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2010Text 4
Bankers have been blaming themselves for their troubles in public .Behind eht scenes,they have been taking aim at someone else the accounting standard-setters.Their rules,moan the banks,have forced them to report enormous losses,and it’s just not fair.These rules say they must value some assets at the price atheird 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 beunknowable,but the independence of standard-setters,essential to the proper functioning of capital marksts,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 Xongress.America;s Financial Accounting Standards Board(FASB)rushed through rule changse.These gave banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long0term assets in their income statement.Bob Herz,the FASB’s chairman,cried out against ehose who ”question our motives.”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 comletes it reconstruction of rules later this year is strong Charlie McCreevy,a European commissioner,warned the IASB that is did”not live in a political vacuum”but”in the real word” and the Europe could yet develop different rules.
It was banks that were on the wrong planet,with accouts htat wastly overvalued assets.today they argue htat market prices overstate loeees,because they largerly reflect the temporary illiquldity of markets,not the likely entent of bad debts.The truth will not be known for years.But bank’s shares trade below their book value,suggeting that investors are akeptical.And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses,yet are relucaant to buy all those supposed bargains.
To get the sysytem working again, losses must be recognized and dealt with.America’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 FASB and IASB have been exactly that,cleaning up rules on stock options ang pensions,for example,against hostility interests. But by giving in to critics now they are inviting pressure to make more concessions.
blame (v)责备,谴责;把…归咎,推诿,批评(n)(过失,失败的)责任;责备,责怪
scene (n)(事件或故事的)发生地点;(戏剧,故事的)地点和时间;(戏剧的)一场;(戏剧,电影或故事的)情节;道具,布景,场景;景色,景象;当众吵嘴,发脾气
accounting (n)会计,会计学;帐,记账,清算账目
standard (n)标准,水准,规格;旗,旗标,国旗,军旗,队旗,族旗;主柱,旗杆(a)标准的,规范;一般性的,普通;公认的,被公认为正确、好的
setter (n)(用以构成复合词)从事安装(或镶嵌等)的人,制定者[无]调节器,给定装置;塞特种猎犬
moan (n)呻吟声,呜咽声,悲叹声;(风,树等的)萧萧声(v)呻吟,呜咽;以呻吟(以呜咽等)声说出;抱怨
force (n)力;暴力,武力;说服力,控制力;(物理中的)力;(从事某种活动的)队,组,人员(v)强迫,迫使;强行…,强加…;用力夺取,塞;努力做出;促成(植物)早熟
