Where Did Corporate Credibility Go?

 

 

U.S telecommunications giant WorldCom has filed for bankruptcy¹ in the largest corporate^{2 1)}collapse³ in American history. Under investigation⁴ for ²⁾fraud, amidst a massive accounting⁵ scandal, WorldCom is now seeking protection from its creditors⁶ as it attempts to remain in business. As Jeremy Austin reports, the bankruptcy filing ³⁾recaps a spectacular ⁴⁾fall from grace for one of the ⁵⁾icons of 1990s technology boom.   

Caught up in a huge accounting scandal and weighed down by 41 billion U.S. dollars in debt, WorldCom finally fell to the inevitable⁸. The Chapter 11 bankruptcy filing is the latest in a series of collapses⁹, which have ⁶⁾stunned investors¹², financial markets and regulators ⁷⁾alike. With 107 billion U.S. dollars in declared assets, WorldCom’s bankruptcy is the biggest in U.S. history, far exceeding that of Enron last year and Texaco in 1987. From humble¹³ beginnings in a rural telephone company, WorldCom expanded aggressively during the technology boom in the 1990s, becoming the second largest long distance telephone service provider in the U.S., and transmitting half the world’s Internet traffic. The company’s fall has been even ⁸⁾swifter. CEO and founder¹⁴ Bernie Ebbers resigned in April, after U.S. securities regulators launched a wide-ranging investigation into the company’s finances. In June, WorldCom was charged with fraud after revealing that ⁹⁾false accounting had inflated¹⁵ earnings¹⁶ by nearly 4 billion dollars. The company’s new CEO, John Sidgmore, says that the bankruptcy filing will not cover WorldCom’s international operations, and should have no effect on customer services. Using temporary financing, he hopes to restructure the company, and pull it out of bankruptcy within 12 months.    ¹⁰⁾Bargain hunting and a ¹¹⁾boost in investor¹¹ confidence were behind the rebound¹⁷ on Wall Street overnight. When the final bell rang, the Dow Jones Industrial Average closed up nearly 489 points, the second largest point gain for a day, ever. Investors took heart on progress made on legislation to ¹²⁾crack down on corporate fraud. Stocks also rallied on the arrest of John Rigas, the founder of Adelphia Communications. But now, the ¹³⁾Securities and Exchange Commission is investigating AOL Time Warner for accounting irregularities.    

Investors were initially¹⁸ reassured¹⁹, by J.P. Morgan Chase and Citigroup that they are more than equipped to handle any ¹⁴⁾fallout from Enron’s collapse. It’s feared the two financial giants could suffer from Enron-related lawsuits²⁰, if they are ¹⁵⁾implicated in disguising the energy trading company’s financial problems. The market also got a lift from news that the government had arrested John Rigas and his two sons, charged with stealing from Adelphia, America’s 6th largest cable company while they were its top executives.   

Larry Thompson (US Deputy Attorney General): In less than four years, the ¹⁶⁾complaint ¹⁷⁾alleges, they stole hundreds of millions of dollars and, through their fault, caused losses to investors of more than $60 billion.   

Another boost came from words that the House and Senate conferees have finally agreed on a corporate reform bill. It’s now increasingly likely both chambers²³ will pass it soon. President George W. Bush wants the bill on his desk to sign next week. But one ¹⁸⁾glitch²⁴ could send stocks back on a downward spiral again as  AOL Time Warner. Chief Executive Richard Parsons told analysts²⁵ that the Securities and Exchange Commission is conducting a fact-finding inquiry²⁶ in several transactions. And the specter of even still more accounting scandals could linger up until August 14th. On that day, chief executive officers of almost a thousand companies have to swear that their most recent financial reports are not misleading. The question is how many CEOs will be willing to stick their neck out and meet that deadline.   

In this week’s cover story, investor confidence. The wave of corporate scandals has taken its ¹⁹⁾toll²⁷ on individual investors, and it may take some major changes before Americans regain²⁸ their trust in corporate America and the financial markets.   

