chapter 01-10

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英语词汇学Chapter 01

英语词汇学Chapter 01

e. g. • can-opener • dip • persuader
(all-purpose key) (pick-pocket) (dagger)
e. g. • beauty (AusE: excellent, great) • auld (Scot: old) • hame (Scot: home) • lough (Irish: lake)
• This symbolic connection is almost always arbitrary, and there is ‘no logical relationship between the sound which stands for a thing or an idea and the actual thing and idea itself’ (Lodwig and Barrett, 1973)
1.5 Classification of Words • The English vocabulary, multifarious in nature, consists of words of all kinds. They can be classified by different criteria and for different purposes.
e. g. • In medicine: photoscanning, hepatitis, indigestion, penicillin • In education: audiovisual, megauniversity, microteaching
e. g. • In business: bottom line, balloark figures • In horse-racing: hold him back, hold him in • In medicine: paranoid, persona, hypo

TL-2000 Sting Sport 零件目录说明书

TL-2000 Sting Sport 零件目录说明书

TL – 2000 Sting Sport
Illustrated parts catalog
03 – FLIGHT CONTROLS INSTALLATION
-2-
AILERON SYSTEM
TL – 2000 Sting Sport
Illustrated parts catalog
ITEM
PART NUMBER
1
E
STING – 3 – 7 R
Rod No.2- right wing
1
F
STING – 3 – 8 R
Rod No.1- right wing
1
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Rocking lever No.1
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I
Aileron -left
1
J
Aileron -right
1
1
ČSN 02 1143
ITEM
PART NUMBER
-5-
FLAP SYSTEM
TL – 2000 Sting Sport
Illustrated parts catalog
04 – FLIGHT CONTROLS INSTALLATION
-6-
FLAP SYSTEM
TL – 2000 Sting Sport
Illustrated parts catalog
Illustrated parts catalog
ITEM
PART NUMBER
NOMENCLATURE
H1
KR-TR 12x1
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1
2KLeabharlann -TR 10x1Spacer

