VOA Special English -- November 02

老胖

ECONOMICS REPORT - Finance: Merrill Lynch CEO O'Neal Is Out After Huge Loss
This is the VOA Special English Economics Report.

Stan O'Neal

This week, directors of investment bank Merrill Lynch forced out its chief executive officer, Stan O'Neal. He retired less than a week after Merrill reported its first quarterly loss in six years, and the biggest in its ninety-three-year history.
Merrill is the world's largest brokerage company. It lost over two billion dollars in the period from July through September. That was because of more than eight billion dollars in write-downs. A write-down represents a reduction in the value of investments or other assets.
The results were mostly related to subprime mortgages -- housing loans to people with risky credit histories. Merrill has had the largest losses so far of any American bank with investments tied to subprime loans. Many of these investments are complex securities called collateralized debt obligations.
Merrill had almost eight billion dollars in write-downs on C.D.O.s and subprime mortgages. That was even more than the four and one-half billion dollars expected. Its other divisions, however, remained profitable.
Stan O'Neal worked for Merrill Lynch for twenty-one years. He held the top job since two thousand two. Board members were angry at the losses and at reports that he proposed a merger deal with Wachovia Bank without their approval. He chose most of the members of that board.
Critics say he failed to listen to warnings about the risk of subprime debt. Yet his decisions to make riskier investments than chief executives before him helped produce record profits for the company. He also pushed to reduce costs, including thousands of job cuts -- a culture change for a company that was known as "Mother Merrill."
He leaves with about one hundred sixty million dollars worth of stock and retirement pay.
Stan O'Neal was the first African-American to lead a major Wall Street investment bank. He rose out of poverty. As a boy he picked cotton on a family farm in Alabama. Later he was a factory worker at General Motors.
Some market watchers think Merrill Lynch may have to write down an additional four billion dollars in the fourth quarter of the year. But the company was not alone in reporting big third-quarter losses.
In Europe the investment bank UBS said it lost about seven hundred million dollars. It wrote down more than three billion dollars of investments linked to subprime loans. And UBS warned that it could end the year with more losses.
And that's the VOA Special English Economics Report. I'm Mario Ritter.

MP3 声音（1.76 M） Real 声音（599 K）

老胖

AMERICAN MOSAIC - Rufus Wainwright Aims High With Opera, Classical and Cabaret in His New Album, 'Release the Stars'

Welcome to AMERICAN MOSAIC in VOA Special English.
(MUSIC)
I'm Doug Johnson. On our show this week:
We listen to some music from Rufus Wainwright ...
Answer a question about American elections ...
And report about the Denver Art Museum.
Denver Art Museum
HOST:

Newest extension of the Denver Art Museum

Today we explore the collections of the Denver Art Museum in Colorado. The two main buildings of the museum contain art from many periods and places. The newest extension of the museum opened last year. The tall, silver-colored building was designed by the internationally famous American architect Daniel Libeskind. Faith Lapidus tells us about this interesting museum.
FAITH LAPIDUS:
When you first walk toward the Denver Art Museum, you might not realize the building you are looking at is a museum. The tall North Building looks like a defensive structure built long ago. It was actually built in nineteen seventy-one by the architect Gio Ponti. He once said that "art is a treasure and these thin but jealous walls defend it." The surface of the building is covered in over one million glass tiles that shine in the bright Colorado sun.
Next to this building is Daniel Libeskind's bold creation. Its sharp angles and tall extensions are covered in silver-colored titanium metal. Mister Libeskind says the building was influenced by the light and environment of the nearby Rocky Mountains.
The inside of the Denver Art Museum is as interesting as its outside. There are rich collections of modern and ancient art as well as art from Asia, Africa, America and Europe. The American Indian collection includes a finely-made face covering by the Kwakwaka'wakw tribe artist George Walkus. This bold mask has four bird faces painted in red, white and black. It was worn as part of a special dance ceremony.
In its main entry, the new building has an unusual piece of art by the Japanese artist Tatsuo Miyajima. It is made up of eighty mirrored glass circles placed on the walls in different areas. Each circle has a lighted number in its center. The numbers count up and down at different speeds between the numbers one through nine.
The Denver Art Museum recently had an exhibition of works by the abstract expressionist painter Clyfford Still. When he died in nineteen eighty, he gave his collection of work to a city that would build a museum to protect and present his art. The Clyfford Still museum will be built next door to the Denver Art Museum. But we will have to wait until two thousand ten to explore its collections.
American Elections
HOST:
Our listener question this week comes from Burma. Ko Maw Gyi wants to know about the United States election process and who will win the two thousand eight presidential election.
National elections are held in the United States every two years. Each time, voters elect all members of the House of Representatives for a two-year term, and one-third of Senate members for a six-year term. Many states also choose governors and state legislatures in national elections. Citizens may also vote on different questions of state or local interest.
Two thousand eight is a presidential election year, as well. The Constitution requires the president and vice president be elected every four years. By law, voting is to be held on the first Tuesday after the first Monday in November. Although many Americans may have an opinion about who will win the presidential election next year, it is too early to make any predictions. Presidential candidates have more than one year left to campaign.

