VOA标准英语2012--US Bank Executive Apologizes for Loss

（单词翻译）

US Bank Executive Apologizes for Loss

It was four years ago that a cascading¹ failure of America’s biggest financial institutions triggered massive federal bailouts and legislation designed to curb² risk-taking and, it was hoped, avoid another economic meltdown.

On Capitol Hill, news of substantial new losses at JP Morgan Chase has renewed debate on the efficacy of those reforms.

Chief Executive Officer Jamie Dimon expressed contrition³ to the Senate Banking⁴ Committee.

"We have let a lot of people down, and we are very sorry for it," he said.

Dimon explained that a new investment model designed to reduce risky⁵ financial dealings actually increased risk exposure. He said the model has been abandoned in favor of older, time-tested ways of doing business.

On a brighter note, Dimon said the losses are only a tiny fraction of JP Morgan Chase’s total holdings, which exceed $1 trillion. And he offered this overall assessment⁶ of America’s private banking sector⁷. "I do think that since the [2008 financial] crisis - and you should have comfort in this - banks are better capitalized," he said. "They have more liquidity⁸. There is more transparency."

America’s free-enterprise system thrives on risk-taking. But how best to manage that risk is a continuing concern for lawmakers, as the Banking Committee’s chairman, Senator Tim Johnson noted⁹.

"While risk cannot be eliminated from our economy, we can and must demand that banks take risk management seriously, and maintain strong controls," he said.

The ranking Republican on the committee, Senator Richard Shelby, stressed private banks’ vital role in capitalism¹⁰.

"Banks take risks because that is what they do. Usually those risks are beneficial. They enable Americans to buy homes, attend college, and save for retirement," he said.

But Shelby added that the federal government does have an interest in how banks conduct business.

"Normally, it is not - and I believe it should not be - the role of Congress to second-guess decisions by private sector businesses," he said. "However, because the federal government guarantees bank deposits, this committee has a responsibility to ensure that banks do not unnecessarily put taxpayers¹¹ at risk."

Implementation¹² of federal financial reforms is ongoing¹³. JP Morgan Chase’s Jamie Dimon was asked if those reforms are making America’s financial system safer. His response: "I do not know."