English to Chinese: They came, they walked away from Lehman
Source text - English Suzy Jagger New York
There were as many chauffeurs outside the New York Federal Reserve Bank over the weekend as there were bankers inside. Parked near the New York Fed building in Manhattan, two blocks from Wall Street, black saloons waited for the return of passengers who, between them, held the future of Lehman Brothers in their hands.
Henry Paulson, the US Treasury Secretary, Christopher Cox, chairman of the Securities and Exchange Commission, and Timothy Geithner, president of the New York Fed, had summoned the heads of every leading bank asking for an injection of $35 billion (£19.5 billion) to prop up Lehman.
Clad in weekend wear of chinos and open-necked shirts, the bankers — John Mack, chief executive of Morgan Stanley; John Thain, head of Merrill Lynch; Vikram Pandit, chief executive of Citigroup; Lloyd Blankfein, of Goldman; and Jamie Dimon, head of JPMorgan Chase — came to discuss underwriting $85 billion of Lehman's most toxic assets, ring-fencing the danger to prevent a firesale.
The plan envisaged either Barclays or Bank of America buying the remaining attractive asset — the investment bank. The carve-up, devised by Mr Paulson, was designed to avoid Lehman's real estate assets being sold cheaply in a valuation that would have severe implications for the value of similar assets held by other Wall Street banks — in particular, Merrill Lynch.
Bank of America in talks to buy Merrill Lynch
Barclays bears up to pressure
Lehman Brothers and Merrill Lynch's lost weekend
One banker whose chief executive attended the summit said: “None of us have been let off. We were all there yesterday and we're all there today.”
While Lehman has long been identified as the most vulnerable of Wall Street banks because it has the biggest exposure to mortgage-backed securities, Dick Fuld, its chairman and chief executive, had spent much of this year trying to convince shareholders and Wall Street that all was well.
Since the collapse of Bear Stearns in February, Mr Fuld has regularly phoned other banks, accusing their trading staff of trying to trash the reputation of his bank and drive the stock down. He told them bluntly that speculation about the bank facing funding problems was “ludicrous”. He also made repeated public reassurances about the bank's liquidity.
But last week Mr Fuld's luck ran out. On Monday and Tuesday, shares in the bank, down 90 per cent over the year, sank another 47 per cent. Wall Street believed that Lehman could no longer survive.
Mr Fuld brought forward the bank's third-quarter results by a week and tried to convince analysts at a conference call that, despite another $3.9 billion assets writedown, a $2 billion quarterly loss and a twofold asset sale, he could pull it off. They did not believe him.
Concerned that Mr Fuld had failed to name and secure a buyer for Neuberger Berman, the bank's lucrative asset management business, which is possibly worth $10 billion, and dubious about his plans to ringfence Lehman's $30 billion of toxic commercial real estate investments by floating them off, the shares slipped further.
One banker told The Times: “On that conference call, his voice was broken. I have never heard him like that. He spoke by rote.”
By Thursday Mr Fuld who, ironically, sits on the board of the New York Fed, which is trying to secure a rescue plan, tried to sell his bank. It is not known how many were tempted, but a consortium of Bank of America, JC Flowers, the private equity group, and China Investment Co, the sovereign wealth fund, emerged as an interested party. Goldman Sachs looked favourably on the commercial real estate assets. John Varley, chief executive of Barclays, and Bob Diamond, chief executive of Barclays' investment business, were also interested in buying - what was believed to be the investment bank of Lehman.
As the New York market closed on Friday, Mr Paulson started the countdown. According to one source close to a potential bidder, Mr Paulson concluded that Lehman should not be allowed to remain in its existing form when the markets opened today. The source told The Times: “Mr Paulson was anxious that should a deal, or a number of transactions, not be secured by Sunday evening, the uncertainty about Lehman, its clients and their exposure, could trigger panic as Japanese traders arrived for work in Tokyo.”
A banker close to the talks said: “It is a very narrow window. Paulson is aiming for Sunday night, but they may not hit that target. There is an enormous amount of due diligence to do before you can get a signature on that contract.”