A voter gives her 9-year-old daughter a lesson in voting during the Maryland primary elections in 2006

The two major parties in the United States are the Democrats and the Republicans. Every four years, the parties hold national conventions to officially choose their nominees for president and vice president. Many states hold special primary elections to choose delegates to the national conventions. Each presidential candidate lists on state primary ballots a group of delegates who have promised to support the candidate at their party's convention. Citizens show their choice for the presidential nomination by voting for the group of delegates committed to that candidate.
Off-year elections in American politics are considered general elections held during odd-numbered years. The next off-year election is November sixth. Voters will select mayors, city council members, school board officials and many other local offices. A few states will also hold elections for governor and state legislators on Tuesday.
Rufus Wainwright
HOST:

Rufus Wainwright

Rufus Wainwright is a musician who comes from a family of folk singers. His fifth album, "Release the Stars," is musically rich and complex. With his emotional voice, Wainwright sings about deeply personal stories. Some songs are playful, while others are more serious. Barbara Klein has more.
BARBARA KLEIN:
Rufus Wainwright recorded "Release the Stars" last summer in Germany. He wanted to create a musically straightforward and simple record. Instead, he ended up writing rich and complex musical arrangements that include fourteen string and horn instruments. The album combines the sounds of popular music with those of opera, classical and cabaret music. Here is the song "Rules and Regulations."
(MUSIC)
Rufus Wainwright made this album for his mother, the musician Kate McGarrigle. While he was recording the songs, she had to have a serious medical operation. He said her sickness gave him a sense of urgency about the record he wanted to create.
Last year, Rufus Wainwright gave a bold performance at the famous Carnegie Hall in New York City. He recreated the songs from a historic concert given by the American singer Judy Garland in nineteen sixty-one. His performance received great critical praise. But one of his close friends did not attend. Wainwright wrote this song about his friends. "Release the Stars" tells about the old days of movie production studios in Hollywood, California. But Wainwright says the larger message is about letting everything go and being the best person you can be.
(MUSIC)
Rufus Wainwright has also written many songs for movies such as "Shrek", "Moulin Rouge" and "Brokeback Mountain." The Metropolitan Opera in New York City has even asked him to write an opera. We leave you now with his song "Slideshow."
(MUSIC)
HOST:
I'm Doug Johnson. I hope you enjoyed our program today.
It was written by Dana Demange and Jill Moss. Caty Weaver was our producer. To read the text of this program and download audio, go to our Web site, www.unsv.com.
Join us again next week for AMERICAN MOSAIC, VOA's radio magazine in Special English.

MP3 声音（6.93 M） Real 声音（2.29 M）

shirogumo

呵呵
继续支持

Jennifer

真是谢谢楼主的热心了，一直发些好东西上来给大家分享