碧水浩浩云茫茫
Bankers have been blaming themlves for their troubles in public. Behind the scenes, they have been taking aim at someone el: the accounting standard-tters. Their rules, moan the banks, have forced them to report enormous loss, and it’s just not fa ir. The rules say they must value some asts at the price a third party would pay, not the price managers and regulators would like them to fetch.
台面上，银行家们将他们的麻烦归咎于己身。（但）台面下，他们却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愿意收购的价格，而非按照管理者和监管者期望它们能够卖得的价格来评估部分资产的价值。
Unfortunately, banks' lobbying now ems to be working. The details may be unknowable, but the independence of standard-tters, esntial to the proper functioning of capital markets, is being compromid. And, unless banks carry toxic asts at prices that attract buyers, reviving the banking system will be difficult.
爱在深秋歌词不幸的是，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。
After a bruising encounter with Congress, America’s Finan cial Accounting Standards Board (FASB) rushed through rule changes. The gave banks more freedom to u models to value illiquid asts and more flexibility in recognizing loss on long-term asts in their income statements. Bob Herz, the FASB’s chairman, cried out against tho who “question our motives.” Yet bank shares ro and the changes enhance what one lobbying group politely calls “the u of judgment by management.”
美国财务会计准则委员会(FASB）在与国会一场激烈交锋之后，匆匆通过了准则的修改。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。夫妻协议
European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewi. The IASB says it does not want to act without overall planning, but the pressure to fold when it completes its 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 world” and that Eu rope could yet develop different rules.碘酒和碘伏的区别
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。
蜂蜜加白醋It was banks that were on the wrong planet, with accounts that vastly overvalued asts. Today they argue that market prices overstate loss, becau they largely reflect the temporary
illiquidity of markets, not the likely extent of bad debts. The truth will not be known for years. But banks’ shares trade below t heir book value, suggesting that investors are skeptical. And dead markets partly reflect the paralysis of banks which will not ll asts for fear of booking loss, yet are reluctant to buy all tho suppod bargains.
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。现在他们认为市场价格高估了损失，因为市场价格主要反映了市场的暂时性流动性不足，而非坏账的可能程度。几年内不会有人能了解到真相。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。
To get the system working again, loss must be recognized and dealt with. America’s new plan to b职业发展规划
uy up toxic asts will not work unless banks mark asts to levels which buyers find attractive. Successful markets require independent and even combative standard-tters. The FASB 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.家次
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。缘分的禅语
