美丽英文39

　　Crony Capitalism¹
Our modern society is hooked on growth, an addiction² that is difficult to cure. The old maxim³ that "hard work generates success" somehow got lost along the way and was replaced by "work smarter, not harder".
For many business leaders, what starts out as ambition often turns to plain old greed. Multi-million $ salaries (plus bonus plus options) are typical for top positions. People live the life-style - expensive homes in several locations, condos on the beach, ski-chalets in Aspen, expensive cars for the family, world travel to the best resorts. This high living is usually at company expense. The property purchases are seldom paid for in cash, and most-often leveraged⁴ with bank-loans and mortgages, with deals made on the golf course and the ski-slopes. People actually begin to think that this is the way money is made, that they deserve it because they are better and smarter than most. They hobnob with Presidents and politicians, make large contributions to their campaigns and lobby at the highest levels - they become part of crony capitalism.
All this sounds plausible—until growth and profits falter⁵. Most executives have already changed their lifestyles to accommodate their wealth. It's fun to scale up, but not easy to scale down. This is when deceit begins.
People get used to extrapolating growth and success, especially when it works for a while When growth stops many start to fudge (stretch the truth) hoping that the dip is temporary and can be made up tomorrow. The fudging can quickly turn to lying, and then extends to cheating and stealing. Few people start off dishonestly - most drift into increasingly dubious⁶ behavior through insidious⁷ wealth addiction.
Here's how creeping criminality occurs for senior executives with bonus plans based on growth and profit goals. During a growth period, goals are met and bonuses are earned consistently. This sets the standard and conditions the life-style. Inevitably⁸, a quarter (stock markets results are announced quarterly) comes up short. Sales that are close (only a matter of a few signatures, the big order will arrive next week) are "booked". Shipments waiting for just a few late components⁹ are "shipped-in-place"—print the invoice¹⁰ and pretend that they went out the door. The bonus is in the bag!
But then, the big order is cancelled and the late components never arrive. Now the proverbial "feces hits the fan". The orders and shipments must be "de-booked". But this means that all the already-spent bonuses will need to be refunded¹¹. Problems escalate¹² and only a cover-up can save the day—hopefully to be corrected with a boost next quarter. Now the cover-ups have to be covered up and the disease extends quickly to all parts of the business —cash-budgets are met by holding up vendor¹³ payments, inventories¹⁴ are boosted by keeping obsolete¹⁵ goods, etc. Cover-ups become part of the culture.
Honest employees (usually at lower than executive level) are usually an unwilling¹⁶ part of the process. In the old days, there wasn't much they could do except complain upwards¹⁷ (where the problem originated). But today, email is the "electronic conscience". At Enron - the current, still unfolding classic chronicle of crony capitalism—emails became the "smoking gun". Beyond the now famous email written by an accounting¹⁸ supervisor¹⁹ to the CEO, now part of congressional testimony²⁰, there were literally²¹ thousands of emails flying back and forth²² electronically between employees who were no longer unwitting dupes.
The annual audit²³ is supposed to straighten out the mess. But, it turns out that auditors²⁴ have lots of leeway in their interpretations²⁵. Enron fired their regular auditors (Deloitte & Touche) for not being "aggressive" enough and hired Andersen in their place (both are big-5 auditors). On the golf course among friends, the agreement to be more aggressive seemed simply like agreeing to be smarter than the other old-fashioned, fuddy-duddy bean counters. With potential auditing²⁶ fees in several tens of millions, Andersen made the deal, innocently enough at first though it quickly turned nasty. The accountants had caught the disease. Now Global Crossing, another big Andersen client appears to be suffering from the same ailment²⁷.
The words "aggressive" and "smart" are much admired in modern business. "Aggressive" accounting is mooted²⁸ as being "smart" enough keep up with the latest legal loopholes and knowing the fine line between avoiding and evading²⁹ taxes. Most accounting firms (including the Big 5) promote their ability to assist clients in constructing off balance sheet financing within the limits of the law. The use of offshore³⁰ corporate³¹ structures not only to hide these activities, but also to avoid paying US taxes is unethical even if it is legal. The closer they are to the limits of legality, the more they are admired for being able to get away with it. When they start producing results they are recognized as "smart". And the CEO and CFO were "smart" to have hired them. This is exactly how Enron got away with making big profits in some years, not only without paying any taxes, but actually receiving not insignificant³² cash rebates³³.
It turns out that the recent Enron debacle—the single largest bankruptcy³⁴ in history—is only the tip of the iceberg³⁵. Off book accounting is not something that was invented by Enron—it is disingenuous³⁶ for the press and congress to present it as an evil that was invented by them. The big accountants, aided and abetted³⁷ by large financial institutions, consistently look for tax and legal loopholes and actively³⁸ market their ability to do just that.
This disease, now called 'Enronitis', is endemic in our system. There are many other companies that have large hidden liabilities off their books a la Enron. Once Pandora's Box is opened all hell could break loose with disastrous³⁹ consequences to our economy.
You make your list of deceitful-accounting candidates. I have my own.

