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Business;Face value;Bank to square one;商业;商业精英;回到原点的;Ken Moelis believes that small is beautiful when it comes to investment banking;肯·莫里斯认为对于投行来说“做小”是件好事;The first investment bank where Ken Moelis worked—Drexel, Burnham, Lambert—failed spectacularly. Another former employer, Donaldson, Lufkin amp; Jenrette (DLJ), was bought by a bigger rival. The most recent, UBS, is now on government life-support. During his 25-year career in investment banking, in short, Mr Moelis has seen it all. Over that period investment banks have evolved from staid partnerships into huge, publicly traded conglomerates before stumbling, and in some cases collapsing, last year. But Mr Moelis has survived the upheaval, and come up with some ideas about how investment banking could be improved along the way. He is now trying to put them into practice at the bank he founded in 2007, Moelis amp; Company.肯.莫里斯工作过的第一家Drexel, Burnham, Lambert壮烈地倒下了。另外几家老雇主Donaldson, Lufkin amp; Jenrette也被更大的对手收购。最近,瑞银集团也靠政府持维生。在25年的投行生涯中,莫里斯,简单地说,见了这个全过程。在这期间,在去年投行业受挫,甚至彻底崩溃之前,他们从一种稳健的伙伴发展成为巨大的,公开交易的混业经营体。但是莫里斯经受住了巨变的考验,并且对如何改进投行业有了一些想法。现在他试图把这些想法在他2007年创办的莫里斯公司付诸实践。Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with Michael Milken, the “junk-bond king” who was later jailed for fraud. They raised money for cable-television channels and mega-casinos in Las Vegas—both innovative new businesses at the time—with fabled entrepreneurs such as Ted Turner and Steve Wynn. Mr Milken’s belief that a small bank with great ideas could shake the establishment made an impression on the young Mr Moelis, despite Drexel’s subsequent collapse. Over the course of his career, he says, he concluded that banking conglomerates were too unwieldy to look after clients or employees properly—one reason why he left DLJ in 2000 when it merged with Credit Suisse. Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, to build up its American investment-banking unit. And build he did. It quickly became a leader in almost every branch of the business, from mergers and acquisitions (Mamp;A) to share offerings.莫里斯的事业始于比利弗山的德雷克塞尔办公室,和他共事的是“垃圾债券之王”——迈克尔.米尔肯,该人后来因为欺诈而入狱。他们和超级企业家诸如特德#8226;特纳(译者注:CNN的创始人)和史蒂夫#8226;韦恩(拉斯韦加斯巨子)一起,为有线电视频道和的超级这两个在当时属于领新的行业筹资蓄款。尽管德雷克塞尔后来倒闭了,但是米尔肯认为有着好思路的小能够撼动大机构的观点,给年轻的莫里斯留下了深刻的印象。在他的职业生涯中,他得出这样的结论:的混业经营使得不便于恰当地务客户和员工,这也是他在2000年DLJ兼并瑞士信贷后离开的原因之一。尽管如此,莫里斯还是在几个月以后同意加入另一个瑞士巨头——瑞银集团,来组建它的美国投资部门。他也的确这样做了,随后瑞银的投行部门成为这个商业领域从合并收购到配股几乎所有业务的龙头。That was not enough for Mr Moelis, who says he still felt uncomfortable at such a big bank. In early 2007, despite the worsening economic outlook, he left to set up a bank of his own. A day after opening Moelis amp; Company he won the job of advising Hilton Hotels on a billion takeover bid from Blackstone Group—one of the biggest deals of the buy-out boom. As the recession took hold, demand grew for the impartial advice that “boutique” banks offered but that the giants, with their myriad customers and huge proprietary-trading operations, struggle to provide.但是这些对于莫里斯远远不够,这样一个大里他还是觉得不舒。在2007年初,尽管经济前景不乐观,他依然选择离开并创建自己的。在开业后的第一天,莫里斯赢得了希尔顿酒店从黑石集团260亿美元的收购要约——买断热潮中最大的一笔交易。随着经济衰退的确立,对“精品”的中立意见的需求增加,但是那些有着众多顾客和巨额自营交易(译者注:公司为赚取直接收益,而不是佣金的交易。