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課后答案資料僅供參考文件編號(hào)：2022年4月商務(wù)英語閱讀(第二版)王關(guān)富Unit10banking課后答案版本號(hào)：A修改號(hào)：1頁次：1.0審核：批準(zhǔn):發(fā)布日期：Chapter10TheAlchemistsofFinanceExercises1.QuestionsonthetextWhat’sthemaindifferencebetweencommercialbanksandinvestmentbanks

Intoday'sbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksandbondsandadvisecompaniesonmergersandacquisitions.Whydoinvestmentbankstrytokeepquietabouttheirbigprofits?Investmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveovertakentheminraisingmoneyandmakingexcessivebets.Whatchangeshavetakenplaceinthefinancialmarketssincethe1980s?

Themainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesofthosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.Whydobankersandregulatorsworryaboutapossiblecollapseofaninvestmentbank?

Theyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.Whichthreefactorscanexplainthehugeprofitforinvestmentbanks?Thosefactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)intoderivatives(mostlyliquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowusingtheirownmoney,todifferingdegrees.Whatdoestheexpression“thewildeast”referto?

ThatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcenter

LondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontinentEuropeancountriescanraisecapitalthere;third,LondonisalsoregardedasaspringboardforemergingmarketssuchasChinaandRussia.Howdoinvestmentbanksmanagetherisks?Investmentbankstrytofindthemosttalentedpeopletohandletheintricateassets;theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinanattempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearintechnologiestomeasureandstress-testrisks;theyalsotrytoboosttheirrisk-weightedcapital.Accordingtothetext,what’stherelationshipbetweenrevenueandriskinfinance?

Therelationshipbetweenrevenueandriskisfundamentalinfinance.Risk-takingisawardedbypossiblehighrevenue.Lowriskoftenmeanslessrevenue.However,inordertogainmorerevenue,youneedtotakemorerisks.Youshouldcarefullycalculatetheriskandbalanceitagainstrevenuebeforehand,oryouwillpayahighpriceforfoolishinvestmentbet.Whichoneismoreimportanttothegrowthofthefinanceindustry,innovationorregulation?

Basedonthetext,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(guó)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(chǎng)危機(jī)對(duì)控制著美國(guó)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(chǎng)危機(jī)還讓幸存者們得以亂中重生，市場(chǎng)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(guó)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（J.P.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(guó)銀行（BankofAmerica）和西海岸最大的銀行------富國(guó)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?jī)晒P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(guó)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(chǎng)關(guān)于高管薪酬的全國(guó)性討論。不過，在這場(chǎng)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:CanSwissBankingAdapttoScrutiny?Accordingtothearticle,what’sthekeytothesuccessofSwissbanks？

Longhistory.Goodlocations.Reputationfordiscretion.∨Servicetoreducetax.WhichoneofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrue?

HehasworkedinGeneva.Heisjailedforhiswrongdoing.HewasforcedtogivesomeconfidentialdocumentstoU.S.officials.∨HewasaformerbankerofUBS.Accordingtothearticle,itismainly__________thatbuiltSwitzerland’swealth.speciallocalfoodwell-developedtourismindustriesstrictgovernmentadministrationandmanagementthebankingindustry∨AllofthefollowingstatementsarefeaturesofSwissbanksexcept_________.Mostofthemareprivatebanks.Theytrytogainasmanyregularclientsaspossible.∨Theypreferwealthypeople.Theyusuallyhavemanyforeignclients.AfterachangeinSwisslawpermittedUBStogiveU.S.officialsdetailsof4,450American-heldaccounts,_________.U.S.officialsstoppedtheirinvestigation.noactionshavebeentakenagainstUBS.manySwissfeltthattheywereoffended.∨UBS