商務英語閱讀(第二版)王關富Unit10banking課后答案Chapter10TheAlchemistsofFinanceExercises1.Questionsonthetext1)What’sthemaindifferencebetweencommercialbanksandinvestmentbanks?Intoday'sbusinessenvironment,themainbusinessofcommercialbanksistocollectdepositsandmakeloans,whilethatofinvestmentbanksistounderwritestocksandbondsandadvisecompaniesonmergersandacquisitions.2)Whydoinvestmentbankstrytokeepquietabouttheirbigprofits?Investmentbankstrytokeepquietabouttheirbigprofitsfortwomajorreasons:first,theyareundermorescrutinybyregulatorsandinvestors;second,privateequityandhedgefundshaveovertakentheminraisingmoneyandmakingexcessivebets.3)Whatchangeshavetakenplaceinthefinancialmarketssincethe1980s?Themainchangessince1980shavebeentherapidgrowthoffinancialinstrumentswithunprecedentedbreadth,depthandrichness,broughtoutbytechnologyandinnovation.Examplesofthosefinancialinstrumentsarepublicandprivatedebtsecuritiesandderivatives.4)Whydobankersandregulatorsworryaboutapossiblecollapseofaninvestmentbank?Theyworryaboutapossiblecollapseofaninvestmentbankbecausesuchaneventwillhaveseriousimplicationsforthewholefinancialsystem,anditisvitaltoknowhowsuchinstitutionsevolve,howtheyhandlerisksandhowwellthoserisksarespreadaroundthefinancialsystem.5)Whichthreefactorscanexplainthehugeprofitforinvestmentbanks?Thosefactorsare:first,thealchemist'strickofturningdebt(mostlyleaden)intoderivatives(mostlyliquid);second,theemergenceofanewclassofleveragedclient(hedgefundsandprivateequity);third,seekingoutnewcapitalmarketsandclientsaroundtheworld.Meanwhile,inallthesepursuitsthebanksarenowusingtheirownmoney,todifferingdegrees.6)Whatdoestheexpression“thewildeast”referto?ThatexpressionreferstothenewmarketsemerginginEuropeandAsia.Theintroductionoftheeuroin1999andtherapidgrowthofeconomiesinthoseregionshaveattractedinvestmentbanks.7)WhatmakesLondonanimpressiverivaltoNewYorkasaglobalfinancialcenter?LondonhasbecomeanimpressiverivaltoNewYorkasaglobalfinancialcenterbecause:first,Londontradesawiderangeofassetsandisregulatedonthespot;second,LondonisahubforEuropeandcontinentEuropeancountriescanraisecapitalthere;third,LondonisalsoregardedasaspringboardforemergingmarketssuchasChinaandRussia.8)Howdoinvestmentbanksmanagetherisks?Investmentbankstrytofindthemosttalentedpeopletohandletheintricateassets;theymeasurethecorrelationsbetweendifferentfinancialinstrumentsinanattempttospreadrisk;theyinvesthundredsofmillionsofdollarsayearintechnologiestomeasureandstress-testrisks;theyalsotrytoboosttheirrisk-weightedcapital.9)Accordingtothetext,what’stherelationshipbetweenrevenueandriskinfinance?Therelationshipbetweenrevenueandriskisfundamentalinfinance.Risk-takingisawardedbypossiblehighrevenue.Lowriskoftenmeanslessrevenue.However,inordertogainmorerevenue,youneedtotakemorerisks.Youshouldcarefullycalculatetheriskandbalanceitagainstrevenuebeforehand,oryouwillpayahighpriceforfoolishinvestmentbet.10)Whichoneismoreimportanttothegrowthofthefinanceindustry,innovationorregulation?Basedonthetext,bothinnovationandregulationarevitaltothehealthygrowthofthefinanceindustry.Withoutinnovation,investorshavefewerplacestogainreturnsontheirmoneyandthoseseekingmoneywouldhavemuchmoredifficultiesinobtainingit.Thusinnovationbooststherapidgrowthoffinanceindustryandbringsbenefitstomorepeoplebothindevelopedcountriesanddevelopingcountries.However,innovationwithoutproperregulation,suchasthesecuritiesthatnooneknowshowtoexactlymeasuretheirrisk,couldleadthegrowthofthefinanceindustrytoadisastrousend.2.Fillineachblankofthefollowingsentenceswithoneofthephrasesinthelistgivenbelow:1)Thegovernmenthastakenmanymeasurestobringdownthepricesofoil.2)Employeesareaskedtokeepquietabouttheiryear-endbonus.3)Regulatorsdemandthemonopolycompanytosplitintosmallerentities.4)It’sreportedthatChinaTelecomplanstospinoffitsnetworkservicesunitinHK.5)Thetraffichadseizedupformilesbecauseoftheaccident.6)Accordingtothoserepresentatives,newforcesareatworkintherefiningindustry.7)Weshallneverknowhowshemanagedtoacquireherpromotion;thereisnowaytoaccountforit.8)AnationwidelawaimedatstampingoutpassivesmokinginpublicspacesinSwitzerlandcameintoforceonSaturday.9)Innovationswillbringaboutdramaticchangesinthisindustrialsector.10)Iwouldsaythat,onbalance,ithasn'tbeenabadyear.3.MatchthetermsincolumnAwiththeexplanationsincolumnB:AB1)liquiditycrisisa)abankthatprovidescheckingaccounts,savingsaccounts,andmoneymarketaccountsandthatacceptstimedeposits.62)leveragedbuy-outthepublicforthefirsttime.53)creditcrunchb)acompanyissuescommonstockorsharestoc)thesituationinwhichabusinessexperiencesalackofcashrequiredtogrowthebusiness,payforday-to-dayoperations,ormeetitsdebtobligationswhentheyaredue,causingittodefault.14)over-the-countersecuritiesd)theacquisitionofanothercompanyusingasignificantamountofborrowedmoney(bondsorloans)tomeetthecostofacquisition.25)initialpublicofferinge)afinancialinstitutionthatassistsindividuals,corporationsandgovernmentsinraisingcapitalbyunderwritingand/oractingastheclient'sagentintheissuanceofsecurities.86)commercialbankf)anaggressivelymanagedportfolioofinvestmentsthatusesadvancedinvestmentstrategiessuchasleveraged,long,shortandderivativepositionsinbothdomesticandinternationalmarketswiththegoalofgeneratinghighreturns.97)stresstestg)asharpincreaseintheinterestratesandastrongdecreaseinallocatedcredits.38)investmentbankh)aprocessthatmeasureswhetheroneinstitutionhasadequatecapitaland/orassetstorespondeffectivelytovarious,adversescenariosusuallypresentedbyacomputerprogram.79)hedgefundi)securitiestradedinsomecontextotherthanonaformalexchangesuchastheNYSE,etc.410)riskmanagementj)theidentification,assessment,andprioritizationofrisksfollowedbycoordinatedandeconomicalapplicationofresourcestominimize,monitor,andcontroltheprobabilityand/orimpactofunfortunateeventsortomaximizetherealizationofopportunities.104.TranslatethefollowingintoChinese：在去年信貸危機爆發的時候，聯邦的監管者們向國內的各主要金融機構注入了數以百億計美元，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心它們的破產將會拖垮整個金融體系。如今，這些銀行中最大的幾家甚至變得更大了。這場危機對控制著美國金融的不少巨頭們而言很可能是件好事。由聯邦政府安排的一系列兼并行動將陷入困境的銀行平安地并入了更為安全穩定的企業中。這場危機還讓幸存者們得以亂中重生，市場地位得到鞏固，對消費者信貸擁有更大的控制權，并獲得更多的盈利空間。如今，這個國家每十美元的儲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機構組成。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）時遭受重大損失，又因金融危機被政府部分收購。聯邦政府數據顯示，現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，聯邦政府的應對措施重新界定了美國人獲得抵押貸款、學生貸款和其他信貸的方式，并高調主導了一場關于高管薪酬的全國性討論。不過，在這場危機帶來的所有后果中最讓高層監管者們不安的是那些超大型銀行卻變得更大，而且它們之間的聯系更為緊密。監管者們有兩方面的擔憂：一是消費者對服務的選擇余地最終會越來越小，二是銀行會認為如果事情弄砸了它們總會得到政府的支持。這一假設的保證意味著如果大公司認為聯邦官員總會替它們收拾爛攤子的話，它們就會重操舊業，再次從事那些曾引起此次危機的高風險行為。這個名為“道德風險”的問題可以在一定程度上說明政府官員為何要嚴密監控那些獲得了救助的銀行------監督其高管的薪酬并審查其重要部門或分支機構的出售。除此外，此問題還促使奧巴馬政府采取措施建立新的監管體系以防新危機的再現。此項計劃還對大型金融機構設置了更高的資本標準，并授權政府可以接管各類陷入困境的金融機構以便逐步而有序地停止其業務。5.Fillineachofthefollowinggapswithoneofthesentencesgivenbelow:1)Yetinvestmentbankshaverecentlychangedoutofallrecognition.2)Iftheydecidedthepropertywasabargain.3)Inshort,investmentbankinghasmigratedfromanagencymodeltowardsaprincipalone.4)Itismakingbiggerbetswithitsowncapital,too.5)Themainengineoftransformationhasbeencompetition.6)Othershavegonefornichemarkets.SupplementaryReadingTheSecret'sOut:CanSwissBankingAdapttoScrutiny?1.Accordingtothearticle,what’sthekeytothesuccessofSwissbanks？A.Longhistory.B.Goodlocations.C.Reputationfordiscretion.D.Servicetoreducetax.2.WhichoneofthefollowingstatementsaboutBradleyBirkenfeldisNOTtrue?A.HehasworkedinGeneva.B.Heisjailedforhiswrongdoing.C.HewasforcedtogivesomeconfidentialdocumentstoU.S.officials.D.HewasaformerbankerofUBS.3.Accordingtothearticle,itismainly__________thatbuiltSwitzerland’swealth.A.speciallocalfoodB.well-developedtourismindustriesC.strictgovernmentadministrationandmanagementD.thebankingindustry4.AllofthefollowingstatementsarefeaturesofSwissbanksexcept_________.A.Mostofthemareprivatebanks.B.Theytrytogainasmanyregularclientsaspossible.C.Theypreferwealthypeople.D.Theyusuallyhavemanyforeignclients.5.AfterachangeinSwisslawpermittedUBStogiveU.S.officialsdetailsof4,450American-heldaccounts,_________.A.U.S.officialsstoppedtheirinvestigation.B.noactionshavebeentakenagainstUBS.C.manySwissfeltthattheywereoffended.D.UBScloseditsU.S.unit.6.Accordingtothearticle,allofthefollowingcountri