbuy-outb)acompanyissuescommonstockorsharestothepublicforthefirsttime.53)creditcrunchc)thesituationinwhichabusinessexperiencesalackofcashrequiredtogrowthebusiness,payforday-to-dayoperations,ormeetitsdebtobligationswhentheyaredue,

16、causingittodefault.14)over-the-countersecuritiesd)theacquisitionofanothercompanyusingasignificantamountofborrowedmoney(bondsorloans)tomeetthecostofacquisition.25)initialpublicofferinge)afinancialinstitutionthatassistsindividuals,corporationsandgovernmentsinraisingcapitalbyunderwritingand/oractingast

17、heclientsagentintheissuanceofsecurities.86)commercialbankf)anaggressivelymanagedportfolioofinvestmentsthatusesadvancedinvestmentstrategiessuchasleveraged,long,shortandderivativepositionsinbothdomesticandinternationalmarketswiththegoalofgeneratinghighreturns.97)stresstestg)asharpincreaseintheinterest

18、ratesandastrongdecreaseinallocatedcredits.38)investmentbankh)aprocessthatmeasureswhetheroneinstitutionhasadequatecapitaland/orassetstorespondeffectivelytovarious,adversescenariosusuallypresentedbyacomputerprogram.79)hedgefundi)securitiestradedinsomecontextotherthanonaformalexchangesuchastheNYSE,etc4

19、.10)riskmanagementj)theidentification,assessment,andprioritizationofrisksfollowedbycoordinatedandeconomicalapplicationofresourcestominimize,monitor,andcontroltheprobabilityand/orimpactofunfortunateeventsortomaximizetherealizationofopportunities.10TranslatethefollowingintoChinese：在昨年信貸危機(jī)爆發(fā)的時(shí)候，聯(lián)邦的看守者們

20、向國內(nèi)的各主要金融機(jī)構(gòu)注入了數(shù)以百億計(jì)美元，而他們這么做的原因在于這些銀行是這樣之大致使于官員們擔(dān)憂它們的破產(chǎn)將會(huì)拖垮整個(gè)金融系統(tǒng)?，F(xiàn)在，這些銀行中最大的幾家甚至變得更大了。這場危機(jī)對控制著美國金融的很多巨頭們而言很可能是件好事。由聯(lián)邦政府安排的一系列兼并行動(dòng)將墜入困境的銀行安全地并入了更為安全牢固的企業(yè)中。這場危機(jī)還讓幸存者們得以亂中重生，市場所位獲得牢固，抵花銷者信貸擁有更大的控制權(quán)，并獲得更多的盈利空間?，F(xiàn)在，這個(gè)國家每十美元的存儲(chǔ)中就有高出一美元是由摩根大通銀行（.MorganChase）掌控的，該銀行則由華爾街的一些老字號(hào)機(jī)構(gòu)組成。美國銀行BankofAmerica）和西海岸最大的銀

21、行-富國銀行（WellsFargo）的情況也是這樣，而前者在收買美林證券（MerrillLynch）時(shí)受到重要損失，又因金融危機(jī)被政府部分收買。聯(lián)邦政府?dāng)?shù)據(jù)顯示，現(xiàn)在每兩筆抵押貸款中就有一筆和每三張信用卡中就有兩張是由以下銀行發(fā)放的：上述三家銀行，再加上由政府營救并擁有的花旗銀行（Citigroup）。在昨年九月金融系統(tǒng)幾乎完好崩潰一年后，聯(lián)邦政府的對付措施重新界定了美國人獲得抵押貸款、學(xué)生貸款和其他信貸的方式，并高調(diào)主導(dǎo)了一場關(guān)于高管薪酬的全國性談?wù)?。但是，在這場危機(jī)帶來的所有結(jié)果中最讓高層看守者們不安的是那些超大型銀行卻變得更大，而且它們之間的聯(lián)系更為親密?？词卣邆冇袃煞矫娴膿?dān)憂：一是花銷

22、者對服務(wù)的選擇余地最后會(huì)越來越小，二是銀行會(huì)認(rèn)為若是事情弄砸了它們總會(huì)獲得政府的支持。這一假設(shè)的保證意味著若是大企業(yè)認(rèn)為聯(lián)邦官員總會(huì)替它們整理爛攤子的話，它們就會(huì)重操舊業(yè)，再次從事那些曾引起此次危機(jī)的高風(fēng)險(xiǎn)行為。這個(gè)名為“道德風(fēng)險(xiǎn)”的問題可以在必然程度上說明政府官員為何要嚴(yán)實(shí)監(jiān)控那些獲得了營救的銀行-督查其高管的薪酬并審查其重要部門或分支機(jī)構(gòu)的銷售。除其他，此問題還促使奧巴馬政府采用措施建立新的看守系統(tǒng)以防新危機(jī)的再現(xiàn)。此項(xiàng)計(jì)劃還對大型金融機(jī)構(gòu)設(shè)置了更高的資本標(biāo)準(zhǔn)，并授權(quán)政府可以接收各樣墜入困境的金融機(jī)構(gòu)以便漸漸而有序地停止其業(yè)務(wù)。Fillineachofthefollowinggapswit

23、honeofthesentencesgivenbelow:Yetinvestmentbankshaverecentlychangedoutofallrecognition.Iftheydecidedthepropertywasabargain.Inshort,investmentbankinghasmigratedfromanagencymodeltowardsaprincipalone.Itismakingbiggerbetswithitsowncapital,too.Themainengineoftransformationhasbeencompetition.Othershavegone

24、fornichemarkets.SupplementaryReadingTheSecretsOut:CanSwissBankingAdapttoScrutinyAccordingtothearticle,whatsthekeytothesuccessofSwissbanksLonghistory.Goodlocations.Reputationfordiscretion.Servicetoreducetax.WhichoneofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrueHehasworkedinGeneva.Heisjailedf

25、orhiswrongdoing.HewasforcedtogivesomeconfidentialdocumentstoU.S.officials.HewasaformerbankerofUBS.Accordingtothearticle,itismainly_thatbuiltSwitzerlandswealth.speciallocalfoodwell-developedtourismindustriesstrictgovernmentadministrationandmanagementthebankingindustryAllofthefollowingstatementsarefea

26、turesofSwissbanksexcept_.Mostofthemareprivatebanks.Theytrytogainasmanyregularclientsaspossible.Theypreferwealthypeople.Theyusuallyhavemanyforeignclients.AfterachangeinSwisslawpermittedUBStogiveU.S.officialsdetailsof4,450American-heldaccounts,_.U.S.officialsstoppedtheirinvestigation.noactionshavebeentakenagainstUBS.manySwissfeltthattheywereoffended.UBSc