商业银行管理彼得S.罗斯第八版课后答案chapter_01

商业银行管理彼得S.罗斯第八版课后答案chapter_01

CHAPTER 1AN OVERVIEW OF BANKS AND THE FINANCIAL-SERVICES SECTORGoal of This Chapter: In this chapter you will learn about the many roles financial service providers play in the economy today. You will examine how and why the banking industry and the financial services marketplace as a whole is rapidly changing, becoming new and different as we move forward into the future. You will also learn about new and old services offered to the public.Key Topics in This Chapter•Powerful Forces Reshaping the Industry•What is a Bank?•The Financial System and Competing Financial-Service Institutions•Old and New Services Offered to the Public•Key Trends Affecting All Financial-Service Firms•Appendix: Career Opportunities in Financial ServicesChapter OutlineI. I ntroduction: P owerful Forces Reshaping the IndustryII. W hat Is a Bank?A. D efined by the Functions It Serves and the Roles It Play:B. B anks and their Principal CompetitorsC. Legal Basis of a BankD. D efined by the Government Agency That Insures Its DepositsIII.The Financial System and Competing Financial-Service InstitutionsA.Savings AssociationsB.Credit UnionsC.Money Market FundsD.Mutual FundsE.Hedge FundsF.Security Brokers and DealersG.Investment BankersH.Finance CompaniesI.Financial Holding CompaniesJ.Life and Property/Casualty Insurance CompaniesIV. T he Services Banks and Many of Their Closest Competitors Offer the PublicA. S ervices Banks Have Offered Throughout History1.Carrying Out Currency Exchanges2.Discounting Commercial Notes and Making Business Loans3.Offering Savings Deposits4.Safekeeping of Valuables and Certification of Value5.Supporting Government Activities with Credit6.Offering Checking Accounts (Demand Deposits)7.Offering Trust ServicesB. S ervices Banks and Many of Their Financial-Service Competitors HaveOffered More Recently1.Granting Consumer Loans2.Financial Advising3.Managing Cash4.Offering Equipment Leasing5.Making Venture Capital Loans6.Selling Insurance Policies7.Selling Retirement PlansC. Dealing in Securities: Offering Security Brokerage and Investment Banking Services1. Offering Security Underwriting2. Offering Mutual Funds and Annuities3. Offering Merchant Banking Services4. Offering Risk Management and Hedging ServicesV. Key Trends Affecting All Financial-Service FirmsA. S ervice ProliferationB. R ising CompetitionC. G overnment DeregulationD. A n Increasingly Interest-Sensitive Mix of FundsE. T echnological Change and AutomationF. C onsolidation and Geographic ExpansionG. C onvergenceH. G lobalizationVI. T he Plan of This BookVII. S ummaryConcept Checks1-1. What is a bank? How does a bank differ from most other financial-service providers?A bank should be defined by what it does; in this case, banks are generally those financial institutions offering the widest range of financial services. Other financial service providers offer some of the financial services offered by a bank, but not all of them within one institution.1-2. Under U.S. law what must a corporation do to qualify and be regulated as a commercial bank?Under U.S. law, commercial banks must offer two essential services to qualify as banks for purposes of regulation and taxation, demand (checkable) deposits and commercial loans. More recently, Congress defined a bank as any institution that could qualify for deposit insurance administered by the FDIC.1-3.Why are some banks reaching out to become one-stop financial service conglomerates? Is this a good idea in your opinion?There are two reasons that banks are increasingly becoming one-stop financial service conglomerates. The first reason is the increased competition from other types of financial institution s and the erosion of banks’ traditional service areas. The second reason is the Financial Services Modernization Act which has allowed banks to expand their role to be full service providers.1-4. Which businesses are banking’s closest and toughest com petitors? What services do they offer that compete directly with banks’ services?Among a bank’s closest competitors are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies, and life andproperty-casualty insurance companies. All of these financial service providers are converging and embracing each other’s innovations. The Financial Services Modernization Act has allowed many of these financial service providers to offer the public one-stop shopping for financial services.1-5. What is happening to banking’s share of the financial mark etplace and why? What kind of banking and financial system do you foresee for the future if present trends continue?The Financial Services Modernization Act of 1999 allowed many of the banks’ closest competitors to offer a wide array of financial services thereby taking away market share from “traditional” banks. Banks and their closest competitors are converging into one-stop shopping for financial services and this trend should continue in the future1-6. What different kinds of services do banks offer the public today? What services do their closest competitors offer?Banks offer the widest range of services of any financial institution. They offer thrift deposits to encourage saving and checkable (demand) deposits to provide a means of payment for purchases of goods and services. They also provide credit through direct loans, by discounting the notes that business customers hold, and by issuing credit guarantees. Additionally, they make loans to consumers for purchases of durable goods, such as automobiles, and for home improvements, etc. Banks also manage the property of customers under trust agreements and manage the cash positions of their business customers. They purchase and lease equipment to customers as an alternative to direct loans. Many banks also assist their customers with buying and selling securities through discount brokerage subsidiaries, the acquisition and sale of foreign currencies, the supplying of venture capital to start new businesses, and the purchase of annuities to supply future funding at retirement or for other long-term projects such as supporting a college education. All of these services are also offered by their closest competitors. Banks and their closest competitors are converging and becoming the financial department stores of the modern era.1-7. What is a financial department store? A universal bank? Why do you think these institutions have become so important in the modern financial system? Financial department store and universal bank refer to the same concept. A financial department store is an institution where banking, fiduciary, insurance, and security brokerage services are unified under one roof. A bank that offers all these services is normally referred to as a universal bank. These have become important because of convergence and changes in regulations that have allowed financial service providers to offer all services under one roof1-8. Why do banks and other financial intermediaries exist in modern society, according to the theory of finance?There are multiple approaches to answering this question. The traditional view of banks as financial intermediaries sees them as simultaneously fulfilling the financial-service needs of savers (surplus-spending units) and borrowers(deficit-spending units), providing both a supply of credit and a supply of liquid assets. A newer view sees banks as delegated monitors who assess and evaluate borrowers on behalf of their depositors and earn fees for supplying monitoring services. Banks also have been viewed in recent theory as suppliers of liquidity andtransactions services that reduce costs for their customers and, through diversification, reduce risk. Banks are also critical in the payment system for goods and services and have played an increasingly important role as a guarantor and a risk management role for customers.1-9. How have banking and the financial services market changed in recent years? What powerful forces are shaping financial markets and institutions today? Which of these forces do you think will continue into the future?Banking is becoming a more volatile industry due, in part, to deregulation which has opened up individual banks to the full force of the financial marketplace. At the same time the number and variety of banking services has increased greatly due to the pressure of intensifying competition from nonbank financial-service providers and changing public demand for more conveniently and reliably provided services. Adding to the intensity of competition, foreign banks have enjoyed success in their efforts to enter countries overseas and attract away profitable domestic business and household accounts.1-10. Can you explain why many of the forces you named in the answer to the previous question have led to significant problems for the management of banks and other financial firms and their stockholders?The net result of recent changes in banking and the financial services market has been to put greater pressure upon their earnings, resulting in more volatile returns to stockholders and an increased bank failure rates. Some experts see banks' role and market share shrinking due to restrictive government regulations and intensifying competition. Institutions have also become more innovative in their service offerings and in finding new sources of funding, such as off-balance-sheet transactions. The increased risk faced by institutions today, therefore, has forced managers to more aggressively utilize a wide array of tools and techniques to improve and stabilize their earnings streams and manage the various risks they face. 1-11. What do you think the financial services industry will look like 20 years from now? What are the implications of your projections for its management today? There appears to be a trend toward continuing consolidation and convergence. There are likely to be fewer financial service providers in the future and many of these will be very large and provide a broad range of financial services under one roof. In addition, global expansion will continue and will be critical to the survival of many financial service providers. Management of financial service providers willhave to be more technologically astute and be able to make a more diverse set of decisions including decisions about mergers, acquisitions and global expansion as well as new services to add to the firm.Problems and Projects1. You have just been hired as the marketing officer for the new First National Bank of Vincent, a suburban banking institution that will soon be serving a local community of 120,000 people. The town is adjacent to a major metropolitan area with a total population of well over 1 million. Opening day for the newly chartered bank is just two months away, and the president and the board of directors are concerned that the new bank may not be able to attract enough depositors and good-quality loan customers to meet its growth and profit projections. There are 18 other financial-service competitors in town, including two credit unions, three finance companies, four insurance agencies, and two security broker offices. Your task is to recommend the various services the bank should offer initially to build up an adequate customer base. You are asked to do the following:a.Make a list of all the services the new bank could offer, according to current regulations.b.List the type of information you will need about the local community tohelp you decide which of the possible services are likely to have sufficientdemand to make them profitable.c.Divide the possible services into two groups--those you think are essentialto customers and should be offered beginning with opening day, and thosethat can be offered later as the bank grows.d. Briefly describe the kind of advertising campaign you would like to run tohelp the public see how your bank is different from all the other financialservice providers in the local area. Which services offered by the nonblankservice providers would be of most concern to the new bank’smanagement?Banks can offer, if they choose, a wide variety of financial services today. These services are listed below. However, unless they are affiliated with a larger bank holding company and can offer some of these services through that company, it may be more limited in what it can offer.Regular Checking Accounts Management Consulting Services NOW Accounts Letters of CreditPassbook Savings Deposits Business Inventory Loans Certificates of Deposit Asset-Based Commercial Loans Money Market Deposits Discounting of Commercial Paper Automobile Loans Plant and Equipment Loans Retirement Savings Plans Venture Capital LoansNonauto Installment Loans to IndividualsResidential Real Estate Loans Leasing Plans for Business Property and EquipmentHome Improvement Loans Security Dealing and Underwriting Personal Trust Management Services Discount Security BrokerageCommercial Trust Services Institutional Trust Services Foreign Currency Trading and ExchangePersonal Financial Advising Personal Cash-Management ServicesInsurance Policy Sales (Mainly Credit-Life)Insurance Today (Except in Some States)) Standby Credit Guarantees Acceptance FinancingTo help the new bank decide which services to offer it would be helpful to gather information about some of the following items in the local community:School Enrollments and Growth in School EnrollmentsEstimated Value of Residential and Commercial PropertyRetail SalesPercentage of Home Ownership Among Residents in the AreaNumber and Size (in Sales and Work Force) of Local Business Establishments Major Population Locations (i.e., Major Subdivisions, etc.) and Any Projected Growth AreasPopulation Demographics (i.e., Age Distribution of the Area)Projected Growth Areas of Industries in the AreaEssential services the bank would probably want to offer right from the beginning includes:Regular Checking Accounts Home Improvement Loans Automobile and other Consumer-type Money Market Deposit Accounts Installment Loans Retirement Savings PlansNOW Accounts Business Inventory LoansPassbook Savings Deposits Discounting of High-QualityCommercial NotesResidential Real Estate LoansCertificates of DepositAs the bank grows, opportunities for the profitable sale of additional services usually increase, especially for trust services for individuals and smaller businesses and personal financial advising as well as some commercial (plant and equipment) loans and leases. Further growth may result in the expansion of commercial trust services as well as a widening variety of commercial loans and credit guarantees.The bank would want to develop an advertising campaign that sends a message to potential customers that the new bank is, indeed, different from its competitors. Small banks often have the advantage of offering highly personalized services in which their customers are known and recognized and services are tailored to each individual customer's special financial needs. Quality and reliability of banking service are often more important to individual customers than is price. A new bank must try to sell prospective customers, most of who will come from other banks in the area, on personalized services, quality, and reliability - all three of which should be emphasized in its advertising program.2. Leading money center banks in the United States have accelerated their investment banking activities all over the globe in recent years, purchasing corporate debt securities and stock from their business customers and reselling those securities to investors in the open market. Is this a desirable move by these banking organizations from a profit standpoint? From a risk standpoint? From the public interest point of view? How would you research their question? If you were managing a corporation that had placed large deposits with a bank engaged in such activities, would you be concerned about the risk to your company's funds? What could you do to better safeguard those funds?In the 1970's and early 1980's investment banking was so profitable that commercial bankers were lured into the investment banking business largely because of its greater profit potential than possessed by more traditional commercial banking activities. Later foreign banks, particularly the British and Japanese banking firms, began to attract away large corporate customers from U.S. banks, who were restrained by regulation from offering many investment banking services. Thus, U.S. banks ran into severe difficulty in simply trying to hold onto their traditional corporate credit and deposit accounts because they could not compete service-wise in the investment banking field. Today, banks are allowed to underwrite securities through either a subsidiary or through a holding company structure. This change occurred as part of the Gramm-Leach-Bliley Act (Financial Services Modernization Act).Unfortunately, if investment banking is more profitable than traditional banking product lines, it is also more risky, consistent with the basic tenet of finance that risk and return are directly related. That is why the Federal Reserve Board has placed such strict limits on the type of organization that can offer these services. Currently, the underwriting of most corporate securities must be done through a subsidiary or as a separate part of the holding company so that, in theory at least, the bank is not responsible for any losses incurred. For this reason there may be little reason for depositors (including large corporate depositors) to be concerned about risk exposure from investment banking. Moreover, the ability to offer such services may make U.S. banks more viable in the long run which helps their corporate customers who depend upon them for credit.On the other hand, opponents of investment banking powers for bank operations inside the U.S. have some reasonable concerns that must be addressed. There are, for example, possible conflicts of interest. Information gathered in the investment banking division could be used to the detriment of customers purchasing other bank services. For example, a customer seeking a loan may be told that he or she must buy securities from the bank's investment banking division in order to receive a loan. Moreover, banks could gain effective control over some nonblank industrial corporations which might subject them to added risk exposure and place industrial firms not allied with banks at a competitive disadvantage. As a result theGramm-Leach-Bliley Act has built in some protections to prevent this from happening.3. The term bank has been applied broadly over the years to include a diverse set of financial-service institutions, which offer different financial service packages.Identify as many o f the different kinds of “banks” as you can. How do the “banks” you have identified compare to the largest banking group of all – the commercial banks? Why do you think so many different financial firms have been called banks? How might this terminological confusion affect financial-service customers?The general public tends to classify anything as a bank that offers some sort of financial service, especially deposit and loan services. Other institutions that are often referred to as a bank without being one are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies and life and property/casualty insurance companies. All of these institutions offer some of the services that a commercial bank offers, but generally not the entire scope of services. Since providers of financial services are normally called banks by the general public they are able to take away business from traditional banks and it is of utmost importance for commercial banks to clarify their unique position among financial services providers.4. What advantages can you see to banks affiliating with insurance companies? How might such an affiliation benefit a bank? An insurer? Can you identify any possible disadvantages to such an affiliation? Can you cite any real world examples of bank-insurer affiliations? How well do they appear to have worked out in practice?Before Glass-Steagall banks used to sell insurance services to their customers on a regular basis. in particular, banks would sell life insurance companies to loan customers to ensure repayment of the loan in case of death or disablement. These reasons still exist today and the right to sell insurances to customers again benefits banks in allowing them to offer their customers complete financial packages from financing the home or car to insure it, from giving investment advice to selling life insurance policies and annuities for retirement planning. Generally, a bank customer who is already purchasing a service from a bank might feel compelled to purchase an insurance product, as well. On the other hand, insurance companies sometimes have a negative image, which makes it more difficult to sell certain insurance products. Combining their products with the trust that people generally have in banks will make it easier for them to sell their products. The most prominent example of a bank-insurer affiliation is the merger of Citicorp and Traveler’s Insurance to Citigroup. However, given that Citigroup has sold Traveler’s Insurance indicates that the anticipated synergy effects did not materialize.5. Explain the difference between consolidation and convergence. Are these trends in banking and financial services related? Do they influence each other? How? Consolidation refers to increase in the size of financial institutions and the decline in the number of small independently owned banks and financial service providers. Convergence is the bringing together of firms from different industries to createconglomerate firms offering multiple services. Clearly, these two trends are related. In their effort to compete with each other, banks and their closest competitors have acquired other firms in their industry as well across industries to provide multiple financial services in multiple markets.6. What is a financial intermediary? What are their key characteristics? Is a bank a type of financial intermediary? Why? What other financial-services companies are financial intermediaries? What important role within the financial system do financial intermediaries play?A financial intermediary is a business that interacts with deficit spending individuals and institutions and surplus spending individuals and institutions. For that reason any financial service provider (including banks) is considered a financial intermediary. In their function as intermediaries they act as a bridge between the deficit and surplus spending units by offering financial services to the surplus spending individuals and then loaning those funds to the deficit spending individuals. Financial intermediaries accelerate economic growth by increasing the pool of available funds and lowering the risk of investments through diversification.。

