TEXT THREE
Controled bleeding or cauterisation? That was the unappealing choice facing UBS, a Swiss bank which has been badly hurt by the carnage in America’s mortgage market. The bank opted for the latter. First it opened the wound, by announcing a hefty $10 billion write-down on its exposure to subprime-infected debt. UBS now expects a loss for the fourth quarter, which ends this month. Then came the hot iron: news of a ries of measures to shore up the bank’s capital ba, among them investments from sovereign-wealth funds in Singapore and the Middle East.
Bad news had been expected. UBS’s third-quarter write-down of over SFr4 billionin October looked overly optimistic compared with more aggressive markdowns at other banks such as Citigroup and Merrill Lynch. Steep falls in the market value of subprime debt since the end of the third quarter made it certain that UBS would take more pain, given its sizeable exposure to toxic collateralid-debt obligations (CDOs). Analysts at Citigroup were predicting in November that write-downs of up to SFr14 billion were possible.
Why then did this new batch of red ink still come as a shock? The answer lies not in the scale of the overall loss, more in UBS’s decision to take the hit in one go. The bank’s mark-to-model approach to va
luing its subprime-related holdings had been bad on payments data from the underlying mortgage loans. Although the data show a worning in credit quality, the deterioration is slower than mark-to-market valuations, which have the effect of instantly crystallising all expected future loss.
Thanks to this gradualist approach, UBS had been expected to take write-downs in managed increments of SFr2 billion-3 billion over a period of veral quarters. It now appears that the bank has incorporated market values into its model, nding its fourth-quarter write-downs into orbit. The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBS’s boss to avoid months of speculation about the bank’s exposure, something that Marcel Rohner, the chief executive, described as “distracting”.
In a particular indignity for a bank long associated with conrvatism, concerns about the level of UBS’s capital ratio had even started to surface. Hence the moves to strengthen its tier-one capital, an important measure of bank solidity, by SFr19.4 billion, a great deal more than the write-down. The majority of that money will come from sovereign-wealth funds, the white knights of choice for today’s bank in distress. Singapore’s GIC, which manages the city-state’s foreign rerves, has pledged to buy SFr11 billion-worth of convertible bonds in UBS; an unnamed Middle Eastern investor will put in a further SFr2 billion. UBS will also rai money by lling treasury shares, and save cash by issuing
its 2007 dividend in the form of shares. Its capital ratio is expected to end up above 12% in the fourth quarter, a strong position.The majority of that money will come from sovereign-wealth funds, the white knights of choice for today’s bank in distress.
德高望重的近义词Hopeful talk of lines being drawn under the subprime crisis has been a feature of banks’ quarterly reporting since September. Marrying bigger-than-expected write-downs with bigger-than-expected boosts to capital looks like the right treatment in this environment. But UBS still cannot be sure that its problems are over. Further deterioration in its subprime ast values is possible; the broader economic impact of the credit crunch is unclear; and the damage to the bank’s reputation cannot yet be quantified. The patient still needs watching.
1. The author us the metaphor “hot iron” to imply that_____.
[A] tho measures will do more harm to UBS.
[B] tho measures will cauterize UBS.
[C] tho measures will forcefully stop UBS from furthur loss.
[D] tho measures will control bleeding of UBS.
2. Compared with the mark-to-market valuations, the mark-to-model approach could _____.
[A] slow down the worning in credit qualtiy.
梅毒的潜伏期[B] instantly crystalli all expected future loss.
[C] worn the credit quality.
[D] accelerate the deterioration in credit quality.
3. The reason that Marcel Rohner thought the chang of approach was “distracting” is____.
[A] this change was unexpected to take place in such a situation.
[B] this change was result of the advice of auditors and regulators.
[C] this change was unfavorite to UBS.
[D] this change was taken to make people dispel their guess.
4. The phra “the white knights”(Line 5, Paragraph 5) most probably means____.
[A] rich people.
[B] saviors.
[C] generous people.
[D] brave people.
放胆
5. The author’s attitude towards UBS’s future is______.
[A] optimistic
[B] pessimistic
[C] uncertain
[D] none of the above
篇章分析：
本篇⽂章介绍了UBS银⾏⽬前⾯临的困境以及其解决困境的⼀系列措施。第⼀段讲述UBS银⾏⾯对困
境时作了强⾏⽌⾎的选择；第⼆段讲述UBS⽬前⾯临的不好的因素；第三段第四段分析了其估值的⽅式；第五段讲述UBS解决资⾦困难的⼀系列措施；第六段分析UBS⾯临的⼀些问题。
词汇注释：
Carnage n. *, 残杀 hefty n. 异常⼤的或相当多的
write-down n.[会计]帐⾯价值的故意降低 shore up v.⽀持
markdowns n. 削价 increment n.增加, 增量
distract v.转移 indignity n.轻蔑, 侮辱, 侮辱的⾏为
solidity n.可靠性 pledge vt.保证, 使发誓, 抵押, 典当
boost n.增加；提⾼ crunch n. 危急情况，危急时刻或紧急状态
难句突破：
Then came the hot iron: news of a ries of measures to shore up the bank’s capital ba, among them investments from sovereign-wealth funds in Singapore and the Middle East.
