參賽譯文及評審內容：LucyMe - 翻譯

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原文題目：AIG's rescue - Size matters

　題目譯文：拯救AIG──真相有關緊要
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1.誤譯

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　原　文：

Even by the recent standards of Wall Street bailouts, that of American
International Group is colossal. At its peak the insurance firm was the
world’s largest with a market value of $239 billion. Its assets are bigger
than those of either Lehman Brothers or Fannie Mae. Yet size alone does not
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explain the rescue. Nor do the images of customers queuing to cancel their
policies as far away as Singapore. AIG posed a systemic risk because of its
investment bank, tucked away behind the dull business of writing insurance
contracts, which has lost it both a fortune—and now its independence.

譯　文：

即使是在這次華爾街的紓困對象中，AIG紓困的金額也是少見的龐大。AIG在巔峰時期曾
是世界最大的保險業者，市價高達2390億美元，其資產更大於雷曼兄弟(Lehman Brothers)
或房利美(Fannie Mae)。公司大小並不是政府決定紓困與否的原因，當然政府決定紓困也
不是因為AIG遠在新加坡的保戶排隊取消其保單。AIG的營業項目並不是只有無趣的保單填
寫，旗下的投資銀行造成了系統風險，不僅損失了金錢，現在更讓AIG損失了其獨立性。
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2.未譯出。
3.誰的系統風險？
4.讓誰損失了金錢？

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　原　文：

At one stage, this unit contributed over a quarter of profits. It has
played the role of schmuck in one of finance' s most dangerous games by
writing credit-default swaps (CDSs), a type of guarantee against default,
with a giant notional exposure of $441 billion as of June. Of this, $58
billion is exposed to subprime securities which have already generated
huge mark-to-market losses. For regulators, the real horror story may be
the $307 billion of contracts written on instruments owned by banks in
America and Europe and designed to guarantee the banks' asset quality,
thereby helping their regulatory capital levels.

　譯　文：

之前，投資銀行曾佔AIG營收的四分之一。它在金融業最危險的遊戲中扮演討厭鬼，買
^^(5) ^^^(6)
賣信用違約交換合約(CDSs)──一種違約保險，在六月估計保險金額達4410億美元；
為此，AIG在虧損連連的次級債卷中損失了580億美元。對監管機構而言，真正可怕的是
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由美國及歐洲銀行持有的3070億美元合約，用來保証銀行的資產品質並幫助他們達到法
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定資本水準。

5.profit 指利潤、盈利，revenue 才是營收。
6.誤譯。AIG 是承擔高風險的笨蛋，大家一點也不討厭他。
7.誤譯。次級債券曝險部位達 580 億美元，且該部位市值已有重大損失。
8.債「券」。
　9.誤譯。指擔保歐美銀行持有資產的 CDS 契約，保險價值達 3070 億美元。

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原　文：

How much pain taxpayers will ultimately bear is an open question. The
official line is that AIG only suffered a liquidity crisis. As subprime
losses mounted, it had to put up more collateral with its counterparties,
in turn prompting credit-rating downgrades, which in turn triggered more
margin calls. It is probable that operating cashflow was drying up too as
big risk-sensitive commercial customers stopped doing business with the
insurer. On September 16th the Federal Reserve extended a two-year, $85
billion credit facility at a penal rate. The government will get a 79.9%
stake in the company in return. The idea is that this buys time for AIG
to improve its liquidity in an orderly way. The bail-out's structure
should also avoid a technical bankruptcy, which could force the unwinding
of many of those CDS contracts.

譯　文：

納稅人究竟要承受多少痛尚無定論。官方消息指出：AIG只是被流動性風險牽連而已。
當次貸損失加遽，AIG必須付給對方更多抵押品，造成信用等級的下降，也因此遭追繳
^(10)
更多保証金；也有說法表示AIG是因為對風險敏感的商業客戶停止與AIG做生意，因而
造成營運現金流的枯竭。在9月16日，聯準會(Fed)以懲罰性息率提供AIG一筆兩年償還、
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高達850億美元的貸款，同時政府也接收八成的股份作為回報，如此一來，AIG可以爭
取時間妥當改善其流動資產。紓困案的結構應也能避免技術上的破產，此舉可以強制解
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除很多信用違約交換合約。

