Questions 11 to 18 are based on the conversation you have just heard.
A. In an office.
B. At the woman’s home.
C. Via the Internet.
D. On the telephone.
For most thinkers since the Greek philosophers, it was self-evident that there is something called human nature, something that constitutes the essence of man. There were various views about what constitutes it, but there was agreement that such an essence exists -- that is to say, that there is something by virtue of which man is man. Thus man was defined as a rational being, as a social animal, an animal that can make tools, or a symbol-making animal. More recently, this traditional view has begun to be questioned. One reason for this change was the increasing emphasis given to the historical approach to man. An examination of the history of humanity suggested that man in our epoch is so different from man in previous times that it seemed unrealistic to assume that men in every age have had in common something that can be called "human nature". The historical approach was reinforced, particularly in the United States, by studies in the field of cultural anthropology (人类学). The study of primitive peoples has discovered such a diversity of customs, values, feelings, and thoughts that many anthropologists arrived at the concept that man is born as a blank sheet of paper on which each culture writes its text. Another factor contributing to the tendency to deny the assumption of a fixed human nature was that the concept has so often been abused as a shield behind which the most inhuman acts are committed. In the name of human nature, for example, Aristotle and most thinkers up to the eighteenth century defended slavery. Or in order to prove the rationality and necessity of the capitalist form of society, scholars have tried to make a case for acquisitiveness, competitiveness, and selfishness as innate (天生的) human traits. Popularly, one refers cynically to "human nature" in accepting the inevitability of such undesirable human behavior as greed, murder, cheating and lying. Another reason for skepticism about the concept of human nature probably lies in the influence of evolutionary thinking. Once man came to be seen as developing in the process of evolution, the idea of a substance which is contained in his essence seemed untenable. Yet I believe it is precisely from an evolutionary standpoint that we can expect new insight into the problem of the nature of man. The author mentioned Aristotle, a great ancient thinker, in order to ________.
A. emphasize that he contributed a lot to defining the concept of "human nature"
B. show that the concept of "human nature" was used to justify social evils
C. prove that he had a profound influence on the concept of "human nature"
D. support the idea that some human traits are acquired
Don’t Destroy the Essential Catalyst of Risk Since the spring, and most acutely this autumn, a global contagion (传染)of fear and panic has choked off the arteries of finance, compounding a broader deterioration in the global economy. Financial institutions have an obligation to the broader financial system. We depend on a healthy, well-functioning system but we failed to raise enough questions about whether some of the trends and practices that had become commonplace really served the public’s long-term interests.Seven important lessons As policymakers and regulators begin to consider the regulatory actions to be taken to address the fallings, I believe it is useful to reflect on some of the lessons from tiffs crisis. The first is that risk management should not be entirely predicated on historical data. In the past several months, we have heard the phrase" multiple standard deviation events" more than a few times. If events that were calculated to occur once in 20 years in fact occurred much more regularly, it does not take a mathematician to figure out that risk management assumptions did not reflect the distribution of the actual outcomes. Our industry must do more to enhance and improve scenario analysis and stress testing. Second, too many financial institutions and investors simply outsourced their risk management. Rather than undertake their own analysis, they relied on the rating agencies to do the essential work of risk analysis for them. This was true at the inception(初期)and over the period of the investment, during which time they did not consider other indicators of financial deterioration. This over-dependence on credit ratings coincided with the dilution of the desired triple A-rating. In January 2008, there were 12 triple A-rated companies in the world. At the same time, there were 64, 000 structured finance instruments, such as collateralized debt obligations, rated triple A. It is easy and appropriate to blame the rating agencies for lapses in their credit judgments. But the blame for the result is not theirs ’alone. Every financial institution that participated in the process has to accept its share of the responsibility. Third, size matters. For example, whether you owned $5 billion or $50 billion of (supposedly) low-risk super senior debt in a CDO, the likelihood of losses was, proportionally, the same. But the consequences of a miscalculation were obviously much bigger if you had a $50 billion exposure. Fourth, many risk models incorrectly assumed that positions could be fully hedged. After the collapse of Long-Term Capital Management mid the crisis in emerging markets in 1998, new products such as various basket indices and credit default swaps were created to help offset a number of risks. However, we did not, as an industry, consider carefully enough the possibility that liquidity would dry up, making it difficult to apply effective hedges. Fifth, risk models failed to capture the risk inherent in off-balance sheet activities, such as structured investment vehicles. It seems clear now that managers of companies with large off-balance sheet exposure did not appreciate the full magnitude of the economic risks they were exposed to; equally worrying, their counterparties were unaware of the full extent of these vehicles and, therefore, could not accurately assess the risk of doing business. Sixth, complexity got the better of us. The industry let the growth in new instruments outstrip(超过)the operational capacity to manage them. As a result, operational risk increased dramatically and tiffs had a direct effect on the overall stability of the financial system. Last, and perhaps most important, financial institutions did not account for asset values accurately enough. I have heard some argue that fair value accounting -- which assigns current values to financial assets and liabilities -- is one of the main factors exacerbating(使恶化) the credit crisis. I see it differently. If more institutions had properly valued their positions and commitments at the outset, they would have been in a much better position to reduce their exposures.Fair value: a discipline for financial institutions The daily marking of positions to current market prices was a key contributor to our decision to reduce risk relatively early in markets and in instruments that were