具体来说,指公司决定通过直接市场交易,而不是通过赚取处理买卖的佣金而获利)的投行巨头们却很难提供。Indeed, big banks’ share of the world’s Mamp;A business so far this year is five percentage points lower than it was last year. Boutique banks, by contrast, have won their highest share ever, at 15%. Both long-established small outfits such as Rothschild and Lazard, and newer ones such as Evercore Partners, have seen their business expand. But Moelis amp; Company made the biggest splash, briefly becoming one of the top ten banks in the Mamp;A business in America. Mr Moelis’s firm helped Anheuser-Busch, an American brewer, sell itself for billion to Inbev of Belgium, and helped Yahoo!, an internet portal, see off a takeover bid from Microsoft, a software giant.的确,截至目前大佬们在全世界并购和收购商业的市场份额下滑了5个百分点,而与之鲜明对比的“精品小投行”则赢得了史无前例的15%。无论是Rothschild 和Lazard这些设立已久的小机构还是诸如Evercore Partners这样的新机构,他们都看到了业务的迅速扩张。但莫里斯公司还是引发了最大的轰动,他曾暂时雄踞全美并购和收购业务前十名。莫里斯的公司帮助美国啤酒酿造商安海斯布希以520亿美元将自己出售给比利时的英公司,帮助互联网门户雅虎抵制了软件巨头微软的收购。In the immediate aftermath of the crisis, the big banks resembled patients coming down from ether to Mr Moelis: “Everyone awoke to find that profits generated from leverage and casino-like bets made with the bank’s own capital were just illusions.” Small banks were able to win lucrative advisory mandates and hire talented bankers from their dazed rivals. Mr Moelis picked up some big names, including Mark Aedy, a former star at Merrill Lynch. In less than two years he has expanded from ten employees in New York and Los Angeles to 230 in six different cities.在金融危机的余波中,对于莫里斯来说那些大门就像刚从乙醚中苏醒的病人:“每个醒来发现,用自己的资本金来从杠杆交易和般的交易中赚取利润只是幻想。”小投行可以赢得有利可图的咨询委托,并从晕头转向的对手那里雇到优秀的家。莫里斯列举了一些如雷贯耳的名字,包括美林的创始人Mark Aedy。在不到两年的时间里,他已经将在纽约和洛杉矶的10名雇员扩大到6个不同城市的230名雇员。Although the sudden seizure of the credit markets and the subsequent swoon of the economy afflicted the titans of the industry most severely, it is now beginning to affect boutiques too, as mergers dry up. But Mr Moelis has aly experienced such a drought, during the recession of the early 1990s, when he was head of investment banking at DLJ. At the time, rather than wait for Mamp;A deals to return, he decided to build expertise in loan restructuring, to win business advising the many firms that were struggling with their debts. DLJ’s restructuring group became the market leader and Mr Moelis learned that “When you help a client in trouble, you have a client for life.” So he has repeated the trick at Moelis amp; Company as the economy has soured: restructuring now makes up half its business.尽管信贷市场的休克和随后经济的晕厥曾经严重折麽了这个行业的巨头们,现在随着并购业务的枯竭,它也开始影响精品小投行。但是早在1990年代初期的衰退中,时任DLJ投行部门负责人的莫里斯就经历过这样的大旱。当时,与其干等着并购收购交易回暖,莫里斯决定在债务重组领域建立专家团队,通过为众多受困于债务的公司咨询来赢得生意。DLJ的重组团队成为市场的先导,莫里斯也学到了“当你在客户陷入麻烦的时候帮助了他,你就赢得了一个终身的客户。”因此在经济低迷的时候,他又在莫里斯公司旧计重演,目前重组占了公司业务的半壁江山。Mr Moelis knows he will have to remain nimble while expanding his firm’s offerings. This week Moelis amp; Company announced the opening of an Australian office that will focus on Asian deals. Plans are also under way to underwrite securities and develop a trading platform. He hopes the latter move will address a shortcoming of many boutiques: their inability to access capital markets. Mr Moelis has also hired risk-advisory experts to help clients comb through the arcane financial instruments (probably toxic) sitting on their books. But he is quick to point out that he will not do any proprietary trading or expand into other fields that could lead to conflicts of interest.