经济双语阅读管理学与财务知识分析汇总

1、PAGE PAGE 409经济学人杂志双双语阅读：CConsummer sppendinng in Asia：Shopaaholiccs wanntedConsumeer speendingg in AAsia亚洲消费状况Shopahoolics wanteed购物狂时代该来来了？Jun 25tth 20009 | HHONG KKONGFrom Thhe Ecoonomisst priint edditionnCan Asiians rreplacce Ameericanns as a driiver oof gloobal ggrowthh?亚洲人能够代替替美国人做全全球经济的发发动机吗？

2、ASIAS emergging eeconommies aare boouncinng bacck mucch morre strronglyy thann any otherrs. Whille Ameericas inddustriial prroducttion ccontinnued tto sliide inn May, outpput inn emerrging Asia hhas reegaineed itss pre-crisiis levvel (see cchart 1). Thiis is largeely duue to Chinaa; butt althhough p

3、roduuctionn in tthe reegions smaaller econoomies is sttill wwell ddown oon a yyear aago, iit is rebouundingg in tthose counttries too. Taiwaans inddustriial ouutput rose by ann annuualiseed 80% in tthe thhree mmonthss to MMay coompareed witth thee prevvious threee montths. JPMoorgan estimmates that

4、emergging AAsias GDPP has grownn by aan annnualissed 7% in tthe seecond quartter.时下亚洲新兴经经济体们的恢恢复势头比其其他任何国家家都要迅猛。在在美国工业生生产继续下滑滑的5月，亚亚洲新兴国家家的产出已经经回到了它们们危机前的水水平(见表一)。这很大程程度上要归功功于中国，此此外尽管该地地区较小经济济体的生产比比去年仍有所所下降，但最最近这些国家家也在渐渐恢恢复。台湾截截至5月的工工业产出年度度化增长较前前三个月上升升了80%。摩摩根大通预计计二季度亚洲洲新兴经济体体年度化增长长率将达到77%。Asias abi

5、liity too decoouple from Ameriica reeflectts thee factt thatt the regioons downnturn was ccausedd onlyy parttly byy the slumpp in AAmericcan acctivitty. In mmost AAsian econoomies falliing doomestiic demmand wwas moore immportaant thhan thhe droop in net eexportts in explaainingg the collaapse iin G

6、DPP growwth. The surgee in ffood aand ennergy pricees in the ffirst half of 20008 sqqueezeed proofits and sspendiing poower. Tighhter mmonetaary poolicy aimedd at ccurbinng infflatioon theen furrther chokeed dommesticc demaand.亚洲与美国脱钩钩的能力说明明该地区经济济下滑只是部部分由于美国国经济活动的的影响。大多多数亚洲经济济体内需下降降要比净出口口下降对经济济影响更大，

7、这这就解释了GGDP增长率暴跌的原原因。20008年上半年年食品和能源源价格的暴涨涨让利润和消消费能力双双双缩减。从紧紧的货币政策策旨在遏制通通胀却进一步步使得内需受受到抑制。The reccent rrecoveery inn induustriaal prooductiion reeflectts thee end of deestockking bby mannufactturerss as wwell aas thee largge fisscal sstimullus byy mostt goveernmennts. But the bboost from both of thhes

8、e ffactorrs willl fadde. Meannwhilee, expport mmarketts in develloped econoomies are llikelyy to rremainn weakk. So tthe reecoverry in Asiann econnomiess willl stummble uunlesss domeestic spendding, notabbly coonsumpption, perkks up.近期工业生产的的回复显示制制造商产品积积压的状况正正在结束，同同时多国政府府大规模经济济刺激计划也也已起效。但但是这些原因因造成的增长

9、长终会消失，同同时面向发达达经济体的出出口市场看上上去依旧疲软软。因此除非非让内需，尤尤其是让消费费振作起来，否否则亚洲经济济体的回复之之路依旧前途途坎坷。Consumeers appeetite to sppend vvariess hugeely accross the rregionn. In Chhina, Indiaa and Indonnesia spendding hhas inncreassed byy annuual raates oof morre thaan 5% durinng thee globbal doownturrn. Chinaas rettail ssale

