※ 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：挽救美國國際集團 - 關鍵在規模
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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：即使與近日美國華爾街股市的各公司相比，美國國際集團(AIG)所需的緊急財政
援助仍是筆驚人的數目。在AIG的全盛時期，它是世界最大的保險公司，市值高
達兩千三百九十億美金，其資產猶勝雷曼兄弟公司與美國聯邦國民抵押貸款協
會。但是，我們無法單以其規模來解讀今日面臨危急拯救的局面，遠在新加坡
的保戶排隊取消其保單的現象也同樣無法解釋之。AIG面臨整個體系的危機，主
因在隱於其停滯的保險業務背後的投資銀行，使其不但失去了資金，如今，更
失去了它的獨立自主權。
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│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：在某個時期，銀行單位貢獻了AIG超過四分之一的利潤。他扮演了最危險的金融
遊戲中笨蛋的角色，即簽下信用違約交換(CDS)，其為一種違約時的保證，在
今年六月時它有高達四千四百一十億美金的名目風險，而這之中的五百八十億
美金為擔保劣級抵押貸款的證券，且已造成每日會計結算上的大量虧損。對業
管者而言，真正恐怖的是AIG投資銀行手頭上還有三千零七十億美金的CDS契約
是基於歐美的銀行擁有的設備，擔保簽約銀行的資產品質，以助其管控資本等
級。
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│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：究竟納稅人最終得承受多大的痛苦，目前還無人知曉。官方說法是：AIG目前
只是面臨流動性的危機。一旦劣級抵押貸款造成的損失攀升，AIG勢必得提供
更多擔保品給其交易對手，同時會使得AIG信用評級降級，依此又會引發更多
的保證金追繳。一旦大量的對風險敏感的商業客戶們終止與其保險公司的合約
，甚至有可能榨乾AIG手上的營運現金流。聯邦儲備局於今年九月十六日延長
了一個兩年八百五十億美金，帶有懲罰性息率的信用工具，政府將接收該公司
79.9%的股份為交換。這個構想是可以讓AIG以正當的方式買到時間來處理其流
動性的問題，而這樣的援助結構也可避免AIG技術性的破產，使其不得藉破產
解除這些CDS合約。
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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，政府會像處理週轉不良的公司般，接手那些根本無力償債的公司嗎？
根據AIG自評的情形來推論，全面地調整每日會計結算的損失並除去商譽以及
其他混合的資產不計，即使只算到六月底，AIG的帳面資產已低於所需的安全
資產二百四十億美金了，且其中有部分資產是受保險管理當局所限制，為因應
保險津貼的支付而受限使用的。這可能使得由納稅人援助的控股公司陷入更惡
劣許多的環境。紐約保險管理當局的Eric Dinallo在九月十七日保證AIG足以
給付保戶的保險津貼，但也將更謹慎全面地監督該公司。
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│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：即便如此，最終AIG可能轉變為很值錢公司！截至六月為止，AIG擁有六百七十
億美金的有形資產，這與雷曼兄弟及貝爾斯登公司現存的資產相比，有較大的
緩衝空間。Oliver Wyman顧問公司的Andrew Rear表示，AIG保險業務的資產將
會帶來極大的利益，這將使得AIG有更大的機會以更好的價錢賣給控股公司。
如果政府持有的時間夠長，甚至AIG手頭上的CDS契約都可能可以賺錢。
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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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