单选题
The collapse of Enron, the largest bankruptcy in American history, has rung out a banner year for American business failures. In Europe, the fallout from the Swissair and Sabena insolvencies continues. In the current global slump, more companies are likely to go under. Now is a perfect time to reconsider how to handle such failures: let them sink, or give them a chance to swim? In America, bankruptcy has come to mean a second chance for bust businesses. The famous "Chapter 11" law aims to give a company time to get back on its feet, by shielding it from debt payments and prodding banks to negotiate with their debtor. It even allows an insolvent company to receive fresh finance after it goes bust. On the other side of the Atlantic, when companies stumble, almost as much effort is spent in fingering the guilty as in trying to salvage a viable business. British and French laws, for example, can make a failing company's directors face criminal penalties and personal liability. Moreover, bankers have the power, at the first sign of trouble, to push a company into the arms of the receivers. Some modest changes are afoot, however. Britain is considering moves that would bring its rules closer to America's. New laws in Germany should also make it easier to revive sick companies, although trade unions still have their say. But even with the arrival of the euro and moves towards a single financial market, going bust in Europe is a strictly local affair. Long before America had a single currency, the American constitution provided uniform bankruptcy laws, observes Elizabeth Warren of the Harvard Law School. Europe's patchwork of national laws, according to Bill Brandt of " Development Specialists", a consultancy, inhibits lending and makes it difficult to fix ailing firms. Transatlantic insolvencies are even harder, as a Belgian-based software company, Lernout and Hauspie, discovered this year. Its American reorganization plan was thwarted by a Belgian judge, who ordered a sale of the firm's assets. As the European Union inches toward greater harmonization, should it try to mimic America? Critics of Chapter 11 think not. They argue that America's bankruptcy system is wasteful, lets failed managers go unpunished, and gives some companies an unfair advantage. In Chapter 11, admittedly, lawyers and advisers gobble up fees, but a recent study argues that the fees are no larger than those for most mergers and acquisitions. One common complaint, that managers enjoy the high life while creditors go begging, fails to stand up to the data from America's previous wave of bankruptcies in the early 1990s. Stuart Gilson of the Harvard Business School found that more than two-thirds of top managers were ousted within two years of a bankruptcy filing. More troubling is that some American firms seem to enjoy second and third trips to bankruptcy court, cheekily termed Chapters 22 and 33. Some see this as evidence that, ton often, they use Chapter 11 to keep running. But there is more to the story.
单选题
The ease of Enron bankruptcy______. [A] triggers grand-scale economic recession in America [B] affects the Swissair and Sabena in Europe [C] marks the most dramatic economic situation in America [D] gets more companies into trouble around the world
【正确答案】
C
【答案解析】[解析] 本题解题的关键之一是准确理解各选项中动词的含义。trigger意为“引发”；affect意为“影响、波及”；mark意为“标志”；get...into trouble意为“使卷人麻烦、累及”。根据第一段，可知安然公司破产案使美国严峻的经济形势雪上加霜。另外，文中作者运用反语的修辞手法，称这一事件为rung out a bannet year for American business failures，此处ring out意为“呜钟送别”；banner意为“特别好的、杰出的”；a banner year本意为“最兴旺的一年”，此处指“美国经济衰退状况最严重的一年”。整句意为：美国最大的能源公司——安然公司的倒闭使本已萧条的美国经济更是雪上加霜。因此正确选项为C。
单选题
As to how to treat the bust businesses, America differs from the European countries in that______. [A] American laws forbid banks to grant loans to the failing businesses [B] American laws allow the bust companies to delay debt payments [C] European countries never let the bust companies go unpunished [D] it's more difficult for a sick company to revive in Europe than in America
【正确答案】
D
【答案解析】[解析] 依据第二段可知，美国的法律对破产公司的处理较为宽容。著名的破产法——Chaptel 11就是为了帮助那些破产公司重整旗鼓，允许破产公司不清偿债务、敦促银行与债务人进行协商，甚至允许破产公司重新得到经济援助等。从这些内容可排除A、B两个选项。第二段中作者用了on the other side of the Atlantic这样的转折词，将欧洲国家对处理同一问题的不同方法和态度进行比较。作者这样评论道：在欧洲，当一家公司破产后，法律一方面追究当事人的责任，一方面也拯救仍有复苏希望的企业(...almost as much effort is spelt in figngering the guilty asin trying to salvage a viable busihess)。因此C选项说法片面。故正确选项为D。
单选题
From the third paragraph we know for sure that______. [A] the arrival of the euro smoothes the way to recovery for the bust businesses [B] in America the adoption of a single currency made uniform bankruptcy laws possible [C] there's no uniform bankruptcy laws in European countries [D] in European countries bankruptcy laws are not enacted effectively
【正确答案】
C
【答案解析】[解析] 第三段重点分析了欧美在处理破产案件时采取不同的方法和态度的根源。美国早在实行单一货币之前，宪法中就有关于破产案件的统一条例(Long before Amelia had a single currency，the American constitution provided uniform bankruptey laws...)。而在欧洲，虽然已经采用了统一的欧洲货币，但是有关破产案件的处理，各国都是在各自现有法律的基础上进行修订和补充，没有统一的标准。这限制了借贷，使拯救破产公司非常困难(Europe's patchwork of n rationales...inhibits lending and makes it difficult to fix ailing firms)。故正确选项为C。
单选题
The word "thwarted" in Paragraph 4 is closest in meaning to______. [A] frustrated [B] accomplished [C] settled [D] convicted
单选题
The last paragraph is mainly______. [A] to accuse the lawyers and advisers of making big money by helping those insolvent companies [B] to introduce the changes of the bankruptcy law—Chapter 11 [C] to prove the accusation is groundless that the managers of bust businesses lead a comfortable life at the cost of creditors [D] to argue that the European Union should not follow the American example in their effort to revive sick companies
【正确答案】
D
【答案解析】[解析] 本题是段落主旨题。解题时考生要注意段落之间的衔接和连贯。第四段末作者提出问题——在处理破产案件时，为了更好地处理惩罚与援助之间的矛盾，欧洲是否应该模仿美国的做法(As the Eurppean union inches Ioward greater harmonization，should it try to mimic America)?第五段承上启下地回答了这个问题(Crities of chapter 11 think not)。此后作者引述了反对派提出的各种理由，充分说明模仿美国的做法是不可取的。A、B、C三个选项都是具体的论据或事实。只有D选项概括了本段的中心观点。故正确选项为D。