英文版工程电磁场 chapter-01

英文版工程电磁场  chapter-01
100 = 16x2y2 + 4x4 + 16x2 + 16 + 9z4
1.6. If a is a unit vector in a given direction, B is a scalar constant, and r = xax + yay + zaz, describe the surface r · a = B. What is the relation between the the unit vector a and the scalar B to this surface? (HINT: Consider first a simple example with a = ax and B = 1, and then consider any a and B.):
CHAPTER 1
1.1. Given the vectors M = −10ax + 4ay − 8az and N = 8ax + 7ay − 2az, find: a) a unit vector in the direction of −M + 2N.
−M + 2N = 10ax − 4ay + 8az + 16ax + 14ay − 4az = (26, 10, 4)
1 9
B2
=
100
or B2 − 8B − 44 = 0. Thus B = 8±
64−176 2
=
11.75
(taking
positive
option)
and
so
2
2
1
B = 3 (11.75)ax − 3 (11.75)ay + 3 (11.75)az = 7.83ax − 7.83ay + 3.92az

2020英语高考备战:解读《了不起的盖茨比》-Chapter 1-01

2020英语高考备战:解读《了不起的盖茨比》-Chapter 1-01

2020英语高考备战:解读《了不起的盖茨比》-Chapter 1-01Chapter 1第1段In my younger and more vulnerable years my father gave me some advice that I've been turning over in my mind ever since.分析:此句为“that”引导的定语从句,从句用来修饰advice。