With former WorldCom executives on the Congressional hot seat this week over the company’s accounting scandal, the question individual investors are asking is, who’s next?

Bill Staikos (Investor): Considering someone of that type of public presence such as a WorldCom, I’m sure that there are other people out there.    28 year-old Bill Staikos, like many other money investors angered by the wave of corporate scandals, is now wondering how many companies are also ²⁰⁾tainted. Bill Staikos: I have a feeling that there will be more.    

He’s not alone.

Pedestrian: There are other companies out there that are surely doing it. Thinking that there is only just those two, there’s got to be more that are out there. We just haven’t found them yet.   

In fact, according to a recent Wall Street Journal poll, two thirds of Americans believe that financial fraud is a frequent ²¹⁾occurrence in corporate America. A crisis in trust, some scholars, say could take years to ²²⁾reverse. Richard Sylla(Financial historian): It wouldn’t surprise me a bit if it took a few years, at least, to undo³⁰ the damage that’s been done lately.   

Dick Sylla teaches financial history at New York University, and says you’d have to go back almost 75 years to find a time of scandal and mistrust like this.Richard Sylla: It’s the biggest wave of scandal we’e seen in some decades. Minor³¹ scandals go on all the time, but I think you have to go back to almost the era of the stock market crash of ?9 and the Great Depression of the 1930s to see quite so much major scandal at the top of American businesses.   

Back in the 30s, it took the Dow Jones Industrial Average nearly 25 years to recover its losses. And although Sylla says it won’t take as long this time around, the current ²³⁾turmoil³² is taking its toll. According to a monthly survey by the UBS and the Gallup Organization, investor optimism fell 20 points in June, to the lowest level in nearly a year.

Pedestrian: I’m just ²⁴⁾numb³³, really, as to everything that’s going on.So what will it take for investors to regain their trust in corporate America, and the financial markets? Experts say it depends on how many corporate scandals are yet to be uncovered.Robert Shiller(Economist³⁴): The question is how much of Enron-type ²⁵⁾phoniness, even to a much lesser³⁵ degree, but how much of that is in the system now?    Behavioral Economist Robert Shiller says in order to restore investor trust, companies must change the way they select their leaders, focusing more on ethics³⁶ than image.

Robert Shiller: It’s the way we select people. It’s who we put in those positions. We can put in people who are very sober, experienced people or we can put in showman.President Bush: Our administration will do everything in our power to end the days of cooking the books, shading the truth.   

New regulations called for by President Bush may help in the battle to bring investors back, especially when it comes to holding executives accountable for the financial statements they give.Richard Sylla: The ²⁶⁾mantra of investors that you hear again and again now is that I’m in it for the long term. Well, people have a great deal of faith in the long term, but for that faith to be rewarded, we have to have people who are watching for the long term who are running the companies that make the earnings.    Even so, some experts believe that no matter what changes come in the short term, the damage is too severe for a quick fix.CE

22、大公司的诚信何在？

 

美国通信巨头世界通信公司申请破产，这是美国历史上最大的垮台企业。如今，世界通信公司正因诈骗接受调查，深陷丑闻泥沼。在这种形势下，世界通信公司为了继续生存，于是寻求破产保护，防止债主逼债。我台记者杰里米·奥斯汀向我们报道，世界通信公司作为上个世纪九十年代科技市场繁荣时期众多企业的亦步亦趋的偶像之一，它的破产申请让我们重温这家公司让人震惊的起落历程。    

