※ 引述《En2ChContest (譯者板英譯中比賽專用)》之銘言：
公告日期：2008.10.01
公告主旨：公布二ＯＯ八年十月英譯中翻譯比賽題目
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公告內容：本屆翻譯比賽題目及其他相關資訊如下：
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║基本資料╠════════════════════════════════
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領 域：財經
主 題：美國金融風暴相關討論
資料來源：經濟學人
原文字數：約五百～六百字（含標點符號）
原文網址：http://www.economist.com/finance/displaystory.cfm?story_id=12274070
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║注意事項╠══╣違反下列規定者，依違犯次數逐次扣除後列分數╠═══════
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一、參賽譯文收件期間：即日起 - 2008.10.15 23:59 (-100)
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五、請在 [題目譯文] 及 [譯文] 等項目填入譯文內容。 (-2)
六、譯文內除引用原文之部份外，應正確使用正體中文標點符號。 (-1)
七、請使用中華民國 (台灣) 慣用之專有名詞譯名。(-3)
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║題目內容╠════════════════════════════════
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原文題目：AIG's rescue - Size matters
題目譯文：拯救AIG：規模還是很重要的
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│第一段│
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原 文：
Even by the recent standards of Wall Street bailouts, that of American
International Group is colossal. At its peak the insurance firm was the
world’s largest with a market value of $239 billion. Its assets are bigger
than those of either Lehman Brothers or Fannie Mae. Yet size alone does not
explain the rescue. Nor do the images of customers queuing to cancel their
policies as far away as Singapore. AIG posed a systemic risk because of its
investment bank, tucked away behind the dull business of writing insurance
contracts, which has lost it both a fortune—and now its independence.
譯 文：
就算比較的標準是最近華爾街的紓困案，American International Group的規模還是算
很大。在AIG的全盛時期，它是全世界最大的保險公司，市值達美金2390億元。不論是和
雷曼兄弟（Lehman Brothers）或房麗美（Fannie Mae）來做比較，AIG的市值比任一者
都要大。然而，規模大小，並不是AIG獲得拯救的唯一原因。連遠在新加坡的客戶都正在
大排長龍準備要取消保單，也不是唯一原因。AIG之所以具有系統風險，是隱藏在平凡
保險合約背後的附屬投資銀行所導致。不但造成財務上的大量損失，同時也使公司失去
了獨立性。
┌───┬─────────────────────────────────
│第二段│
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原 文：
At one stage, this unit contributed over a quarter of profits. It has
played the role of schmuck in one of finance' s most dangerous games by
writing credit-default swaps (CDSs), a type of guarantee against default,
with a giant notional exposure of $441 billion as of June. Of this, $58
billion is exposed to subprime securities which have already generated
huge mark-to-market losses. For regulators, the real horror story may be
the $307 billion of contracts written on instruments owned by banks in
America and Europe and designed to guarantee the banks' asset quality,
thereby helping their regulatory capital levels.
譯 文：
這個事業單位曾經貢獻給公司四分之一的獲利。但是，在財務活動中最危險的遊戲：
信用違約交換（CDS），其表現甚不明智。CDS是一種違約擔保，在六月份時金額估計
高達美金4410億元，而其中美金580億元，因受到次級債券所波及，按市價估算早已
蒙受重大損失。對監管單位而言，更駭人聽聞的，是白紙黑字寫下的美金3070億元
合約，債權人是美國與歐洲的銀行。此合約之目的，是確保銀行的資產品質，並協助
銀行維持法定資本率。
┌───┬─────────────────────────────────
│第三段│
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原 文：
How much pain taxpayers will ultimately bear is an open question. The
official line is that AIG only suffered a liquidity crisis. As subprime
losses mounted, it had to put up more collateral with its counterparties,
in turn prompting credit-rating downgrades, which in turn triggered more
margin calls. It is probable that operating cashflow was drying up too as
big risk-sensitive commercial customers stopped doing business with the
insurer. On September 16th the Federal Reserve extended a two-year, $85
billion credit facility at a penal rate. The government will get a 79.9%
stake in the company in return. The idea is that this buys time for AIG
to improve its liquidity in an orderly way. The bail-out's structure
should also avoid a technical bankruptcy, which could force the unwinding
of many of those CDS contracts.
譯 文：
納稅人最後要承受多少痛苦，目前仍是未知數。按照官方說法，AIG目前只面臨流動性
危機。但是，當次級債券的損失增加，AIG必須付出更多的抵押品給其他交易對象，這
將導致AIG之信用評比遭到降低，並產生更多危機警報。更可能發生的狀況是，當對於
風險高度敏感的商務客戶停止和AIG的業務往來時，其營運資金可能也會枯竭。九月
十六日，聯準會以固定利率展延了一份兩年美金850億元的授信額度。相對的，政府將
取得該公司79.9%的股權，如此可為AIG爭取到時間來逐步改進其資金流動性。抒困方案
的架構同時也可避免技術性破產，以免造成許多CDS合約被迫平倉。
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│第四段│
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原 文：
Yet might the government be taking over a company that is insolvent as well
as illiquid? Extrapolating from AIG's own test, but adjusting fully for
mark-to-market losses and stripping out goodwill and hybrid capital, even
at the end of June AIG might have had about $24 billion less book equity
than it needed to be safely capitalised. And some of its equity may be
“trapped” within its insurance subsidiaries, whose capital positions are
ringfenced by insurance regulators. That might leave the holding company
that taxpayers have backed in a far worse state. On September 17th Eric
Dinallo, New York’s insurance regulator, vouched for the solvency of AIG's
insurance subsidiaries but was more circumspect on the company overall.
譯 文：
然而，政府會接管一間無力償債且缺少流動資金的公司嗎？就算採用AIG的自我檢驗來
推論（不完全按照市值調整，不排除善意與混和資本），在六月底時，AIG未達資本健全，
帳面股本可能仍短少美金240億元。此外，其部分資產可能被「困在」AIG自己的保險
子公司裡面，這些（子公司的）資金部位由保險監管單位進行破產隔離。如此一來，
這間由納稅人資助的控股公司，將可能陷入更糟糕的狀況。九月十七日，紐約的保險
監管官Eric Dinallo，認可AIG旗下保險子公司的償債能力，但對於公司整體狀況，仍
持保留態度。
┌───┬─────────────────────────────────
│第五段│
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原 文：
Ultimately, though, AIG may turn out be worth something after all: in
June it had $67 billion of tangible equity, a much bigger buffer relative
to assets than existed at Lehman or Bear Stearns. And, says Andrew Rear of
Oliver Wyman, a consultancy, AIG's insurance assets will attract a lot
of interest. That raises the chances of their being sold at a premium,
raising cash for the holding company. If the government holds on long
enough, perhaps even AIG's CDS contracts might make money.
譯 文：
即使如此，AIG可能還算有價值：六月時，AIG還保有美金670億元的有形淨值，不論相較
於雷曼兄弟或貝爾史登（Bear Stearns），AIG都要大的多。此外，根據顧問公司Oliver
Wyman的Andrew Rear表示，AIG的保險資產仍具有相當的吸引力。因此，該公司有機會
以溢價售出，可提供控股公司現金。如果政府長期持有，甚至連AIG的CDS合約可能都會
產生獲利。
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║題目結尾╠════════════════════════════════
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※ 編輯: En2ChContest 來自: 122.117.24.165 (10/06 22:07)
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