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1、XX年考研英語閱讀理解精讀100篇（高分版）TEXT3在經(jīng)過半年多時(shí)間的痛苦創(chuàng)作之后，我也可以長長的松一口氣，如期向我的學(xué)生們兌現(xiàn)6月份來我博客免費(fèi)下載《XX考研英語閱讀理解精讀100篇（高分版）》的承諾了。本書共分為25個(gè)單元，每個(gè)單元有4篇文章，難度偏高。主要適合的考研人群為業(yè)已通過四級(jí)考試并希望能在考研英語考試中考取70分以上成績的考生。希望考研的XDJM們?cè)俳釉賲枺總€(gè)人都能取得好成績。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〃?