“give”后可以接双宾语,”advice”为直接宾语,“me”为间接宾语。

“turn over”原本指“翻身、翻转”,这里指“在脑海中反复出现”。

笔记:ever since自那以后vulnerable /ˈvʌlnərəbəl/ adj. (身体上或感情上)脆弱的,易受…伤害的语法:have been doing一直在做某事翻译:我年纪还轻,阅历不深的时候,我父亲教导过我一句话,我至今还念念不忘。

第2段'Whenever you feel like criticizing(批评) any one,' he told me, 'just remember that all the people in this world haven't had the advantages that you've had.'分析:这句话告诉大家一些信息,首先“我”的出身还是不错的,家里条件挺好,有一些别人没有的优势,并且从小“我”的父亲就教导“我”,不要随意地去批评别人,所以这也是“我”性格的一个特征,不愿意随便地去评价别人。

翻译:“每当你想批评别人的时候,”他对我说,“一定要记得并不是世界上每个人都曾拥有你所拥有的优势。

”第3段He didn't say any more but we've always been unusually communicative in a reserved way, and I understood that he meant a great deal more than that.笔记:communicative爱说话的reserved 内向的;寡言少语的;矜持的reserve 把…专门留给;把…留作;保留•I reserve judgment on this issue (= I won't give an opinion on it now) until we have more information.在我们得到更多的资讯之前,我暂不对此事发表意见。

曼昆英文版《经济学原理》01-经济学十大原理

曼昆英文版《经济学原理》01-经济学十大原理

2. The cost of something is what you give up to get it.
Decisions require comparing costs and benefits of alternatives.
Whether to go to college or to work? Whether to study or go out on a date? Whether to go to class or sleep in?
Society and Scarce Resources: The management of society’s resources is important because resources are scarce.
Scarcity . . .
. . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have.
Economics
Economics is the study of how society manages its scarce resources.
Economists study. . .
How people make decisions. How people interact with each other. The forces and trends that affect the economy as a whole.
Marginal changes are small, incremental adjustments to an existing plan of action.

General Accounting ch01

General Accounting ch01
Proprietorship. Partnership. Corporation.
Chapter 1-15
Forms of Business Ownership
SO 5 Explain the monetary unit assumption and the economic entity assumption.
Customers SEC
Labor Unions Creditors
External Users
Marketing
Chapter 1-7
SO 2 Identify the users and uses of accounting.
Who Uses Accounting Data?
Common Questions Asked
Congress passed Sarbanes-Oxley Act of 2002. Effective financial reporting depends on sound ethical behavior.
Chapter 1-10
SO 3 Understand why ethics is a fundamental business concept.
Chapter 1-5
SO 1 Explain what accounting is.
What is Accounting?
Three Activities
Illustration 1-1 Accounting process
The accounting process includes the bookkeeping function.
Economic Entity Assumption – requires that