The Saturday marathon ended in stalemate. Mr Paulson and Mr Geithner had wanted to split Lehman into two or three companies - one containing Lehman's bad assets, including its $85 billion of real estate, one housing the investment bank, and Neuberger Berman. Faced with insistence from the Federal Reserve and the Treasury that they would not use taxpayer funds to bail out Lehman, many bidders were unwilling to commit.
As the future of Lehman hung in the balance, traders at other US banks were trying to calculate their exposure in the event of collapse. Their predicament was far less harrowing than that of Lehman's workers. “Nobody knows whether to bother turning up for work on Monday or not,” one said.
Translation - Chinese 苏琦.亚戈纽约报道
English to Chinese: Arshavin’s artistry heading for the Uefa Cup ?
Source text - English
The difference was incredible. The difference between Arshavin and the other 21 players was quite incredible.
But you had to be there.You had to be in the stadium to really see it.
Truly, Arshavin was different class. Five foot five and stocky, he has a razor-sharp touch in both feet, and his vision puts him on another level. He was fantastic. It was a real thrill to see his debut. Andrej Arshavin was even better than I thought he would be.
He hasn't played since November but he lit up a dreary 0-0 draw against Sunderland. Trouble was, his pinpoint passes were sometimes too good for the other players. They couldn’t read him because they’ve played for too long in a predictable passing pattern.They’re not used to being around a player of that quality.
I never doubted Arsenal should sign Arshavin because it’s very rare that a player as gifted as him comes on the market. If he’s available, and wants to join your club, you sign him. Although Paul Walsh said on Soccer Saturday that he thought Wenger had been “railroaded” into the deal. I hope not. We’ve been begging the manager to sign a 27-year old player. We’ve been begging him to sign 27-year old players for the last four years !
The day started well with a sunlit Saturday stroll through Highbury Fields with my son Michael, down Drayton Park, where his pal Jay lives, meeting my friend outside Arsenal tube station, with his mate Adam and Adam's young son Billy, four of strolling round to see a game we expected to be a home win. We were all in a good mood and really looking forward to the game.
When the Arsenal players gathered in a circle to embrace each other and signal their brotherly love, it looked pathetic and we joked about it.
“Thierry’s last hug with Theo lasted two minutes!"
“I know, I was shouting, ‘Get a room!' "
Silly stuff like that.
Arshavin shone like a diamond immediately. When Andy Reid passed to him near the centre circle, he cruised forward and fired a fierce shot a yard past the base of the post. He zipped in from the right and fired a shot which Fulop parried away for a corner. Another shot was hasty and wide. A cross was almost perfect, just behind Bendtner, who got in decent header which was saved .
Without scoring, no new player could have had a better February start than Arshavin was having here. Cutting back a ball to Bendtner, he found the striker had switched off, turned his back, not expecting the ball to come. Sagna read Arshavin’s probing pass down the line a fraction too late but almost got there in time.( Zenit feed their overlapping fullbacks, that’s a big part of their style.)
Early on, Denilson's best pass split the Sunderland defence but Robin van Persie floated his shot two feet past the post. If he scores, it's a different game.
First half, RVP was taking seven touches when Arshavin was taking two. We were saying , "Look at van Persie, why is he so bad today? " "He looks as if he’s had his nose put out of joint !" " Suddenly, there's a new player who can do things he can’t do." " It's like Henry when Reyes came, and took up positions he liked to take up, so he had the hump."
Almunia and Gallas played well. And Bendtner showed that he can play with Arshavin
Vela replaced Arshavin and when Nasri's cross beat the jumpers and fell to Vela, he mishit his shot two yards wide. Two minutes later, RVP gave Vela a nice pass but Vela swung wildly at the ball and his the shot went nearer the goal than the corner flag . But not much nearer.
As a punter, I'm pretty cool. I've lowered my expectations, and lowered them again, so I don't expect much. So I don't get agitated, don't scream and shout. But Vela's late, ridiculously wild shot frustrated me and I shouted, “Concentrate, you idiot ! Where’s your bottle? You do this for a living !”
