XX年考研英语阅读理解精读100篇（高分版）TEXT3

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1、XX年考研英语阅读理解精读100篇（高分版）TEXT3在经过半年多时间的痛苦创作之后，我也可以长长的松一口气，如期向我的学生们兑现6月份来我博客免费下载《XX考研英语阅读理解精读100篇（高分版）》的承诺了。本书共分为25个单元，每个单元有4篇文章，难度偏高。主要适合的考研人群为业已通过四级考试并希望能在考研英语考试中考取70分以上成绩的考生。希望考研的XDJM们再接再厉，每个人都能取得好成绩。TEXTTHREEControledbleedingorcauterisation?ThatwastheunappealingchoicefacingUBS,a

2、Swissba.nkwhichhasbeenbadlyhurtbythecarnageinAmerica?smortgagemarket.Thebankoptedforthelatter・Firstitopenedthewound,byannouncingahefty$10billionwrite-downonitsexposuretosubprime-infecteddebt.UBSnowexpectsalossforthefourthquarter,whichendsthismonth・Thencamethehotiron:newsofaserie

3、sofmeasurestoshoreupthebank'scapitalbase,amongtheminvestmentsfromsovereign-weaIthfundsinSingaporeandtheMiddleEast・Badnewshadbeenexpected.UBS'sthird-quarterwrite-downofoverSFr4billioninOctoberlookedoverlyoptimisticcomparedwithmoreaggressivemarkdownsatotherbankssuchasCitigroupandM

4、errillLynch・SteepfallsinthemarketvalueofsubprimedebtsincetheendofthethirdquartermadeitcertainthatUBSwouldtakemorepain,givenitssizeableexposuretotoxiccollateralised-debtobliga.tions(CDOs)・AnalystsatCitigroupwerepredictinginNovemberthatwrite-downsofuptoSFrl4billionwerepossible・Why

5、thendidthisnewbatchofredinkstillcomeasashock?Theanswerliesnotinthescaleoftheoverallloss,moreinUBS'sdecisiontotakethehitinonego.Thebank，smark-to-modelapproachtovaluingitssubprime-relatedholdingshadbeenbasedonpaymentsdatafromtheunderlyingmortgageloans・Althoughthesedatashowa,worsen

6、ingincreditquality,thedeteriorationisslowerthanmark-to-marketvaluations,whichhavetheeffectofinstantlycrystallisingallexpectedfuturelosses.Thankstothisgradualistapproach,UBShadbeenexpectedtotakewrite-downsinmanagedincrementsofSFr2billion-3billionoveraperiodofseveralquarters・Itnow

7、appearsthatthebankhasincorporatedmarketvaluesintoitsmodel,sendingitsfourth-quarterwrite-downsintoorbit.ThechangeofapproachmaybeontheadviceofauditorsandregulatorsbutitismorelikelytoreflectadesirebyUBS'sbossestoavoidmonthsofspeculationaboutthebank，sexposure,somethingthatMarceIRohn

8、er,thechiefexecutive,describedas/zdistracting〃・