[主体句式] Then came the hot iron.
[结构分析] 这是⼀个有复杂同位语的⼀个简单句。news of …是前⾯the hot iron的同位语，to shore up the bank’s capital ba 是不定式短语作定语修饰前⾯的measures, ⽽后⾯among them …也是⽤来修饰measures，具体介绍其中的⼀些措施。
[句⼦译⽂]紧接着就来了hot iron ：报道有⼀系列的措施来⽀持银⾏的资本基础，其中就有新加坡和中东的君主财富基⾦。The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBS’s boss to avoid months of speculation about the bank’s exposure, something that Marcel Rohner, the chief executive, described as “distracting”.
[主体句式] The change of approach may be… but …
[结构分析] 这是⼀个并列句，but 引导的分句⽐较复杂，to avoide …不定式短语作前⾯a desire的定语，⽽something that…是a desire的同位语，该同位语有⼀个定语从句。
[句⼦译⽂] ⽅法改变可能是审计员或调节员建议的，但更反映了UBS⾼层的不愿数⽉都预计银⾏曝光的意愿，这个被⾸席执⾏官马赛尔Rohner形容为“发狂的”。
题⽬分析：
1. The author us the metaphor “hot iron” to imply that_____.
1. 作者⽤“烙铁”这个⽐喻来暗⽰_____。
[A] tho measures will do more harm to UBS.
[A] 这些措施会对UBS造成更多损失。
[B] tho measures will cauterize UBS.
[B] 这些措施会灼伤UBS。
[C] tho measures will forcefully stop UBS from furthur loss.
[C]这些措施会强⾏让UBS避免进⼀步的损失。
[D] tho measures will control bleeding of UBS.
[D]这些措施会控制UBS流⾎。
[答案]C
[分析] 细节题。作者将⼀系列的措施⽐喻为“烙铁”，⽽这些措施⼜是为UBS提供资⾦，是⼀些好的措施，这个⽐喻让⼈费解。但结合第⼀段的上下⽂就可以理解，⽂章第⼀段开头就摆出UBS⾯临的抉择，是有控制的流⾎还是灼伤，UBS选择了后者，先是将伤⼝*露出来，接着就来了“烙铁”。前后联系可以想到，烙铁可以灼伤伤⼝，但可以让伤⼝马上⽌⾎，也就是让UBS可以避免进⼀步的损失。因此，答案C最为符合。
2. Compared with the mark-to-market valuations, the mark-to-model approach could _____.
2.与市场估量⽅法相⽐，模式⽅法可以_____。
[A] slow down the worning in credit qualtiy.
[A] 减缓信⽤质量的恶化。
[B] nstantly crystalli all expected future loss.
[B] 迅速估计出所有未来有可能的损失。
[C] worn the credit quality.
生肖的意思
[C] 恶化信⽤质量。
[D] accelerate the deterioration in credit quality.
[D] 加快信⽤质量的恶化。
[答案]A
[分析] 细节题。题⼲是关于mark-to-model估量⽅法的，这在⽂章第三段中有提及。关键的⼀句话就是，和mark-to-market⽅法相⽐，这种恶化要慢⼀些，因为市场⽅法可迅速估算出未来所有有可能的损失。要注意的是，which have the effect of instantly crystallising all expected future loss是修饰mark-to-market ⽅法的定语从句，这⼀点容易让读者混淆。培训规划
3. The reason that Marcel Rohner thought the chang of approach was “distracting” is _____.
3.马塞尔认为这种转变是“转移注意⼒的”是因为_____。
[A] this change was unexpected to take place in such a situation.
[A]在当时情形下出现这种转变是出⼈意料的。
[B] this change was result of the advice of auditors and regulators.
[B] 这种转变是审计员和调解员建议的。
[C] this change was unfavorite to UBS.
[C] 这种转变对于UBS是不利的。
[D] this change was taken to make people dispel their guess.
[D]采取这种转变是为了打消⼈们⼼中的猜测。
欧体书法作品
[答案]D
[分析] 推理题。题⼲中提到的转变是指UBS评估⽅法由模式⽅法转变为将市场结合进来的⽅法，马塞尔认为这种转变是“转移注意⼒的”，由上⽂可知这种转变是UBS⾼层为了避免数⽉来对银⾏曝光的猜测。因此，所说的“转移注意⼒”是避免猜测，那么答案D最为符合。
4.The phra “the white knights”(Line 5, Paragraph 5) most probably means____.
4.短语“⽩⾊骑⼠”（第五段第五⾏）最有可能指_____。
[A] rich people.