商业银行管理彼得S.罗斯第八版课后答案chapter_01

商业银行管理彼得S.罗斯第八版课后答案chapter_01

商业银行管理彼得S.罗斯第八版课后答案chapter_01CHAPTER 1AN OVERVIEW OF BANKS AND THE FINANCIAL-SERVICES SECTORGoal of This Chapter: In this chapter you will learn about the many roles financial service providers play in the economy today. You will examine how and why the banking industry and the financial services marketplace as a whole is rapidly changing, becoming new and different as we move forward into the future. You will also learn about new and old services offered to the public.Key Topics in This ChapterPowerful Forces Reshaping the IndustryWhat is a Bank?The Financial System and Competing Financial-Service InstitutionsOld and New Services Offered to the PublicKey Trends Affecting All Financial-Service FirmsAppendix: Career Opportunities in Financial ServicesChapter OutlineI. I ntroduction: P owerful Forces Reshaping the IndustryII. W hat Is a Bank?A. D efined by the Functions It Serves and the Roles It Play:B. B anks and their Principal CompetitorsC. Legal Basis of a BankD. D efined by the Government Agency That Insures Its DepositsIII.The Financial System and Competing Financial-Service InstitutionsA.Savings AssociationsB.Credit UnionsC.Money Market FundsD.Mutual FundsE.Hedge FundsF.Security Brokers and DealersG.Investment BankersH.Finance CompaniesI.Financial Holding CompaniesJ.Life and Property/Casualty Insurance CompaniesIV. T he Services Banks and Many of Their Closest Competitors Offer the PublicA. S ervices Banks Have Offered Throughout History1.Carrying Out Currency Exchanges2.Discounting Commercial Notes and Making Business Loans3.Offering Savings Deposits4.Safekeeping of Valuables and Certification of Value5.Supporting Government Activities with Credit6.Offering Checking Accounts (Demand Deposits)7.Offering Trust ServicesB. S ervices Banks and Many of Their Financial-Service Competitors HaveOffered More Recently1.Granting Consumer Loans2.Financial Advising3.Managing Cash4.Offering Equipment Leasing5.Making Venture Capital Loans6.Selling Insurance Policies7.Selling Retirement PlansC. Dealing in Securities: Offering Security Brokerage and Investment Banking Services1. Offering Security Underwriting2. Offering Mutual Funds and Annuities3. Offering Merchant Banking Services4. Offering Risk Management and Hedging ServicesV. Key Trends Affecting All Financial-Service FirmsA. S ervice ProliferationB. R ising CompetitionC. G overnment DeregulationD. A n Increasingly Interest-Sensitive Mix of FundsE. T echnological Change and AutomationF. C onsolidation and Geographic ExpansionG. C onvergenceH. G lobalizationVI. T he Plan of This BookVII. S ummaryConcept Checks1-1. What is a bank? How does a bank differ from most other financial-service providers?A bank should be defined by what it does; in this case, banks are generally those financial institutions offering the widest range of financial services. Other financial service providers offer some of the financial services offered by a bank, but not all of them within one institution.1-2. Under U.S. law what must a corporation do to qualify and be regulated as a commercial bank?Under U.S. law, commercial banks must offer two essential services to qualify as banks for purposes of regulation and taxation, demand (checkable) deposits and commercial loans.More recently, Congress defined a bank as any institution that could qualify for deposit insurance administered by the FDIC.1-3.Why are some banks reaching out to become one-stop financial service conglomerates? Is this a good idea in your opinion?There are two reasons that banks are increasingly becoming one-stop financial service conglomerates. The first reason is the increased competition from other types of financial institution s and t he erosion of banks’ traditional service areas. The second reason is the Financial Services Modernization Act which has allowed banks to expand their role to be full service providers.1-4. Which businesses are banking’s closest and toughest com petitors? What services do they offer that compete directly with banks’ services?Among a bank’s closest competitors are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies, and life and property-casualty insurance companies. All of these financial service providers are converging and embracing each other’s innovations. The Financial Services Modernization Act has allowed many of these financial service providers to offer the public one-stop shopping for financial services.1-5. What is happening to banking’s share of the financial mark etplace and why? What kind of banking and financial system do you foresee for the future if present trends continue?The Financial Services Modernization Act of 1999 allowed many of the banks’ closest competitors to offer a wide array of financial services thereby taking away market share from “traditional” banks. Banks and their closest competitors areconverging into one-stop shopping for financial services and this trend should continue in the future1-6. What different kinds of services do banks offer the public today? What services do their closest competitors offer?Banks offer the widest range of services of any financial institution. They offer thrift deposits to encourage saving and checkable (demand) deposits to provide a means of payment for purchases of goods and services. They also provide credit through direct loans, by discounting the notes that business customers hold, and by issuing credit guarantees. Additionally, they make loans to consumers for purchases of durable goods, such as automobiles, and for home improvements, etc. Banks also manage the property of customers under trust agreements and manage the cash positions of their business customers. They purchase and lease equipment to customers as an alternative to direct loans. Many banks also assist their customers with buying and selling securities through discount brokerage subsidiaries, the acquisition and sale of foreign currencies, the supplying of venture capital to start new businesses, and the purchase of annuities to supply future funding at retirement or for other long-term projects such as supporting a college education. All of these services are also offered by their closest competitors. Banks and their closest competitors are converging and becoming the financial department stores of the modern era.1-7. What is a financial department store? A universal bank? Why do you think these institutions have become so important in the modern financial system? Financial department store and universal bank refer to the same concept. A financial department store is an institution where banking, fiduciary, insurance, and security brokerage services are unified under one roof. A bankthat offers all these services is normally referred to as a universal bank. These have become important because of convergence and changes in regulations that have allowed financial service providers to offer all services under one roof1-8. Why do banks and other financial intermediaries exist in modern society, according to the theory of finance?There are multiple approaches to answering this question. The traditional view of banks as financial intermediaries sees them as simultaneously fulfilling the financial-service needs of savers (surplus-spending units) and borrowers(deficit-spending units), providing both a supply of credit and a supply of liquid assets. A newer view sees banks as delegated monitors who assess and evaluate borrowers on behalf of their depositors and earn fees for supplying monitoring services. Banks also have been viewed in recent theory as suppliers of liquidity andtransactions services that reduce costs for their customers and, through diversification, reduce risk. Banks are also critical in the payment system for goods and services and have played an increasingly important role as a guarantor and a risk management role for customers.1-9. How have banking and the financial services market changed in recent years? What powerful forces are shaping financial markets and institutions today? Which of these forces do you think will continue into the future?Banking is becoming a more volatile industry due, in part, to deregulation which has opened up individual banks to the full force of the financial marketplace. At the same time the number and variety of banking services has increased greatly due to the pressure of intensifying competition from nonbank financial-service providers and changing public demand for more conveniently and reliably provided services. Adding to the intensity of competition, foreign banks have enjoyed success in their efforts to enter countries overseas and attract away profitable domestic business and household accounts.1-10. Can you explain why many of the forces you named in the answer to the previous question have led to significant problems for the management of banks and other financial firms and their stockholders?The net result of recent changes in banking and the financial services market has been to put greater pressure upon their earnings, resulting in more volatile returns to stockholders and an increased bank failure rates. Some experts see banks' role and market share shrinking due to restrictive government regulations and intensifying competition. Institutions have also become more innovative in their service offerings and in finding new sources of funding, such as off-balance-sheet transactions. The increased risk faced by institutions today, therefore, has forced managers to more aggressively utilize a wide array of tools and techniques to improve and stabilize their earnings streams and manage the various risks they face. 1-11. What do you think the financial services industry will look like 20 years from now? What are the implications of your projections for its management today? There appears to be a trend toward continuing consolidation and convergence. There are likely to be fewer financial service providers in the future and many of these will be very large and provide a broad range of financial services under one roof. In addition, global expansion will continue and will be critical to the survival of many financial service providers. Management of financial service providers willhave to be more technologically astute and be able to make a more diverse set of decisions including decisions about mergers, acquisitions and global expansion as well as new services to add to the firm.Problems and Projects1. You have just been hired as the marketing officer for the new First National Bank of Vincent, a suburban banking institution that will soon be serving a local community of 120,000 people. The town is adjacent to a major metropolitan area with a total population of well over 1 million. Opening day for the newly chartered bank is just two months away, and the president and the board of directors are concerned that the new bank may not be able to attract enough depositors and good-quality loan customers to meet its growth and profit projections. There are 18 other financial-service competitors in town, including two credit unions, three finance companies, four insurance agencies, and two security broker offices. Your task is to recommend the various services the bank should offer initially to build up an adequate customer base. You are asked to do the following:a.Make a list of all the services the new bank could offer, according to current regulations.b.List the type of information you will need about the local community tohelp you decide which of the possible services are