公告日期：2008.10.01 公告主旨：公布二ＯＯ八年十月英译中翻译比赛题目 ─────────────────────────────────────── 公告内容：本届翻译比赛题目及其他相关资讯如下： ╭════╮ ║基本资料╠════════════════════════════════ ╚════╝ 领　　域：财经 主　　题：美国金融风暴相关讨论 资料来源：经济学人 原文字数：约五百～六百字（含标点符号） 原文网址：http://www.economist.com/finance/displaystory.cfm?story_id=12274070 ╔════╗ ║注意事项╠══╣违反下列规定者，依违犯次数逐次扣除後列分数╠═══════ ╚════╝ 一、参赛译文收件期间：即日起 - 2008.10.15 23:59 (-100) 二、以回应至 (M) 作者信箱 (即本 ID 的信箱) 之方式参赛，勿回应至版上。 (-100) 三、为方便评审审阅，引用方式请选 (R)epost。 (-5) 四、为方便评审参阅，请勿删除任何原有内容！（包括段落标示） (-5) 　五、请在 [题目译文] 及 [译文] 等项目填入译文内容。 (-2) 　六、译文内除引用原文之部份外，应正确使用正体中文标点符号。 (-1) 　七、请使用中华民国 (台湾) 惯用之专有名词译名。(-3) ╔════╗ ║题目内容╠════════════════════════════════ ╚════╝ 原文题目：AIG's rescue - Size matters 　题目译文： ┌───┬───────────────────────────────── │第一段│ └───┘ 　原　文： Even by the recent standards of Wall Street bailouts, that of American International Group is colossal. At its peak the insurance firm was the world’s largest with a market value of $239 billion. Its assets are bigger than those of either Lehman Brothers or Fannie Mae. Yet size alone does not explain the rescue. Nor do the images of customers queuing to cancel their policies as far away as Singapore. AIG posed a systemic risk because of its investment bank, tucked away behind the dull business of writing insurance contracts, which has lost it both a fortune—and now its independence. 译　文： ┌───┬───────────────────────────────── │第二段│ └───┘ 　原　文： At one stage, this unit contributed over a quarter of profits. It has played the role of schmuck in one of finance' s most dangerous games by writing credit-default swaps (CDSs), a type of guarantee against default, with a giant notional exposure of $441 billion as of June. Of this, $58 billion is exposed to subprime securities which have already generated huge mark-to-market losses. For regulators, the real horror story may be the $307 billion of contracts written on instruments owned by banks in America and Europe and designed to guarantee the banks' asset quality, thereby helping their regulatory capital levels. 　译　文： ┌───┬───────────────────────────────── │第三段│ └───┘ 原　文： How much pain taxpayers will ultimately bear is an open question. The official line is that AIG only suffered a liquidity crisis. As subprime losses mounted, it had to put up more collateral with its counterparties, in turn prompting credit-rating downgrades, which in turn triggered more margin calls. It is probable that operating cashflow was drying up too as big risk-sensitive commercial customers stopped doing business with the insurer. On September 16th the Federal Reserve extended a two-year, $85 billion credit facility at a penal rate. The government will get a 79.9% stake in the company in return. The idea is that this buys time for AIG to improve its liquidity in an orderly way. The bail-out's structure should also avoid a technical bankruptcy, which could force the unwinding of many of those CDS contracts. 译　文： ┌───┬───────────────────────────────── │第四段│ └───┘ 原　文： Yet might the government be taking over a company that is insolvent as well as illiquid? Extrapolating from AIG's own test, but adjusting fully for mark-to-market losses and stripping out goodwill and hybrid capital, even at the end of June AIG might have had about $24 billion less book equity than it needed to be safely capitalised. And some of its equity may be “trapped” within its insurance subsidiaries, whose capital positions are ringfenced by insurance regulators. That might leave the holding company that taxpayers have backed in a far worse state. On September 17th Eric Dinallo, New York’s insurance regulator, vouched for the solvency of AIG's insurance subsidiaries but was more circumspect on the company overall. 译　文： ┌───┬───────────────────────────────── │第五段│ └───┘ 原　文： Ultimately, though, AIG may turn out be worth something after all: in June it had $67 billion of tangible equity, a much bigger buffer relative to assets than existed at Lehman or Bear Stearns. And, says Andrew Rear of Oliver Wyman, a consultancy, AIG's insurance assets will attract a lot of interest. That raises the chances of their being sold at a premium, raising cash for the holding company. If the government holds on long enough, perhaps even AIG's CDS contracts might make money. 译　文： ╔════╗ ║题目结尾╠════════════════════════════════ ╰════╯ --

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