由于陷入财务丑闻，并且背着410亿美元的债务，世界通信公司不可避免的命运终于到来。这次它申请破产保护，从投资者、金融市场，到政府监管机构无不目瞪口呆。由于世界通信公司自己申报的资产有1070亿美元之多，它成为美国历史上最大的一宗破产案，远远超过了去年申请破产的安然公司和在1987年破产的德士古公司。世界通信公司一开始只是一家不起眼的农村电话公司，在二十世纪九十年代的科技热潮里，它积极扩展，并成为美国第二大长途电话公司，传送着世界一半的互联网通信量。这家公司的崩溃来势比安然公司和德士古公司更迅猛。今年四月，在美国证券监管机构对世界通信公司开展一系列大范围的财务调查后，公司的总裁和创办人伯纳德·艾贝斯辞职。六月，世界通信公司被揭露制造假帐，虚报了近40亿美元的收入后，公司被指控欺诈。公司的新总裁约翰·希吉莫尔说，这次破产申请并不包括世界通信公司的国际业务，不会对顾客享用的服务造成影响。他希望公司通过临时融资进行公司重组，让公司在一年内走出破产困境。   

昨晚华尔街突然反弹的原因是投资者抄底交易以及他们信心的提升。当一天的交易结束时，道琼斯工业平均指数收盘时上升了489点，这是华尔街有史以来单日第二大上涨数。立法机构在对企业欺诈行为采取严厉措施方面的进展正合投资者的心意。此外，阿德尔菲亚通讯公司的创办人约翰·里加斯被捕一事也对股市的回升起了积极的作用。但与此同时，美国证券交易委员会正对美国在线时代华纳公司帐目不正常现象展开调查。   

一开始，摩根大通集团和花旗银行宣布，他们对处理安然公司破产案可能带来的遗留问题已做好了充分的准备，这使得投资者定下心来。因为投资者们原来担心，一旦这两家大金融机构与安然这家能源交易公司的财务问题有牵连的话，它们会遭受损失。同时，政府逮捕了约翰·里加斯和他的两个儿子的消息也让投资者为之一振。里加斯父子被指控，任职全美第六大有线电视公司、阿德尔菲亚公司的高级管理人员时盗窃公司的资产。

拉里·汤姆森（美国司法部副部长）：原告称，在不到四年的时间里，他们（里加斯父子）蓄意挪用了公司数千万美元的资产，造成投资者六百亿美元的损失。   

对股市的另一个刺激是在美国众议院与参议院出席会议的与会者最终就一项企业改革法案达成一致，而且，这个法案可能很快会在参众两院通过。总统乔治·W·布什希望能在下周签署这个法案。不过，美国在线时代华纳公司的问题可能会导致股市再度加剧下跌，美国在线时代华纳公司的总裁理查德·帕森斯告诉分析家，美国证券交易委员会正就公司的数项交易进行实际调查。而一直到八月十四日以前，对更多公司财务丑闻被陆续揭露还会有很多猜测。因为在八月十四日那天，近一千家公司的总裁必须发誓担保自己公司财务报告的真实性。但问题是究竟有多少公司的总裁到了那天会愿意担这个风险。   