10、s have soareed by 15% oover tthe paast yeear. Thiss overrstatees thee truee growwth raate beecausee it iincluddes goovernmment ppurchaases, but oofficiial hoousehoold suurveyss sugggest tthat rreal sspendiing iss growwing aat a sstill-impreessivee ratee of 99%. In tthe yeear too May, salees of house

11、ehold electtroniccs werre up by 122%, cllothinng by 22% aand caars byy a sttunninng 47%.消费者消费的胃胃口在这一地地区有着巨大大的差异性。中中国、印度和和印尼在全球球经济下滑期期间消费额年年度化增长率率超过了5%。中国的零零售销售额去去年暴增了115%,但这个数字是是被夸大的,因为它包括括了政府采购购的花销,但但是官方的家家庭调查显示示真实的消费费增长率依然然达到了令人人印象深刻的的9%。今年年截至五月，家家用电器销售售增长12%，服服装销售增长长22%而汽汽车销售增长长则达到了惊惊人的47%。Elsewh

12、eere inn the regioon, sppendinng hass stummbled, squeeezed by hiigher unempploymeent annd lowwer waages. In Hoong Koong, Singgaporee and Southh Koreea reaal connsumerr spennding was 44-5% llower in thhe firrst quuarterr thann a yeear eaarlierr, a mmuch bbiggerr dropp thann in AAmericca. But Fredeeri

13、c NNeumannn, ann econnomistt at HHSBC, sees tentaative signss thatt spennding is piickingg up. Taiwaans rettail ssales rose in Maay forr the thirdd conssecutiive moonth. Depaartmennt-stoore saales iin Souuth Koorea rrose bby 5% in thhe yeaar to May.该地区其它地方方由于受增高高的失业率和和工资水平下下降的影响，消消费增长步履履蹒跚。香港港、新加坡和和

14、韩国一季度度真实消费较较去年下降了了4-5%，这这比美国的情情况还要糟糕。但是是汇丰银行的的经济学家弗弗雷德里希-纽曼认为，当当下消费止跌跌上升的趋势势已初露端倪倪。台湾的零零售业销售额额到五月为止止已连续3月月上升。韩国国百货商场销销售额到五月为为止也上升了了5%。It is ooften argueed thaat emeergingg Asiaan ecoonomiees havve larrge cuurrentt-accoount ssurpluuses-and aare thhus noot pullling theirr fairr weigght inn the worldd-

15、becauuse coonsumeers liike too savee rathher thhan sppend. Yet this does not rreallyy fit the ffacts. Duriing thhe passt fivve yeaars coonsumeer speendingg in eemergiing Assia haas groown byy an aannuall averrage oof 6.5%, mmuch ffasterr thann in aany otther ppart oof thee worlld. It iis truue thaat

16、 connsumpttion hhas faallen as a sharee of GGDP, bbut thhat iss becaause iinvesttment and eexportts havve groown evven faaster, not becauuse sppendinng hass beenn weakk. Relaative to Ammericaan connsumerr spennding, Asiaan connsumpttion hhas sooared (see cchart 2).人们通常认为新新兴亚洲经济济体有着大量量的国际收支支经常项目顺顺差，而

17、这却却并不能使它它们在世界贸贸易中占有应应有的比重，因因为亚洲的消消费者倾向储储蓄多过消费费。但这却并不真正符符合事实，在在过去五年中中崛起的亚洲洲国家消费年年均增长率达达到了6.5%，这要要比世界上任任何其他地区区都要快。消消费占GDPP比重确实下下降了，但这这并不表明消费减弱弱，而是因为为投资和出口口增长的更快快。与美国消消费相比，亚亚洲消费是暴暴增了。(见表二)In mostt Asiaan ecoonomiees, prrivatee conssumptiion iss 50-660% off GDP, whicch is not oout off linee withh ratees

