VOA标准英语2012--US Bank Executive Apologizes for Loss

 

US Bank Executive Apologizes for Loss

It was four years ago that a cascading¹ failure of America’s biggest financial institutions triggered massive federal bailouts and legislation designed to curb² risk-taking and, it was hoped, avoid another economic meltdown.

On Capitol Hill, news of substantial new losses at JP Morgan Chase has renewed debate on the efficacy of those reforms.

Chief Executive Officer Jamie Dimon expressed contrition³ to the Senate Banking⁴ Committee.

"We have let a lot of people down, and we are very sorry for it," he said.

Dimon explained that a new investment model designed to reduce risky⁵ financial dealings actually increased risk exposure. He said the model has been abandoned in favor of older, time-tested ways of doing business.

On a brighter note, Dimon said the losses are only a tiny fraction of JP Morgan Chase’s total holdings, which exceed $1 trillion. And he offered this overall assessment⁶ of America’s private banking sector⁷. "I do think that since the [2008 financial] crisis - and you should have comfort in this - banks are better capitalized," he said. "They have more liquidity⁸. There is more transparency."

America’s free-enterprise system thrives on risk-taking. But how best to manage that risk is a continuing concern for lawmakers, as the Banking Committee’s chairman, Senator Tim Johnson noted⁹.

"While risk cannot be eliminated from our economy, we can and must demand that banks take risk management seriously, and maintain strong controls," he said.

The ranking Republican on the committee, Senator Richard Shelby, stressed private banks’ vital role in capitalism¹⁰.

"Banks take risks because that is what they do. Usually those risks are beneficial. They enable Americans to buy homes, attend college, and save for retirement," he said.

But Shelby added that the federal government does have an interest in how banks conduct business.

"Normally, it is not - and I believe it should not be - the role of Congress to second-guess decisions by private sector businesses," he said. "However, because the federal government guarantees bank deposits, this committee has a responsibility to ensure that banks do not unnecessarily put taxpayers¹¹ at risk."

Implementation¹² of federal financial reforms is ongoing¹³. JP Morgan Chase’s Jamie Dimon was asked if those reforms are making America’s financial system safer. His response: "I do not know." 

1 cascading   

流注( cascade的现在分词 )； 大量落下； 大量垂悬； 梯流

参考例句：

• First of all, cascading menus are to be avoided at all costs. 首先，无论如何都要避免使用级联菜单。 来自About Face 3交互设计精髓
• Her sounds began cascading gently. 他的声音开始缓缓地低落下来。

2 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

3 contrition   

n.悔罪，痛悔

参考例句：

• The next day he'd be full of contrition,weeping and begging forgiveness.第二天，他就会懊悔不已，哭着乞求原谅。
• She forgave him because his contrition was real.她原谅了他是由于他的懊悔是真心的。

4 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

5 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。

6 assessment   

n.评价；评估；对财产的估价，被估定的金额

参考例句：

• This is a very perceptive assessment of the situation.这是一个对该情况的极富洞察力的评价。
• What is your assessment of the situation?你对时局的看法如何？

7 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

8 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

9 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

10 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。

11 taxpayers   

纳税人，纳税的机构( taxpayer的名词复数 )

参考例句：

• Finance for education comes from taxpayers. 教育经费来自纳税人。
• She was declaiming against the waste of the taxpayers' money. 她慷慨陈词猛烈抨击对纳税人金钱的浪费。

12 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

13 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。