考研英语阅读理解精读100篇TEXT3
<p> <span word="TEXT">TEXT</span> <span word="THREE">THREE</span></p><p> <span word="Controled">Controled</span> <span word="bleeding">bleeding</span> <span word="or">or</span> <span word="cauterisation">cauterisation</span>? <span word="That">That</span> <span word="was">was</span> <span word="the">the</span> <span word="unappealing">unappealing</span> <span word="choice">choice</span> <span word="facing">facing</span> <span word="UBS">UBS</span>, <span word="a">a</span> <span word="Swiss">Swiss</span> <span word="bank">bank</span> <span word="which">which</span> <span word="has">has</span> <span word="been">been</span> <span word="badly">badly</span> <span word="hurt">hurt</span> <span word="by">by</span> <span word="the">the</span> <span word="carnage">carnage</span> <span word="in">in</span> <span word="Americas">Americas</span> <span word="mortgage">mortgage</span> <span word="market">market</span>. <span word="The">The</span> <span word="bank">bank</span> <span word="opted">opted</span> <span word="for">for</span> <span word="the">the</span> <span word="latter">latter</span>. <span word="First">First</span> <span word="it">it</span> <span word="opened">opened</span> <span word="the">the</span> <span word="wound">wound</span>, <span word="by">by</span> <span word="announcing">announcing</span> <span word="a">a</span> <span word="hefty">hefty</span> $10 <span word="billion">billion</span> <span word="write">write</span>-<span word="down">down</span> <span word="on">on</span> <span word="its">its</span> <span word="exposure">exposure</span> <span word="to">to</span> <span word="subprime">subprime</span>-<span word="infected">infected</span> <span word="debt">debt</span>. <span word="UBS">UBS</span> <span word="now">now</span> <span word="expects">expects</span> <span word="a">a</span> <span word="loss">loss</span> <span word="for">for</span> <span word="the">the</span> <span word="fourth">fourth</span> <span word="quarter">quarter</span>, <span word="which">which</span> <span word="ends">ends</span> <span word="this">this</span> <span word="month">month</span>. <span word="Then">Then</span> <span word="came">came</span> <span word="the">the</span> <span word="hot">hot</span> <span word="iron">iron</span>: <span word="news">news</span> <span word="of">of</span> <span word="a">a</span> <span word="series">series</span> <span word="of">of</span> <span word="measures">measures</span> <span word="to">to</span> <span word="shore">shore</span> <span word="up">up</span> <span word="the">the</span> <span word="banks">banks</span> <span word="capital">capital</span> <span word="base">base</span>, <span word="among">among</span> <span word="them">them</span> <span word="investments">investments</span> <span word="from">from</span> <span word="sovereign">sovereign</span>-<span word="wealth">wealth</span> <span word="funds">funds</span> <span word="in">in</span> <span word="Singapore">Singapore</span> <span word="and">and</span> <span word="the">the</span> <span word="Middle">Middle</span> <span word="East">East</span>.</p><p> <span word="Bad">Bad</span> <span word="news">news</span> <span word="had">had</span> <span word="been">been</span> <span word="expected">expected</span>. <span word="UBSs">UBSs</span> <span word="third">third</span>-<span word="quarter">quarter</span> <span word="write">write</span>-<span word="down">down</span> <span word="of">of</span> <span word="over">over</span> <span word="SFr">SFr</span>4 <span word="billionin">billionin</span> <span word="October">October</span> <span word="looked">looked</span> <span word="overly">overly</span> <span word="optimistic">optimistic</span> <span word="compared">compared</span> <span word="with">with</span> <span word="more">more</span> <span word="aggressive">aggressive</span> <span word="markdowns">markdowns</span> <span word="at">at</span> <span word="other">other</span> <span word="banks">banks</span> <span word="such">such</span> <span word="as">as</span> <span word="Citigroup">Citigroup</span> <span word="and">and</span> <span word="Merrill">Merrill</span> <span word="Lynch">Lynch</span>. <span word="Steep">Steep</span> <span word="falls">falls</span> <span word="in">in</span> <span word="the">the</span> <span word="market">market</span> <span