Text4

    Bankershavebeenblamingthemselvesfortheirtroublesinpublic.Behindthescenes,theyhavebeentakingaimatsomeoneelse:theaccountingstandard-setters.Theirrules,moanthebanks,haveforcedthemtoreportenormouslosses,andit’sjustnotfair.Theserulessaytheymustvaluesomeassetsatthepriceathirdpartywouldpay,notthepricemanagersandregulatorswouldlikethemtofetch.

    Unfortunately,banks’lobbyingnowseemstobeworking.Thedetailsmaybeunknowable,buttheindependenceofstandard-setters,essentialtotheproperfunctioningofcapitalmarkets,isbeingcompromised.And,unlessbankscarrytoxicassetsatpricesthatattractbuyers,revivingthebankingsystemwillbedifficult.

    AfterabruisingencounterwithCongress,America’sFinancialAccountingStandardsBoard(FASB)rushedthroughrulechanges.Thesegavebanksmorefreedomtousemodelstovalueilliquidassetsandmoreflexibilityinrecognizinglossesonlong-termassetsintheirincomestatement.BobHerz,theFASB’schairman,criedoutagainstthosewho“questionourmotives.”Yetbanksharesroseandthechangesenhancewhatonelobbygrouppolitelycalls“theuseofjudgmentbymanagement.”

    EuropeanministersinstantlydemandedthattheInternationalAccountingStandardsBoard(IASB)dolikewise.TheIASBsaysitdoesnotwanttoactwithoutoverallplanning,butthepressuretofoldwhenitcompletesitreconstructionofruleslaterthisyearisstrong.CharlieMcCreevy,aEuropeancommissioner,warnedtheIASBthatitdid“notliveinapoliticalvacuum”but“intherealword”andthatEuropecouldyetdevelopdifferentrules.

    Itwasbanksthatwereonthewrongplanet,withaccountsthatvastlyovervaluedassets.Todaytheyarguethatmarketpricesoverstatelosses,becausetheylargelyreflectthetemporaryilliquidityofmarkets,notthelikelyextentofbaddebts.Thetruthwillnotbeknownforyears.Butbank’ssharestradebelowtheirbookvalue,suggestingthatinvestorsareskeptical.Anddeadmarketspartlyreflecttheparalysisofbankswhichwillnotsellassetsforfearofbookinglosses,yetarereluctanttobuyallthosesupposedbargains.

    Togetthesystemworkingagain,lossesmustberecognizedanddealtwith.America’snewplantobuyuptoxicassetswillnotworkunlessbanksmarkassetstolevelswhichbuyersfindattractive.Successfulmarketsrequireindependentandevencombativestandard-setters.TheFASBandIASBhavebeenexactlythat,cleaninguprulesonstockoptionsandpensions,forexample,againsthostilityformspecialinterests.Butbygivingintocriticsnowtheyareinvitingpressuretomakemoreconcessions.

    36.Bankerscomplainedthattheywereforcedto

    [A]followunfavorableassetevaluationrules

    [B]collectpaymentsfromthirdparties

    [C]cooperatewiththepricemanagers

    [D]reevaluatesomeoftheirassets.

    37.Accordingtotheauthor,therulechangesoftheFASBmayresultin

    [A]thediminishingroleofmanagement

    [B]therevivalofthebankingsystem

    [C]thebanks’long-termassetlosses

    [D]theweakeningofitsindependence

    38.AccordingtoParagraph4,McCreevyobjectstotheIASB’sattemptto

    [A]keepawayfrompoliticalinfluences.

    [B]evadethepressurefromtheirpeers.

    [C]actontheirowninrule-setting.

    [D]takegradualmeasuresinreform.

    39.Theauthorthinksthebankswere“onthewrongplanet”inthatthey

    [A]misinterpretedmarketpriceindicators

    [B]exaggeratedtherealvalueoftheirassets

    [C]neglectedthelikelyexistenceofbaddebts.

    [D]deniedbookinglossesintheirsaleofassets.

    40.Theauthor’sattitudetowardsstandard-settersisoneof

    [A]satisfaction.

    [B]skepticism.

    [C]objectiveness

    [D]sympathy

    PartB

    Directions:

    ForQuestions41-45,choosethemostsuitableparagraphsfromthelistA-Gandfillthemintothenumberedboxestoformacoherenttext.ParagraphEhasbeencorrectlyplaced.Thereisoneparagraphwhichdosenotfitinwiththetext.MarkyouranswersonANSWERSHEET1.(10points)

    [A]Thefirstandmoreimportantistheconsumer’sgrowingpreferenceforeatingouttheconsumptionoffoodanddrinkinplacesotherthanhomeshasrisenfromabout32percentoftotalconsumptionin1995to35percentin2000andisexpectedtoapproach38percentby2005.Thisdevelopmentisboostingwholesaledemandfromthefoodservicesegmentby4to5percentayearacrossEurope,comparedwithgrowthinretaildemandof1to2percent.Meanwhile,astherecessionisloominglarge,peoplearegettinganxious.Theytendtokeepatighterholdontheirpurseandconsidereatingathomearealisticalternative.

    [B]RetailsalesoffoodanddrinkinEurope’slargestmarketsareatastandstill,leavingEuropeangroceryretailershungryforopportunitiestogrow.Mostleadingretailershavealreadytriede-commerce,withlimitedsuccess,andexpansionabroad.Butalmostallhaveignoredthebig,profitableopportunityintheirownbackyard:thewholesalefoodanddrinktrade,whichappearstobejustthekindofmarketretailersneed.