My friend held his head in his hands and said, “What does Wenger see in this team?"
Let's get this 100% straight once and for all, so I don't have to mention it ever again. It's boring so I'm only going to say this once more : Alex Song is a seriously inept footballer and Denilson is a bang average squad player. With Petit and Vieira, Arsenal would have won this game. With Grimandi and Edu they would have won. With Paul Davis and Ray Parlour, ditto.
Two duff central midfielders will always expose your centrebacks too much, restrict full backs, starve your strikers, and reduce the potential of your wide players. That’s obvious. It’s a fact, not an opinion. These clowns can’t win the ball in the right areas, they never intercept to launch breaks, or generate momentum, and when they have the ball they pass it sideways, partly because nobody is making a run.
Arsenal fans hate to hear Wenger say, “Eboue and Song don’t get the credit they deserve.” They really hate that. They think he’s lost the plot. A big percentage now think Wenger has lost the plot and will NOT turn it round. Does he think fans know nothing? Does he think 60,000 people are morons ?
The way Arsenal play is one-paced and one-dimensional and dull. It was exciting last season when Flamini made the team 30% faster. But nowadays they rarely mix it up, so they are numbingly predictable. This midfield cannot win games. This midfield is seriously inept. This midfield did not dominate the West Ham midfield or the Sunderland midfield. Is there any of the 19 midfields in the PL that Denilson and Song could dominate? No! Not one.
In injury time, Gallas hit a Route 1 ball, Bendtner flicked it on, RVP shot straight at Fulop. We heard a roar. We were outside the stadium by then.
I got home at 6.15pm and Gooner Kelvin had called and left a message with Jan : We’ve had enough!
My brother Paddy phoned. He said a third of the crowd had left by the final whistle, according to a radio commentator.
On Saturday night, in the wonderfully modern interactive world we now enjoy, Gooners were ringing up Ray Parlour on You’re On Sky Sports and saying, “We think we’re being shafted : season ticket prices, merchandise, food and drink, five quid for a hot dog - we think we’re being shafted.”
What’s the bottom line on the Sunderland game?
Simple. On this evidence, Arshavin is heading for the Uefa Cup again. After this drab, dreary game he must have gone home on Saturday night and thought : What have I done?
Still, I’ll remember the little Russian’s debut. I’ll remember thinking : he thinks too quick for these dimwits !
Andrej Arshavin is the jewel in the crown. But right now the crown is made of cardboard.
So the $64,000 question is : How quickly can Arsenal improve to profit from Arshavin’s creativity?
Let me correct the above sentence : 5th place would cost Arsenal £40 million.
So it's a £40 million question. The £40 million question is : How quickly can Arsenal improve to profit from Arshavin’s creativity?
Translation - Chinese 差距是如此的明显。阿尔沙文和其他21名球员的差距是显而易见得有点刺眼了。
I finished my college study at Northwestern Polytechnical University in 2006 as a student major in English. Passing TEM 8 as the top scorer in English department, I also got an Excellent in TOEIC examination. But I’d rather mention two things in my college life. The first one is that I had been awarded “Excellent Volunteer” by the university due to my consistent guidance to young students in nearby rural area. The other is that I had translated an American novel into Chinese in my spare time. Although the 60,000 novel is far from publication, I‘d learnt a lot during this process.
Acting as a purchase representative in a chemical company, I had successfully brought life to foreign trade business in the company again and built a good relationship with world major providers. I worked as a free translator in my spare time and provided news reviews for www.arsenal.com.cn since 2007.
So it is no surprise that I finally quit my first job on February 2008 to continue the pursuit of my ideal career as a translator. In my second month working for Xindaya, a translation company, I was asked to do proofreading work besides translating. And I realized that what is more important in translating is that you should love what you do and to be as conscientious as you can.
Worked in a translation company in Beijing until February 2009, I do not like Job-Hopping. Yet I believe the position you offered is ideal for me. And hopefully, I will be the ideal one for the post you offered.