18、 in counttries at siimilarr leveels off incoome ellsewheere. Chinaa, howwever, is aan excceptioon. Privvate cconsummptionn therre felll froom 46% of GGDP inn 20000 to oonly 335% laast yeear-half that in Ammericaa. In ddollarr termms, sppendinng is only one-ssixth of thhat inn Amerrica. (Singaapores

19、connsumpttion iis alsso loww, at just underr 40% of GDDP.)在大多数亚洲经经济体中，个个人消费占GGDP的500-60%，这这个数字并不不比收入水平平相同的其他他任何地方低低。然而中国国是个例外。个个人消费占GGDP从20000年的46%下下降到了去年年的35%，这这个数字才是是美国的一半半。以美元结结算的话，消消费只有美国国的六分之一一。(新加坡的消消费也很低，不不足GDP的的40%)This exxplainns whyy Chinnas govvernmeent haas reccentlyy takeen bollder aact

20、ionn thann otheers too boosst connsumpttion. Overr the past six mmonthss the goverrnmentt in BBeijinng hass intrroduceed a hhost oof inccentivves too encoouragee housseholdds to open theirr walllets. Ruraal ressidentts gett subssidiess for buyinng vehhicless and otherr goodds succh as televvisionns,

21、 reefrigeeratorrs, coomputeers annd mobbile pphoness; urbban reesidennts geet a ssubsiddy if they tradee in ccars aand hoome apppliannces ffor neew gooods; ttax raates oon loww-emisssion cars have also been cut. Therre is huge potenntial for hhigherr conssumptiion inn the counttrysidde as incommes r

22、iise: oonly 330% off ruraal houusehollds haave a refriigerattor, ffor exxamplee, commparedd withh virttuallyy all urbann housseholdds.这也解释了中国国政府为何最最近比任何国国家都大力促促进消费。在在过去6个月月中北京政府府颁布一揽子子激励政策来来鼓励家庭打打开他们的钱钱包。农村居居民得到了购购买车辆和电电视、冰箱、电电脑以及手机机等商品的政政策倾斜；城城市居民则得得到了购买汽汽车和家电换换新方面的政政策倾斜；小小排量汽车的的税率也被下下调。随着农农村收入增加加，

23、消费上升升有着巨大潜力力：与城市家家庭近乎每家家一台相比，只只有30%的的农村家庭拥拥有电冰箱。The govvernmeent haas alsso inttroducced seeverall meassures this year to immprovee the sociaal saffety nnet, ssuch aas speendingg moree on hhealthh caree, pennsionss and paymeents tto loww-incoome hoousehoolds. On JJune 119th itt ordeered aall sttate-

24、oowned firmss thatt had listeed on the sstockmmarkett sincce 20005 to transsfer 110% off theiir shaares tto thee Natiional Sociaal Seccurityy Fundd to sshore up itts asssets. The shortt-termm impaact iss likeely too be mmodestt but if suuch meeasurees easse houusehollds worrries aabout futurre penns

25、ionss and healtth carre, itt coulld in the llong tterm eencourrage tthem tto savve lesss andd spennd morre.政府也在今年颁颁布了几项举举措改善社保保网络，比如如对医疗卫生生领域加大投投入、向低收收入家庭发放放养老金和收收入补助。66月19日还还命令20005年以来的的国有上市公公司向国家社社保基金转让让10%的股股份，以稳固固后者资产。虽虽然看起来短短期效果有限限，但是如果果这一系列举举措能够缓解解家庭对未来来养老金和医医疗问题的担担忧，长远的的看还是能鼓鼓励人们存得得更少花得更更多的。A

26、notherr way to booost cconsummptionn is tto makke it easieer to borroow. In mmost AAsian econoomies houseehold debt is leess thhan 500% of GDP, compaared wwith aaroundd 100% in mmany ddevelooped eeconommies; in Chhina aand Inndia iit is less than 15%. Southh Koreea is the bbig exxceptiion: hhousehho