这个星期节目的头条是投资者的信心。企业丑闻浪潮迫使个体投资者为此付出了代价，要美国人重新对美国公司和金融市场建立信心，可能需要一些重大的改变。   

本周，正当世界通信公司的高层管理人员在国会尴尬亮相、为他们公司的财务丑事作证时，个体投资者想问的是：下一个会是谁？

比尔·斯泰科斯（投资者）：想一想，像世界通信公司这种大企业也这样，我肯定还有其它公司也在做着同样的事情。   

比尔·斯泰科斯今年28岁，他像许多投资者一样，对当前的企业丑闻浪潮很气愤，他现在想的是究竟有多少公司也与世界通信公司一样堕落了。

比尔·斯泰科斯：我觉得还会有更多的坏消息。   

跟他有同样想法的人还有不少。

行人：肯定还有其它公司干着同样的勾当。想想现在发现的这两家，肯定还有不少其它的公司，只是我们目前还没发现他们罢了。   

事实上，《华尔街日报》最近做的一次调查表明，三分之二的美国人认为财务诈骗行为在美国的大公司里是经常发生的。一些学者称，要花数年时间才能扭转这种信任危机。

理查德·西拉（金融历史学家）：如果说至少要花好几年时间才挽回最近这些事件带来的坏影响的话，我一点也不会感到奇怪。   

目前在纽约大学里教授金融历史的迪克·西拉说，像如此大规模的丑闻浪潮和对大公司的怀疑最后一次出现至今已有差不多75年了。

理查德·西拉：我们现在面对的丑闻浪潮是数十年来最严重的。当然，小的丑闻常常都会发生，但我想，在美国商界最优秀的企业中发生如此之多的大丑闻，只有在1929年的股市暴跌和二十世纪三十年代的经济大萧条时期出现过。    当时，道琼斯工业平均指数花了近二十五年的时间才恢复过来。虽然西拉也说这次丑闻浪潮不一定需要同样长的时间恢复，但目前的混乱也带来了危害。由瑞士联合银行与盖洛普机构联合进行的月度调查表明，投资者的乐观态度在六月下降了20点，是近一年来最低的。

行人：对眼前发生的这一切，我已经麻木了，真的。那么，怎样才能使投资者重拾对美国大公司和金融市场的信心呢？专家说这取决于还会有多少丑事被揭露出来。

罗伯特·施勒（经济学家）：现在的问题是，企业界到底有多少像安然公司这种，或者程度比它轻些的造假帐行为?行为经济学家罗伯特·施勒认为，要重建投资者的信心，企业必须改变他们选择领导者的方式方法，要更多地注意人的道德观念，而不只是个人的形象。

罗伯特·施勒：重要的是我们选择的是怎么样的人，把什么人推上这些位置。我们可以选非常认真、而且有经验的人，也可以选会炫耀、表演的人。布什总统：政府会想方设法，尽我们所能，结束那些制造假帐，掩盖真相的日子。布什总统提出的新条例可能有助于打赢重建投资者信心这一仗，在让公司高层管理者为自己的财务帐目负责这方面会更有效。

理查德·西拉：如今，人们常为投资者唱赞歌，说他们自称是长线投资者。是的，投资者是对长线收益充满信心，但为了让这种信心得到回报，我们要有人关注长远利益，有人来经营管理那些赚钱的公司。   

即使是这样，有些专家相信，无论短期内有什么新的变化，目前已造成的损失太大了，不可能迅速恢复。CE

1) collapse [kE5lAps] n. 垮下，崩溃

2) fraud [frC:d] n. 欺骗，欺诈

3) recap [ri5kAp] v. 重新

4) fall from grace 堕落

5) icon⁷ [ai5kC:n] n. 偶像，崇拜对象

6) stun¹⁰ [stQn] v. 使发愣

7) alike [E5laik] ad. 相等，相似

8) swift [swift] a. 飞快的，突然的

9) false accounting had inflated earnings by nearly 4 billion dollars 世界通信公司8月初宣布，该公司在重新审查旧账时，发现了新的假账，这使得陷入破产困境的世通公司假账总额已超过70亿美元。

10) bargain [5ba:gin] n. 便宜货，廉价品

11) boost [bu:st] n. 提高，促进

12) crack down 猛击，采取严厉措施

13) Securities and Exchange Commission 美国证券交易委员会，简称SEC。它成立于1934年，是美国联邦政府的一个独立机构。其主要职责是贯彻执行在证券交易方面的法律。该机构要求所有公开招股公司公布其组织结构情况及财务状况，规定所有达成交易的证券必须注册登记。它也负责听取控告、组织调查、颁发经纪人执照等事宜，并具有惩处诈骗行为的广泛权力。

