╔════╗ ║题目内容╠════════════════════════════════ ╚════╝ 原文题目：AIG's rescue - Size matters 　题目译文：拯救AIG：规模还是很重要的 ^^^^(1) 1.稍嫌过度解读。 ┌───┬───────────────────────────────── │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： 就算比较的标准是最近华尔街的纾困案，American International Group的规模还是算 很大。在AIG的全盛时期，它是全世界最大的保险公司，市值达美金2390亿元。不论是和 雷曼兄弟（Lehman Brothers）或房丽美（Fannie Mae）来做比较，AIG的市值比任一者 都要大。然而，规模大小，并不是AIG获得拯救的唯一原因。连远在新加坡的客户都正在 大排长龙准备要取消保单，也不是唯一原因。AIG之所以具有系统风险，是隐藏在平凡 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ 保险合约背後的附属投资银行所导致。不但造成财务上的大量损失，同时也使公司失去 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^(2)^ 了独立性。 2.谁的投资银行？ ┌───┬───────────────────────────────── │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 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(3) America and Europe and designed to guarantee the banks' asset quality, thereby helping their regulatory capital levels. 　译　文： 这个事业单位曾经贡献给公司四分之一的获利。但是，在财务活动中最危险的游戏： 信用违约交换（CDS），其表现甚不明智。CDS是一种违约担保，在六月份时金额估计 高达美金4410亿元，而其中美金580亿元，因受到次级债券所波及，按市价估算早已 蒙受重大损失。对监管单位而言，更骇人听闻的，是白纸黑字写下的美金3070亿元 合约，债权人是美国与欧洲的银行。此合约之目的，是确保银行的资产品质，并协助 银行维持法定资本率。 ^(4) 3.重点未译出。 4.宜译为担保或保证。 ┌───┬───────────────────────────────── │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 ^^^^^^(10) of many of those CDS contracts. 译　文： 纳税人最後要承受多少痛苦，目前仍是未知数。按照官方说法，AIG目前只面临流动性 危机。但是，当次级债券的损失增加，AIG必须付出更多的抵押品给其他交易对象，这 ^^^^^^(5) ^^^^(6) 将导致AIG之信用评比遭到降低，并产生更多危机警报。更可能发生的状况是，当对於 ^^^^^(7) ^^(8) 风险高度敏感的商务客户停止和AIG的业务往来时，其营运资金可能也会枯竭。九月 十六日，联准会以固定利率展延了一份两年美金850亿元的授信额度。相对的，政府将 ^^^^(9) 取得该公司79.9%的股权，如此可为AIG争取到时间来逐步改进其资金流动性。抒困方案 的架构同时也可避免技术性破产，以免造成许多CDS合约被迫平仓。 5.原文无此意。 6.抵押品并未交付给交易对象，不宜译为「付出」。 7.margin call 指的是：因为担保品不足，由交易机构向交易人发出，要求补提担保品 　的通知，可称为担保品（抵押品、保证金）追缴通知。 8.原文无此意。 9.原无贷款，无从展延。此处指贷与款项。 10.should 未译出。 ┌───┬───────────────────────────────── │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 ^^(16) 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： 然而，政府会接管一间无力偿债且缺少流动资金的公司吗？就算采用AIG的自我检验来 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(11)^ ^^^^(12) 推论（不完全按照市值调整，不排除善意与混和资本），在六月底时，AIG未达资本健全， ^^(13) ^^(14)^^^^(15) 帐面股本可能仍短少美金240亿元。此外，其部分资产可能被「困在」AIG自己的保险 子公司里面，这些（子公司的）资金部位由保险监管单位进行破产隔离。如此一来， ^^^^^^^(17)^ 这间由纳税人资助的控股公司，将可能陷入更糟糕的状况。九月十七日，纽约的保险 监管官Eric Dinallo，认可AIG旗下保险子公司的偿债能力，但对於公司整体状况，仍 持保留态度。 11.但政府会不会接手了一家周转不灵又无力偿债的公司？ 12.原文无此意。 13.要按照市价调整。 14.要排除。 15.应译为商誉。 16.未译出。 17.应该只是受到管制。 ┌───┬───────────────────────────────── │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： 即使如此，AIG可能还算有价值：六月时，AIG还保有美金670亿元的有形净值，不论相较 於雷曼兄弟或贝尔史登（Bear Stearns），AIG都要大的多。此外，根据顾问公司Oliver Wyman的Andrew Rear表示，AIG的保险资产仍具有相当的吸引力。因此，该公司有机会 以溢价售出，可提供控股公司现金。如果政府长期持有，甚至连AIG的CDS合约可能都会 产生获利。 18.未译出。 ╔════╗ ║题目结尾╠════════════════════════════════ ╰════╯ 评分： ┌───────┬──┬──┬──────────────────────┐ │错误类型及扣分│次数│扣分│　　　相　　　　关　　　　项　　　　目　　　│ ├───────┼──┼──┼──────────────────────┤ │重大错误（-5）│ 6 │ 30 │3.7.9.11.13.14. │ ├───────┼──┼──┼──────────────────────┤ │中等错误（-3）│ 3 │ 9 │10.15.17. │ ├───────┼──┼──┼──────────────────────┤ │轻微错误（-1）│ 8 │ 8 │2.4.5.6.8.12.16.18. │ ├───────┼──┼──┼──────────────────────┤ │过度解读（-0）│ 1 │ 0 │1. │ ├───────┼──┼──┼──────────────────────┤ │小　　　　　计│ 17 │ 47 │ │ └───────┴──┴──┴──────────────────────┘ 专业审结果：53 分 评分意见项目： 1.稍嫌过度解读。 2.谁的投资银行？ 3.重点未译出。 4.宜译为担保或保证。 5.原文无此意。 6.抵押品并未交付给交易对象，不宜译为「付出」。 7.margin call 指的是：因为担保品不足，由交易机构向交易人发出，要求补提担保品 　的通知，可称为担保品（抵押品、保证金）追缴通知。 8.原文无此意。 9.原无贷款，无从展延。此处指贷与款项。 10.should 未译出。 11.政府会像接管周转不灵的公司一样，接管无力偿债的公司吗？ 12.原文无此意。 13.要按照市价调整。 14.要排除。 15.应译为商誉。 16.未译出。 17.应该只是受到管制。 18.未译出。 --

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