首页
登录
职称英语
On Wednesday, the Treasury Department released more details of its plan to s
On Wednesday, the Treasury Department released more details of its plan to s
游客
2023-12-05
12
管理
问题
On Wednesday, the Treasury Department released more details of its plan to stress-test the nation’s 19 largest banks to see just how short of capital they would be if the recession worsened.
Conceptually, the test makes sense. Since many of the banks have been deemed too big to fail, it is important for the government to know in advance how much capital they may need in order to absorb losses and sustain lending. Under the rules of the test, a bank that could not cover a projected shortfall by raising money from private investors would have to accept it from the government. In exchange, the government would take a potentially large ownership stake.
In practice, however, the test could be yet one more step toward what is turning out to be a seemingly endless string of bailouts that do not stop the bleeding, stabilize the banks—or adequately protect taxpayers.
For starters, the test’s worst-case assumptions may not be dire enough. They assume that the economy will contract this year by 3. 3 percent and remain flat in 2010, that unemployment will hit 8.9 percent this year and 10.3 percent next year, and that house prices will fall an additional 22 percent this year. That would all be very bad. But given that the economy contracted by 6. 2 percent in the fourth quarter of 2008 and that virtually all other economic indicators are flashing red, it is hardly the worst that the government should plan for.
Even if the assumptions prove correct, there is no guarantee that the testing will be rigorous. The tests will be supervised by the government but carried out by the banks. Since a capital infusion by the government would be costly to a bank and pose risks to its existing shareholders, the banks will have an incentive to arrive at the lowest possible capital shortfall.
The result could be a situation much like the present one with Citigroup, in which one bailout follows another, with mounting costs and risks for taxpayers and with investors, borrowers and consumers left to wonder when the banking system will be reliably functional again.
Worse still, even if the tests accurately gauge the banks’ conditions and the government provides adequate capital, taxpayers could still lose big. The government will increase a troubled bank’s capital by purchasing preferred stock that pays a 9 percent dividend. If a bank can’t pay the dividend, it can convert the preferred shares into common stock.
The problem is that a bank is likely to convert the shares only if its condition continues to deteriorate, which would stick the taxpayer with stock falling in value. If the bank’s prospects for recovery are good and it pays back the government within two years, all of the stock’s future gains go to existing common shareholders. The system would be preserved, but by enriching private investors at taxpayers’ expense. That raw deal is improved somewhat if repayment occurs after two years. Unfortunately, chances that a bank would return to health after years on government life support do not seem especially good.
The administration has never adequately explained why rescuing the weakest banks should involve rescuing their shareholders, and by extension, their executives and managers, whose wealth is likely to be concentrated in the stock of the bank. Instead, they have staked out a seemingly arbitrary position, insisting the government should not assume control of perilously weak big banks, even if only to restructure their finances.
Before the stress test results are in and acted upon, taxpayers deserve an explanation. [br] The stress-test plan will benefit the following parts EXCEPT______.
选项
A、American economy
B、high-rank officials of the bank
C、the shareholders of the banks
D、taxpayers
答案
D
解析
推断题。该项计划目的是拯救美国经济,由倒数第二段可知,银行得保,股东、银行管理层的利益也能得保,政府救市用的是纳税人的钱,因此纳税人的利益受到了损失.因此只有[D]“纳税人”不受益。
转载请注明原文地址:https://tihaiku.com/zcyy/3245603.html
相关试题推荐
TheNewYorkpolicedepartmentsaystherehasbeenno【N1】______againstthe
TheNewYorkpolicedepartmentsaystherehasbeenno【N1】______againstthe
[originaltext]TwoteenagerswerekilledintheGazaStriponWednesday.R
ApovertyalleviationofficeinAnhuiProvincereleasedsomeinformationon
ApovertyalleviationofficeinAnhuiProvincereleasedsomeinformationon
SupremeCourtjusticesseemedreluctantonWednesdaytodisallowatypeofa
SupremeCourtjusticesseemedreluctantonWednesdaytodisallowatypeofa
OnWednesday,theTreasuryDepartmentreleasedmoredetailsofitsplantos
OnWednesday,theTreasuryDepartmentreleasedmoredetailsofitsplantos
OnWednesday,theTreasuryDepartmentreleasedmoredetailsofitsplantos
随机试题
BaekelandandHartmannreportthatthe"shortsleepers"hadbeenmoreorles
2016年3月,原股本2.5亿股。2017年4月30日,每10股送2股,2017
A.药物一般以分子、胶体、无定型和微晶态等状态存在于载体材料中B.在释放介质中能
患者经医务人员全力抢救无效死亡,其家属情绪激动的对医务人员说,这么年轻的小姑娘进
有一幢高层框架—剪力墙结构,层数为22层,高度80m,抗震设防烈度8度,Ⅲ类场地
下列不属于合同变更范围的是()。A、工程数量B、设计文件及图样C、工程质量
某年的10月里有5个星期六,4个星期日,则这年的10月1日是()。 A.星期
下列车辆中,不属于车辆购置税征税范围的有()。A.轻轨 B.叉车 C.
工程施工过程中,对于一般项目,计量抽样的漏判概率是( ),错判概率是( )。
在施工合同履行过程中发生紧急情况,监理人未及时下达暂停施工指示,承包人先暂停施工
最新回复
(
0
)