[A] 富有的⼈。
[B] saviors.
[B] 救星。
[C] generous people.网络断断续续
[C] 慷慨的⼈。
[D] brave people.
[D] 勇敢的⼈。
[答案]B
[分析] 猜词题。根据上下⽂，绝⼤部分的救助基⾦来⾃君主财产基⾦，这个基⾦对于许多⾝处困境的银⾏来说就是⽩⾐骑⼠，可以推断“⽩⾐骑⼠”可能代表救助他⼈的⼈，答案中BC都有这层意思，根据其救助对象是⾝处困境的银⾏，更侧重于危难时的救助。因此，B更为符合题意。
5.The author’s attitude towards UBS’s future is______.
淡化痘印的方法
5. 作者对于UBS未来的态度是_____。
[A] optimistic
[A] 乐观的。
[B] pessimistic
[B] 悲观的。
[C] uncertain
[C] 不确定的。
[D] none of the above.
[D] 以上都不是。
[答案]C
[分析] 态度题。这篇⽂章⽐较客观地描述了UBS⽬前的困境和其为了摆脱这个困境要解决的⽅法，作
者的态度虽然在前⾯⼏次都提到UBS得到了⼀些资助，有望转好。但⽂章最后⼀段提出UBS⽬前也⾯临众多问题，所以结局还有待观察。⽂章的最后⼀句明确表明了作者的不确定的态度。
参考译⽂：
有控制地流⾎还是灼伤？这是UBS，⼀家因美国抵押信贷市场受到重挫的瑞⼠银⾏所要⾯对的尴尬选择。⽽这家银⾏选择了后者，先是在公开subprime-infected债之际宣布⾼达100亿资产价值缩⽔，从⽽*露出伤⼝。UBS⽬前预计第四季度也将亏损，本⽉就能见分晓。紧接着就来了hot iron：报道有⼀系列的措施来⽀持银⾏的资本基础，其中就有新加坡和中东的君主财富基⾦。
也应该会有些坏消息。UBS四分之三的资产价值缩⽔超过40亿瑞⼠法郎，这与其他银⾏（如Citigroup and Merrill Lynch）更为严重的状况相⽐⽽⾔还是较为乐观。第三季度末subprime debt市场价值的急剧下落使得UBS将会⾯临更多的苦痛，尤其是它相当⼤的⼀部分资产都受到抵押的影响。Citigroup分析师在11⽉预⾔可能会有140亿瑞⼠法郎的损失。
那么为什么这次新的⼀组⾚字还是让⼈们⼤吃⼀惊呢？答案并不是因为总亏损的规模，⽽是UBS决定⼀次性地承担损失。银⾏估量其与subprime相关的股票所⽤的mark-to-model⽅法是基于第⼀担保抵押贷款的⽀付数据上的。尽管这些数据显⽰信⽤有所降低，但⽐起⽤mark-to-market的估量⽅式其恶化速度要慢⼀些，具有迅速明确所有未来损失的作⽤。
正是由于采取了这个缓和的⽅式，UBS可望在⼏个季度内资产账⾯价值增长控制在20到30亿瑞⼠法郎。⽬前显⽰出该银⾏已经将市场价值纳⼊其模式中，从⽽将第四季度的资产账⾯价值控制在⼀定范围内。⽅法改变可能是审计员或调节员建议的，但更反映了UBS⾼层要避免数⽉来对银⾏曝光的猜测，这个被⾸席执⾏官马赛尔Rohner形容为“转移注意⼒的”。
⼀个长期以保守见称的银⾏如今却受到这种侮辱，对于UBS的资⾦率的担⼼也就逐渐出现了。因此就采取措施加强了第⼀层资⾦约194亿瑞⼠法郎，该数额⽐资产账⾯损失要多许多，是增加银⾏信⽤的重要⽅法。资⾦⼤部分来源于君主资产基⾦，这是当今处于困境的银⾏的⽩⾐骑⼠。新加坡GIC掌握着这个城市国家的外汇储备，它要购买UBS110亿瑞⼠法郎的可转债。⼀个匿名的中东投资者⼜投⼊了20亿瑞⼠法郎。UBS也会售卖债券、以股票的形式发⾏2007的红利来募集现⾦。其资本率有望在第四季度达到12%多，这样处境就很不错了。
从九⽉份以来，银⾏每季度的报告会的⼀⼤特⾊就是讨论将额度控制在subprime风险之下。把⽐预期⼤的资产账⾯降低程度和⽐预期⼤的资本增加相结合好像是这种氛围下的⼀个正确处理⽅案。但是UBS还是不能确保问题都已解决。有可能出现subprime资产价值的继续恶化，⽽且信⽤创伤引起的更⼴阔范围内的经济冲击也不很明确，还有对公司名誉的损害程度也还
没有确定。病情还有待观察。