likely to have sufficientdemand to make them profitable.c.Divide the possible services into two groups--those you think are essentialto customers and should be offered beginning with opening day, and thosethat can be offered later as the bank grows.d. Briefly describe the kind of advertising campaign you would like to run tohelp the public see how your bank is different from all the other financialservice providers in the local area. Which services offered by the nonblankservice providers would be of most concern to the new bank’smanagement?Banks can offer, if they choose, a wide variety of financial services today. These services are listed below. However, unless they are affiliated with a larger bank holding company and can offer some of these services through that company, it may be more limited in what it can offer.Regular Checking Accounts Management Consulting Services NOW Accounts Letters of CreditPassbook Savings Deposits Business Inventory Loans Certificates of Deposit Asset-Based Commercial Loans Money Market Deposits Discounting of Commercial Paper Automobile Loans Plant and Equipment Loans Retirement Savings Plans Venture Capital LoansNonauto Installment Loans to IndividualsResidential Real Estate Loans Leasing Plans for Business Property and EquipmentHome Improvement Loans Security Dealing and Underwriting Personal Trust Management Services Discount Security BrokerageCommercial Trust Services Institutional Trust Services Foreign Currency Trading and ExchangePersonal Financial Advising Personal Cash-Management ServicesInsurance Policy Sales (Mainly Credit-Life)Insurance Today (Except in Some States)) Standby Credit Guarantees Acceptance FinancingTo help the new bank decide which services to offer it would be helpful to gather information about some of the following items in the local community:School Enrollments and Growth in School EnrollmentsEstimated Value of Residential and Commercial PropertyRetail SalesPercentage of Home Ownership Among Residents in the AreaNumber and Size (in Sales and Work Force) of Local Business Establishments Major Population Locations (i.e., Major Subdivisions, etc.) and Any Projected Growth AreasPopulation Demographics (i.e., Age Distribution of the Area) Projected Growth Areas of Industries in the AreaEssential services the bank would probably want to offer right from the beginning includes:Regular Checking Accounts Home Improvement Loans Automobile and other Consumer-type Money Market Deposit Accounts Installment Loans Retirement Savings Plans NOW Accounts Business Inventory LoansPassbook Savings Deposits Discounting of High-QualityCommercial NotesResidential Real Estate LoansCertificates of DepositAs the bank grows, opportunities for the profitable sale of additional services usually increase, especially for trust servicesfor individuals and smaller businesses and personal financial advising as well as some commercial (plant and equipment) loans and leases. Further growth may result in the expansion of commercial trust services as well as a widening variety of commercial loans and credit guarantees.The bank would want to develop an advertising campaign that sends a message to potential customers that the new bank is, indeed, different from its competitors. Small banks often have the advantage of offering highly personalized services in which their customers are known and recognized and services are tailored to each individual customer's special financial needs. Quality and reliability of banking service are often more important to individual customers than is price. A new bank must try to sell prospective customers, most of who will come from other banks in the area, on personalized services, quality, and reliability - all three of which should be emphasized in its advertising program.2. Leading money center banks in the United States have accelerated their investment banking activities all over the globe in recent years, purchasing corporate debt securities and stock from their business customers and reselling those securities to investors in the open market. Is this a desirable move by these banking organizations from a profit standpoint? From a risk standpoint? From the public interest point of view? How would you research their question? If you were managing a corporation that had placed large deposits with a bank engaged in such activities, would you be concerned about the risk to your company's funds? What could you do to better safeguard those funds?In the 1970's and early 1980's investment banking was soprofitable that commercial bankers were lured into the investment banking business largely because of its greater profit potential than possessed by more traditional commercial banking activities. Later foreign banks, particularly the British and Japanese banking firms, began to attract away large corporate customers from U.S. banks, who were restrained by regulation from offering many investment banking services. Thus, U.S. banks ran into severe difficulty in simply trying to hold onto their traditional corporate credit and deposit accounts because they could not compete service-wise in the investment banking field. Today, banks are allowed to underwrite securities through either a subsidiary or through a holding company structure. This change occurred as part of the Gramm-Leach-Bliley Act (Financial Services Modernization Act).Unfortunately, if investment banking is more profitable than traditional banking product lines, it is also more risky, consistent with the basic tenet of finance that risk and return are directly related. That is why the Federal Reserve Board has placed such strict limits on the type of organization that can offer these services. Currently, the underwriting of most corporate securities must be done through a subsidiary or as a separate part of the holding company so that, in theory at least, the bank is not responsible for any losses incurred. For this reason there may be little reason for depositors (including large corporate depositors) to be concerned about risk exposure from investment banking. Moreover, the ability to offer such services may make U.S. banks more viable in the long run which helps their corporate customers who depend upon them for credit.On the other hand, opponents of investment banking powers for bank operations inside the U.S. have some reasonableconcerns that must be addressed. There are, for example, possible conflicts of interest. Information gathered in the investment banking division could be used to the detriment of customers purchasing other bank services. For example, a customer seeking a loan may be told that he or she must buy securities from the bank's investment banking division in order to receive a loan. Moreover, banks could gain effective control over some nonblank industrial corporations which might subject them to added risk exposure and place industrial firms not allied with banks at a competitive disadvantage. As a result the Gramm-Leach-Bliley Act has built in some protections to prevent this from happening.3. The term bank has been applied broadly over the years to include a diverse set of financial-service institutions, which offer different financial service packages.Identify as many o f the different kinds of “banks” as you can. How do the “banks” y ou have identified compare to the largest banking group of all – the commercial banks? Why do you think so many different financial firms have been called banks? How might this terminological confusion affect financial-service customers?The general public tends to classify anything as a bank that offers some sort of financial service, especially deposit and loan services. Other institutions that are often referred to as a bank without being one are savings associations, credit unions, money market funds, mutual funds, hedge funds, security brokers and dealers, investment banks, finance companies, financial holding companies and life and property/casualty insurance companies. All of these institutions offer some of the services that a commercial bank offers, but generally not the entire scope ofservices. Since providers of financial services are normally called banks by the general public they are able to take away business from traditional banks and it is of utmost importance for commercial banks to clarify their unique position among financial services providers.4. What advantages can you see to banks affiliating with insurance companies? How might such an affiliation benefit a bank? An insurer? Can you identify any possible disadvantages to such an affiliation? Can you cite any real world examples of bank-insurer affiliations? How well do they appear to have worked out in practice?Before Glass-Steagall banks used to sell insurance services to their customers on a regular basis. in particular, banks would sell life insurance companies to loan customers to ensure repayment of the loan in case of death or disablement. These reasons still exist today and the right to sell insurances to customers again benefits banks in allowing them to offer their customers complete financial packages from financing the home or car to insure it, from giving investment advice to selling life insurance policies and annuities for retirement planning. Generally, a bank customer who is already purchasing a service from a bank might feel compelled to purchase an insurance product, as well. On the other hand, insurance companies sometimes have a negative image, which makes it more difficult to sell certain insurance products. Combining their products with the trust that people generally have in banks will make it easier for them to sell their products. The most prominent example of a bank-insurer affiliation is the merger of Citicorp and Traveler’s Insurance to Citigroup. However, given that Citigroup has sold Traveler’s Insurance indicates that the anticipated synergy effects did notmaterialize.5. Explain the difference between consolidation and convergence. Are these trends in banking and financial services related? Do they influence each other? How? Consolidation refers to increase in the size of financial institutions and the decline in the number of small independently owned banks and financial service providers. Convergence is the bringing together of firms from different industries to createconglomerate firms offering multiple services. Clearly, these two trends are related. In their effort to compete with each other, banks and their closest competitors have acquired other firms in their industry as well across industries to provide multiple financial services in multiple markets.6. What is a financial intermediary? What are their key characteristics? Is a bank a type of financial intermediary? Why? What other financial-services companies are financial intermediaries? What important role within the financial system do financial intermediaries play?A financial intermediary is a business that interacts with deficit spending individuals and institutions and surplus spending individuals and institutions. For that reason any financial service provider (including banks) is considered a financial intermediary. In their function as intermediaries they act as a bridge between the deficit and surplus spending units by offering financial services to the surplus spending individuals and then loaning those funds to the deficit spending individuals. Financial intermediaries accelerate economic growth by increasing the pool of available funds and lowering the risk of investments through diversification.。

