阅读原文

Bankers have been blaming themselves for their troubles in public. Behind the scenes, they have been taking aim at someone else: the accounting standard-setters. Their rules, moan the banks, have forced them to report enormous loss, and it’s just not fair. These rules say they must value some assets at the price a third party would pay, not the price managers and regulators would like them to fetch.

Unfortunately, banks’ lobbying now seems to be working. The details may be unknowable, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised. And, unless banks carry toxic assets at prices that attract buyers, reviving the banking system will be difficult.

After a bruising encounter with Congress, American’s Financial Accounting Standards Board(FASB) rushed through rule changes. These gave banks more freemdom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statement. Bob Herz, the FASB’s chairman,cried out against those who “question our motive.” Yet bank shares rose and the changes enhance what one lobby group politely calls “the use of judgment by management.”

European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise. The IASB says it does not want to act without overall planning, but the pressure to fold when it completes it reconstruction of rules later this year is strong. Charlie McCreevy, a European commissioner, warned the IASB that it did “not live in a political vacuum” but “in the real word” and that Europe could yet develop different rules.

It was banks that were on the wrong planet, with accounts that vastly overvalued assets. Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts. The truth will not be known for years. But bank’s shares trade below their book value, suggesting that investors are skeptical. And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses, yet are reluctant to buy all those supposed bargains.

To get the system working again, losses must be recognized and dealt with. American’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. Successful markets require independent and even combative standard-setters. The TASB and IASB have been exactly that, cleaning up rules on stock options and pensions, for example, against hostility from special interests. But by giving in to critics now they are inviting pressure to make more concessions.

 

 

题目

36. Bankers complained that they were forced to______.

[A] follow unfavorable asset evaluation rules.

[B] collect payment from third parties.

[C] cooperate with the price managers.

[D] reevaluate some of their assets.

 

37. According to the author, the rule changes of the FASB may result in____.

[A] the diminishing role of management.

[B] the revival of the banking system.

[C] the banks’ long-term asset losses.

[D] the weakening of its independence.

 

38. According to Paragraph 4, McCreevy objects to the IASB’s attempt to_____.

[A] keep away from political influences.

[B] evade the pressure from their peers.

[C] act on their own in rule-setting.

[D] take gradual measures in reform.

 

39. The author thinks the banks were “on the wrong plant” in that they_____.

[A] misinterpreted market price indicators.

[B] exaggerated the real value of their assets.

[C] neglected the likely existence of bad debts.

[D] denied booking losses in their sale of assets.

 

40. The author’s attitude towards standard-setters is one of______.

[A] satisfaction.

[B] skepticism.

[C] objectiveness.

[D] sympathy

 

 

全文翻译

在公众场合，银行家们因为他们的麻烦责备了他们自己。在背后，银行家们将矛头指向了另外一些人：会计准则制定者。银行家们抱怨道，会计准则制定者规定的准则强迫他们报告巨额损失，这是不公平的。这些规则要求银行家必须以第三方愿意支付的价格评估一些资产，而不是价格管理者或规定者愿意拿到的价格

不幸的是，银行家的又说似乎起作用了。细节可能还不清楚，但是标准制定者的独立性（资本市场的规范运营不可或少）正在妥协。除非银行以吸引买家的价格出卖有毒资产，否则复苏银行系统将会困难。

在和国会激烈的争论后，美国（FASB）匆匆通过了规则的修改。这些让银行在他们的损益表上有更多的自由去使用方法评估流动资产，在辨别长期资产的损失上有更多的灵活性。FASB的主席Bob Herz大声反对那些“质疑我们动机”的人。然而股票上涨和修改的提高，只是游说团队礼貌称呼的“管理层判断的应用。”

欧洲的大臣们立马要求IASB也这么做。IASB说他不想没有全部的计划就开始行动，但是今年下半年完成规则重建屈服的压力是很大的。欧洲行政长官Charlie McCreevy 警告IASB，IASB不是活在“政治真空”而是“真实世界”，欧洲可以发展不同的规则。

