美元借款

Less rosily, the fact that so much of the deal ($7 billion) is financed by debt is a negative: borrowing that looks cheap today could double in price tomorrow.

不那么乐观的一个事实则是，这份协议很大一部分（70亿美元）是用债务进行融资的，这是个不利因素：现在看起来很便宜的借款明天价格就有可能翻番。

South Korea, one of Asia's chief casualties of the credit crisis, scythed $45bn, or more than 10 per cent, off its overseas borrowings in the fourth quarter.

韩国——信贷危机中受伤害最严中的亚洲经济体之一，在去年第四季度偿还了450亿美元的外债，超过其海外借款总额的10%。

We borrow money against portfolios of interest-bearing receivables whose risk characteristics we understand. We did this in 2001 when we guaranteed $5.6 billion of bank debt to take over, in partnership with Leucadia, a bankrupt Finova (which held a broad range of receivables). All of that debt has been repaid. More recently, we have borrowed to finance a widely-diversified, predictably-performing portfolio of manufactured-home receivables managed by Clayton. Alternatively, we could "securitize" that is, sell these receivables, but retain the servicing of them. If we followed this procedure, which is common in the industry, we would not show the debt that we do on our balance sheet, and we would also accelerate the earnings we report. In the end, however, we would earn less money. Were market variables to change so as to favor securitization, we could sell part of our portfolio and eliminate the related debt. Until then, we prefer better profits to better cosmetics.

2我们也会举债用来买进有利息收入且我们了解其风险属性的应收帐款，像我们在2001年就与 Leucadia 合作联合对当时破产的融资公司 Finova给予56亿美元的债务担保，目前该笔借款业已清偿完毕，而最近，我们也借钱给子公司 Clayton 房屋以协助其买进风险相当分散且容易预估绩效的房屋贷款债权，当然我们大可以像其它同业一样将这些债权证券化卖掉，只保留后续的服务部份，如此我们帐上不但可以降低负债比例，而且可以达到美化帐面的目的，但如此一来，我们却必须牺牲部份利润，除非市场真的转变，使得证券化较有利，我们才可能出售部份应收帐款以降低负债，在这之前，我们宁要里子不要面子。

Palm today announced that Palm stockholders have approved proposals that will permit Palm to conclude a $325 million investment by Elevation Partners, L.P., borrow up to $400 million in an associateddebt financing, make a cash distribution of $9.00 per share to Palmstockholders, and make related adjustments to its equity plans.

R palm今天宣布，它与Elevation Partners， L.P。公司的一项投资协议获得了股东的批准，这项投资协议价值$325 million.palm公司将以联合负债融资的形式借款$400 million，配股份额为每股9美元，并且会对其资产计划作出相关调整

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。