word="value">value</span> <span word="of">of</span> <span word="subprime">subprime</span> <span word="debt">debt</span> <span word="since">since</span> <span word="the">the</span> <span word="end">end</span> <span word="of">of</span> <span word="the">the</span> <span word="third">third</span> <span word="quarter">quarter</span> <span word="made">made</span> <span word="it">it</span> <span word="certain">certain</span> <span word="that">that</span> <span word="UBS">UBS</span> <span word="would">would</span> <span word="take">take</span> <span word="more">more</span> <span word="pain">pain</span>, <span word="given">given</span> <span word="its">its</span> <span word="sizeable">sizeable</span> <span word="exposure">exposure</span> <span word="to">to</span> <span word="toxic">toxic</span> <span word="collateralised">collateralised</span>-<span word="debt">debt</span> <span word="obligations">obligations</span> . <span word="Analysts">Analysts</span> <span word="at">at</span> <span word="Citigroup">Citigroup</span> <span word="were">were</span> <span word="predicting">predicting</span> <span word="in">in</span> <span word="November">November</span> <span word="that">that</span> <span word="write">write</span>-<span word="downs">downs</span> <span word="of">of</span> <span word="up">up</span> <span word="to">to</span> <span word="SFr">SFr</span>14 <span word="billion">billion</span> <span word="were">were</span> <span word="possible">possible</span>.</p><p> <span word="Why">Why</span> <span word="then">then</span> <span word="did">did</span> <span word="this">this</span> <span word="new">new</span> <span word="batch">batch</span> <span word="of">of</span> <span word="red">red</span> <span word="ink">ink</span> <span word="still">still</span> <span word="come">come</span> <span word="as">as</span> <span word="a">a</span> <span word="shock">shock</span>? <span word="The">The</span> <span word="answer">answer</span> <span word="lies">lies</span> <span word="not">not</span> <span word="in">in</span> <span word="the">the</span> <span word="scale">scale</span> <span word="of">of</span> <span word="the">the</span> <span word="overall">overall</span> <span word="loss">loss</span>, <span word="more">more</span> <span word="in">in</span> <span word="UBSs">UBSs</span> <span word="decision">decision</span> <span word="to">to</span> <span word="take">take</span> <span word="the">the</span> <span word="hit">hit</span> <span word="in">in</span> <span word="one">one</span> <span word="go">go</span>. <span word="The">The</span> <span word="banks">banks</span> <span word="mark">mark</span>-<span word="to">to</span>-<span word="model">model</span> <span word="approach">approach</span> <span word="to">to</span> <span word="valuing">valuing</span> <span word="its">its</span> <span word="subprime">subprime</span>-<span word="related">related</span> <span word="holdings">holdings</span> <span word="had">had</span> <span word="been">been</span> <span word="based">based</span> <span word="on">on</span> <span word="payments">payments</span> <span word="data">data</span> <span word="from">from</span> <span word="the">the</span> <span word="underlying">underlying</span> <span word="mortgage">mortgage</span> <span word="loans">loans</span>. <span word="Although">Although</span> <span word="these">these</span> <span word="data">data</span> <span word="show">show</span> <span word="a">a</span> <span word="worsening">worsening</span> <span word="in">in</span> <span word="credit">credit</span> <span word="quality">quality</span>, <span word="the">the</span> <span word="deterioration">deterioration</span> <span word="is">is</span> <span word="slower">slower</span> <span word="than">than</span> <span word="mark">mark</span>-<span word="to">to</span>-<span word="market">market</span> <span word="valuations">valuations</span>, <span word="which">which</span> <span word="have">have</span> <span word="the">the</span> <span word="effect">effect</span> <span word="of">of</span> <span word="instantly">instantly</span> <span word="crystallising">crystallising</span> <span word="all">all</span> <span word="expected">expected</span> <span word="future">future</span> <span word="losses">losses</span>.</p>
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