银行在错误的星球上，银行极大的高估了资产账目。今天，银行家们争论市场夸大了损失，因为市场价格大部分反映的是临时非流动资产而不可能在坏账范围。几年内，真相是不得而知的。但是，银行的股份交易低于他们的预期值，这意味着投资者持怀疑态度。在一定程度上，寂静如死的市场反映了银行的瘫痪，银行为了避免账面亏损而不愿售卖资产的，也不愿意去面这些被认为是廉价品的资产。

为了使得系统重新工作起来，损失必须被意识到并且被处理。美国买有毒资产的新计划不会有效果，除非银行定价资产以足够吸引买主的情况下。成功的市场要求独立甚至有战斗力的标准制定者。TASB和IASB已经精确地清理了优先认股权和养老金的规则，例如，反对来自特殊利益集体的敌意。但是，由于现在屈服于批评家他们给自己带来了更多妥协的压力。

 

 

逐句翻译

第一段

Bankers have been blaming themselves for their troubles in public.

在公众场合，银行家们因为他们的麻烦责备了他们自己。

 

 

Behind the scenes, they have been taking aim at someone else: the accounting standard-setters.

在背后，银行家们将矛头指向了另外一些人：会计准则制定者。

 

 

Their rules, moan the banks, have forced them to report enormous loss, and it’s just not fair.

银行家们抱怨道，会计准则制定者规定的准则强迫他们报告巨额损失，这是不公平的。

 

 

These rules say they must value some assets at the price a third party would pay, not the price managers and regulators would like them to fetch(拿来，取来，吸引).

这些规则要求银行家必须以第三方愿意支付的价格评估一些资产，而不是价格管理者或规定者愿意拿到的价格

 

 

第二段

Unfortunately, banks’ lobbying now seems to be working.

不幸的是，银行家的又说似乎起作用了。

 

 

The details may be unknowable, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised.

细节可能还不清楚，但是标准制定者的独立性（资本市场的规范运营不可或少）正在妥协。

 

 

And, unless banks carry toxic assets (有毒资产) at prices that attract buyers, reviving the banking system will be difficult.

除非银行以吸引买家的价格出卖有毒资产，否则复苏银行系统将会困难。

 

 

第三段

After a bruising encounter(遭遇；邂逅) with Congress, American’s Financial Accounting Standards Board(FASB) rushed through rule changes.

在和国会激烈的争论后，美国（FASB）匆匆通过了规则的修改。

 

 

These gave banks more freemdom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statement(损益表).

这些让银行在他们的损益表上有更多的自由去使用方法评估流动资产，在辨别长期资产的损失上有更多的灵活性。

 

 

Bob Herz, the FASB’s chairman,cried out against those who “question our motive.”

FASB的主席Bob Herz大声反对那些“质疑我们动机”的人。

 

 

Yet bank shares rose and the changes enhance(提高；加强) what one lobby group politely calls “the use of judgment by management.”

然而股票上涨和修改的提高，只是游说团队礼貌称呼的“管理层判断的应用。”

 

 

第四段

European ministers instantly (立即地；马上地) demanded that the International Accounting Standards Board (IASB) do likewise.

欧洲的大臣们立马要求IASB也这么做。

 

 

The IASB says it does not want to act without overall planning, but the pressure to fold when it completes it reconstruction of rules later this year is strong.

IASB说他不想没有全部的计划就开始行动，但是今年下半年完成规则重建屈服的压力是很大的。

 

 

Charlie McCreevy, a European commissioner (理事；委员；行政长官；总裁), warned the IASB that it did “not live in a political vacuum(真空；空间)” but “in the real word” and that Europe could yet develop different rules.

欧洲行政长官Charlie McCreevy 警告IASB，IASB不是活在“政治真空”而是“真实世界”，欧洲可以发展不同的规则。

 

 

第五段

It was banks that were on the wrong planet, with accounts (账目；账号) that vastly(极大地) overvalued assets.

