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Valerie Morris: I have to tell you (it) was another down day on Wall Street, ending a down week. Earlier in the week it was the Subprime Mortgage story, now renewed concerns about inflation, consumer prices rose a little bit more than expected in February, and that has investors1 worried, partly because the Fed is unlikely to cut interest rates while prices are on the rise. So as a result, stocks ended broadly lower today, taking a look at the Big Board at the New York Stock Exchange, the Dow lost 49 points, the NASDAQ Composite fell a quarter of a percent, the S&P 500 dropped more than a third of a percent, Catherine.
Catherine: Oh my goodness and that story just won't go away. We mentioned the mortgage rates and the subprime mortgages earlier this week rocking the stock market and the housing market. What are today's developments?
Valerie: Well, there could be, let's say, a couple of positive items to report today, first of all, the head of a key House Committee says that he is targeting the end of the year for passage of a bill to rein2 in the types of predatory lending behind the subprime crisis. Elsewhere Fremont General, which makes loans, is getting a loan, the company says it's getting an increased line of credit from Credit Suisse for another 1 billion dollars, and while that may help Fremont in a short term, the company still plans to get out of the Subprime business. At least 20 Subprime lenders have gone out of business as a result of the rising number of late payments and foreclosures. So the companies are trying desperately3 to raise cash. Now another company, Accredited4 Home Lenders says it will sell nearly 3 billion dollars in loans at a substantially discounted price, it needs to get money to meet demands from its lenders in order to pay off some of the debt, Catherine.
Catherine: And, and doesn’t this, Valerie, affect the overall economy?
Valerie, Oh, yes, because what happens is that consumer spending which is of course a huge area and a growing area of concern. This could hit businesses from restaurants to retailers6 to vacation companies like Carnival7 Cruises. The first few months of the year are usually Carnival's best. But the Wall Street Journal says the Subprime problems are leading to fewer cruise bookings for its shorter, cheaper trips to the Caribbean. And retailers that cater8 to low-income workers could also take a big hit; stores like Wal-Mart, K-Mart, Target might run into problems as consumers hold off on big-ticket purchases, Catherine.
Catherine: That is so interesting, but you know if you've got to choose between paying your mortgage and taking a vacation, there is no question on what you're going to do? (Right) Er, the Subprime story obviously is having a big impact, but what about the Enron scandal? Nothing like that, you know, 5 or 6 years ago, Valerie, is still in the news again today?
Valerie: Well, I think you know, because it went so deep, it hurt so many people, and so it stays in the news, the desk of Enron's founder9 and chief, the late Kenneth Lay,is now up for sale on eBay, this custom-made desk has a minimum bid of 25, 000 dollars, proceeds will benefit the charity saving animals across borders. The auction10 is going to run for about 10 days, so that is the very latest from here in New York, back to you, Catherine. And have a good weekend.
Catherine: Thank you, Valerie, but I cannot let you go without saying to everyone that this is your last day with us here at CNN, and we are so going to miss you, I know you have been here for more than a decade, and you are such a professional and a pleasure to work with.
Valerie: Thank you very much I will miss you all but you know my eyes will be on you and I will check out the pipes.
Catherine: Good luck to you and all your new adventures because I know we will be hearing from you very soon. Valerie. Thank you very much.
Valerie: Thank you.
NOTES:
1. NASDAQ Composite
The Nasdaq Composite is a stock market index of all of the stocks listed on the NASDAQ stock market, meaning that it has over 3,000 components11. It is the most watched index of the performance of stocks of technology companies and growth companies. Since both U.S. and non-U.S. companies are listed on the NASDAQ stock market, the index is not an exclusively U.S. index.
2. Predatory Lending
A practice attributed to certain mortgage Lenders that seeks to take advantage of the ignorance or gullibility12 of borrowers. Often associated with Refinancing, Home Equity13 Lending, or home improvement lending, these practices take on several forms: saddling borrowers with more Debt than they can handle, tricking a borrower into a Loan with high Rates and Junk Fees , and overcharging or charging twice for required services. See Flipping14 (LOAN). Often associated with Sub-Prime Lending.
Example: Most mortgage lenders are in business to earn income by originating legitimate15 loans that help people buy homes and other types of Real Estate. On the other hand, predatory lending uses deception16 and misinformation to burden borrowers with unnecessarily costly17 Financing, often in hopes the borrower will Default and allow the lender to acquire the property cheaply.
3. Credit Suisse
The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt (SKA, Swiss Credit Institution). The bank is organized into three divisions, Investment Banking18, Private Banking, and Asset Management.