1 capitalism   

n.资本主义

参考例句：

• The essence of his argument is that capitalism cannot succeed.他的论点的核心是资本主义不能成功。
• Capitalism began to develop in Russia in the 19th century.十九世纪资本主义在俄国开始发展。

2 addiction   

n.上瘾入迷，嗜好

参考例句：

• He stole money from his parents to feed his addiction.他从父母那儿偷钱以满足自己的嗜好。
• Areas of drug dealing are hellholes of addiction,poverty and murder.贩卖毒品的地区往往是吸毒上瘾、贫困和发生谋杀的地方。

3 maxim   

n.格言，箴言

参考例句：

• Please lay the maxim to your heart.请把此格言记在心里。
• "Waste not,want not" is her favourite maxim.“不浪费则不匮乏”是她喜爱的格言。

4 leveraged   

促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机

参考例句：

• Chrysler has traditionally been a highly leveraged company. 克莱斯勒一向是一家周转十分灵活的公司。
• Leveraged recaps have become popular for a number of reasons. 杠杆资本重组的大行其道有好几个原因。

5 falter   

vi.(嗓音)颤抖，结巴地说；犹豫；蹒跚

参考例句：

• His voice began to falter.他的声音开始发颤。
• As he neared the house his steps faltered.当他走近房子时，脚步迟疑了起来。

6 dubious   

adj.怀疑的，无把握的；有问题的，靠不住的

参考例句：

• What he said yesterday was dubious.他昨天说的话很含糊。
• He uses some dubious shifts to get money.他用一些可疑的手段去赚钱。

7 insidious   

adj.阴险的，隐匿的，暗中为害的，（疾病）不知不觉之间加剧

参考例句：

• That insidious man bad-mouthed me to almost everyone else.那个阴险的家伙几乎见人便说我的坏话。
• Organized crime has an insidious influence on all who come into contact with it.所有和集团犯罪有关的人都会不知不觉地受坏影响。

8 inevitably   

adv.不可避免地；必然发生地

参考例句：

• In the way you go on,you are inevitably coming apart.照你们这样下去，毫无疑问是会散伙的。
• Technological changes will inevitably lead to unemployment.技术变革必然会导致失业。

9 components   

（机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分

参考例句：

• the components of a machine 机器部件
• Our chemistry teacher often reduces a compound to its components in lab. 在实验室中化学老师常把化合物分解为各种成分。

10 invoice   

vt.开发票；n.发票，装货清单

参考例句：

• The seller has to issue a tax invoice.销售者必须开具税务发票。
• We will then send you an invoice for the total course fees.然后我们会把全部课程费用的发票寄给你。

11 refunded   

v.归还，退还( refund的过去式和过去分词 )

参考例句：

• Postage costs will be refunded (to you). 邮费将退还（给你）。 来自辞典例句
• Yes, it will be refunded to you at the expiration of the lease. 是的，租约期满时，押金退回。 来自无师自通 校园英语会话

12 escalate   

v.(使)逐步增长(或发展)，(使)逐步升级

参考例句：

• It would tempt Israel's neighbors to escalate their demands.它将诱使以色列的邻国不断把他们的要求升级。
• Defeat could cause one side or other to escalate the conflict.失败可能会导致其中一方将冲突升级。

13 vendor   

n.卖主；小贩

参考例句：

• She looked at the vendor who cheated her the other day with distaste.她厌恶地望着那个前几天曾经欺骗过她的小贩。
• He must inform the vendor immediately.他必须立即通知卖方。

14 inventories   

n.总结( inventory的名词复数 )；细账；存货清单（或财产目录）的编制

参考例句：

• In other cases, such as inventories, inputs and outputs are both continuous. 在另一些情况下，比如存货，其投入和产出都是持续不断的。
• The store must clear its winter inventories by April 1st. 该店必须在4月1日前售清冬季存货。

15 obsolete   

adj.已废弃的，过时的

参考例句：

• These goods are obsolete and will not fetch much on the market.这些货品过时了，在市场上卖不了高价。
• They tried to hammer obsolete ideas into the young people's heads.他们竭力把陈旧思想灌输给青年。

16 unwilling   

adj.不情愿的

参考例句：

• The natives were unwilling to be bent by colonial power.土著居民不愿受殖民势力的摆布。
• His tightfisted employer was unwilling to give him a raise.他那吝啬的雇主不肯给他加薪。

17 upwards   

adv.向上，在更高处...以上

参考例句：

• The trend of prices is still upwards.物价的趋向是仍在上涨。
• The smoke rose straight upwards.烟一直向上升。

18 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

19 supervisor   

n.监督人，管理人，检查员，督学，主管，导师

参考例句：

• Between you and me I think that new supervisor is a twit.我们私下说，我认为新来的主管人是一个傻瓜。
• He said I was too flighty to be a good supervisor.他说我太轻浮不能成为一名好的管理员。

