商務(wù)英語閱讀(第二版)Unit10banking課后答案

1、精品文檔Chapter 10The Alchemists of FinanceExercises1. Questions on the text1) What s the main difference between commercial banks and investment banks?In todays business environment, the main business of commercial banks is to collect deposits and make loans, while that of investment banks is to underw

2、rite stocks and bonds and advise companies on mergers and acquisitions.2) Why do investment banks try to keep quiet about their big profits?Investment banks try to keep quiet about their big profits for two major reasons: first, they are under more scrutiny by regulators and investors; second, priva

3、te equity and hedge funds have overtaken them in raising money and making excessive bets.3) What changes have taken place in the financial markets since the 1980s?The main changes since 1980s have been the rapid growth of financial instruments with unprecedented breadth, depth and richness, brought

4、out by technology and innovation. Examples of those financial instruments are public and private debt securities and derivatives.4) Why do bankers and regulators worry about a possible collapse of an investment bank?They worry about a possible collapse of an investment bank becausesuch an event will

5、 have serious implications for the whole financial system, and it is vital to know how such institutions evolve, how they handle risks and how well those risks are spread around the financial system.5) Which three factors can explain the huge profit for investment banks?Those factors are: first, the

6、 alchemists trick of turning debt (mostly leaden) into derivatives (mostly liquid); second, the emergenceof a new class of leveraged client (hedge funds and private equity); third, seeking out new capital markets and clients around the world. Meanwhile, in all these pursuits the banks are now using

7、their own money, to differing degrees.6) What does the expression “the wild east ” refer to?That expression refers to the new markets emerging in Europe and Asia. The introduction of the euro in 1999 and the rapid growth of economies in those regions have attracted investment banks.7) What makes Lon

8、don an impressive rival to New York as a global financial center?London has become an impressive rival to New York as a global financial center because: first, London trades a wide range of assets and is regulated on the spot; second, London is a hub for Europe and continent European countries can r

9、aise capital there; third, London is also regarded as a springboard for emergingmarkets such as China and Russia.8) How do investment banks manage the risks?Investment banks try to find the most talented people to handle the intricate assets; they measure the correlations between different financial

10、 instruments in an attempt to spread risk; they invest hundreds of millions of dollars a year in technologies to measure and stress-test risks; they also try to boost their risk-weighted capital.9) According to the text, whats the relationship between revenue and risk in finance?The relationship bet

11、ween revenue and risk is fundamental in finance. Risk-taking is awarded by possible high revenue. Low risk often means less revenue. However, in order to gain more revenue, you need to take more risks. You should carefully calculate the risk and balance it against revenue beforehand, or you will pay

12、 a high price for foolish investment bet.10) Which one is more important to the growth of the finance industry, innovation or regulation?Based on the text, both innovation and regulation are vital to the healthy growth of the finance industry. Without innovation, investors have fewer places to gain

13、returns on their money and those seeking money would have much more difficulties in obtaining it. Thus innovation boosts the rapid growth of finance industry and brings benefits to more people both in developed countries and developing countries. However, innovation without proper regulation, such a

14、s the securities that no one knows how to exactly measure their risk, could lead the growth of the finance industry to a disastrous end.2. Fill in each blank of the following sentences with one of the phrases in the list given below:1) The government has taken many measures bring down the prices of

15、oil.2) Employees are asked t&eep quiet about their year-end bonus.3) Regulators demand the monopoly company tsplit into smaller entities.4) Its reported that China Telecom plans tspin off its network services unit in HK.5) The traffic had seized up for miles because of the accident.6) According to t

16、hose representatives, new forces are at work in the refining industry.7) We shall never know how she managed to acquire her promotion; there is no way to account for it.8) A nationwide law aimed at stamping out passive smoking in public spacesinSwitzerland came into force on Saturday.9) Innovations

17、will bring about dramatic changes in this industrial sector.10) I would say that, on balance, it hasnt been a bad year.3. Match the terms in column A with the explanations in column B:A1) liquidity crisis2) leveraged buy-out3) credit crunch4) over-the-counter securities5) initial public offering6) c

18、ommercial bank7) stress test8) investment bank9) hedge fund10) risk managementBa) a bank that provides checking accounts, savings accounts, and money market accounts and that accepts time deposits?b) a company issues common stock or shares to the public for the first time. 5c) the situation in which

19、 a business experiences a lack of cash required to grow the business, pay for day-to-day operations, or meet its debt obligations when they are due, causing it to default. 1d) the acquisition of another company using a significant amount of borrowed money(bonds or loans) to meet the cost of acquisit

20、ion.2e) a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the clients agent in the issuance of securities.f) an aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, l

21、ong, short and derivative positions in both domestic and international markets with the goal of generating high returns.9g) a sharp increase in the interest rates and a strong decrease in allocated creditsh) a process that measures whether one institution has adequate capital and/or assets to respon

22、d effectively to various, adverse scenarios usually presented by a computer programi) securities traded in some context other than on a formal exchange such as the NYSE, etc.j) the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources

23、 tominimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.104. Translate the following into Chinese :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(chǎng)危機(jī)對(duì)控制著美國金融

24、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. Morgan Chase)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(Bank of America)和西海岸最大的銀行富國銀行(Wells Fargo)的情況也是如此，而前者在收購美林證券(Merrill Lynch)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)?/p>

25、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 )0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(chǎng)關(guān)于高管 薪酬的全國性討論。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

26、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)。5. Fill in each of the following gaps with one of the sentences given below:1) Yet investment banks hav

27、e recently changed out of all recognition.2) If they decided the property was a bargain.3) In short, investment banking has migrated from an agency model towards a principal one.精品文檔4)5)6)It is making bigger bets with its own capital, too.The main engine of transformation has been competition.Others

28、 have gone for niche markets.Supplementary ReadingThe Secrets Out: Can Swiss Banking Adapt to Scrutiny?1. According to the article, what s the key to the success of Swiss bank？ sA. Long history.B. Good locations.C. Reputation for discretion. VD. Service to reduce tax.2. Which one of the following st

29、atements about Bradley Birkenfeld is NOT true?A. He has worked in Geneva.B. He is jailed for his wrongdoing.C. He was forced to give some confidential documents to U.S. officials. VD. He was a former banker of UBS.3. According to the article, it is mainly that built Switzerland s w ealth.A. special

30、local foodB. well-developed tourism industriesC. strict government administration and managementD. the banking industry V4. All of the following statements are features of Swiss banks except .A. Most of them are private banks.B. They try to gain as many regular clients as possible.VC. They prefer we

31、althy people.D. They usually have many foreign clients.5. After a change in Swiss law permitted UBS to give U.S. officials details of 4,450 American-held accounts, .A. U.S. officials stopped their investigation.B. no actions have been taken against UBS.C. many Swiss felt that they were offended. VD. UBS closed its U.S. unit.6. According to the article, all of the