莫里斯深知在扩张业务的同时一定要保持机敏。这周莫里斯公司宣布在澳大利亚开设一家专注于亚洲业务的分机构。他计划承销券并开发一个交易平台。他希望后者能够应对许多小投行的不足:他们无法进入资本市场。莫里斯也雇佣了风险咨询管家来帮助客户梳理帐面上那些神秘的金融工具(可能也包括有毒券)。但是他又迅速指出,他将不会做任何自营交易或者将业务扩展到那些可能导致利益冲突的领域。Battle with the bulge逐鹿群雄Mr Moelis concedes that his firm is unlikely to keep growing so quickly. Just as the crisis provided an opportunity, the recovery is posing a threat as big banks recapitalize and prepare to wrest business back from the boutiques. Worse, talented bankers from fallen giants such as Lehman Brothers and Bear Stearns are now setting up their own boutiques, further stiffening the competition. Moelis amp; Company fell to 82nd in the most recent Mamp;A league tables. That decline, although offset in part by restructuring work, shows how transient success in investment banking can be.莫里斯承认他的公司不可能一直这样快速发展。正如危机提供了机会,复苏也给小投行带来威胁,那些大投行们重组资产后准备从小投行那里抢回生意。更糟糕的是,那些倒下的投行如雷曼兄弟和贝尔斯登里家们现在也在创办自己的小型投行,这更加剧了竞争。莫里斯公司在最近的并购收购排行榜中落到了第82位。这种下滑尽管可能部分由于重组业务,但是也显示了投行业的成功是多么短暂。Mr Moelis has proved adept at surviving crises, but the banks he has worked for have not all been so fortunate. Can he build a bank that will outlast him? He is convinced that new ideas and agile management will allow Moelis amp; Company to flourish. But his own career shows just how easily banks can come and go, in large part because bankers do too莫里斯从金融危机中的幸存明了他的老道,但是他所务过的们却并不都那样幸运。他能够建立一个比他活得更久的么?他坚信新思路和管理的灵活性会使莫里斯公司蓬勃发展。但是他自己的职业生涯却显示了是多么容易转瞬即逝,而这多半是因为家也是这样做。 /201211/207676。

  • If you dont know who this man is, dont worry, because thats exactly what Barclays want. He was the head of banks retail arm, Antony Jenkins sat shoulder to shoulder with Bob Diamond in public and in private. But pointedly, he didnt walk into his footsteps. He is [a lot of brash] investment banker? No. He is a green man, but now in charge of the bank with a very colourful past. 如果你不知道这个人是谁,不要担心,因为这正是巴克莱想要的效果。他是巴克莱零售业的负责人,安东尼;詹金斯。此人和鲍勃;戴蒙德无论在公开场合还是私下,总是肩并肩坐着。但是,直截了当地说吧,他并没有继续前任的路线。他是一个典型的非常傲慢的投资人么?不,他是个新手,不过现在由他掌管着一个曾经绚烂的。Presumably, the executive board of Barclays have got approval for this hire from shareholders, and I think its very interesting that the shareholders also want to see such a green man, such a safe pair of hands, a retail banker in charge of Barclays? 假设巴克莱执行委员得到了股东们对詹金斯的雇用批准。股东们也很想看一看这一个新手,却是零售业的经验老手,掌管整个巴克莱?我认为这是非常有趣的。One day when he aly faces the cite of entries he attempts to restore the banks reputation. Top of the pile is the serious fraud offices investigation launched yesterday into payments between the bank and Qatar investors, then is the LIBOR fixing scandal. Barclay has aly settled with regulators here and then in the US, but clouds still hangs over the bank and a potential for criminal charges. Mr. Jenkins also needs to oversee the compensation scheme for business mis-solds, specialist insurance and then the interest rate swaps. He hasnt [] the public since the appointment, but did immediately acknowledge the cite of the job. 如果已经正式任命詹金斯先生,他将试图恢复的声望。首当其冲的,英政府严重欺诈办公室昨天展开了对巴克莱与卡塔尔投资方之间的付关系,接下来是操纵伦敦间同业拆借利率丑闻。巴克莱本来已和现在的英国管理机构,以及以前的美国管理机构妥善处理了关系,但是乌云仍然笼罩于上空,它很可能受到犯罪指控。