- on 4月 07, 2023
time: july, 18, 2021
sources: the christian science monitor
title: patience as a corporate virtue
financial regulators in britain have imposed a rather unusual rule on the bosses of big banks. starting next year, any guaranteed bonus of top executives could be delayed 10 years if their banks are under investigation for wrongdoing. the main purpose of this “clawback” rule is to hold bankers accountable for harmful risk-taking and to restore public trust in financial institution. yet officials also hope for a much larger benefit: more long-term decision-making, not only by banks but by all corporations, to build a stronger economy for future generations.
impose sth on sb 对或人施行了…
薪酬的表达：income, pay, salary, wage, earnings
fringe benefits 福利待遇
under+ n 表达被逼意义 under investigation
hold sb accountable标明“使…担任，使…承担责任”，~ for，则标明“使或人对某事担任”
financial institution“金融机构” institution 机构；准则
educational institution 教育机构
research institution 研讨机构
the institution of marriage 婚姻准则
social institution 社会准则
astonishingly quickly, xx is being reshaped. traditionalists loathe these changes; modern elites celebrate them.
“short-termism” or the desire for quick profits, has worsened in publicly traded companies, says the bank of england’s top economist, andrew haldane. he quotes a giant of classical economics, alfred marshall, in describing this financial impatience as acting like “children who
pick the plums out of their pudding to eat them at once” rather than putting them aside to be eaten last.
the desire for sth. ……的愿望
get worse/ deteriorate/ make things worse / make it worse/ worsen/ deepen/ aggravate/ exacerbate/ compound
describe a as b 意为“把a描绘为b”
in 可了解为while 当……时分
the average time for holding a stock in both the united states and britain, he notes, has dropped from seven years to seven months in recent decades. transient investors, who demand high quarterly profits from companies, can hinder a firm’s efforts to invest in long-term research or to build up customer loyalty. this has been dubbed “quarterly capitalism”
hold a stock 持股
transient 意为temporary 时刻短的
customer loyalty 顾客忠诚度
bill clinton was impeached for lying under oath and obstructing justice, but saw out the remainder of his second term.
under oath或on oath指“在法庭上承诺所说话为真”
lie under oath“作伪证，供给伪证”
see sth out标明“坚持到某事结束”
the remainder of his second term的意思是“第二任期的剩下时刻”
this is dubbed…的意思是“这被称为…”，是this is called…的高档替换
dub a b标明“把a称为b”，也可以用label a b（含贬义）替换
in addition, new digital technologies have allowed more rapid trading of equities, quicker use of information, and thus shorter attention spans in financial markets. “there seems to be a predominance of short-term thinking at the expense of long-term investing,” said commissioner daniel gallagher of the us securities and exchange commission in a speech this week.
allow +n/ to do sth 使……变成可以
allowed a, b “使a和b变成可以”
at the expense of= at the cost of，指“以…为本钱，以…为价值”
in the us, the sarbanes-oxley act of 2002 has pushed most public companies to defer performance bonuses for senior executives by about a year, slightly helping reduce “short-termism .” in its latest survey of ceo pay, the wall street journal finds that “a substantial part ” of executive pay is now tied to performance.
类似表达encourage sb to do或force sb to do
defer =delay =put back 推迟
defer v.遵守 defer to(介词)
substantial adj.许多的 =considerable
be tied to…指“和…绑定”，也可以说be related to…或be connected to / with…
much more could be done to encourage “long-termism,” such as changes in the tax code and quicker disclosure of stock acquisitions. in france, shareholders who hold onto a company investment for at least two years can sometimes earn more voting rights in a company.
tax code 税法
hold onto 长时刻持有某物
within companies, the right compensation design can provide incentives for executives to think beyond their own time at the company and on behalf of all stakeholders. britain’s new rule is a reminder to bankers that society has an interest in their performance, not just for the short term but for the long term.
provide incentives for sb to do sth鼓励或人做某事，鼓舞或人做某事
a has an interest in b b与a 好坏有关
the west has an interest in promoting democratic forces in china.
21. according to paragraph 1, one motive in imposing the new rule is to
[a] enhance bankers’ sense of responsibility
[b] help corporations achieve larger profits
[c] build a new system of financial regulation
[d] guarantee the bonuses of top executives
同义替换for, to do, in order to, the reason for, the purpose of等
the motive in…/ the motive for (doing) sth
police have ruled out robbery as a motive for the killing.
rule out the possibility of… 打扫了…的可以
impose the rules “实施规则/规则”,可以用introduce, carry out, put… into effect替换
22. alfred marshall is quoted to indicate
[a] the conditions for generating quick profits.
[b] governments’ impatience in decision-making.
[c] the solid structure of publicly traded companies.
[d] “short-termism” in economic activities.
quote引述：直接引证和直接引证（say/ suggest that）
sb is quoted as saying… 引述或人的话称…（saying后边是说话的内容）
a military spokesman was quoted as saying that the border area is now safe.
23. it is argued that the influence of transient investment on public companies can be
[a] indirect.????????????? [b] adverse.???????????????????? [c] minimal.???????????? [d] temporary.
influence 替换表达effect, impact, sway, consequence等词
it is argued that标明“文章认为，作者认为”
类似的还有it is believed / said that… 我们认为… / 传闻…
24. the us and france examples and used to illustrate
[a] the obstacles to preventing “short-termism”.
[b] the significance of long-term thinking.
[c] the approaches to promoting “long-termism”.
[d] the prevalence of short-term thinking.
标题的类似表达改写：the us and france examples are cited to illustrate…
25. which of the following would be the best title for the text?
[a] failure of quarterly capitalism
[b] patience as a corporate virtue
[c] decisiveness required of top executives
[d] frustration of risk-taking bankers