2020考研复习已经接近了尾声，2021考研复习也提上了日程，近年报名考研英语的同学逐渐增多，为了使各位2021考研英语的同学更好的复习，中公考研网校小编为大家整理了"2021考研英语：精选阅读理解及答案(49)"的相关内容，希望对各位考生的复习备考有所帮助。

　　Controled bleeding or cauterisation? That was the unappealing choice facing UBS, a Swiss bank which has been badly hurt by the carnage in America’s mortgage market. The bank opted for the latter. First it opened the wound, by announcing a hefty $10 billion write-down on its exposure to subprime-infected debt. UBS now expects a loss for the fourth quarter, which ends this month. Then came the hot iron: news of a series of measures to shore up the bank’s capital base, among them investments from sovereign-wealth funds in Singapore and the Middle East.

　　Bad news had been expected. UBS’s third-quarter write-down of over SFr4 billionin October looked overly optimistic compared with more aggressive markdowns at other banks such as Citigroup and Merrill Lynch. Steep falls in the market value of subprime debt since the end of the third quarter made it certain that UBS would take more pain, given its sizeable exposure to toxic collateralised-debt obligations (CDOs). Analysts at Citigroup were predicting in November that write-downs of up to SFr14 billion were possible.

　　Why then did this new batch of red ink still come as a shock? The answer lies not in the scale of the overall loss, more in UBS’s decision to take the hit in one go. The bank’s mark-to-model approach to valuing its subprime-related holdings had been based on payments data from the underlying mortgage loans. Although these data show a worsening in credit quality, the deterioration is slower than mark-to-market valuations, which have the effect of instantly crystallising all expected future losses.

　　Thanks to this gradualist approach, UBS had been expected to take write-downs in managed increments of SFr2 billion-3 billion over a period of several quarters. It now appears that the bank has incorporated market values into its model, sending its fourth-quarter write-downs into orbit. The change of approach may be on the advice of auditors and regulators but it is more likely to reflect a desire by UBS’s bosses to avoid months of speculation about the bank’s exposure, something that Marcel Rohner, the chief executive, described as “distracting”.

　　In a particular indignity for a bank long associated with conservatism, concerns about the level of UBS’s capital ratio had even started to surface. Hence the moves to strengthen its tier-one capital, an important measure of bank solidity, by SFr19.4 billion, a great deal more than the write-down. The majority of that money will come from sovereign-wealth funds, the white knights of choice for today’s bank in distress. Singapore’s GIC, which manages the city-state’s foreign reserves, has pledged to buy SFr11 billion-worth of convertible bonds in UBS; an unnamed Middle Eastern investor will put in a further SFr2 billion. UBS will also raise money by selling treasury shares, and save cash by issuing its 2007 dividend in the form of shares. Its capital ratio is expected to end up above 12% in the fourth quarter, a strong position.

　　Hopeful talk of lines being drawn under the subprime crisis has been a feature of banks’ quarterly reporting since September. Marrying bigger-than-expected write-downs with bigger-than-expected boosts to capital looks like the right treatment in this environment. But UBS still cannot be sure that its problems are over. Further deterioration in its subprime asset values is possible; the broader economic impact of the credit crunch is unclear; and the damage to the bank’s reputation cannot yet be quantified. The patient still needs watching.

　　1. The author uses the metaphor “hot iron” to imply that_____

　　[A] UBS again becomes a victim of America’s mortgage market.

　　[B] UBS’s capital base has obtained adequate financial support to digest its debt.

　　[C] those measures will forcefully stop UBS from further loss.

　　[D] good news from those measures would prevent UBS from bankruptcy.

　　2. Compared with the mark-to-market valuations, the mark-to-model approach could _____

　　[A] slow down the worsening in credit quality.

　　[B] present the effect of instantly crystallization of all expected future loss.

　　[C] show data against a worsening the credit quality.

　　[D] accelerate the deterioration in credit quality.

　　3. The reason that Marcel Rohner thought the change of approach was “distracting” is _____

　　[A] this change was unexpected to take place in such a situation.

　　[B] this change was result of the advice of auditors and regulators.

　　[C] this change was not favorite to UBS’s speculation about the bank’s exposure.

　　[D] this change was taken to make people dispel their guess.

　　4. The phrase “the white knights” (Line 4, Paragraph 5) most probably means____

　　[A] rich people.

　　[B] wealthy saviors.

　　[C] generous investors.

　　[D] brave fighters.

　　5. The author’s attitude towards UBS’s future is______

　　[A] optimistic.

　　[B] pessimistic.

　　[C] uncertain.

　　[D] none of the above.

　　题目分析：

　　1.

　　[答案]C

　　[难度系数] ☆☆☆

　　[分析] 细节题。作者将一系列的措施比喻为“烙铁”，而这些措施又是为UBS提供资金，是一些好的措施，这个比喻让人费解。但结合第一段的上下文就可以理解，文章第一段开头就摆出UBS面临的抉择，是有控制地流血还是灼伤，UBS选择了后者，先是将伤口裸露出来，接着就来了“烙铁”。前后联系可以想到，烙铁可以灼伤伤口，但可以让伤口马上止血，也就是让UBS可以避免进一步的损失。因此，答案C最为符合。

　　2.[答案]A

　　[难度系数] ☆☆☆

　　[分析] 细节题。题干是关于mark-to-model估量方法的，这在文章第三段中有提及。关键的一句话就是，和mark-to-market方法相比，这种恶化要慢一些，因为市场方法可迅速估算出未来所有有可能的损失。要注意的是，which have the effect of instantly crystallising all expected future losses是修饰mark-to-market 方法的定语从句，这一点容易让读者混淆。

　　3.[答案]D

　　[难度系数] ☆☆

　　[分析] 推理题。题干中提到的转变是指UBS评估方法由模式方法转变为将市场结合进来的方法，Marcel认为这种转变是“转移注意力的”，由上文可知这种转变是UBS高层为了避免数月来对银行曝光的猜测。因此，所说的“转移注意力”是避免人们的各种猜测，那么答案D最为符合。另外需要注意的是C选项的内容只是对原文内容作了很小的巧妙修改，但意思却与原文相反。

　　4.[答案]B

　　[难度系数] ☆☆

　　[分析] 猜词题。根据上下文，绝大部分的救助基金来自君主财产基金，这个基金对于许多身处困境的银行来说就是白衣骑士，可以推断“白衣骑士”可能代表救助他人的人，答案中B和C都有这层意思，根据其救助对象是身处困境的银行，且更侧重于危难时的救助，对银行来说仿佛就是救世主。因此，B更为符合题意。而C慷慨的投资者无法体现其资助的重要性。

　　5.[答案]C

　　[难度系数] ☆☆☆☆

　　[分析] 态度题。这篇文章比较客观地描述了UBS目前的困境和其为了摆脱这个困境要解决的方法，作者虽然在前面几次都提到UBS得到了一些资助，有望转好。但文章最后一段提出UBS目前也面临众多问题，所以结局还有待观察。文章的最后一句明确表明了作者不确定的态度。

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