詹金斯先生还需要监管因为销售商业销售,专业保险,以及当时的利率掉期的补偿计划.自任命后,詹金斯先生还未公开露面,不过他立即承认有任命提名一事。;We have made serious mistakes in recent years and dearly failed to keep pace with our stakeholders expectations;, he said on the statement, ;We have a unique opportunity to restore Barclays reputation by making it the lsquo;go to bank in all of our chosen markets.; ;这几年我们犯了许多严重错误,无法跟随股东们的期望。;他在声明中写道,;通过让巴克莱在我们选定的全部市场开展业务,目前我们有一个恢复巴克莱声望的极为难得的机会; He has the support of the board on the top floor of course, but below him, you/he have to appease the investment bankers who will undoubtedly feel the grief of the loss of Bob Diamond one of their own. Concern about the arrival of a lawsuit does [earn the weight/way their minds tipped]. 他当然拥有来自于执行委员会最高层的持。但是除此之外,你们/他必须安抚投资的家们,他们无疑会为失去自己人,鲍勃;戴蒙德而感到痛苦。不过即将到来的诉讼将影响他们的决定。You have to be tough. You have to shout, that is not no-award of Barclays card, or retailer business banking just as where Mr. Jenkins comes from. These are two very different businesses. 你必须坚强,你必须大声喊叫, 这是有利息的巴克莱卡,或者是詹金斯来自于的零售业。这是两种完全不同的商业活动。Antony Jenkins will be paid in the traditional banking way, very well. His basic annual salary will be just over a million pounds a year. But add on bonuses, long-term incentives, pension contributions and shares options, he could earn as much as 8.6 million pounds a year. Envy his salary, you might, but (it is) surely not the task in hand. 将以传统的业方式向安东尼;詹金斯付丰厚的薪金。他的基本年薪将超过1百英磅。再加上奖金,长期的奖励措施,养老金,以及股票选择购买权,他一年收入将为8.6百万英磅。你可能会妒忌他的薪水,但是绝对不会妒忌他手头的任务。201209/198111。
  • Don:Hey Yael, why are you wearing safety goggles?唐:嘿,雅艾尔,你为什么戴着一副护目镜?Yael:In case I run into any spitting cobras, Don.雅艾尔:唐,以防碰上吐毒液的眼镜蛇。Don:Spitting cobras? I didnt know there were any wild cobras in the ed States.唐:吐毒液的眼镜蛇?我一直以为在美国没有野生的眼镜蛇。Yael:There arent. Cobras live in Africa and Asia where they kill thousands of people each year, but Im going to the reptile exhibit at the zoo. The scary thing is, some cobra species dont even have to bite you to injure you. They can spit poison a distance of three feet and they always aim for the eyes. Their poison is a neurotoxin that causes pain and can damage the mucus membranes and cornea. It can even cause blindness.雅艾尔:这里没有。眼镜蛇生活在非洲和亚洲,每年有上千人死于这种蛇。但我要去动物园的爬行动物馆参观。可怕的是,有些种类的眼镜蛇不用咬你就可以伤到你。它们能在三尺以内吐出毒液,目标往往是眼睛。它们的毒液是一种神经毒素,能导致疼痛并使粘液隔膜和角膜毁坏。甚至能导致失明。Don:Wow.唐:哇。Yael:And thats not all. Scientists have found that they can hit a target about two feet away with one-hundred-percent accuracy.雅艾尔:那还不是全部。科学家们还发现,它们能在两尺远的地方百分之百地击中目标。Don:I dont think I could spit that well.唐:我想我都不能吐唾液到那么远。Yael:The snakes dont really spit. The poison is released from openings in the front of their fangs. As its released, they expel air from their lungs to blow the poison outward. Researchers used high-speed photography to find out how they hit their target every time. Instead of holding their head still to spit, the snakes rotate it from side to side, sping the poison over an area.雅艾尔:蛇不会真的喷射唾液。毒液是从毒牙前部的张口处分泌出来的。毒液释放时,肺部迅速排出空气,将毒液注射到外界。研究人员用高速摄像机捕捉到它们每次是如何命中目标的。与其保持头部静止,蛇会一边旋转头部,一边将毒液散播出去。Don:So, its like using a shot gun with lots of pellets instead of a rifle with a single bullet.唐:那么,这就像使用一杆有很多子弹的散弹,而不是只有一发子弹的步。Yael:Exactly. The snakes dont need to aim perfectly, they just need to be close.雅艾尔:正是。蛇并不需要瞄准的多么精确,离得够近就行了。Don:That is interesting, Yael. But arent the zoo snakes in glass enclosures?唐:雅艾尔,那很有趣。但是动物园里的蛇不是被玻璃墙挡着吗?Yael:I imagine so. But better safe than sorry.雅艾尔:我想是的。但是安全起见,以免后悔。原文译文属!201208/197507。
