考研“互撕”类阅读（下）
2 2010 T4
1 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 losses, 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.
2 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.
3 After a bruising encounter with Congress, America’s Financial Accounting Standards Board (FASB) rushed through rule changes. These gave banks more freedom 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 motives.” Yet bank shares rose and the changes enhance what one lobby group politely calls “the use of judgment by management.”
4 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.
5 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.
6 To get the system 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 and pensions, for example, against hostility from special interests. But by giving in to critics now they are inviting pressure to make more concessions.
36、Bankers complained that they were forced to______.
A. follow unfavorable asset evaluation rules
B. collect payments from third parties
C. cooperate with the price managers
D. reevaluate some of their assets.
参考答案：A
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
参考答案：D
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.
参考答案：C
39、The author thinks the banks were “on the wrong planet” 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.
参考答案：B
40、The author’s attitude towards standard-setters is one of ______.
A. satisfaction
B. skepticism
C. objectiveness
D. sympathy
参考答案：D
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.
price后面为定语从句 （that）a third party would pay，和(that) managers and regulators would like them to fetch.
这些准则规定，银行必须以第三方愿意支付的价格评估资产，而不是以价格管理者们和监管机构期望售出的价格来评估资产。
The details may be unknowable, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised.
essential [i’senʃəl]
adj.本质的，实质的；必需的，不可或缺的
A firewall provides an essential security blanket for your computer network.
防火墙为计算机网络提供了基本安全保障。
compromise [‘kɔmprəmaiz]
v./n.妥协，让步；连累，危及
political compromise政治妥协
The details may be unknowable, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised.
第一个分句的主语为The details，
第二个分句的主语为名词短语the independence of standard-setters，
后面的形容词短语essential to…是主语2的后置定语，
谓语is being compromised
细节尚不可知，但是会计标准制定者们的独立性正在做出让步，而其独立性对于资本市场的正常运行是非常重要的。
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.
dead markets“萧条的市场”。
book 作动词原意为“预定，预购”，本句中意为“登记，记载”；
booking losses 为银行术语，意为“账面损失”
supposed 表示“应该的，必要的”意思
which 引导定语从句修饰 banks，其中包含两个由 yet 连接的并列分句。
介词结构 for fear of booking losses 作状语。
市场的萧条还在一定程度上反映了银行的瘫痪状态，它们因担心账面损失而不愿意卖掉资产，但也不愿意进行那些必要的廉价交易。
concession
英 [kənˈseʃn] 美 [kənˈseʃn]
n.让步；妥协；承认；给予；许可
The firm will be forced to make concessions if it wants to avoid a strike.
要想避免罢工，公司将不得不作出一些让步。
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