商務(wù)英語閱讀(第二版) 王關(guān)富 Unit10 banking 課后答案

商務(wù)英語閱讀(第二版)王關(guān)富Unit10banking課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit10banking課后答案商務(wù)英語閱讀(第二版)王關(guān)富Unit10banking課后答案xxx公司商務(wù)英語閱讀(第二版)王關(guān)富Unit10banking課后答案文件編號(hào)：文件日期：修訂次數(shù)：第1.0次更改批準(zhǔn)審核制定方案設(shè)計(jì)，管理制度Chapter10TheAlchemistsofFinanceExercises1.QuestionsonthetextWhat’sthemaindifferencebetweencommercialbanksandinvestmentbanksIntoday'sbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksandbondsandadvisecompaniesonmergersandacquisitions.WhydoinvestmentbankstrytokeepquietabouttheirbigprofitsInvestmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveovertakentheminraisingmoneyandmakingexcessivebets.Whatchangeshavetakenplaceinthefinancialmarketssincethe1980sThemainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesofthosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.WhydobankersandregulatorsworryaboutapossiblecollapseofaninvestmentbankTheyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.WhichthreefactorscanexplainthehugeprofitforinvestmentbanksThosefactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)intoderivatives(mostlyliquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowusingtheirownmoney,todifferingdegrees.Whatdoestheexpression“thewildeast”refertoThatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcenterLondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontinentEuropeancountriescanraisecapitalthere;third,LondonisalsoregardedasaspringboardforemergingmarketssuchasChinaandRussia.HowdoinvestmentbanksmanagetherisksInvestmentbankstrytofindthemosttalentedpeopletohandletheintricateassets;theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinanattempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearintechnologiestomeasureandstress-testrisks;theyalsotrytoboosttheirrisk-weightedcapital.Accordingtothetext,what’stherelationshipbetweenrevenueandriskinfinanceTherelationshipbetweenrevenueandriskisfundamentalinfinance.Risk-takingisawardedbypossiblehighrevenue.Lowriskoftenmeanslessrevenue.However,inordertogainmorerevenue,youneedtotakemorerisks.Youshouldcarefullycalculatetheriskandbalanceitagainstrevenuebeforehand,oryouwillpayahighpriceforfoolishinvestmentbet.Whichoneismoreimportanttothegrowthofthefinanceindustry,innovationorregulationBasedonthetext,bothinnovationandregulationarevitaltothehealthygrowthofthefinanceindustry.Withoutinnovation,investorshavefewerplacestogainreturnsontheirmoneyandthoseseekingmoneywouldhavemuchmoredifficultiesinobtainingit.Thusinnovationbooststherapidgrowthoffinanceindustryandbringsbenefitstomorepeoplebothindevelopedcountriesanddevelopingcountries.However,innovationwithoutproperregulation,suchasthesecuritiesthatnooneknowshowtoexactlymeasuretheirrisk,couldleadthegrowthofthefinanceindustrytoadisastrousend.2. Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:Thegovernmenthastakenmanymeasurestobringdownthepricesofoil.Employeesareaskedtokeepquietabouttheiryear-endbonus.Regulatorsdemandthemonopolycompanytosplitintosmallerentities.It’sreportedthatChinaTelecomplanstospinoffitsnetworkservicesunitinHK.Thetraffichadseizedupformilesbecauseoftheaccident.Accordingtothoserepresentatives,newforcesareatworkintherefiningindustry.Weshallneverknowhowshemanagedtoacquireherpromotion;thereisnowaytoaccountforit.AnationwidelawaimedatstampingoutpassivesmokinginpublicspacesinSwitzerlandcameintoforceonSaturday.Innovationswillbringaboutdramaticchangesinthisindustrialsector.Iwouldsaythat,onbalance,ithasn'tbeenabadyear.3.MatchthetermsincolumnAwiththeexplanationsincolumnB: AB1) liquiditycrisis a) abankthatprovidescheckingaccounts,savingsaccounts,andmoneymarketaccountsandthatacceptstimedeposits.62) leveragedbuy-out b) acompanyissuescommonstockorsharestothepublicforthefirsttime.53) creditcrunch