2018年可锐考研英语阅读理解精选.docx

2018年可锐考研英语阅读理解精选

第一篇：2018年可锐考研英语阅读理解精选可锐教育官网http://2018年可锐考研英语阅读理解精选（二）Text2Controledbleedingorcauterisation?ThatwastheunappealingchoicefacingUBS,aSwissbankwhichhasbeenbadlyhurtbythecarnageinAmerica’smortgagemarket.Thebankoptedforthelatter.Firstitopenedthewound,byannouncingahefty$10billionwrite-downonitsexposuretosubprime-infecteddebt.UBSnowexpectsalossforthefourthquarter,whichendsthismonth.Thencamethehotiron:newsofaseriesofmeasurestoshoreupthebank’scapitalbase,amongtheminvestmentsfromsovereign-wealthfundsinSingaporeandtheMiddleEast.Badnewshadbeenexpected.UBS’sthird-quarterwrite-downofoverSFr4billioninOctoberlookedoverlyoptimisticcomparedwithmoreaggressivemarkdownsatotherbankssuchasCitigroupandMerrillLynch.SteepfallsinthemarketvalueofsubprimedebtsincetheendofthethirdquartermadeitcertainthatUBSwouldtakemorepain,givenitssizeableexposuretotoxiccollateralised-debtobligations.AnalystsatCitigroupwerepredictinginNovemberthatwrite-downsofuptoSFr14billionwerepossible.Whythendidthisnewbatchofredinkstillcomeasashock?Theanswerliesnotinthescaleoftheoverallloss,moreinUBS’sdecisiontotakethehitinonego.Thebank’smark-to-modelapproachtovaluingitssubprime-relatedholdingshadbeenbasedonpaymentsdatafromtheunderlyingmortgageloans.Althoughthesedatashowaworseningincreditquality,thedeteriorationisslowerthanmark-to-marketvaluations,whichhavetheeffectofinstantlycrystallisingallexpectedfuturelosses.Thankstothisgradualistapproach,UBShadbeenexpectedtotakewrite-downsinmanagedincrementsofSFr2billion-3billionoveraperiodofseveralquarters.Itnowappearsthatthebankhasincorporatedmarketvaluesintoitsmodel,sendingitsfourth-quarterwrite-downsintoorbit.ThechangeofapproachmaybeontheadviceofauditorsandregulatorsbutitismorelikelytoreflectadesirebyUBS’sbossestoavoidmonthsofspeculationaboutthebank’sexposure,somethingthatMarcelRohner,thechiefexecutive,describedas“distracting”.Inaparticularindignityforabanklongassociatedwithconservatism,concernsaboutthelevelofUBS’scapitalratiohadevenstartedtosurface.Hencethemovest