Wall Street, Without the Big Investment Banks (2/2) ( 本次听写约172词 )[下载今日慢速VOA听力资料mp3版] (右键另存为)
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Six 6 months ago, there were five 5 big, independent investment banks. Then, in March, J. P. Morgan Chase bought Bear Stearns in the rescurities a rescue sale. And this month , Merrill Lynch agreed to be sold to Bank of America.
The government provided loans to aid the sale the of Bear Stearns. But Fishal said officials decided to let Lehman Brothers158 yellow , a 158-year-old investment bank, fail. Last week , the British bank Barclay purches a Barclay's purchased much of Lehman in bankruptcy court.
Investment banks with raise money for companies throw* start through offerings of stocks and boundcebonds. They also sell and trade securities and provided provide other serviesservices. The banks could borrow huge amounts against the relativly relatively little capital. And they created ever more complex securities.
The Glass-Steagall Act in of 1933 bought barred commercial banks from the owning investment banks. Morgan Stanley slip split from J. P. Morgan as a result * of Glass-Steagall. Countries can ** Congress passed the law to reduce risk with to the deposits following the stock market crash in of 1929. But countries indeed Congress ended Glass-Steagall in 1999. Now, commercial and investment banks are together againmarches the world , much as they were before 1933.
| 听写于：2008-10-9 11:47 | 用时：28:43 | |
| 正确率：81% (+15.5分) | 错词：35个 |
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