  • AFTER three years of stagnant loan growth, The Peoples Bank in Coldwater, Ohio, has noticed a change. Clients who two years ago would not have qualified for a loan now find that they can. One customer who was working for only 35 hours a week two years ago is now working 45 to 50 hours. ;That was his reason for coming in: he had steadier income,; says Jack Hartings, president of the seven-branch bank. Since the bankrsquo;s main alternative to lending money is buying Treasury bonds that yield only 1%-2%, Mr Hartings is eager to make new loans.借债增长停滞三年以后,在俄亥俄州的冷水的人民已经公告了一个变化。两年前没有贷款资格的顾客现在获得了贷款资格。两年前每周只需工作35小时的顾客现在每周可以工作45-50小时。;这就是顾客来到的原因:他们拥有了更稳定的收入;第七分的行长杰克bull;黑斯廷斯如是说。由于贷款被购买收益仅仅1%-2%的国库债券所替代,所以黑斯廷斯先生热切渴望新的放贷。Across the country, bank lending, which shrank almost steadily from early , is growing again (see chart), thanks to modest employment growth, stabilising home prices in many regions, and the Federal Reserversquo;s Herculean efforts to hold down interest rates.从年初几乎有规律缩水的遍布各地的放贷再次增长(如图),这得益于适度的就业增长、一些区域的稳定的家庭消费和美联储压低利率的大力努力。This is helping. In the fourth quarter, Americarsquo;s economy grew by 2.8% at an annual rate, the fastest in an otherwise dreary year. Much of that was from inventory restocking which will not be repeated. Still, consumer spending rose at a 2% annual rate and house building expanded by 11%, the most since 2004.这是有所帮助的。在第四季度,美国经济以年利率2.8%的速率增长,比起其他萧条的年份是最快的一年。这很大程度上得益于后无来者的库存补充存货。此外,消费性开以2%的年率增长,住房建筑以11%的年率扩张,是自2004年以来最可观的一次。Both of these sectors were helped by easier credit. Moderate job growth, skimpy pay rises and higher petrol prices held growth in income after taxes and inflation to just 0.9% last year. Consumption grew faster because households borrowed more and saved less. Saving, which had topped 5% as a share of disposable income in the wake of the recession, had fallen to 3.5% in November.两个这样的部分都是得益于更简单的信用。稳健的就业增长,微薄的工资增加和更高的汽油价格在税后的收入和通货膨胀的影响下仅是去年的九成。消费更快的增长是由于家庭承担了更多的借款而存款变少。作为超过可配收入一份额5%的存款随着不景气的到来已经在十一月落到了3.5%。This was not sustainable, and indeed the saving rate jumped back to 4% in December. Are further increases in store? If so, that would hold back consumption, which accounts for roughly two-thirds of GDP. And indeed that is the main reason recoveries after financial crises are usually sluggish: households and businesses have to hack back the debt they accumulated during the boom years, a process called deleveraging. Households have as expected reduced their debts relative to their incomes; much of that has come by defaulting on their loans. More such defaults are probably in store. The question is, will consumers also divert more of their income from consumption? That would cause the saving rate to rise further.存款利率在十二月降到了4%已是不争的事实,并且让人无法忍受。那么物价会进一步增长吗?如果增长,那么大致占GDP2/3比例的消费将回落。实际上,主要原因在于金融危机之后的复苏通常是迟缓的:家庭和企业必须归还他们在经济高度增长年份所积累的债务,这过程被称作资金杠杆。家庭希望债务相对于收入来说能够得到缩减;到头来他们大多数都拒还贷款。或许还有更多的这样的拒绝偿付贷款的行为将要发生。问题是,消费者投入到消费性开的收入会不会变得更少。如果会,那将会导致储蓄率进一步提升。