4. Kmart
Kmart is a chain of department stores in the United States and Puerto Rico. The chain merged19 with Sears in 2005, creating the Sears Holdings Corporation. Kmart also exists in Australia and New Zealand as Kmart Australia, although it now shares no current relation with the American stores except in name after US equity in the Australian business was purchased in the late 1970s.
The company's business model makes it a competitor to Wal-Mart and Target.
5.Target Corporation
Purveyor20 of all that is cheap, yet chic21, Target Corporation has slimmed down. The nation's #2 discount chain (behind Wal-Mart) now operates nearly 1,500 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. After years of struggling to turn around its Marshall Field's and Mervyns departments stores divisions, the discounter sold them both in 2004. Target and its cousins, including SuperTarget, which sells groceries, and Target Greatland, have carved out a niche22 by offering more upscale, fashion-forward merchandise than rivals Wal-Mart and Kmart. Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary23 Target Card.
6. Enron Scandal
In 2001, however, Enron's success appeared to be phony. The company had assigned billions of dollars of debt and risk to subsidiary companies, which then kept them off their books. Share prices began to fall precipitously. Enron's accounting24 firm, Arthur Anderson, was caught destroying Enron-related documents. On 2 December 2001, Enron filed for bankruptcy25, along with sixty subsidiary companies. In 2002, its shares were traded at 11 cents. The company's collapse26 destroyed thousands of investors' savings27. In July 2002, Arthur Andersen, Enron's accounting firm, was convicted of destroying evidence, although an appeal was pending5 at the time of this writing. Enron's officials were then undergoing further congressional hearings and criminal investigations, and numerous agencies were investigating other corporations for similar accounting and finance methods
Catherine: Oh my goodness and that story just won't go away. We mentioned the mortgage rates and the subprime mortgages earlier this week rocking the stock market and the housing market. What are today's developments?
Valerie: Well, there could be, let's say, a couple of positive items to report today, first of all, the head of a key House Committee says that he is targeting the end of the year for passage of a bill to rein2 in the types of predatory lending behind the subprime crisis. Elsewhere Fremont General, which makes loans, is getting a loan, the company says it's getting an increased line of credit from Credit Suisse for another 1 billion dollars, and while that may help Fremont in a short term, the company still plans to get out of the Subprime business. At least 20 Subprime lenders have gone out of business as a result of the rising number of late payments and foreclosures. So the companies are trying desperately3 to raise cash. Now another company, Accredited4 Home Lenders says it will sell nearly 3 billion dollars in loans at a substantially discounted price, it needs to get money to meet demands from its lenders in order to pay off some of the debt, Catherine.
Catherine: And, and doesn’t this, Valerie, affect the overall economy?
Valerie, Oh, yes, because what happens is that consumer spending which is of course a huge area and a growing area of concern. This could hit businesses from restaurants to retailers6 to vacation companies like Carnival7 Cruises. The first few months of the year are usually Carnival's best. But the Wall Street Journal says the Subprime problems are leading to fewer cruise bookings for its shorter, cheaper trips to the Caribbean. And retailers that cater8 to low-income workers could also take a big hit; stores like Wal-Mart, K-Mart, Target might run into problems as consumers hold off on big-ticket purchases, Catherine.
Catherine: That is so interesting, but you know if you've got to choose between paying your mortgage and taking a vacation, there is no question on what you're going to do? (Right) Er, the Subprime story obviously is having a big impact, but what about the Enron scandal? Nothing like that, you know, 5 or 6 years ago, Valerie, is still in the news again today?
Valerie: Well, I think you know, because it went so deep, it hurt so many people, and so it stays in the news, the desk of Enron's founder9 and chief, the late Kenneth Lay,is now up for sale on eBay, this custom-made desk has a minimum bid of 25, 000 dollars, proceeds will benefit the charity saving animals across borders. The auction10 is going to run for about 10 days, so that is the very latest from here in New York, back to you, Catherine. And have a good weekend.
Catherine: Thank you, Valerie, but I cannot let you go without saying to everyone that this is your last day with us here at CNN, and we are so going to miss you, I know you have been here for more than a decade, and you are such a professional and a pleasure to work with.
Valerie: Thank you very much I will miss you all but you know my eyes will be on you and I will check out the pipes.
Catherine: Good luck to you and all your new adventures because I know we will be hearing from you very soon. Valerie. Thank you very much.
Valerie: Thank you.
NOTES:
1. NASDAQ Composite
The Nasdaq Composite is a stock market index of all of the stocks listed on the NASDAQ stock market, meaning that it has over 3,000 components11. It is the most watched index of the performance of stocks of technology companies and growth companies. Since both U.S. and non-U.S. companies are listed on the NASDAQ stock market, the index is not an exclusively U.S. index.
