2010 年全国硕士研究生入学统一考试

阅读理解 Text 4

①Bankers have been blaming themselves for their troubles in public. ②Behind the scenes, they have been taking aim at （瞄准）someone else: the accounting standard-setters. ③Their rules, moan （呻吟）the banks, have forced them to report enormous （庞大的）losses, and it’s just not fair. ④These 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（获得，取来）.

①Unfortunately, banks’ lobbying now seems to be working. ②The details may be unknowable, but the independence of standard-setters, essential（本质的，必要的） to the proper functioning of capital markets, is being compromised（妥协）. ③And, unless banks carry toxic （有毒的）assets at prices that attract buyers, reviving（使苏醒/使回复） the banking system will be difficult.

①After a bruising（碰伤，收到伤害的） encounter （遭遇/偶然碰到）with Congress, America’s Financial Accounting Standards Board (FASB) rushed through rule changes. ②These gave banks more freedom to use models to value illiquid assets and more flexibility（灵活性） in recognizing losses on long-term assets in their income statement. ③Bob Herz, the FASB’s chairman, cried out against those who “question our motives（动机）.” ④ Yet bank shares rose and the changes enhance what one lobby group politely calls “the use of judgment by management.”

①European ministers instantly demanded that the International

Accounting Standards Board (IASB) do likewise. ②The IASB says it does not want to act without overall planning, but the pressure to fold when it completes it reconstruction （重建/重组）of rules later this year is strong. ③Charlie McCreevy, a European commissioner, warned the IASB that it did “not live in a political vacuum（真空）” but “in the real word” and that Europe could yet develop different rules.

①It was banks that

were on the wrong planet, with accounts that vastly overvalued assets. ②Today they argue that market prices overstate（夸大） losses, because they largely reflect the temporary liquidity of markets, not the likely extent of bad debts. ③The truth will not be known for years. ④But bank’s shares trade below their book value, suggesting that investors are skeptical（怀疑）. ⑤ And dead markets partly reflect the paralysis （瘫痪/麻痹）of banks which will not sell assets for fear of booking losses, yet are reluctant（不情愿的） to buy all those supposed bargains. （协议/便宜货）

①To get the system working again, losses must be recognized and dealt with. ②America’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. ③Successful markets require independent and even combative（好斗的） standard-setters. ④The FASB and IASB have been exactly that, cleaning up rules on stock options and pensions（养老金/抚恤金/退休金）, for example, against hostility （不友善/敌意）from special interests. ⑤But by giving in to critics now they are inviting pressure to make more concessions.（让步/折扣）

（向上滑动启阅）

汉译

台面上，银行家们将他们的麻烦归咎于己身，台面下，他们一直把目标对准他人：会计准则制定者。银行业抱怨会计规则迫使他们报告巨大损失，认为这不公平。规则规定他们必须以第三方付出价格来评估部分资产的价值，而非按照管理者和监管者期望该资产能够获得的价格。

不幸的是，银行的游说活动看来已显成效。其中细节可能无法获知，但是准则制定者在独立性方面——这正是资产市场正常运行的关键——已经做出妥协了。银行如果不以能够吸引买家的价格计量有毒资产，银行系统的复苏将会非常困难。

美国 FASB（财务会计准则委员会）在与国会激烈摩擦之后，匆匆通过了规则的修改。这些修改使得银行在使用模型评估非流动资产方面用有更大的自由，同时使得它们确认收益表中长期资产损失时更为灵活。FASB 主席 Bob Herz大声反对那些“怀疑我们的动机”的人们。然而银行股票上涨了，这些修改强化了“管理层使用理性判断”的说法，这种说法是一个游说团的客气之言。

欧洲的部长们立刻要求国际会计准则委员会(IASB)也这么做。IASB 表示它不想没有完整计划就冒然行动，但它在今年下半年完成规则修订时必须屈服的压力十分巨大。欧洲委员会委员 Charlie McCreevy 警告 IASB 说：它不是“处在政治真空中”而是“在现实世界里”，并表示欧洲可能最终会发展出不同的会计规则。

正是这些银行呆错了星球，它们的账目上充斥着估值过高的资产。现在他们争论道市价高估了损失，因为市价主要反映了市场的暂时性流动性不足，而非坏账的可能范围。几年中没人会知道真相。但是，银行股票以低于账面价值的价格交易，这一点反应了投资者的怀疑。死寂的市场一定程度上反应了瘫痪的银行由于怕账面损失既既不愿出售资产，也不愿意去购买那些看似不错的廉价资产。

为了让银行系统重新运转起来，损失必须被确认和处理。美国收购有毒资产的新计划只有在银行将资产定价在足够吸引买家的水平上才会有效。成熟的市场需要独立的，甚至是好斗的准则制定者。FASB和 IASB 以往正是这样对抗特殊利益集团的敌意的，例如改进股权和退休金的相关规则。但是现在向批评者妥协是自寻压力，他们会进一步做出让步。

文章中的单词你记住了么

回顾一下

必背单词自测

1?? fetch（获得，取来）

2?? essential（本质的，必要的）

3?? compromised（妥协）

4?? reviving（使苏醒/使回复）

5?? bruising（碰伤，收到伤害的）

6?? encounter （遭遇/偶然碰到）

7?? overstate（夸大）

8?? concessions.（让步/折扣）

9?? hostility （不友善/敌意）f

pensions（养老金/抚恤金/退休金）

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