report (v)报告,汇报;报道;宣布,发表;告发,揭发(某人或其行为);报到,出现(n)(书面的)报告,汇报;传说(公众议论);名声;爆炸声,爆裂声
enormous (a)极大的,巨大的
value (n)价值,重要性;价格,交换力;购买力;公平的代价,等值;涵义,意义;[复]标准,理想(v)估价,定价;评价;尊重,重视 ~less(a)
regulate (v)管理,控制,制约;调节,调准,校准 regulator(n)
fetch (v)(去)拿来,取来;发出,引出;卖得
lobby (n)旅馆或剧院的门厅或接待室;院外活动,集团(v)进行疏通活动 ~ist(n)
independence (n)独立,自主,自由
essential (a)本质的,基本的;必要、必不可少的(n)要素,要点,必需品
capital (a)可处死刑的,致死的;首位的,重要的,基本的;首都的;[口]顶好的,第一流的(n)资本,资方;首都,首府,省会;大写字母;柱头
compromise (n)妥协,和解(v)妥协,让步,互相解决(分歧,争端等);危及,是遭致损害
price (n)价格,价钱;价值;(给杀死或捉拿到某人者的)赏金,贿金;代价(v)给…定价,给…标价;[口]询问(或查明)…的价格
revive (v)(使)苏醒,(使)复活,(使)再生;(使)恢复精力,(使)振奋;使复兴,使再流行
bruise (v)(使皮肉)青肿;碰伤;伤害,挫伤
encounter (v)(意外地)遇见,遇到;遭遇;冲突(n)(意外地)遇到;冲突,遭遇战
congress (n)(代表)大会,全国性大会;Congress(美国等的)国会,议会,国会会议
rush (v)冲,奔,闯;赶紧,仓促行动,冒失的做;突然出现,涌现;(河水等)奔腾,涌;使疾速行动,急送,急派,使仓促行事,催促;匆忙地做(或吃等);突然袭击,猛攻(n)冲,奔,急速行动;匆忙,紧急;忙碌(时刻)(交通等的)繁忙;抢购,争购,蜂拥前往;激增,大量;突然袭击,猛攻(a)紧急的,急需的;匆忙的,繁忙的
change (v)改变,变化,变;更换,调换,替换;兑换,以…换,交换,换去;换衣,换车,换船(n)转变,变化,改变;找头,零钱;兑换;小币,零钱
illiquid (a)难换为现金的,缺少现金的
flexible (a)柔韧的,易弯曲的;灵活的,可变通的 flexibility(n)
recognize (v)认出,识别,认识;辨认;赏识,表彰;认识到,认可,承认;承认(一新国家或ZF);准许…在会上发言
motive (n)动机,主旨,目的;(文艺作品的)主题(a)[只作定语]发动的,运动的
minister (n)牧师,圣餐礼的执行者,(某些教派的)教长;部长,大臣;公使,(泛指)外交使节(v)伺候,照顾,给予帮助
instantly (ad)代替,顶替
international (a)国际的;国际性的;国际通用的 ~ly(ad)
account (v)认为,视为;报账;解释,说明;杀死,击落,解决(n)账目,帐;价值估价,重要性,考虑;解释,说明;报告,叙述
overall (a)从头至尾的;包括一切的,全面的,综合的
fold (v)折叠,对折;合拢,交叠;抱住;包,包裹(n)折页,褶层;折痕
reconstruction (n)重建,再建;重建物,复原物
commissioner (n)委员;地方长官,高级代表
political (a)政治的,政治上的;党派政治的,政治家的 ~ly(ad)
vacuum (n)真空;空间(v)[口]用真空吸尘器打扫
vast (a)巨大的,庞大的 ~ly(ad) ~ness(n)
overvalue (v)对...估价过高;过分重视
overstate (v)把…讲得过分,夸大
temperature (n)温度,气温;体温
extent (n)范围;程度,限度;一大片(地区)
debt (n)债,债务;欠债的状况
below (ad/a)在下面,向下(prep)在…下面,在…以下
invest (v)投资;投入;任命;授予;披盖 ~or(n)
skeptical (a)怀疑的,怀疑宗教教条的
paralysis (n)[医]麻痹,瘫痪;完全无力,停顿
reluctant (a)不愿的,勉强的;难得到的 ~ce(n) ~ly(ad)
bargain (n)交易;廉价货(v)讨价还价(n)驳船;大平地载货船(v)[口]闯入
deal (v)与…有关,处理,注重;对待,对付;做买卖经营;买进卖出,贸易;分配,分给;发牌(n)交易,协定;计划;发牌;数量
independent (a)独立的,自主的;单独的,不受外援的,不承担义务的;不受约束的;自主独立的;收入足够维持闲居生活的,无需工作而过富裕生活的(n)自由人 ~ly(ad)
combative (a)好斗的
exact (a)正确的,准确的,精确的;严格的,严厉的(v)强要,强求 ~ly(ad) ~ness(n)
option (n)选择,选择自由;选择权;[经]买卖特权
hostility (n)憎恨,不喜欢,敌意;[复]战争行动
interest (n)兴趣,好奇心,关心;趣味;感兴趣的事;股份;利益;行业;利息(v)使感兴趣;使参与,使卷入
inviting (a)诱人的
concession (n)(退一步)承认,让步;让步的事,退让的东西;(ZF,公司给予的)特许,特许权
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