27、lds have as muuch deebt reelativve to theirr incoome ass Amerricanss and theirr saviing raate haas falllen oover tthe paast deecade from 18% oof dissposabble inncome to onnly 4%. In mmany oother Asiann econnomiess finaancingg for consuumer ddurablles iss virttuallyy noneexisteent. Prommisinggly, tth

28、e Chhinesee bankk reguulatorr annoouncedd drafft rulles inn May to alllow ddomesttic annd forreign instiitutioons too set up coonsumeer-finnance firmss to ooffer persoonal lloans for cconsummer-gooods ppurchaases.另一个刺激消费费的方法是让让借贷更容易易。多数亚洲洲国家家庭借借贷不足GDDP的50%，与此对比比发达经济体体这个数字在在100%左左右；在中国国和印度则更更是少于15%。韩

29、韩国却是个特特例：与美国国一样，家庭庭举债和他们们收入一样多多，储蓄率也也已经在过去去十年中从可可支配收入的的18%下降降到了只有44%。在其他他亚洲经济体体中面向耐用消费费品的金融服服务事实上是是不存在的。幸幸运的是，中中国银监机构构已经在5月月宣布了一些些规则草案，允允许中外机构构建立消费金金融公司为消消费者购买商商品提供个人人贷款。These mmeasurres arre a mmodestt stepp in tthe riight ddirecttion. But a biggger ttest oof Asiian goovernmments resoolve tto shiif

30、t thhe ballance of grrowth from exporrts toowardss domeestic spendding iis wheether they will alloww theiir excchangee ratees to rise. A reevaluaation wouldd liftt conssumerss reall purcchasinng powwer annd givve firrms reeason to shhift rresourrces ttowardds prooducinng forr the domesstic mmarkett.

31、 But so faar, poolicymmakerss havee beenn reluuctantt to llet cuurrenccies rrise ttoo faast.这些措施只不过过是正确方向向上有限的一一小步。但亚亚洲各国政府府想要将增长长平衡由出口口向内需转变变的更大实验验能否成功将将取决于它们们是否允许本本国货币汇率率上升。这种种再估价将会会提升消费者者的实际消费费能力，并让让企业有理由由转移资源为为国内市场生生产商品。但但迄今为止，政政策制定者们们都不情愿让让货币升值太太快。Asian sspendiing iss alreeady aan impportannt e

32、nggine oof gloobal ggrowthh. Evenn befoore thhe criisis, emergging AAsias connsumerr spennding contrributeed sliightlyy moree (in abbsolutte dolllar tterms) to tthe grrowth in gllobal demannd thaan didd Amerricas. But it coould bbe eveen biggger iif Asiians eenjoyeed thee fulll fruiits off theiir ha

33、rrd labbour, ratheer thaan subbsidissing WWesterrn connsumerrs thrrough underrvalueed currrenciies. It iis timme forr an eeven ggreateer shiift inn spennding powerr fromm the West to thhe Easst.亚洲的消费已经经是世界经济济增长的重要要引擎。甚至至在危机之前前，亚洲新兴兴经济体的消消费者对全球球经济增长的的贡献也要比比美国消费者者稍大一点点点(在完全以美美元作为结算单位的前前提下)。而如果亚亚洲人能够充充

34、分享用他们们辛勤劳动的的果实，而不不是通过低估估本国货币补补贴西方消费费者的话，这这种作用将会会更明显。现现在是将消费费能力从西向东做更大大转移的时候候了。经济学人杂志双双语阅读：RReturnn of tthe grrave-ddancerrs坟墓舞者者又回来了Banks aand prrivatee equiity银行和私人股本本Return of thhe graave-daancerss扫墓舞者又回来来了Jun 4thh 20099 | NEEW YORRKFrom Thhe Ecoonomisst priint edditionnBuy-outt firmms chaafe unnd