2. Predatory Lending
A practice attributed to certain mortgage Lenders that seeks to take advantage of the ignorance or gullibility12 of borrowers. Often associated with Refinancing, Home Equity13 Lending, or home improvement lending, these practices take on several forms: saddling borrowers with more Debt than they can handle, tricking a borrower into a Loan with high Rates and Junk Fees , and overcharging or charging twice for required services. See Flipping14 (LOAN). Often associated with Sub-Prime Lending.
Example: Most mortgage lenders are in business to earn income by originating legitimate15 loans that help people buy homes and other types of Real Estate. On the other hand, predatory lending uses deception16 and misinformation to burden borrowers with unnecessarily costly17 Financing, often in hopes the borrower will Default and allow the lender to acquire the property cheaply.
3. Credit Suisse
The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt (SKA, Swiss Credit Institution). The bank is organized into three divisions, Investment Banking18, Private Banking, and Asset Management.
4. Kmart
Kmart is a chain of department stores in the United States and Puerto Rico. The chain merged19 with Sears in 2005, creating the Sears Holdings Corporation. Kmart also exists in Australia and New Zealand as Kmart Australia, although it now shares no current relation with the American stores except in name after US equity in the Australian business was purchased in the late 1970s.
The company's business model makes it a competitor to Wal-Mart and Target.
5.Target Corporation
Purveyor20 of all that is cheap, yet chic21, Target Corporation has slimmed down. The nation's #2 discount chain (behind Wal-Mart) now operates nearly 1,500 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. After years of struggling to turn around its Marshall Field's and Mervyns departments stores divisions, the discounter sold them both in 2004. Target and its cousins, including SuperTarget, which sells groceries, and Target Greatland, have carved out a niche22 by offering more upscale, fashion-forward merchandise than rivals Wal-Mart and Kmart. Target also owns apparel supplier The Associated Merchandising Corp. and issues Target Visa and its proprietary23 Target Card.
6. Enron Scandal
In 2001, however, Enron's success appeared to be phony. The company had assigned billions of dollars of debt and risk to subsidiary companies, which then kept them off their books. Share prices began to fall precipitously. Enron's accounting24 firm, Arthur Anderson, was caught destroying Enron-related documents. On 2 December 2001, Enron filed for bankruptcy25, along with sixty subsidiary companies. In 2002, its shares were traded at 11 cents. The company's collapse26 destroyed thousands of investors' savings27. In July 2002, Arthur Andersen, Enron's accounting firm, was convicted of destroying evidence, although an appeal was pending5 at the time of this writing. Enron's officials were then undergoing further congressional hearings and criminal investigations, and numerous agencies were investigating other corporations for similar accounting and finance methods
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investors
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| n.投资者，出资者( investor的名词复数 ) | |
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rein
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| n.疆绳，统治，支配；vt.以僵绳控制，统治 | |
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desperately
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| adv.极度渴望地，绝望地，孤注一掷地 | |
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accredited
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| adj.可接受的；可信任的；公认的；质量合格的v.相信( accredit的过去式和过去分词 )；委托；委任；把…归结于 | |
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5
pending
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| prep.直到，等待…期间；adj.待定的；迫近的 | |
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retailers
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| 零售商，零售店( retailer的名词复数 ) | |
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carnival
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| n.嘉年华会，狂欢，狂欢节，巡回表演 | |
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cater
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| vi.(for/to)满足，迎合；(for)提供饮食及服务 | |
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Founder
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| n.创始者，缔造者 | |
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auction
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| n.拍卖；拍卖会；vt.拍卖 | |
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11
components
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| （机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分 | |
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12
gullibility
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| n.易受骗，易上当，轻信 | |
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13
equity
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| n.公正，公平，（无固定利息的）股票 | |
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flipping
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| 讨厌之极的 | |
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15
legitimate
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| adj.合法的，合理的，合乎逻辑的；v.使合法 | |
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16
deception
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| n.欺骗，欺诈；骗局，诡计 | |
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17
costly
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| adj.昂贵的，价值高的，豪华的 | |
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18
banking
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| n.银行业，银行学，金融业 | |
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merged
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| （使）混合( merge的过去式和过去分词 )； 相融； 融入； 渐渐消失在某物中 | |
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purveyor
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| n.承办商，伙食承办商 | |
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chic
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| n./adj.别致(的)，时髦(的)，讲究的 | |
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niche
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| n.壁龛；合适的职务(环境、位置等) | |
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23
proprietary
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| n.所有权，所有的；独占的；业主 | |
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24
accounting
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| n.会计，会计学，借贷对照表 | |
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25
bankruptcy
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| n.破产；无偿付能力 | |
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26
collapse
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| vi.累倒；昏倒；倒塌；塌陷 | |
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27
savings
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| n.存款，储蓄 | |
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