c) thesituationinwhichabusinessexperiencesalackofcashrequiredtogrowthebusiness,payforday-to-dayoperations,ormeetitsdebtobligationswhentheyaredue,causingittodefault.14) over-the-countersecurities d) theacquisitionofanothercompanyusingasignificantamountofborrowedmoney(bondsorloans)tomeetthecostofacquisition.25) initialpublicoffering e) afinancialinstitutionthatassistsindividuals,corporationsandgovernmentsinraisingcapitalbyunderwritingand/oractingastheclient'sagentintheissuanceofsecurities.86)commercialbank f) anaggressivelymanagedportfolioofinvestmentsthatusesadvancedinvestmentstrategiessuchasleveraged,long,shortandderivativepositionsinbothdomesticandinternationalmarketswiththegoalofgeneratinghighreturns.97)stresstest g) asharpincreaseintheinterestratesandastrongdecreaseinallocatedcredits.38)investmentbank h)aprocessthatmeasureswhetheroneinstitutionhasadequatecapitaland/orassetstorespondeffectivelytovarious,adversescenariosusuallypresentedbyacomputerprogram.79)hedgefund i) securitiestradedinsomecontextotherthanonaformalexchangesuchastheNYSE,etc.410) riskmanagement j) theidentification,assessment,andprioritizationofrisksfollowedbycoordinatedandeconomicalapplicationofresourcestominimize,monitor,andcontroltheprobabilityand/orimpactofunfortunateeventsortomaximizetherealizationofopportunities.10TranslatethefollowingintoChinese：在去年信貸危機(jī)爆發(fā)的時(shí)候，聯(lián)邦的監(jiān)管者們向國內(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如此之大以至于官員們擔(dān)心它們的破產(chǎn)將會(huì)拖垮整個(gè)金融體系。如今，這些銀行中最大的幾家甚至變得更大了。這場危機(jī)對(duì)控制著美國金融的不少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)將陷入困境的銀行平安地并入了更為安全穩(wěn)定的企業(yè)中。這場危機(jī)還讓幸存者們得以亂中重生，市場地位得到鞏固，對(duì)消費(fèi)者信貸擁有更大的控制權(quán)，并獲得更多的盈利空間。如今，這個(gè)國家每十美元的儲(chǔ)蓄中就有超過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）和西海岸最大的銀行------富國銀行（WellsFargo）的情況也是如此，而前者在收購美林證券（MerrillLynch）時(shí)遭受重大損失，又因金融危機(jī)被政府部分收購。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，再加上由政府救助并擁有的花旗銀行（Citigroup）。在去年九月金融體系幾乎完全崩潰一年后，聯(lián)邦政府的應(yīng)對(duì)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討論。不過，在這場危機(jī)帶來的所有后果中最讓高層監(jiān)管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)系更為緊密。監(jiān)管者們有兩方面的擔(dān)憂：一是消費(fèi)者對(duì)服務(wù)的選擇余地最終會(huì)越來越小，二是銀行會(huì)認(rèn)為如果事情弄砸了它們總會(huì)得到政府的支持。這一假設(shè)的保證意味著如果大公司認(rèn)為聯(lián)邦官員總會(huì)替它們收拾爛攤子的話，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)”的問題可以在一定程度上說明政府官員為何要嚴(yán)密監(jiān)控那些獲得了救助的銀行------監(jiān)督其高管的薪酬并審查其重要部門或分支機(jī)構(gòu)的出售。除此外，此問題還促使奧巴馬政府采取措施建立新的監(jiān)管體系以防新危機(jī)的再現(xiàn)。此項(xiàng)計(jì)劃還對(duì)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)政府可以接管各類陷入困境的金融機(jī)構(gòu)以便逐步而有序地停止其業(yè)務(wù)。Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:Yetinvestmentbankshaverecentlychangedoutofallrecognition.Iftheydecidedthepropertywasabargain.Inshort,investmentbankinghasmigratedfromanagencymodeltowardsaprincipalone.Itismakingbiggerbetswithitsowncapital,too.Themainengineoftransformationhasbeencompetition.Othershavegonefornichemarkets.SupplementaryReadingTheSecret'sOut:CanSwissBankingAdapttoScrutinyAccordingtothearticle,what’sthekeytothesuccessofSwissbanksLonghistory.Goodlocations.Reputationfordiscretion.∨Servicetoreducetax.WhichoneofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrueHehasworkedinGeneva.Heisjailedforhiswrongdoing.Hewasforcedtogivesomeconfidentialdocumentsto.officials.∨HewasaformerbankerofUBS.Accordingtothearticle,itismainly__________thatbuiltSwitzerland’swealth.speciallocalfoodwell-developedtourismindustriesstrictgovernmentadministrationandmanagementthebankingindustry∨AllofthefollowingstatementsarefeaturesofSwissbanksexcept_________.Mostofthemareprivatebanks.Theytrytogainasmanyregularclientsaspossible.∨Theypreferwealthypeople.Theyusuallyhavemanyforeignclients.AfterachangeinSwisslawpermittedUBStogive.officialsdetailsof4,450American-heldaccounts,_________..officialsstoppedtheirinvestigation.noactionshavebeentakenagainstUBS.manySwissfeltthattheywereoffended.∨UBSclo