35、er oownersship rrestriictionns, buut pille in nonetthelesss尽管被严格的所所有权监管挫挫伤，但是投投标人还是有有一大堆PRIVATEE equiity haas beeen bittten oonce, but iit doeesnt do shy. Thouugh soome off its betteer-knoown naames wwere lleft sscarreed aftter innvestiing tooo earrly inn trouubled bankss and thriffts-rememmber TTPG

36、s dissastroous fooray iinto WWashinngton Mutuaal-buy-oout shhops aare liining up foor a ssecondd shott at ffinancce as confiidencee pickks up againn.私人股本已经上上过一回当了了，但是他们们并不为此感感到害羞。尽尽管他们中已已经对过早投投资那些问题题银行和存款款机构而留下下了可怕的名名声-记得摩根根大通对华互互银行损失惨惨重的收购-但是现在当当对金融市场场重拾信心后后，第二轮的的收购者们又又排成了队。For mucch of 2008 dealmm

37、akingg was dead. But sincee the sale of InndyMacc, a ccollappsed CCalifoorniann lendder, tto a ggroup of prrivatee buyeers inn Januuary, “the logjaam hass brokken”, says Josh Lerneer of Harvaard Businness Schoool. In rrecentt weekks Blaackstoone, FFortreess, CCarlylle, Wiilbur Ross and ootherss have

38、e bougght sttakes in baanks, amongg themm Florridas Firrst Sooutherrn andd BankkUniteed, thhe staates larrgest home-grownn lendder. Seveeral oother dealss are said to bee in tthe woorks, incluuding the ppossibble saale off Atlaanta-bbased Silveerton Bank, seizzed byy reguulatorrs in May, to a groupp

39、 thatt inclludes Carlyyle. Biddding wwars aare evven brreakinng outt.2008年很多多收购几乎停停滞。但自从从1月份私人人买家团体对对加州一个名名为IndyyMac的破破产贷款公司司的收购“打打破了僵局”，哈哈佛商学院的的乔希.勒纳如是说。最近几几周，黑石公公司、要塞公公司、凯雷集集团、威尔伯伯罗斯等都都在购买银行行的股权，其其中有佛罗里里州最大的贷贷款机构，第第一南方联合合银行。还有有几个收购案案据说也在进行中中，包括亚特特兰大的希尔尔佛顿银行，其其在五月被监监管机构责令令停业，买方方包括了凯雷雷集团。竞标标的战争甚至至都要

40、爆发了了。Privatee equiity haas pilles off unalllocatted caapitall, altthoughh it hhas beecome much more diffiicult to wrrest uundrawwn funnds frrom innvestoors. It aalso hhas a lot mmore rraw maateriaal to work with, as tthe paace off bankk faillures accelleratees (see cchart). Hunndredss of llenderrs w

41、illl neeed hellp to surviive buut mosst larrge baanks aare tooo cappital-consttraineed to step in. Thosse thaat havve raiised ffresh equitty, suuch ass JPMoorgan Chasee, willl usee it tto reppay taaxpayeers.尽管它越来越难难从投资者那那里获得那些些不打算取回回的资金，私私人股本仍然然怀揣大量无无处可投的资资金。随着银银行破产步伐伐的加快，他他会有更多的的原材料可以以利用。数以以百计的贷款款机

42、构需要帮帮助来存活，但但是多数大银银行对准入资资本的限制太太严格。那些些获得注资的的，如摩根大大通，将会用用它来偿还纳纳税人。Hence tthe foocus oon priivate equitty. The favouured sstrateegy iss to ssnap uup a ssmall bank, heallthy oor nott, andd turnn it iinto aa vehiicle tto scooop upp failled loocal rrivalss. Johnn Kanaas, a veterran baanker chargged wiith r

