╔════╗ ║题目内容╠════════════════════════════════ ╚════╝ 原文题目：AIG's rescue - Size matters 　题目译文：拯救AIG──真相有关紧要 ^^^^ 1.误译 ┌───┬───────────────────────────────── │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 ^^^^^^^^^^(2)^ 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： 即使是在这次华尔街的纾困对象中，AIG纾困的金额也是少见的庞大。AIG在巅峰时期曾 是世界最大的保险业者，市价高达2390亿美元，其资产更大於雷曼兄弟(Lehman Brothers) 或房利美(Fannie Mae)。公司大小并不是政府决定纾困与否的原因，当然政府决定纾困也 不是因为AIG远在新加坡的保户排队取消其保单。AIG的营业项目并不是只有无趣的保单填 写，旗下的投资银行造成了系统风险，不仅损失了金钱，现在更让AIG损失了其独立性。 ^^^^^^^^^^^^^^^^^^^^^^^^(3)^　　　^^^^^^(4)^ 2.未译出。 3.谁的系统风险？ 4.让谁损失了金钱？ ┌───┬───────────────────────────────── │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： 之前，投资银行曾占AIG营收的四分之一。它在金融业最危险的游戏中扮演讨厌鬼，买 ^^(5) ^^^(6) 卖信用违约交换合约(CDSs)──一种违约保险，在六月估计保险金额达4410亿美元； 为此，AIG在亏损连连的次级债卷中损失了580亿美元。对监管机构而言，真正可怕的是 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(7)^ ^^^^^(8) 由美国及欧洲银行持有的3070亿美元合约，用来保证银行的资产品质并帮助他们达到法 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(9)^ 定资本水准。 5.profit 指利润、盈利，revenue 才是营收。 6.误译。AIG 是承担高风险的笨蛋，大家一点也不讨厌他。 7.误译。次级债券曝险部位达 580 亿美元，且该部位市值已有重大损失。 8.债「券」。 　9.误译。指担保欧美银行持有资产的 CDS 契约，保险价值达 3070 亿美元。 ┌───┬───────────────────────────────── │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： 纳税人究竟要承受多少痛尚无定论。官方消息指出：AIG只是被流动性风险牵连而已。 当次贷损失加遽，AIG必须付给对方更多抵押品，造成信用等级的下降，也因此遭追缴 ^(10) 更多保证金；也有说法表示AIG是因为对风险敏感的商业客户停止与AIG做生意，因而 造成营运现金流的枯竭。在9月16日，联准会(Fed)以惩罚性息率提供AIG一笔两年偿还、 ^(11) 高达850亿美元的贷款，同时政府也接收八成的股份作为回报，如此一来，AIG可以争 取时间妥当改善其流动资产。纾困案的结构应也能避免技术上的破产，此举可以强制解 ^^^(12)^ 除很多信用违约交换合约。 10.抵押品不必交付。 11.利率。 12.误译。破产才会导致 CDS 契约解约。 ┌───┬───────────────────────────────── │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 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^(13)^ 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 ^(14) 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： 但政府会不会接收到一家缺乏现金、无力偿还债务的公司？AIG本身价值扣掉其市面价值 的损失，拿掉商誉及混合资本後推算，至六月底AIG的帐面价值与其能继续经营所需的金 额仍有240亿美元的落差。另外，因保险业子公司的资本部位遭监管机构限制用途，AIG 部份资产仍被套牢，这一切都让纳税人支持的控股公司处在极糟的状况。9月17日纽约保 ^(15) 险监管人迪纳罗(Eric Dinallo)担保了AIG保险子公司的偿付能力，但对公司整体状况仍 抱持谨慎态度。 13.漏译。 14.漏译。 15.far more worse 更糟。 ┌───┬───────────────────────────────── │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，在最後AIG很可能还是物有所值的：在六月，AIG有形净值达670亿美元， 比雷曼兄弟及贝尔斯登(Bear Stearn)现存的资产来得更多更有缓冲。此外，奥纬 谘询(Oliver Wyman)的瑞尔(Andrew Rear)表示：AIG的保险资产将会吸引大量利益， ^^^^^^^^^(16) 这一切都有机会使AIG的市场价值大於股票面值，让钱流入控股公司。甚至，如果政府 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^(17)^ 能坚持下去，就连AIG的信用违约交换合约也有可能带来财富。 16.引起很多人的兴趣。 17.误译。此处指用较高价格卖出其资产。 ╔════╗ ║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 │6.7.9.13.16.17. │ ├───────┼──┼──┼──────────────────────┤ │中等错误（-3）│ 5 │ 15 │1.2.5.12.14. │ ├───────┼──┼──┼──────────────────────┤ │轻微错误（-1）│ 6 │ 6 │3.4.8.10.11.15. │ ├───────┼──┼──┼──────────────────────┤ │过度解读（-0）│ │ │ │ ├───────┼──┼──┼──────────────────────┤ │小　　　　　计│ 17 │ 51 │ │ └───────┴──┴──┴──────────────────────┘ 专业审结果：49 分 评分意见项目： 1.误译 2.未译出。 3.谁的系统风险？ 4.让谁损失了金钱？ 5.profit 是利润、收益，revenue 才是营收。 6.误译。AIG 是承担高风险的笨蛋，大家一点也不讨厌他。 7.误译。次级债券曝险部位达 580 亿美元，且该部位市值已有重大损失。 8.债「券」。 9.误译。指担保欧美银行持有资产的 CDS 契约，保险价值达 3070 亿美元。 10.抵押品不必交付。 11.利率。 12.误译。破产才会导致 CDS 契约解约。 13.漏译。 14.漏译。 15.far more worse 更糟。 16.引起很多人的兴趣。 17.误译。此处指用较高价格卖出其资产。 --

※ 发信站: 批踢踢实业坊(ptt.cc) ◆ From: 122.117.24.165