    [C]Willsuchvariationsbringaboutachangeintheoverallstructureofthefoodanddrinkmarket?Definitelynot.Thefunctioningofthemarketisbasedonflexibletrendsdominatedbypotentialbuyers.Inotherwords,itisuptothebuyer,ratherthantheseller,todecidewhattobuy.Atanyrate,thischangewillultimatelybeacclaimedbyanever-growingnumberofbothdomesticandinternationalconsumers,regardlessofhowlongthecurrentconsumerpatternwilltakehold.

    [D]Allinall,thisclearlyseemstobeamarketinwhichbigretailerscouldprofitablyapplytheirscale,existinginfrastructureandprovenskillsinthemanagementofproductranges,logistics,andmarketingintelligence.RetailersthatmastertheintricaciesofwholesalinginEuropemaywellexpecttorakeinsubstantialprofitsthereby.Atleast,thatishowitlooksasawhole.Closerinspectionrevealsimportantdifferencesamongthebiggestnationalmarkets,especiallyintheircustomersegmentsandwholesalestructures,aswellasthecompetitivedynamicsofindividualfoodanddrinkcategories.BigretailersmustunderstandthesedifferencesbeforetheycanidentifythesegmentsofEuropeanwholesalinginwhichtheirparticularabilitiesmightunseatsmallerbutentrenchedcompetitors.Newskillsandunfamiliarbusinessmodelsareneededtoo.

    [E]Despitevariationsindetail,wholesalemarketsinthecountriesthathavebeencloselyexamined-France,Germany,Italy,andSpain-aremadeoutofthesamebuildingblocks.Demandcomesmainlyfromtwosources:independentmom-and-popgrocerystoreswhich,unlikelargeretailchains,aretwosmalltobuystraightfromproducers,andfoodserviceoperatorsthatcatertoconsumerswhentheydon’teatathome.Suchfoodserviceoperatorsrangefromsnackmachinestolargeinstitutionalcateringventures,butmostofthesebusinessesareknowninthetradeas“horeca”:hotels,restaurants,andcafes.Overall,Europe’swholesalemarketforfoodanddrinkisgrowingatthesamesluggishpaceastheretailmarket,butthefigures,whenaddedtogether,masktwoopposingtrends.

    [F]Forexample,wholesalefoodanddrinksalescometo$268billioninFrance,Germany,Italy,Spain,andtheUnitedKingdomin2000-morethan40percentofretailsales.Moreover,averageoverallmarginsarehigherinwholesalethaninretailwholesaledemandfromthefoodservicesectorisgrowingquicklyasmoreEuropeanseatoutmoreoftenandchangesinthecompetitivedynamicsofthisfragmentedindustryareatlastmakingitfeasibleforwholesalerstoconsolidate.

    [G]However,noneoftheserequirementsshoulddeterlargeretailers(andevensomelargegoodproducersandexistingwholesalers)fromtryingtheirhand,forthosethatmastertheintricaciesofwholesalinginEuropestandtoreapconsiderablegains.

    41&rarr42&rarr43&rarr44&rarrE&rarr45

    PartC

    Directions:

    ReadthefollowingtextcarefullyandthentranslatetheunderlinedsegmentsintoChinese.YourtranslationshouldbewrittencarefullyonANSWERSHEET2.(10points)

    Onebasicweaknessinaconservationsystembasedwhollyoneconomicmotivesisthatmostmembersofthelandcommunityhavenoeconomicvalue.Yetthesecreaturesaremembersofthebioticcommunityand,ifitsstabilitydependsonitsintegrity,theyareentitledtocontinuance.

    Whenoneofthesenoneconomiccategoriesisthreatenedand,ifwehappentoloveit.Weinvertexcusestogiveiteconomicimportance.Atthebeginningofcenturysongbirdsweresupposedtobedisappearing.(46)Scientistsjumpedtotherescuewithsomedistinctlyshakyevidencetotheeffectthatinsectswouldeatusupifbirdsfailedtocontrolthem,theevidencehadtobeeconomicinordertobevalid.

    Itispainfultoreadtheseroundaboutaccountstoday.Wehavenolandethicyet,(47)butwehaveatleastdrawnnearthepointofadmittingthatbirdsshouldcontinueasamatterofintrinsicright,regardlessofthepresenceorabsenceofeconomicadvantagetous.

    Aparallelsituationexistsinrespectofpredatorymammalsandfish-eatingbirds.(48)Timewaswhenbiologistssomewhatoverwordedtheevidencethatthesecreaturespreservethehealthofgamebykillingthephysicallyweak,orthattheypreyonlyon“worthless”species.

    Somespeciesoftreehavebeenreadoutofthepartybyeconomics-mindedforestersbecausetheygrowtooslowly,orhavetoolowasalevaletopayasimebercrops(49)InEurope,whereforestryisecologicallymoreadvanced,thenon-commercialtreespeciesarerecognizedasmembersofnativeforestcommunity,tobepreservedassuch,withinreason.

    Tosumup:asystemofconservationbasedsolelyoneconomicself-interestishopelesslylopsided.(50)Ittendstoignore,andthuseventuallytoeliminate,manyelementsinthelandcommunitythatlackcommercialvalue,butthatareessentialtoitshealthyfunctioning.Withouttheuneconomicpats.


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