Section Ⅰ Use of English
Read the following text. Choose the best word(s) for each numbered blank and mark A,B,C or D on ANSWER SHEET 1(10 points)
ALAN "ACE" GREENBERG chose his nickname to improve his chances with girls at the University of Missouri. But it is an apt 1 of his trading skills on Wall Street. This week, as the 73-year-old 2 down 3 chairman of Bear Stearns, the investment bank where he has worked since 1949 is in a high. It 4 an increase in post-tax profits in the second quarter of 43% on a year earlier, 5 a time when many of its Wall Street rivals have 6 . On June 26th Merrill Lynch 7 a warning that its profits in the second quarter would fall by half, far 8 of expectations. Goldman Sachs and Morgan Stanley have also reported lower profits.
Strange that this surprised. 9 Alan Greenspan's frenetic cuts 10 interest rates, times are good for underwriters and traders of bonds, core activities for Bear Stearns and Lehman Brothers, 11 also recorded a sharp increase in profits. It has been a lousy 12 for equity underwriters and for advisers on the meagre amounts of mergers and acquisitions (M&A) this year.
Merrill, Goldman and Morgan Stanley are three of the investment banks that gained 13 during the boom in equity and M&A business, and they are now 14 the most. Of the three, Merrill is weakest in bonds. It cut 15 its fixed- income activities after the collapse of Long-Term Capital Management (LTCM) in 1998. As it happens, both Bear Stearns and Lehman have long been criticised for their weakness in equities.
Mr. Greenberg is famous for worrying about even the price of a paper-clip at Bear Stearns. This used to seem terribly 16 , but these days other Wall Street firms are 17 about costs. Lay- offs are 18 though not yet alarmingly-not least, because banks saw how Merrill Lynch lost 19 when the markets rebounded quickly after the LTCM crisis. Still, if few 20 of improvement show soon, expect real blood-letting on Wall Street.
1.A. cover B. encapsulation C. jacket D. shell
2.A. goes B comes C strides D. steps
3.A.be B. being C. as D. to be
4.A. recorded B. logged C. chronicled D. noted
5.A.during B. at C. on D. in
6.A.stumbled B. slip C. blundered D. crept
7.A.delivered B. distributed C. conveyed D. issued
8.A.out B. lacking C. lack D. short
9.A.because of B. on account of C. thanks to D. due to
10.A.at B. in C. on D. upon
11.A who B what C. whom D. which
12.A.time B. period C. epoch D. era
13.A.most B. much C. a lot D. a great deal
14.A.lost B. losing C. suffering D. suffered
15.A.down B. back C. off D. out
16.A.unnecessary B. unreasonable C. unpopular D. unfashionable
17.A.obsessed B worried C. concerned D. bothered
18.A.decreased B. increased C. increasing D. decreasing
19.A.field B. ground C. future D. hope
20.A.signals B. symbol C. signs D. symptom