20 testimony   

n.证词；见证，证明

参考例句：

• The testimony given by him is dubious.他所作的证据是可疑的。
• He was called in to bear testimony to what the police officer said.他被传入为警官所说的话作证。

21 literally   

adv.照字面意义，逐字地；确实

参考例句：

• He translated the passage literally.他逐字逐句地翻译这段文字。
• Sometimes she would not sit down till she was literally faint.有时候，她不走到真正要昏厥了，决不肯坐下来。

22 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

23 audit   

v.审计；查帐；核对；旁听

参考例句：

• Each year they audit our accounts and certify them as being true and fair.他们每年对我们进行账务审核，以确保其真实无误。
• As usual,the yearly audit will take place in December.跟往常一样，年度审计将在十二月份进行。

24 auditors   

n.审计员，稽核员( auditor的名词复数 )；（大学课程的）旁听生

参考例句：

• The company has been in litigation with its previous auditors for a full year. 那家公司与前任审计员已打了整整一年的官司。
• a meeting to discuss the annual accounts and the auditors' report thereon 讨论年度报表及其审计报告的会议

25 interpretations   

n.解释( interpretation的名词复数 )；表演；演绎；理解

参考例句：

• This passage is open to a variety of interpretations. 这篇文章可以有各种不同的解释。 来自《简明英汉词典》
• The involved and abstruse passage makes several interpretations possible. 这段艰涩的文字可以作出好几种解释。 来自《现代汉英综合大词典》

26 auditing   

n.审计，查账，决算

参考例句：

• Auditing standards are the rules governing how an audit is performed.收支检查标准是规则统治一个稽核如何被运行。
• The auditing services market is dominated by a few large accounting firms.审计服务市场被几家大型会计公司独占了。

27 ailment   

n.疾病，小病

参考例句：

• I don't have even the slightest ailment.我什么毛病也没有。
• He got timely treatment for his ailment.他的病得到了及时治疗。

28 mooted   

adj.未决定的，有争议的，有疑问的v.提出…供讨论( moot的过去式和过去分词 )

参考例句：

• The is sue was mooted on the Senate floor. 该问题在参院被提出讨论。 来自辞典例句
• The question mooted in the board meeting is still a moot point. 那个在董事会上（提出讨论）的问题仍（未决的）。 来自互联网

29 evading   

逃避( evade的现在分词 )； 避开； 回避； 想不出

参考例句：

• Segmentation of a project is one means of evading NEPA. 把某一工程进行分割，是回避《国家环境政策法》的一种手段。 来自英汉非文学 - 环境法 - 环境法
• Too many companies, she says, are evading the issue. 她说太多公司都在回避这个问题。

30 offshore   

adj.海面的，吹向海面的；adv.向海面

参考例句：

• A big program of oil exploration has begun offshore.一个大规模的石油勘探计划正在近海展开。
• A gentle current carried them slowly offshore.和缓的潮流慢慢地把他们带离了海岸。

31 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

32 insignificant   

adj.无关紧要的，可忽略的，无意义的

参考例句：

• In winter the effect was found to be insignificant.在冬季，这种作用是不明显的。
• This problem was insignificant compared to others she faced.这一问题与她面临的其他问题比较起来算不得什么。

33 rebates   

n.退还款( rebate的名词复数 )；回扣；返还（退还的部份货价）；折扣

参考例句：

• The VAT system offers advantages, such as rebates on exports. 增值税有其优点，如对出口商品实行回扣。 来自辞典例句
• In more recent years rate rebates have been introduced for households. 近年地方税的减免已适用于家庭。 来自辞典例句

34 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

35 iceberg   

n.冰山，流冰，冷冰冰的人

参考例句：

• The ship hit an iceberg and went under.船撞上一座冰山而沉没了。
• The glacier calved a large iceberg.冰河崩解而形成一个大冰山。

36 disingenuous   

adj.不诚恳的，虚伪的

参考例句：

• It is disingenuous of him to flatter me.他对我阿谀奉承，是居心叵测。
• His brother Shura with staring disingenuous eyes was plotting to master the world.他那长着一对狡诈眼睛的哥哥瑞拉，处心积虑图谋征服整个世界。

37 abetted   

v.教唆（犯罪）( abet的过去式和过去分词 )；煽动；怂恿；支持

参考例句：

• He was abetted in the deception by his wife. 他行骗是受了妻子的怂恿。
• They aided and abetted in getting the police to catch the thief. 他们协助警察抓住了小偷。 来自《简明英汉词典》

38 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

39 disastrous   

adj.灾难性的，造成灾害的；极坏的，很糟的

参考例句：

• The heavy rainstorm caused a disastrous flood.暴雨成灾。
• Her investment had disastrous consequences.She lost everything she owned.她的投资结果很惨，血本无归。