2015考研英语阅读英巴西投行BTG公开上市
<p> <span word="BTG">BTG</span> <span word="Pactual">Pactual</span> <span word="goespublic">goespublic</span></p><p> 巴西投行<span word="BTG">BTG</span>公开上市</p><p> <span word="Back">Back</span> <span word="to">to</span> <span word="basics">basics</span></p><p> 返璞归真的巴西投行</p><p> <span word="A">A</span> <span word="purist">purist</span> <span word="pay">pay</span> <span word="scheme">scheme</span> <span word="at">at</span> <span word="Brazil">Brazil</span> <span word="s">s</span> <span word="high">high</span>-<span word="flyinginvestment">flyinginvestment</span> <span word="bank">bank</span>;</p><p> 巴西投行雄心壮志，薪酬方案追求纯粹;</p><p> <span word="Wall">Wall</span> <span word="street">street</span> <span word="elders">elders</span> <span word="talk">talk</span> <span word="nostalgically">nostalgically</span> <span word="about">about</span> <span word="the">the</span> <span word="daysof">daysof</span> <span word="private">private</span> <span word="partnerships">partnerships</span>, <span word="before">before</span> <span word="investment">investment</span> <span word="bankswent">bankswent</span> <span word="public">public</span>. <span word="BTG">BTG</span> <span word="Pactual">Pactual</span>, <span word="a">a</span> <span word="Brazilian">Brazilian</span> <span word="investmentbank">investmentbank</span> <span word="that">that</span> <span word="raised">raised</span> 3.7 <span word="billion">billion</span> <span word="reais">reais</span> <span word="in">in</span> <span word="an">an</span> <span word="initial">initial</span> <span word="public">public</span> <span word="offering">offering</span> <span word="on">on</span> <span word="April">April</span> 24<span word="th">th</span>,<span word="thinks">thinks</span> <span word="it">it</span> <span word="can">can</span> <span word="have">have</span> <span word="the">the</span> <span word="best">best</span> <span word="of">of</span> <span word="both">both</span> <span word="worlds">worlds</span>. <span word="Although">Although</span> <span word="the">the</span> <span word="IPO">IPO</span> <span word="will">will</span> <span word="enable">enable</span> <span word="some">some</span> <span word="investors">investors</span>, <span word="likeJ">likeJ</span>.<span word="C">C</span>. <span word="Flowers">Flowers</span> <span word="and">and</span> <span word="Co">Co</span>, <span word="a">a</span> <span word="private">private</span>-<span word="equity">equity</span> <span word="firm">firm</span>, <span word="to">to</span> <span word="cash">cash</span> <span word="out">out</span> <span word="at">at</span> <span word="a">a</span> <span word="handsome">handsome</span> <span word="profit">profit</span>, <span word="the">the</span> <span word="bank">bank</span> <span word="spartners">spartners</span> <span word="have">have</span> <span word="less">less</span> <span word="freedom">freedom</span>.</p><p> 华尔街的老人谈起早些年的投行，常流露出怀念之情：那些年，它们还没上市;那些年，它们还是私人合伙公司。巴西投行<span word="BTG">BTG</span>认为它做到两全其美，同时从这两种公司形式中获益。4月24日，<span word="BTG">BTG</span>成功上市，共募得37亿雷亚尔。有的投资者，比方说私募基金<span word="J">J</span>.<span word="C">C</span>. <span word="Flowers">Flowers</span> <span word="and">and</span> <span word="Co">Co</span>，在<span word="IPO">IPO</span>中获益颇丰并功成身退。跟他们相比，<span word="BTG">BTG</span>的合伙人们可就没法那么随心所欲了。</p><p> <span word="BTG">BTG</span> <span word="does">does</span> <span word="not">not</span> <span word="want">want</span> <span word="to">to</span> <span word="go">go</span> <span word="public">public</span> <span word="only">only</span> <span word="to">to</span> <span word="see">see</span> <span word="partners">partners</span> <span word="chase">chase</span> <span word="Ferraris">Ferraris</span>, <span word="third">third</span> <span word="homes">homes</span> <span word="and">and</span> <span word="earlyretirement">earlyretirement</span> <span word="by">by</span> <span word="taking">taking</span> <span word="unnecessary">unnecessary</span> <span word="risks">risks</span> <span word="in">in</span> <span word="order">order</span> <span word="to">to</span> <span word="plump">plump</span> <span word="the">the</span> <span word="share">share</span> <span word="price">price</span>. <span word="So">So</span> <span word="it">it</span> <span word="has">has</span> <span word="putsevere">putsevere</span> <span word="restrictions">restrictions</span> <span word="on">on</span> <span word="partners">partners</span> <span word="selling">selling</span> <span word="shares">shares</span>. <span word="Partners">Partners</span> <span word="who">who</span> <span word="want">want</span> <span word="to">to</span> <span word="leave">leave</span> <span word="the">the</span> <span word="bank">bank</span> <span word="or">or</span> <span word="cashout">cashout</span> <span word="will">will</span> <span word="be">be</span> <span word="allowed">allowed</span> <span word="to">to</span> <span word="sell">sell</span> <span word="their">their</span> <span word="shares">shares</span> <span word="only">only</span> <span word="to">to</span> <span word="other">other</span> <span word="partners">partners</span>, <span word="and">and</span> <span word="only">only</span> <span word="at">at</span> <span word="book">book</span> <span word="value">value</span>. <span word="In">In</span> <span word="thisway">thisway</span> <span word="the">the</span> <span word="bank">bank</span> <span word="s">s</span> <span word="culture">culture</span> <span word="will">will</span> <span word="not">not</span> <span word="be">be</span> <span word="corrupted">corrupted</span> <span word="by">by</span> <span word="going">going</span> <span word="public">public</span>, <span word="the">the</span> <span word="thinking">thinking</span> <span word="goes">goes</span>, <span word="andshareholders">andshareholders</span> <span word="can">can</span> <span word="be">be</span> <span word="reassured">reassured</span> <span word="that">that</span> <span word="partners">partners</span> <span word="will">will</span> <span word="stay">stay</span> <span word="for">for</span> <span word="the">the</span> <span word="long">long</span> <span word="term">term</span>.</p>
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