金融英语翻译答案The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securit

金融英语翻译答案The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securit
金融英语翻译答案
The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securities that represented credit worthiness. The highest grade was AAA and that was the best grade you could get. There are no A+'s; it sounds a little bit like college, but not quite. Then, if you weren't quite AAA, you were AA and if you weren't quite AA, you were A and then you could become BA. Well, all the way down, I guess, to C or beyond that--then you're failing. It's just almost like college grades.
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The idea was that the--so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans. There was another--Henry Poor set up Poor's in 1916 on a similar model and they later merged with Standard Statistics to become Standard & Poor's, S&P. Those are the two biggest rating agencies in the U.S. today and they're extremely powerful organizations because they--Standard & Poor's also does letter grades, a slightly different system, but almost the same. Then there's Fitch, who's the third, which is smaller than these two.: N5 {0 }; g! P
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This is an interesting question: do they solve the moral hazard and adverse selection problem as well as banks do? Well, they're similar to banks and they have a relationship with the investment community and they try to stay on top of everything that's happening. They've become forces of nature in the U.S. economy, in the sense that people accept these letter grades with great authority. Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities. In other words, securities that were themselves backed by subprime loans. So, this is the subprime scandal showing up. The question is: how can these rating agencies manage the current distrust that has developed? Because they--one important thing--John Moody was a very crusty, strong-willed man, who wrote a couple books. In these books he talked about his moral commitment to honest rating of securities. People trusted him and they trusted his organization. Well, they still do massively, although a little bit less than they used to.

金融英语翻译答案The first rating agency in the world was created by Mr. John Moody, in the U.S. in 1909. He was dealing also with the moral hazard and adverse selection problem. He had a neat idea and that was to give letter grades to securit
第一次评级机构在世界上是由先生约翰喜怒无常的,在美国于1909年.他被交易也与道德风险和逆向选择问题.他有一个好主意,那就是给字母等级的有价证券,代表信用状况.最高等级AAA级,是最好的成绩是你能得到的.没有一个+;它听起来有点像大学,但是还不够好.然后,如果你不是很AAA级,你是AA,如果你不是很AA,你是和你再变成鲈鱼.哦,一路下降,我猜,C或——你就失败了.这只是几乎像大学成绩.
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这个主意就是——所以他建立穆迪评级机构穆迪的工作就是给字母等级,证券;这是有点像一个银行,但它是不同的,因为他没有实际贷款.有一个——亨利穷建立于1916年在贫穷的一个类似的模式,他们后来合并标准统计成为标准、标准普尔.这两个最大的评级机构在今天的美国,他们是非常强大的团体,因为他们——标准也字母等级,稍有不同的系统,但几乎是一样的.那是谁的第三次菲奇,这是小于这些两个:N5 { 0 },克!警
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这是一个有趣的问题:他们解决道德风险和逆向选择问题以及银行做吗?哦,他们是类似于银行和他们有关系,他们试图投资界呆上发生的一切.他们已经成为自然力量在美国经济中,人们接受这些字母等级和大权柄.然而,最近有一点点的丑闻有关这些评级机构,因为他们给AAA评级一些次级债券.换句话说,他们支持的证券,次级贷款.所以,这是次级贷款丑闻虚张声势.问题是:如何管理这些评级机构目前已开发?不信任,因为他们有一件重要的事——约翰·穆迪是个很邋遢,意志坚强的人,写了几书.这些书中,他谈到他的道德义务的,诚实的等级的有价证券.人们信任他,他们相信自己的组织.哦,他们还做大量的,虽然有点少于他们使用了.