银行在错误的星球上，银行极大的高估了资产账目。

 

 

Today they argue that market prices overstate (夸大了) losses, because they largely reflect the temporary illiquidity of markets, not the likely extent(程度；范围；长度) of bad debts.

今天，银行家们争论市场夸大了损失，因为市场价格大部分反映的是临时非流动资产而不可能在坏账范围。

 

 

The truth will not be known for years.

几年内，真相是不得而知的。

 

 

But bank’s shares trade below their book value (账面价值), suggesting that investors are skeptical.

但是，银行的股份交易低于他们的预期值，这意味着投资者持怀疑态度。

 

 

And dead markets partly reflect the paralysis of banks which will not sell assets for fear of(为了避免) booking losses (账面亏损), yet are reluctant(不情愿的；顽强的) to buy all those supposed bargains.

在一定程度上，寂静如死的市场反映了银行的瘫痪，银行为了避免账面亏损而不愿售卖资产的，也不愿意去面这些被认为是廉价品的资产。

 

 

第六段

To get the system working again, losses must be recognized and dealt with.

为了使得系统重新工作起来，损失必须被意识到并且被处理。

 

 

American’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive.

美国买有毒资产的新计划不会有效果，除非银行定价资产以足够吸引买主的情况下。

 

 

Successful markets require independent and even combative standard-setters.

成功的市场要求独立甚至有战斗力的标准制定者。

 

 

The TASB and IASB have been exactly (恰好地；正是；精确地；正确地) that, cleaning up rules on stock options(优先认股权) and pensions (养老金；退休金), for example, against hostility from special interests.

TASB和IASB已经精确地清理了优先认股权和养老金的规则，例如，反对来自特殊利益集体的敌意。

 

 

But by giving in to critics now they are inviting pressure to make more concessions (让步).

但是，由于现在屈服于批评家他们给自己带来了更多妥协的压力。

 

 

题目翻译

36. Bankers complained that they were forced to______.

[A] follow unfavorable asset evaluation rules.

[B] collect payment from third parties.

[C] cooperate with the price managers.

[D] reevaluate some of their assets.

 

36. 银行家们抱怨他们被迫_______。

[A] 遵循不喜欢的资产评估规则。

[B] 从第三方收集付款。

[C] 和第三方管理者合作。

[D]重新评估他们的资产。

 

37. According to the author, the rule changes of the FASB may result in____.

[A] the diminishing(逐渐缩小的；衰减的) role of management.

[B] the revival of the banking system.

[C] the banks’ long-term asset losses.

[D] the weakening of its independence.

 

37. 根据作者，FASB的规则的改变可能造成_______。

[A] 管理的能力的角色衰减。

[B] 银行系统的复苏。

[C] 银行长期项目的损失。

[D] 它的独立性的下降

 

38. According to Paragraph 4, McCreevy objects to the IASB’s attempt to_____.

[A] keep away from political influences.

[B] evade(逃避；规避) the pressure from their peers.

[C] act on their own in rule-setting.

[D] take gradual measures in reform.

 

38. 根据第四段，McCreevy 反对IASB试图______。

[A] 保持远离政治影响力。

[B] 逃避来自同行的压力。

[C] 采用他们自己的规则设定。

[D] 逐渐的改革。

 

39. The author thinks the banks were “on the wrong plant” in that they_____.

[A] misinterpreted(曲解；误解) market price indicators(指示器；指示剂).

[B] exaggerated(夸大) the real value of their assets.

[C] neglected the likely existence of bad debts.

[D] denied booking losses in their sale of assets.

 

39. 作者认为银行在“错误的星球上”是指______。

[A] 曲解市场价格指标。

[B] 夸大他们资产的真实价值。

[C] 忽视可能存在的坏账。

[D] 否认他们资产规模的账面价值。

 

40. The author’s attitude towards standard-setters is one of______.

[A] satisfaction.

[B] skepticism.

[C] objectiveness.

[D] sympathy

 

40. 作者对标准制定者的态度是_______。

[A] 满意。

[B] 怀疑。

[C] 客观。

[D] 同情。