Nathan Sheets, an economist at Citigroup, reckons that household debt, now running at 120% of disposable income, should be 100% to 110% given the current configuration of interest rates, unemployment and asset values. This, he reckons, can be achieved with a saving rate of just 4.5%, not much higher than it is now. But the Bank Credit Analyst, a financial forecasting service, thinks householdsrsquo; current net worth is more consistent with a saving rate of 6%.一位花旗集团的经济学者南森bull;史特斯估计到目前家庭负债已经达到了可配收入的120%,其中100%-110%应该是由当前利率、失业率和资产价值的结构所造成的。他估计这可能会伴随着仅仅4.5%的储蓄率发生,而绝不会比现在的储蓄率更高。但是一项金融预报务信贷分析表认为家庭当前的资产净值绝对能够和6%的储蓄率想匹配。A higher saving rate would be much less painful for the economy if it were achieved through increased income rather than lower spending. That could happen. The non-partisan Congressional Budget Office (CBO), in its economic outlook released on January 31st, reckoned that real disposable incomes would grow by 3% this year thanks both to faster wage growth and a big drop in inflation. That, it reckons, should support growth in consumption and overall GDP of 2%.一个更高的储蓄率如果是通过增加收入而非降低花销所成就那么经济所承受的创伤会更小。那将会发生。无党派国会预算局,在其1月31号发布的经济前景报告中预计真正的可配性收入将会在今年增长3%,这得益于更快的工资增速和通货膨胀的大跌落。这项报告同样预测那将会促进消费的增长,同时也会促进GDP总体上升2个百分点。Plenty could go wrong with this scenario. Oil prices could spike again; banks, worried about Europe, could tighten their lending standards, as they aly have done for some business loans. And at the end of 2012 an even bigger threat looms: taxes will automatically rise and spending shrink unless Congress votes to override existing legislation. The CBO reckons that would slice the deficit in half, but at the cost of pummeling the economy. For private deleveraging to proceed, public deleveraging may have to wait.在这种情况下,大量的事物将不会按照正常的轨道运行。油价可能再次飙升;尤其在欧洲可能会收紧贷款标准,就像他们曾经对待一些商业贷款时做的那样。到2012年末一个更大的威胁甚至会出现:除非国会推翻现存的立法,否则税金将会自动的增长并且消费将会缩水。国会预算局认为那将会使赤字减半,但要以刺激经济为代价。为了个人的资金杠杆得以运行,公共的资金杠杆必须的拖后。 201202/171370。
  • Is squinting really that effective?眼睛真的有效吗?Male: Thanks for coming on this fact-finding trip with me and share the driving.谢谢你来跟同我一道进行实地考察。Female: Glad to do it. It should be a fun trip. I imagine I will learn a lot.很乐意!应该会很有趣的。我觉得我也会学到很多东西。M: I hope so. So i think we are getting close to our exit.So Ill keep an eye on it.For there is a sign but I cant quite make it out.但愿如此!我想我们正在靠近出口了,所以我要集中精力,因为有个地方我总是辨别不出来。F: Donne, youre squinting to see the sign. Does that really help?多恩,你(眼睛)眯着看东西,真有帮助吗?M: It really does. I can it now when I am squinting.是的。当我眯着眼睛的时候就可以认出来。F: Lets see now.Light enters the eye from many directions. The lens of the eye bends these rays so that they come together at a focal point. When the rays come together at the retina, the image is in focus. If this focal point is in front of the retina, close objects are clear-nearsightedness; if it is behind the retina, distant objects are clear-farsightedness.让我们现在来看看。光线从四面八方进入到人的眼睛里,眼睛里的晶状体会使这些光线转向,好让它们聚集到同一焦点。当光线聚集到视网膜,清晰的图像就形成了。如果该聚焦点在视网膜前,进出的东西就会很清楚——即近视;如果在视网膜后,远处的东西就很清楚——即远视。M: Right. Now because they are bent more, the rays that pass near the edge of the pupil are blurred more. If you can eliminate these edge rays then you will have less blurring.正确!现在由于它们太过倾斜了,经过瞳孔边缘的光线就会被模糊掉。如果你能消除这些边缘的光线,你就会看的清楚些。F: That must be what squinting does.那就是眯眼睛的效果。M: Exactly.Squinting uses the eyelids to block the blurred rays that enter the pupil near its edge. Squinting is not a long-term solution to poor vision, but it sometimes helps in a pinch.完全正确。眯眼睛(的时候),眼皮阻挡了进入瞳孔边缘地区的光线。可这只是在必要时有些帮助,并不是一个解决视力差的方法。M: Ah, I think we can end this field trip now. Ive learned about all I can stand for one day.阿,我觉得我们现在可以结束这次旅程了。我已经学到了一天能承受的量了。 /201209/199649。
