英语听力精选进阶版 13967

'Junk' bonuses now worth billions

Summary

26 February 2010

Bonuses, thought to be worthless and given to Credit Suisse bankers as punishment for their poor work, have now become much more valuable than many other 'safer' investments.

Reporter:

Alex Ritson

Report

The five billion dollar pool of so-called 'Toxic¹ Debt' was originally described as a way of forcing Credit Suisse investment bankers to "eat their own cooking".

The bank lost seven billion dollars last year, in large part because of the investment decisions of some of its best paid staff. They'd put money into complicated financial products linked to risky² commercial debt secured, on among other things, a Japanese shopping centre, an American supermarket chain and other commercial property that had plunged³ in value.

At the height of the financial crisis, many people thought these investments were worthless. To Credit Suisse, it seemed right to share them out as annual bonuses among the people who had apparently⁴ got things so wrong. But as confidence has returned to the market, it's become clear that the toxic asset pool wasn't nearly as toxic as had been thought.

The toxic bonus fund has soared in value by 72 percent. That compares with a 60 percent increase in the value of Credit Suisse shares over the same period, or a mere⁵ 19 percent rise in America's Dow Jones index.

The bankers may well feel they've earned their money though. Credit Suisse is safely back in profit and unlike its rivals at UBS, Credit Suisse didn't take a bail⁶ out from the Swiss Government.

Alex Ritson, Business Reporter, BBC News

1 toxic   

adj.有毒的，因中毒引起的

参考例句：

• The factory had accidentally released a quantity of toxic waste into the sea.这家工厂意外泄漏大量有毒废物到海中。
• There is a risk that toxic chemicals might be blasted into the atmosphere.爆炸后有毒化学物质可能会进入大气层。

2 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

3 plunged   

v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降

参考例句：

• The train derailed and plunged into the river. 火车脱轨栽进了河里。
• She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。

4 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

5 mere   

adj.纯粹的；仅仅，只不过

参考例句：

• That is a mere repetition of what you said before.那不过是重复了你以前讲的话。
• It's a mere waste of time waiting any longer.再等下去纯粹是浪费时间。

6 bail   

v.舀（水），保释；n.保证金，保释，保释人

参考例句：

• One of the prisoner's friends offered to bail him out.犯人的一个朋友答应保释他出来。
• She has been granted conditional bail.她被准予有条件保释。