43、eevivinng BannkUnitted, ssees iin it the ffoundaation of a regioonal ppowerhhouse. The Floriida maarket is paarticuularlyy attrractivve, hee sayss, as many compeetitorrs theere arre shaackledd by rregulaatory or goovernmment rrestriictionns.因此焦点放到了了私人股本。有有利的战略是是抢购一个小小银行，不管管健康与否，然然后用它做媒媒介来铲平那那些失败的当当地

44、对手。约约翰.喀纳斯，一一个资深银行行家，担任银银行联盟的复苏苏，将它看作作是地区经济济动力的基础础。佛罗里达达州的市场非非常吸引人，他他说，这里很很多竞争者都都被政府监管管或限制所桎桎梏。Investiing iss stilll rissky. Smalller bbanks are rriddleed witth commmerciial-prropertty loaans, wwhich are ggoing bad aat an alarmming rrate. Ameriican bbanks loann-losss reseerves are ffallinng eveer fu

45、rrther behinnd acttual llossess and now ccover just 70% oof thee totaal, acccordiing too Mooddys, a ratinng ageency. But buyerrs aree growwing ccannieer, poouncinng onlly oncce a bbank hhas beeen seeized and iinsistting tthe goovernmment sshouldders mmuch oof thee downnside in looss-shharingg agreee

46、mentts.投资依然是有风风险的。小型型银行饱受商商业物业贷款款之苦，这些些贷款正在以以惊人的速度度变为坏账。根根据评级机构构穆迪的统计计，美国银行行的坏账准备备只是涵盖了了全部损失的的70%，远远低于实际损损失。The biggger pprobleem forr buy-out ffirms is poosed bby lonng-staandingg resttrictiions oon bannk takkeoverrs by non-ffinanccial ffirms. Thosse unwwillinng to becomme bannk-hollding compaanies

47、, withh the extraa reguulatioon thaat enttails, havee to mmake ddo witth a mmaximuum staake off 33% (and vvotingg righhts off lesss thann halff thatt). Acqquisittions are tthus oonly ppossibble viia “cllub” ddeals, in wwhich severral buuyers band togetther aand reegulattors ppolicee the arranngemenn

48、t to ensurre theey aree not actinng in conceert thhereaffter.对于收购方更大大的问题是，对对非金融机构构接管银行长长期存在的限限制。那些不不愿意成为持持股银行的公公司(为此将接受受额外的监管管)将最多只能能得到33%的股权(且投票权则不能能超过股权的的一半)。因此，将将只有可能通通过“俱乐部部式并购”实实现，即几个个买家捆绑在在一起，监管管者将监督整整个安排以确确保他们没有有幕后交易。Alternaativelly, innvestoors caan usee theiir perrsonall weallth too buy ent

49、irre bannks. Chriistophher Fllowerss, a sspeciaalist in baank buuy-outts, diid jusst thaat, spplashiing ouut on a smaall Miissourri lennder aand reebrandding iit Floowers Bank. But thesee soloo buyeers arre barrred ffrom ttappinng theeir fiirms fundds forr expaansionn, greeatly limitting tthe apppea

50、l of suuch mooves.另一种方法是，投投资者们可以以用其私人财财富来买下整整个银行。克克里斯托弗.弗拉沃，银银行并购的专专家，就是这这样做的，买买下一个小贷贷款机构，并并重整品牌为为弗莱沃银行行。但是这些些个人买家被被禁止用他们们公司的资金金来进行扩张张，这极大地地限制了这种种方式的吸引引力。As the crisiis hass rumbbled oon, reegulattors hhave rrelucttantlyy cedeed somme groound tto thee barbbarianns at the bbanks gatees. Theyy can now

51、, for iinstannce, aappoinnt morre dirrectorrs witthout this beingg deemmed too consstitutte conntrol. Clubbs of invesstors are bbeing pre-ccleareed so they can ppick uup bannk chaarterss quicckly wwhen oopporttunitiies arrise. The Officce of the CComptrrollerr of tthe Cuurrenccy, whhich rregulaates