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AcknowledgmentsFor Blythe . . .A debt of gratitude to Emily Bestler, Jason Kaufman, Ben Kaplan, and everyone at Pocket Books for their belief in this project.To my friend and agent, Jake Elwell, for his enthusiasm and unflagging1effort.To the legendary George Wieser, for convincing me to write novels.To my dear friend Irv Sittler, for facilitating my audience with the Pope, secret ing2me into parts of Vatican City few ever see, and making my time in Rome unforgettable.To one of the most ingenious and gifted artists alive, John Langdon, who rose brilliantly to my impossible challengeTo Stan Planton, head librarian, Ohio University-Chillicothe, for being my number one source of information on countless topics.To Sylvia Cavazzini, for her gracious tour through the secret Passetto.And to the best parents a kid could hope for, Dick and Connie Brown . . . for everything.Thanks also to CERN, Henry Beckett, Brett Trotter, the Pontifical Academy of Science, Brookhaven Institute, FermiLab Library, Olga Wieser, Don Ulsch of the National Security Institute, Caroline H. Thompson at University of Wales, Kathryn Gerhard and Omar Al Kindi, John Pike and the Federation of American Scientists, Heimlich Viserholder, Corinna and Davis Hammond, Aizaz Ali, the Galileo Project of Rice University, Julie Lynn and Charlie Ryan at Mockingbird Pictures, Gary Goldstein, Dave (Vilas) Arnold and Andra Crawford, the GlobalFraternal Network, the Phillips Exeter Academy Library, Jim Barrington, John Maier, the exceptionally keen eye of Margie Wachtel, alt.masonic.members, Alan Wooley, the Library of Congress Vatican Codices Exhibit, Lisa Callamaro and the Callamaro Agency, Jon A. Stowell, Musei Vaticani, Aldo Baggia, Noah Alireza, Harriet Walker, Charles Terry, Micron Electronics, Mindy Homan, Nancy andDick Curtin, Thomas D. Nadeau, NuvoMedia andRocket E-books, Frank and Sylvia Kennedy, Rome Board of Tourism, Maestro GregoryBrown, Val Brown, Werner Brandes, Paul Krupin at Direct Contact, Paul Stark, Tom King at Computalk Network, Sandy and Jerry Nolan, Web guru Linda George, the National Academy of Art in Rome, physicist and fellow scribe Steve Howe, Robert Weston, the Water Street Bookstore in Exeter, New Hampshire, and the Vatican Observatory.FACTThe world‘s largest scientific research facility-Switzerland‘s Conseil Europйen pour la Recherche Nuclйaire (CERN)-recently succeeded in producing the first particles of antimatter3. Antimatter is identical to physical matter except that it is composed of particles whose electric charges are opposite to those found in normal matter.Antimatter is the most powerful energy source known to man. It releases energy with 100 percent efficiency (nuclear fission4is 1.5 percent efficient). Antimatter creates no pollution or radiation, and a droplet could power New York City for a full day.There is, however, one catch . . .1flag1 n. 旗帜the national flag 国旗show the white flag 竖白旗;投降under the flag (of) 在…旗帜下;受…保护vt. -gg- 插旗|| (挥手或挥旗)使车停下flag a taxi. 秘书为我招呼来一辆出租汽车。