10.抵押品不必交付。
11.利率。
12.誤譯。破產才會導致 CDS 契約解約。

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原　文：

Yet might the government be taking over a company that is insolvent as well
as illiquid? Extrapolating from AIG's own test, but adjusting fully for
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mark-to-market losses and stripping out goodwill and hybrid capital, even
at the end of June AIG might have had about $24 billion less book equity
than it needed to be safely capitalised. And some of its equity may be
“trapped” within its insurance subsidiaries, whose capital positions are
ringfenced by insurance regulators. That might leave the holding company
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that taxpayers have backed in a far worse state. On September 17th Eric
Dinallo, New York’s insurance regulator, vouched for the solvency of AIG's
insurance subsidiaries but was more circumspect on the company overall.

譯　文：

但政府會不會接收到一家缺乏現金、無力償還債務的公司？AIG本身價值扣掉其市面價值
的損失，拿掉商譽及混合資本後推算，至六月底AIG的帳面價值與其能繼續經營所需的金
額仍有240億美元的落差。另外，因保險業子公司的資本部位遭監管機構限制用途，AIG
部份資產仍被套牢，這一切都讓納稅人支持的控股公司處在極糟的狀況。9月17日紐約保
^(15)
險監管人迪納羅(Eric Dinallo)擔保了AIG保險子公司的償付能力，但對公司整體狀況仍
抱持謹慎態度。

13.漏譯。
14.漏譯。
15.far more worse 更糟。

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原　文：

Ultimately, though, AIG may turn out be worth something after all: in
June it had $67 billion of tangible equity, a much bigger buffer relative
to assets than existed at Lehman or Bear Stearns. And, says Andrew Rear of
Oliver Wyman, a consultancy, AIG's insurance assets will attract a lot
of interest. That raises the chances of their being sold at a premium,
raising cash for the holding company. If the government holds on long
enough, perhaps even AIG's CDS contracts might make money.

譯　文：

即使如此，在最後AIG很可能還是物有所值的：在六月，AIG有形淨值達670億美元，
比雷曼兄弟及貝爾斯登(Bear Stearn)現存的資產來得更多更有緩衝。此外，奧緯
諮詢(Oliver Wyman)的瑞爾(Andrew Rear)表示：AIG的保險資產將會吸引大量利益，
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這一切都有機會使AIG的市場價值大於股票面值，讓錢流入控股公司。甚至，如果政府
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能堅持下去，就連AIG的信用違約交換合約也有可能帶來財富。

16.引起很多人的興趣。
17.誤譯。此處指用較高價格賣出其資產。

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║題目結尾╠════════════════════════════════
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評分：
┌───────┬──┬──┬──────────────────────┐
│錯誤類型及扣分│次數│扣分│　　　相　　　　關　　　　項　　　　目　　　│
├───────┼──┼──┼──────────────────────┤
│重大錯誤（-5）│ 6 │ 30 │6.7.9.13.16.17. │
├───────┼──┼──┼──────────────────────┤
│中等錯誤（-3）│ 5 │ 15 │1.2.5.12.14. │
├───────┼──┼──┼──────────────────────┤
│輕微錯誤（-1）│ 6 │ 6 │3.4.8.10.11.15. │
├───────┼──┼──┼──────────────────────┤
│過度解讀（-0）│ │ │ │
├───────┼──┼──┼──────────────────────┤
│小　　　　　計│ 17 │ 51 │ │
└───────┴──┴──┴──────────────────────┘

專業審結果：49 分

評分意見項目：
1.誤譯
2.未譯出。
3.誰的系統風險？
4.讓誰損失了金錢？
5.profit 是利潤、收益，revenue 才是營收。
6.誤譯。AIG 是承擔高風險的笨蛋，大家一點也不討厭他。
7.誤譯。次級債券曝險部位達 580 億美元，且該部位市值已有重大損失。
8.債「券」。
9.誤譯。指擔保歐美銀行持有資產的 CDS 契約，保險價值達 3070 億美元。
10.抵押品不必交付。
11.利率。
12.誤譯。破產才會導致 CDS 契約解約。
13.漏譯。
14.漏譯。
15.far more worse 更糟。
16.引起很多人的興趣。
17.誤譯。此處指用較高價格賣出其資產。

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