14) fallout [fC:5laut] n. 意外的副产品，剩余物

15) implicate²¹ [5implikeit] v. 使牵连，影响

16) complaint [kEm5pleint] n. 美国民事诉讼中原告一方的指控

17) allege²² [E5ledV] v. 断言，宣称，提出但尚未证实

18) glitch [glitF] n.  小故障，小事故

19) toll [tEul] n. 代价，牺牲

20) taint²⁹ [teint] v. 腐败，堕落      

21) occurrence [E5kErEns]n. 发生的事情，事件     

22) reverse [rivEs] v. 逆转，彻底改变             

23) turmoil [5tEmCil] n. 骚动，混乱

24) numb [nQm] a. 麻痹的，麻木的

25) phoniness [5fEuninis] n. 虚假，伪造，假冒

26) mantra [5mAntrE] n. 颂歌，圣歌

 

1 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

2 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

3 collapse   

vi.累倒；昏倒；倒塌；塌陷

参考例句：

• The country's economy is on the verge of collapse.国家的经济已到了崩溃的边缘。
• The engineer made a complete diagnosis of the bridge's collapse.工程师对桥的倒塌做了一次彻底的调查分析。

4 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

5 accounting   

n.会计，会计学，借贷对照表

参考例句：

• A job fell vacant in the accounting department.财会部出现了一个空缺。
• There's an accounting error in this entry.这笔账目里有差错。

6 creditors   

n.债权人，债主( creditor的名词复数 )

参考例句：

• They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
• Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》

7 icon   

n.偶像，崇拜的对象，画像

参考例句：

• They found an icon in the monastery.他们在修道院中发现了一个圣像。
• Click on this icon to align or justify text.点击这个图标使文本排齐。

8 inevitable   

adj.不可避免的，必然发生的

参考例句：

• Mary was wearing her inevitable large hat.玛丽戴着她总是戴的那顶大帽子。
• The defeat had inevitable consequences for British policy.战败对英国政策不可避免地产生了影响。

9 collapses   

折叠( collapse的第三人称单数 )； 倒塌； 崩溃； （尤指工作劳累后）坐下

参考例句：

• This bridge table collapses. 这张桥牌桌子能折叠。
• Once Russia collapses, the last chance to stop Hitler will be gone. 一旦俄国垮台，抑止希特勒的最后机会就没有了。

10 stun   

vt.打昏，使昏迷，使震惊，使惊叹

参考例句：

• When they told me she had gone missing I was totally stunned.他们告诉我她不见了时，我当时完全惊呆了。
• Sam stood his ground and got a blow that stunned him.萨姆站在原地，被一下打昏了。

11 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

12 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

13 humble   

adj.谦卑的，恭顺的；地位低下的；v.降低，贬低

参考例句：

• In my humble opinion,he will win the election.依我拙见，他将在选举中获胜。
• Defeat and failure make people humble.挫折与失败会使人谦卑。

14 Founder   

n.创始者，缔造者

参考例句：

• He was extolled as the founder of their Florentine school.他被称颂为佛罗伦萨画派的鼻祖。
• According to the old tradition,Romulus was the founder of Rome.按照古老的传说，罗穆卢斯是古罗马的建国者。

15 inflated   

adj.（价格）飞涨的；（通货）膨胀的；言过其实的；充了气的v.使充气（于轮胎、气球等）( inflate的过去式和过去分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• He has an inflated sense of his own importance. 他自视过高。
• They all seem to take an inflated view of their collective identity. 他们对自己的集体身份似乎都持有一种夸大的看法。 来自《简明英汉词典》

16 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

17 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

18 initially   

adv.最初，开始

参考例句：

• The ban was initially opposed by the US.这一禁令首先遭到美国的反对。
• Feathers initially developed from insect scales.羽毛最初由昆虫的翅瓣演化而来。

19 reassured   

adj.使消除疑虑的；使放心的v.再保证，恢复信心( reassure的过去式和过去分词)

参考例句：

• The captain's confidence during the storm reassured the passengers. 在风暴中船长的信念使旅客们恢复了信心。 来自《现代英汉综合大词典》
• The doctor reassured the old lady. 医生叫那位老妇人放心。 来自《简明英汉词典》