deteriorating. This process can be difficult, and sometimes painful, but I believe it is a discipline that should define financial institutions. As a result of these lessons and others that will emerge from this financial crisis, we should consider important principles for our industry, for policymakers and for regulators. For the industry, we cannot let our ability to innovate exceed our capacity to manage. Given the size and interconnected nature of markets, the growth in volumes, the global nature of trades and their cross-asset characteristics, managing operational risk will only become more important. Risk and control functions need to be completely independent from the business units. And clarity as to whom risk and control managers report to is crucial to maintaining that independence. Equally important, risk managers need to have at least equal stature with their counterparts on the trading desks: if there is a question about the value of a position or a disagreement about a risk limit, the risk manager’s view should always prevail. Understandably, compensation continues to generate a lot of anger and controversy. We recognize that having troubled asset relief programme money creates an important context for compensation. That is why, in part, our executive management team elected not to receive a bonus in 2008, even though the firm produced a profit. More generally, we should apply basic standards to how we compensate people in our industry. The percentage of the discretionary (任意的)bonus awarded in equity should increase significantly as an employee’s total compensation increases. An individual’s performance should be evaluated over time so as to avoid excessive risk-taking. To ensure this, all equity awards need to be subject to future delivery and/or deferred exercise. Senior executive officers should be required to retain most of the equity they receive at least until they retire, while equity delivery schedules should continue to apply after the individual has left the firm.Limitations of self regulation For policymakers and regulators, it should be clear that self-regulation has its limits. We rationalized and justified the downward pricing of risk on the grounds that it was different. We did so because our self-interest in preserving and expanding our market share, as competitors, sometimes blinds us -- especially when exuberance is at its peak. At the very least, fixing a system-wide problem, elevating standards or driving the industry to a collective response requires effective central regulation and the convening power of regulators. Capital, credit and underwriting standards should be subject to more" dynamic regulation". Regulators should consider the regulatory inputs and outputs needed to ensure a regime that is nimble and strong enough to identify and appropriately constrain market excesses, particularly in a sustained period of economic growth. Just as the Federal Reserve adjusts interest rates up to curb economic frenzy, various benchmarks and ratios could be appropriately calibrated. To increase overall transparency and help ensure that book value really means book value, regulators should require that, all assets across financial institutions be similarly valued. Fair value accounting gives investors more clarity with respect to balance sheet risk. The level of global supervisory co-ordination and communication should reflect the global interconnectedness of markets. Regulators should implement more robust information sharing and harmonized disclosure, coupled with a more systemic, effective reporting regime for institutions and main market participants. Without this, regulators will lack essential tools to help them understand levels of systemic vulnerability in the banking sector and in financial markets more broadly. In this vein, all pools of capital that depend on the smooth functioning of the financial system and are large enough to be a burden on it in a crisis should be subject to some degree of regulation. The risk managers should be authorized to make the final decision when they disagree with business managers on ______.
Passage One The Super Bowl is one of the biggest events on the advertising calendar, as companies vie to produce the most memorable and innovative ads. The battle for the National Football League’s ultimate prize attracts more viewers than anything else on American television and provides a "symbolic pulsetaking" for the advertising industry every February, says John Frelinghuysen, an analyst at Bain and Company, a consultancy. But this year the patient is in poor health. All the advertising slots(广告摊位) for the 2008 Super Bowl had been sold by the end of November 2007, despite the $ 2.6 million price of each. For 2009 the price has risen to $ 3 million, but at least, ten slots (out of 67) are still looking for a buyer. General Motors, which ran 11 ads on Super Bowl Sunday in February 2008, has already said that it will not run any in 2009. America’s two other big carmakers, Ford and Chrysler, are likely to follow suit. Tellingly, Monster com, an online job-search company, said recently that it was buying a slot. Instead of the usual parade of expensive ads paying tribute to American consumerism, 2009’s Super Bowl will reflect a country in recession and indicate a hard year for the advertising industry. Most forecasts for next year say that ad spending in America will decline by 5% or more. Much depends on the fate of the automotive industry: carmakers and dealers normally spend around $ 20 billion a year on advertising, but Chrysler and Ford scaled back their expenditure by more than 30% in the first nine months of 2008, and are expected to make further cuts in 2009 as they struggle for survival. The car industry’s situation will hurt all media, but especially television. Analysts at BMO Capital Markets predict that total spending on television ads will fall by almost 9% next year. Only newspapers, where a decline of 12% is expected, are forecast to fare worse. Carmakers have already shifted some of their advertising spending to the Internet, and are likely to go further in 2009. Car ads make up 25% of advertising revenues for local television channels, and carmakers have been among the most consistent buyers of high-priced ads on national television. So far local stations have been most affected by falling spending oil advertising. National stations have been safer, because they operate on longer-term contracts with advertisers. But in the New Year they will also feel the chill, as companies fail to renew their contracts. Television, which has remained strong as print media have lost advertising dollars and readers to the Internet, could enter a decline of its own. "Next on the list is TV stations," says Anthony Diclemente, a media analyst at Barclays Capital. What does the sentence "Next on the list is TV stations" ( last paragraph) said by Anthony Diclemente mean
A. What he is going to analyze next is TV stations.
B. what advertisers prefer to use is TV stations.
C. TV station is the next to be defeated by Internet.
D. He would choose TV station as a second choice.