flag2 n. 石板;铺路石(= flagstone) > vt. 用石板铺(路面)flag3 vi. 枯萎|| 衰退; 减弱flagging interest 兴趣减退unflagging adj. tireless 不倦的不松懈的2secret ~ service 特务组织, 情报部门a ~ place 隐居之地a ~ valley 幽谷~ ballot 无记名投票secret rejoicing 暗自高兴a top secret 绝密let out a secret 泄漏秘密have(hold) secrets from you 对...隐瞒the secret of health 养身秘诀3antimatter n. 【物】反物质4fission /‘fiSn/ n. 分裂|| 分裂生殖(法) reproduction by fission 分裂繁殖|| 【核】裂变nuclear fission 核裂变Antimatter is highly unstable. It ignites when it comes in contact with absolutely anything . . . even air. A single gram of antimatter contains the energy of a 20-kiloton nuclear bomb-the size of the bomb dropped on Hiroshima5.Until recently antimatter has been created only in very small amounts (a few atoms at a time). But CERN has now broken ground on its new Antiproton Decelerator-an advanced antimatter production facility that promises to create antimatter in much larger quantities.One question looms: Will this highly volatile substance save the world, or will it be used to create the most deadly weapon ever made?AUTHOR’S NOTEReferences to all works of art, tombs, tunnels, and architecture in Rome are entirely factual6(as are their exact locations). They can still be seen today.The brotherhood of the Illuminati7is also factual.ProloguePhysicist Leonardo Vetra smelled burning flesh, and he knew it was his own. He stared up in terror at the dark figure looming over him. ―What do you want!‖“La chiave,” the raspy8voice replied. ―The password.‖―But ... I don‘t—―The intruder pressed down again, grinding the white hot object deeper into Vetra‘s chest. There was the hiss of broil ing flesh.Vetra cried out in agony. ―There is no password!‖ He felt himself drifting toward unconsciousness.The figure glared. ―Ne avevo paura. I was afraid of that.‖Vetra fought to keep his senses, but the darkness was closing in. His only solace was in knowing his attacker would never obtain what he had come for. A moment later, however, the figure produced a blade and brought it to Vetra‘s face. The blade hovered. Carefully. Surgically.―For the love of God!‖ Vetra screamed. But it was too late.Chapter 1High atop the steps of the Pyramid of Giza a young woman laughed and called down to him. ―Robert, hurry up! I knew I should have married a younger man!‖ Her smile was magic.He struggled to keep up, but his legs felt like stone. ―Wait,‖ he begged. ―Please . . .‖As he climbed, his vision began to blur. There was a thundering in his ears. I must reach her! But when he looked up again, the woman had disappeared. In her place stood an old man with rotting teeth. The man stared down, curling his lips into a lonely grimace9. Then he let out a scream of anguish that resounded across the desert.Robert Langdon awoke with a start from his nightmare. The phone beside his bed was ringing. Dazed, he picked up the receiver.―Hello?‖5Hiroshima /,hi:r.. 'Si:m../ n. 广岛(日本市、县名)6factual /‘f@ktju..l/ adj. 事实的;实际的a factual account 真实记载7illuminati /i,lu:mi‘na:ti/ n. (自称)有睿智的人,先觉者,光照派8raspy /‘ra:spi, AmE ‗r@-/ adj. 粗糙的; 发刺耳声的; 使人烦躁的|| 易怒的9grimace /gri‘meis/ vi. 作怪相,装鬼脸;面部的歪扭make grimaces 作怪相―I‘m looking for Robert Langdon,‖ a man‘s voice said.Langdon sat up in his empty bed and tried to clear his mind. ―This . . . is Robert Langdon.‖ He squinted at his digital clock. It was 5:18 A.M.―I must see you immediately.‖―Who is this?‖―My name is Maximilian Kohler. I‘m a discrete10particle physicist11.‖―A what?‖ Langdon could barely focus. ―Are you sure you‘ve got the right Langdon?‖―You‘re a professor of religious iconology at Harvard University. You‘ve written three books on symbology and-――Do you know what time it is?‖―I apologize. I have something you need to see. I can‘t discuss it on the phone.‖A knowing groan escaped Langdon‘s lips. This had happened before. One of the perils of writing books about religious symbology was the calls from religious zealot s12who wanted him to confirm their latest sign from God. Last month a stripper13from Oklahoma had promised Langdon the best sex of his life if he would fly down and verify the authenticity of a cruciform that had magically appeared on her bed sheets. The Shroud of Tulsa, Langdon had called it.―How did you get my number?‖ Langdon tried to be polite, despite the hour.―On the Worldwide Web. The site for your book.‖Langdon frowned. He was damn sure his book‘s site did not include his home phone number. The man was obviously lying.―I need to see you,‖ the caller insisted. ―I‘ll pay you well.‖Now Langdon was getting mad. ―I‘m sorry, but I really-――If you leave immediately, you can be here by-――I‘m not going anywhere! It‘s five o‘clock in the morning!‖ Langdon hung up and collapsed back in bed. He closed his eyes and tried to fall back asleep. It was no use. The dream was emblazon ed14in his mind. Reluctantly, he put on his robe and went downstairs.Robert Langdon wandered barefoot through his deserted Massachusetts Victorian home and nursed his ritual insomnia remedy-a mug of steaming Nestlй‘s Quik. The April moon filtered through the bay windows and played on the oriental carpets. Langdon‘s colleagues often joked that his place looked more like an anthropology museum than a home. His shelves were packed with religious artifacts from around the world-an ekuaba from Ghana, a gold cross from Spain, a cycladic15idol from the Aegean, and even a rare woven boccus from Borneo, a young warrior‘s symbol of perpetual youth.As Langdon sat on his brass Maharishi‘s chest and savored the warmth of the chocolate, the bay window caught his reflection. The image was distorted and pale . . . like a ghost. An aging ghost,he thought, cruelly reminded that his youthful spirit was living in a mortal shell.Although not overly16handsome in a classical sense, the forty-five-year-old Langdon had what his female colleagues referred to as an ―erudite‖ appeal-wisps of gray in his thick brown hair, probing blue eyes, an arrestingly deep voice, and the strong, carefree smile of a collegiate athlete. A varsity17diver in prep school and college, Langdon still had the body of a swimmer, a toned, six-foot physique that he vigilantly maintained with fifty laps a day in the university pool.10discrete /dis‘kri:t/ adj. 分离的, 分立的, 不连续的;【数】离散的discrete space 【物】离散空间11physicist /‘fizisist/ n. 物理学家专攻物理学的科学家12zealot /‘zel..t/ n. 对于信仰或党派过度热心者; 狂热者13stripper /‘strip../ n. 剥夺者; 夺取者|| [美俚]演脱衣舞者;14emblazon /im‘bleizn/ vt. 用纹章装饰15Cycladic adj. 基克拉迪群岛的,(史前青铜时代)基克拉迪文化的16overly /‘ouv..li/ adv. 过度地,太,非常17vasity /‘va:siti/ n. 大学运动代表队, 大学>>> adj. 大学代表队的Langdon‘s friends had always viewed him as a bit of an enigma-a man caught between centuries. On weekends he could be seen lounging on the quad18in blue jeans, discussing computer graphics or religious history with students; other times he could be spotted in his Harris tweed and paisley19vest, photographed in the pages of upscale art magazines at museum openings where he had been asked to lecture.Although a tough teacher and strict disciplinarian20, Langdon was the first to embrace what he hailed as the ―lost art of good clean fun.‖He relished recreation with an infectious fanaticism that had earned him a fraternal acceptance among his students. His campus nickname-―The Dolphin‖-was a reference both to his affable21nature and his legendary ability to dive into a pool and outmaneuver the entire opposing squad in a water polo match.As Langdon sat alone, absently gazing into the darkness, the silence of his home was shattered again, this time by the ring of his fax machine. Too exhausted to be annoyed, Langdon forced a tired chuckle.God’s people, he thought. Two thousand years of waiting for their Messiah, and they’re still persistent as hell.Wearily, he returned his empty mug to the kitchen and walked slowly to his oak-paneled study. The incoming fax lay in the tray. Sighing, he scoop ed22up the paper and looked at it.Instantly, a wave of nausea hit him.The image on the page was that of a human corpse. The body had been stripped naked, and its head had been twisted, facing completely backward. On the victim‘s chest was a terrible burn. The man had been brand ed23. . . imprinted with a single word. It was a word Langdon knew well. Very well. He stared at the ornate24lettering in disbelief.―Illuminati,‖ he stammered, his heart pounding. It can’t be . . .In slow motion, afraid of what he was about to witness, Langdon rotated the fax 180 degrees. He looked at the word upside down.Instantly, the breath went out of him. It was like he had been hit by a truck. Barely able to believe his eyes, he rotated the fax again, reading the brand right-side up and then upside down.―Illuminati,‖ he whispered.Stunned, Langdon collapsed in a chair. He sat a moment in utter bewilderment. Gradually, his eyes were drawn to the blinking red light on his fax machine. Whoever had sent this fax was still on the line . . . waiting to talk. Langdon gazed at the blinking light a long time.Then, trembling, he picked up the receiver.Chapter 2Do I have your attention now?‖ the man‘s voice said when Langdon finally answered the line.―Yes, sir, you damn well do. You want to explain yourself?‖18quad /kwod/ n. 方庭;(学院的)方院(亦作:quadrangle)19paisley /‘peizli/ n. 佩兹利涡旋纹花呢20disciplinarian /,disipi‘ne..ri..n/ n. 严格实行纪律的人;维持纪律者21affable /‘@f..bl/ adj. 殷勤的, 和蔼的, 友好的an affable smile 笑容可掬|| (天气等)宜人的22scoop /sku:p/ n. 铲子;勺子|| 独家新闻;抢先得到的新闻vt.(常与out, up连用)铲起;汲出;舀出; 挖出|| (常与up连用)抢先获得scoop in赚钱23brand /br@nd/ n. 商标;牌子|| (常与of连用)特殊类型his own brand of humor 他独特的幽默感烙印These cattle have my brand on them. 这些牛身上都有我打的烙印。

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