20 lawsuits   

n.诉讼( lawsuit的名词复数 )

参考例句：

• Lawsuits involving property rights and farming and grazing rights increased markedly. 涉及财产权，耕作与放牧权的诉讼案件显著地增加。 来自辞典例句
• I've lost and won more lawsuits than any man in England. 全英国的人算我官司打得最多，赢的也多，输的也多。 来自辞典例句

21 implicate   

vt.使牵连其中，涉嫌

参考例句：

• He didn't find anything in the notebooks to implicate Stu.他在笔记本中没发现任何涉及斯图的东西。
• I do not want to implicate you in my problem of the job.我工作上的问题不想把你也牵扯进来。

22 allege   

vt.宣称，申述，主张，断言

参考例句：

• The newspaper reporters allege that the man was murdered but they have given no proof.新闻记者们宣称这个男人是被谋杀的，但他们没提出证据。
• Students occasionally allege illness as the reason for absence.学生时不时会称病缺课。

23 chambers   

n.房间( chamber的名词复数 )；（议会的）议院；卧室；会议厅

参考例句：

• The body will be removed into one of the cold storage chambers. 尸体将被移到一个冷冻间里。 来自《简明英汉词典》
• Mr Chambers's readable book concentrates on the middle passage: the time Ransome spent in Russia. Chambers先生的这本值得一看的书重点在中间：Ransome在俄国的那几年。 来自互联网

24 glitch   

n.干扰；误操作，小故障

参考例句：

• There is a glitch in the computer program somewhere.这个计算机程序中的某个部分有点小问题。
• It could just be a random glitch that can be solved by restarting the machine.可能只是一个小故障，重新启动主机就能解决了。

25 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

26 inquiry   

n.打听，询问，调查，查问

参考例句：

• Many parents have been pressing for an inquiry into the problem.许多家长迫切要求调查这个问题。
• The field of inquiry has narrowed down to five persons.调查的范围已经缩小到只剩5个人了。

27 toll   

n.过路(桥)费；损失，伤亡人数；v.敲(钟)

参考例句：

• The hailstone took a heavy toll of the crops in our village last night.昨晚那场冰雹损坏了我们村的庄稼。
• The war took a heavy toll of human life.这次战争夺去了许多人的生命。

28 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

29 taint   

n.污点；感染；腐坏；v.使感染；污染

参考例句：

• Everything possible should be done to free them from the economic taint.应尽可能把他们从经济的腐蚀中解脱出来。
• Moral taint has spread among young people.道德的败坏在年轻人之间蔓延。

30 undo   

vt.解开，松开；取消，撤销

参考例句：

• His pride will undo him some day.他的傲慢总有一天会毁了他。
• I managed secretly to undo a corner of the parcel.我悄悄地设法解开了包裹的一角。

31 minor   

adj.较小(少)的，较次要的；n.辅修学科；vi.辅修

参考例句：

• The young actor was given a minor part in the new play.年轻的男演员在这出新戏里被分派担任一个小角色。
• I gave him a minor share of my wealth.我把小部分财产给了他。

32 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

33 numb   

adj.麻木的，失去感觉的；v.使麻木

参考例句：

• His fingers were numb with cold.他的手冻得发麻。
• Numb with cold,we urged the weary horses forward.我们冻得发僵，催着疲惫的马继续往前走。

34 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

35 lesser   

adj.次要的，较小的；adv.较小地，较少地

参考例句：

• Kept some of the lesser players out.不让那些次要的球员参加联赛。
• She has also been affected,but to a lesser degree.她也受到波及，但程度较轻。

36 ethics   

n.伦理学；伦理观，道德标准

参考例句：

• The ethics of his profession don't permit him to do that.他的职业道德不允许他那样做。
• Personal ethics and professional ethics sometimes conflict.个人道德和职业道德有时会相互抵触。