Vocabulary

depositor n	вкладчик
liquidator n	лицо, ликвидирующее фирму
knowingly or recklessly Syn. deliberately or recklessly	заведомо или по (грубой) неосторожности
statutory a	предусмотренный законом, законный
statutorily adv	по закону, в соответствии с законодательным актом
misfeasance n	ненадлежащее совершение правомерных действий; злоупотребление властью
misfeasance in office	должностное злоупотребление
bad faith Ant. good faith	недобросовестность, нечестность
to act in bad faith	поступать недобросовестно
to set up shop	начать дело, обосноваться
Indict v{indait}	обвинять
recoup v	компенсировать, возмещать
to recoup smb for losses	возмещать кому-либо убытки

Exercise 1. Translate the following into Russian.

a fraud-ridden bank; a debt-ridden steel maker; to be immune from suits; to be immune from losses; to be immune from prosecution; a savvy financier; to set great store on smth; to meet the proper criteria; in subsequent years, to cater for the residents of the country; to cater to the demands of the giant car makers; to be flush with money; indictment; to shirk one's duty; murky operations; shady dealings; to oversee a bank; to up one's stake; to rely on assurances; over-reliance on the bank's founder; imprudent lending

Exercise 2. Translate the following into English.

халатность, поступать (недобросовестно; банк, обслуживающий население; отзывать лицензию банка; иметь свободные средства; заниматься темными делами; контролирующий орган; нефтедоллары; обвинять аудиторов и банк, осуществляющий надзор; юридические препятствия; неразумное кредитование; должностное злоупотребление

Exercise 3. Translate the text orally.

Barings May Be Headed for the History Books With ING giving up, the royal banker is damaged goods

When ING Group, the Dutch banking and insurance behemoth, bought London's Barings investment bank five years ago for a single British pound, it thought it was getting a great bargain. Barings had been nearly bankrupted by a rogue trader in its Singapore office named Nick Leeson. ING wanted to use Barings' extensive international network as a base for the global expansion of its own investment-banking business.

Yet on Nov. 19, ING in effect admitted that the entire enterprise had been effectively a disaster. The Amsterdam head office announced that it was "exploring options" for selling off or closing down the U.S. operations of ING Barings, as its global investment bank is now known, and that it planned to fold most of Barings' London-based European operation into the parent group's wholesale-banking division.

As the reorganization is put into effect, it is likely that Barings will disappear as a banking name, turning into dusty history a 238-year-old institution that has served as chief banker for several British monarchs, including Queen Elizabeth II.

"Betrayal"

ING'S decision to give up on its investment-banking venture, which includes the U. S. brokerage firm Funnan Selz, surprised some analysts because it comes at a time when Barings had seemed to turn a comer. Under Chief Executive David Robins, ING Barings earned $286 million in 1999 and will do better this year. Still, its return on capital for the first nine months of this year was a paltry 5% compared with 22% for ING'S banking and insurance operations in Europe and 40% for ING asset management. And improving profits and market share promise to be a hard slog, given the fierce competition from ever-bigger investment banks both in the U. S. and Europe. At the same time, Barings' overseers in Amsterdam were appalled at the ever-spiraling salaries and bonuses required to attract and keep top investment-banking talent.

Whether group CEO Ewald Kist will be able to salvage much from the wreckage of ING Barings is a question mark. Finding a buyer for the U. S. business, which employs around 2,000 people, won't be easy.

In London, ING Barings' staff is demoralized and angry. Just four months ago. Barings bought British stockbroker Charterhouse Securities in a move to propel it further up the league tables. "Now the doggies [the London staffs nickname for their Dutch masters] have suddenly changed strategy," says one Barings senior executive. "There's a great sense of betrayal here." Aid doubt about the competence of the Dutch: "Five years ago I thought ING could turn us into a global investment bank," says another senior London staffer. "Now I look back, I see they had no idea what they were doing."

CEO Robins has spent much of his time since Nov. 19 arguing that the London office has a future. But Barings staffers point out that without distribution power in the U.S., the European branch has few prospects.

What might happen if Goldman Sachs can't find a U. S. buyer? The grimly humorous speculation among depressed Barings staff is that ING might sell it for a dollar. Even then it might not be a bargain.

BusinessWeek

Exercise 4. Translate the text into English in writing.