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作者：网页游戏公益服 来源：http://www.banruo.net 时间：2020-11-24 05:27
2015考研英语复习正是强化复习阶段，考研英语阅读在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。新东方名师范猛老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 Bank to square one 回到原点的银行 Ken Moelis believes that small is beautiful when itcomes to investment banking; 肯·莫里斯认为对于投行来说“做小”是件好事; The first investment bank where Ken Moelis worked—Drexel, Burnham, Lambert—failed spectacularly.Another former employer, Donaldson, Lufkin &Jenrette (DLJ), was bought by a bigger rival. Themost recent, UBS, is now on government life-support. During his 25-year career in investmentbanking, in short, Mr Moelis has seen it all. Over that period investment banks have evolvedfrom staid partnerships into huge, publicly traded conglomerates before stumbling, and insome cases collapsing, last year. But Mr Moelis has survived the upheaval, and come upwith some ideas about how investment banking could be improved along the way. He is nowtrying to put them into practice at the bank he founded in 2007, Moelis & Company. 肯.莫里斯工作过的第一家银行Drexel, Burnham, Lambert壮烈地倒下了。另外几家老雇主Donaldson,Lufkin & Jenrette也被更大的对手收购。最近，瑞银集团也靠政府支持维生。在25年的投行生涯中，莫里斯，简单地说，见证了这个全过程。在这期间，在去年投行业受挫，甚至彻底崩溃之前，他们从一种稳健的伙伴发展成为巨大的，公开交易的混业经营体。但是莫里斯经受住了巨变的考验，并且对如何改进投行业有了一些想法。现在他试图把这些想法在他2007年创办的莫里斯公司付诸实践。 Mr Moelis started out in the Beverly Hills office of Drexel, where he worked with MichaelMilken, the “junk-bond king” who was later jailed for fraud. They raised money for cable-television channels and mega-casinos in Las Vegas—both innovative new businesses at thetime—with fabled entrepreneurs such as Ted Turner and Steve Wynn. Mr Milken’s belief that asmall bank with great ideas could shake the establishment made an impression on theyoung Mr Moelis, despite Drexel’s subsequent collapse. Over the course of his career, hesays, he concluded that banking conglomerates were too unwieldy to look after clients oremployees properly—one reason why he left DLJ in 2000 when it merged with Credit Suisse.Nonetheless, a few months later Mr Moelis agreed to join UBS, another big Swiss bank, tobuild up its American investment-banking unit. And build he did. It quickly became a leader inalmost every branch of the business, from mergers and acquisitions (M&A) to shareofferings. 莫里斯的事业始于比利弗山的德雷克塞尔办公室，和他共事的是“垃圾债券之王”——迈克尔.米尔肯，该人后来因为欺诈而入狱。他们和超级企业家诸如特德特纳(译者注：CNN的创始人)和史蒂夫韦恩(拉斯韦加斯赌场巨子)一起，为有线电视频道和拉斯维加斯的超级赌场这两个在当时属于领新的行业筹资蓄款。尽管德雷克塞尔后来倒闭了，但是米尔肯认为有着好思路的小银行能够撼动大机构的观点，给年轻的莫里斯留下了深刻的印象。在他的职业生涯中，他得出这样的结论：银行的混业经营使得不便于恰当地服务客户和员工，这也是他在2000年DLJ兼并瑞士信贷后离开的原因之一。尽管如此，莫里斯还是在几个月以后同意加入另一个瑞士银行巨头——瑞银集团，来组建它的美国投资银行部门。他也的确这样做了，随后瑞银的投行部门成为这个商业领域从合并收购到配股几乎所有业务的龙头。 That was not enough for Mr Moelis, who says he still felt uncomfortable at such a big bank.In early 2007, despite the worsening economic outlook, he left to set up a bank of his own. Aday after opening Moelis & Company he won the job of advising Hilton Hotels on a $26billion takeover bid from Blackstone Group—one of the biggest deals of the buy-out boom. Asthe recession took hold, demand grew for the impartial advice that “boutique” banks offeredbut that the giants, with their myriad customers and huge proprietary-trading operations,struggle to provide. 但是这些对于莫里斯远远不够，这样一个大银行里他还是觉得不舒服。在2007年初，尽管经济前景不乐观，他依然选择离开并创建自己的银行。在开业后的第一天，莫里斯赢得了希尔顿酒店从黑石集团260亿美元的收购要约——买断热潮中最大的一笔交易。随着经济衰退的确立，对“精品”银行的中立意见的需求增加，但是那些有着众多顾客和巨额自营交易(译者注：公司为赚取直接收益，而不是佣金的交易。具体来说，指公司决定通过直接市场交易，而不是通过赚取处理买卖的佣金而获利)的投行巨头们却很难提供。 Indeed, big banks’ share of the world’s M&A business so far this year is five percentagepoints lower than it was last year. Boutique banks, by contrast, have won their highest shareever, at 15%. Both long-established small outfits such as Rothschild and Lazard, and newerones such as Evercore Partners, have seen their business expand. But Moelis &Company made the biggest splash, briefly becoming one of the top ten banks in the M&Abusiness in America. Mr Moelis’s firm helped Anheuser-Busch, an American brewer, sell itselffor $52 billion to Inbev of Belgium, and helped Yahoo!, an internet portal, see off a takeoverbid from Microsoft, a software giant. 的确，截至目前大佬们在全世界并购和收购商业的市场份额下滑了5个百分点，而与之鲜明对比的“精品小投行”则赢得了史无前例的15%。无论是Rothschild 和Lazard这些设立已久的小机构还是诸如EvercorePartners这样的新机构，他们都看到了业务的迅速扩张。但莫里斯公司还是引发了最大的轰动，他曾暂时雄踞全美并购和收购业务前十名。莫里斯的公司帮助美国啤酒酿造商安海斯布希以520亿美元将自己出售给比利时的英博公司，帮助互联网门户雅虎抵制了软件巨头微软的收购。
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