Text 4 Bankers have been blaming themsel

练习题库2022-08-02 26

问题 Text 4 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.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.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."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.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.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.39.The author thinks the banks were"on the wrong planet"in that theyA.misinterpreted market price indicatorsB.exaggerated the real value of their assetsC.neglected the likely existence of bad debts.D.denied booking losses in their sale of assets.

选项 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.

答案 B

解析根据题干信息我们可以定位到第五段首句。这是一个强调结构，with…解释banks were“on the wrong planet”的原因，也就是本题的答案。所以B为正确答案。干扰选项中C选项干扰性最大，但是，我们回原文定位，Today they argue that market prices overstate losses,because they largely reflect the temporary illiquidity of markets,not the likely extent of bad debts.不难发现neglect与原文的reflect是偷换概念。D选项，原文未提到银行是否出售了不良资产，更未提到银行否认了这一点。【补充】本段充满了金融学专业术语，晦涩难懂。但是本题的命制是围绕该段的首句，即该段主题句命制的，从这个角度来说降低了对整段语言的理解的要求。

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英语一研究生

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Text 4 Bankers have been blaming themsel

英语一研究生

研究生入学