  • Financial accounting财务会计Double-edged deferral递延资产是把双刃剑How lower taxes could hurt Americarsquo;s big banks低税为何会让美国大很受伤WHEN is a corporate-tax cut bad for a corporation? When it would trigger hefty write-downs of peculiar but critical assets, as is the case at some of Americarsquo;s largest banks. The accounting item in question is the deferred-tax asset (DTA). This is a legacy of the financial crisis. Americarsquo;s tax code allows losses amassed during the meltdown (with some restrictions) to be used to offset future tax bills. Since a bank is increasing its future cashflows by reducing expected tax payments, this is recorded as an asset on the balance-sheet.什么时候削减公司税对公司不利?是,当它可能引发特殊而重要的资产发生重大减值时,就象美国最大的几家那样。我们这里要讨论的会计科目是递延税项资产,这是金融危机的产物。按照美国税法,经济崩溃时的累积亏损(还要符合一些限定条件)可用以抵减以后年度的税款。因为的预计税款出减少,未来的现金流量将会增加,因此在资产负债表上它作为一项资产列示。JPMorgan Chase held DTAs of billion at the end of last year, while Bank of America had billion-worth. The undisputed deferred-tax king, however, is Citigroup with slightly more than billion-worth, the largest discretionary accounting item in the companyrsquo;s history.上年末,根大通的递延税项资产总额为160亿美元,而美国为270亿美元。花旗的递延税项资产略高于500亿美元,毫无疑问,它是递延税项资产之王,这个酌量性会计项目的数额在该公司历史上是最高的。To some, this looks highly optimistic. Mike Mayo, an analyst with CLSA, a broker, has relentlessly questioned Citirsquo;s ability to produce enough taxable income to justify the asset and has suggested that it could be overvalued by billion;a view for which he was, for a time, blackballed and badmouthed by the firmrsquo;s top brass. Citi rejects the suggestion that it is counting imaginary beans. Its DTA is, according to its latest filing, ;recognised subject to managementrsquo;s judgment that realisation is more likely than not; (though it acknowledges that some help from ;tax-planning strategies; may be needed).也许有些人觉得这非常乐观。券商法国里昂券公司(CLSA)分析师迈克bull;马约毫不留情地质疑花旗是否能够创造足够的应税收益以实现这项巨额资产,他认为花旗该项资产的价值可能被高估了100亿美元,他曾因此遭到公司高层的反对和指责。花旗不承认他们高估了该资产。根据最新文件,他们的递延税项资产是按照管理层的判断进行确认的,最终有可能实现,而且可能性很大。(尽管他们承认这可能需要借助于税收筹划)Banks with DTAs have to worry about electoral politics as well as future profits. With Barack Obama and all the Republican presidential candidates either keen or at least prepared to lower the top rate of federal corporate tax from todayrsquo;s 35%, a reduction over the next year or two looks reasonably likely, with an outside chance of a sharp cut. Any such move would make DTAs less valuable since future tax deductions would be worth less. With tax at 35%, a dollar of such deductions saves a company 35 cents. A cut to 20% would reduce the benefit to 20 cents.拥有递延税项资产的除了要关注未来的营利,还得关注总统候选人的政策理念,奥巴马和所有的共和党侯选人要么急于、要么至少准备降低联邦公司税的税率,目前税率是35%,在今后一两年有理由相信这个税率会降低,但下降幅度不可能太大。任何此类行为都会使递延税款资产发生减值,因为税率降低将导致未来税款抵减额减少。当税率为35%时,一美元此类抵减额能为公司节省35美分。如果税率降低到20%,一美元抵减额就只能为公司节省20美分。201201/167027。
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