52、nnationnally charttered bankss, hass evenn deveelopedd a “sshelf chartter”, whichh suchh grouups caan seccure iin advvance of deeals. It hhas allreadyy handded ouut twoo. The Federral Deepositt Insuurancee Corpporatiion, wwhich handlles faailed bankss and is exxpecteed to releaase neew guiidelinnes

53、onn privvate-eequityy inveestmennt sooon, haas alsso sofftenedd its stancce. Sheiila Baair, iits chhairmaan, beelievees buyy-out firmss shouuld bee conssidereed eliigiblee biddders iif theey shoow theey cann run a bannk pruudentlly andd are “goodd corpporatee citiizens”.随着金融危机的的车轮继续滚滚滚向前，监监管者也不情情愿地将

54、通往往银行大门前前的土地割让让给所谓的野野蛮人。例如如他们现在可可以任命更多多的董事而不不为视为是机机构控制。投投资者团体可可以被事先审审查，这样当当机会出现时时，他们可以以迅速获得银银行执照。负负责监管全国国性银行的货货币监理署官官员甚至发明明出了“执照照货架”，这这些团体可以以确保是交易安全全的。他们已已经递出了两两个。负责解解决破产银行行的联邦存款款保险公司，也也放低了姿态态，他们可能能会在近期出出台对私人股股本投资的新新指导方针。主主席希拉.拜尔相信如果果收购者能够够证明他们可可以审慎地经经营银行，并并且是好的企企业公民的话话，就可以考考虑被认为是是合格的投标标人。The Offfic

55、e oof Thrrift SSupervvisionn, whiich waatchess overr lendders wwith aaroundd $1 ttrilliion off asseets, hhas goone evven fuurtherr. It rrecenttly peermittted a singlle buyy-out shop, MatllinPatttersoon, too takee overr a thhrift in Miichigaan andd has indiccated that it wiill waave thhroughh simiila

56、r ddeals.储蓄机构监理局局(他们负责监监管拥有100000亿美美元资产的贷贷款机构)更是大刀阔阔斧。它最近近允许一个单单一收购者MMatlinnPatteerson接接管了密歇根根的一个储蓄蓄机构，并宣宣称还会有类类似的并购案案浪潮。This puuts itt at oodds wwith tthe moore caautiouus Fedderal Reserrve, wwhich overssees tthe hooldingg comppaniess thatt sit atop most bankss. The Fed wwill nnot peermit a firrm t

57、haat is not rregulaated aas a bbank tto ownn a coontrollling stakee in oone, eeven iif thee inveestmennt is ringffencedd. The centrral baank woorriess abouut mixxing ccommerrce annd finnance, whicch havve beeen leggally separrated for ddecadees in Ameriica.这一切都使得美美联储(负责监管大大多数银行控控股公司)的更加审慎慎的态度显得得奇怪。美

58、联联储将不允许许任何一个不不是被作为银银行来监管的的公司取得银银行控股权，即即便投资是专专项的。央行行担心几十年年以来一直被被分开监管的的商业和金融融业混为一谈谈。Most innvestoors acccept that bankss, unllike tthriftts, arre outt of bboundss to llone bbuyerss. Somee compplain that not bbeing able to coontroll a baank foorces them to deemand a higgher rreturnn, whiich wiill raais

59、e tthe coost off recaapitallisingg the indusstry. But theree willl stilll be moneyy to bbe madde, saays Mrr Kanaas, beecausee evenn minoority invesstors will be abble too meett theiir hurrdle rrates of reeturn if thhe govvernmeent iss geneerous enouggh in its rrisk-ssharinng. Mr FFlowerrs, unnable s

60、o faar to make much progrress aat homme andd lickking hhis woounds from setbaacks aabroadd, bellievess richhes liie aheead. As hhe collourfuully pprediccted eearlieer thiis yeaar: “LLowliffe graave-daancerss likee me wwill mmake aa forttune.”大多数投资者也也认为，银行行不像是储蓄蓄机构，如果果被单独买家家买下是有些些越轨的。一一些人抱怨，如如果不能够控控股