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考研外语考试题目及答案4
一、UseofEnglish1〃WewantSingaporetohavetheX-factorthatbuzzthatyougetinLondonParisorNewYork.〃ThatishowLeeHsienLoongSingaporesprimeminister1hisgovernmentsdecisionto2gamblinginthecountry3twolargeVegas-style.casinos.Whetherthecasinoswillindeedhelptotransform.Singaporesstaidimageremainstobeseen.Butthedecisionhasalready4anuncharacteristicbuzzamongthecountrysnormally5citizens.Thegovernmenthascontemplatedandrejected6casinosseveraltimesinthepast.Onereasonwas7Singapore^seconomicgrowthwassorapidthatcasinosseemedlikeanunnecessaryevil.BuddhismandIslamtwoofthecountrysmainreligions8ongambling.Thegovernmentitselfhastraditionallyhadstrongandoften9ideasabouthowitscitizensshouldbehave.Untilrecentlyforexampleitrefusedto10homosexualstothecivilservice.Italsousedto11chewinggumwhichitconsidersapublicnuisance.C.theinvestorsweredissatisfiedwiththeNYSED.theexchangeshouldhaveitsboardreelectedWhichofthefollowingstatementsisNottrueInvestorswerenotsufficientlyrepresentedonNYSEsboard.Thesevenspecialistfirmsmadeprofitsbyillegalprocedures.C・CalPERSsuitagainsttheNYSEresultedlargelyfromaSECsreport.NYSEhadignoredthefirmsimproperoperationsforalongtime.AccordingtoWestleyNYSEsproblemresultsfrom.itsrelianceonspecialistfirmsitssystemofmatchingtradersitsautomatedexchangeitsviolationofinvestorsinterestsThebesttitleforthetextmaybe.A.ChampionofInvestorRightsB.SevenSpecialistFirmsCalPERSAppealstoWallStreetLawsuitsagainstNYSE6^Multifunctionsuperpillsarentnearlyasfarfetchedastheymaysound.Andreducingsuchseriousriskstohearthealthassoaringcholesteroldiabetesandhighbloodpressurepotentiallycouldsavemanylivesandbehighlylucrativefordrugcompanies.AcombopillfromPfizerPFEofitshypertensiondrugNorvascandcholesterol-loweringagentLipitorcouldhavehugepotential”saysShaojingTonganalystatMehtaPartners.Offeringtwofunctionsinonepillitselfisahugeconvenience^.Ifsuchpillscatchontheycouldgeneratesignificantrevenuesfordrugcompanies.InPfizerseasethegoalistotransferasmanyqualifiedpatientsaspossibletothecombopill.Norvascspatentsexpirein2022butPfizercouldavoidlosingallitsrevenuesfromthedrugatonceifitwerepartofasuperpilLSenaLundananalystatCathayFinancialseesPfizerselling$
4.2billionworthofNorvasc-Lipitorby
2022.ThatwouldhelptakeuptheslackforfallingsalesofLipitorwhichheprojectswilldropto$5billionin2022downfrom$8billionlastyear.Pfizerarguesthataddressingtwodistinctandseriouscardiovascularriskfactorsinonepillhasadvantages.PeoplewithbothhypertensionandhighLDLcholesterolthe〃bad〃kindnumberaround27millionintheU.S.notesCraigHopkinsonmedicaldirectorfordualtherapyatPfizerandonly2%ofthatpopulationreachesadequatetreatmentgoals.Takingtwotreatmentsinonewillincreasethenumberofpatientswhotakethemedicationsproperlyandassistingettingpatientstogoal”besays.DoctorsalsomaybequicktoadoptNorvasc-LipitorPfizerfiguresbecauseitsmadeupoftwowell-studieddrugswhichmanyphysiciansarealreadyfamiliarwith.ButDr.StanleyRocksonchiefofconsultativecardiologyatStanfordUniversityMedicalCentersaysfixed-dosecombinationpillsrepresent〃aninterestingcrossroadsforphysicianswhoaretypicallytrainedtoapproacheachindividualproblemwithcare/z.Combiningtreatmentswouldchallengedoctorstoapproachheartdiseasedifferently.ButbetterpatientcomplianceisimportantenoughsaysRocksonthatheexpectsdoctorstobeopentotryingthecombinedpill.Someotherphysiciansaremoreskeptical.〃Ifyouwanttochangedosageononeofthenewpillstwodrugsyourestuck”fearsDr.IreneGavrisprofessorofmedicineatBostonUniversitySchoolofMedicine.Shesaysshewouldfeelmostcomfortabletryingthecombinationpillonpatientswhohavebeenonthedrugsforawhile〃andarethusunlikelytoneedchangesindosage.Asusualeconomicscouldtipthescales.PatientsnowtakingbothLipitorandNorvasc〃couldcuttheirinsurancecopayinhalfbyswitchingtothecombodrugGavrisnotes.Thatsakeyadvantage.Controllinghypertensionforinstancecanrequirethreeormoredrugsandthefinancialburdenonpatientsmountsquickly.Ifpatientsalsobenefit一asPfizerandotherdrugcompaniescontend一makingtheswitchtosuperpillscouldbeadvantageousforeveryone.PfizercouldavoidthelosscausedbyexpirationofNorvascspatentsby.A.reducingthevariousriskstohearthealthB.switchingthepatientstothesuperpillsC.offeringgreaterconveniencetopatientsD.increasingthesalesofLipitorWhichofthefollowingisNotoneoftheadvantagesofsuperpillsA.Lesseningseveralriskstotheheartatthesametime.Restoringthelostbodyfunctionsofthepatients.C.Contributingenormouslytotheincomeofdrugcompanies.D.Helpingmorepatientstoreachtreatmentgoals.
8、Thefourthparagraphisintendedmainlyto.A.contrastdifferentresponsestocombopillsB.explainPfizersexpectationofdoctorssupportC.illustratedoctorspossiblereceptionofcombopillsD.stresstheimportanceofpatientcomplianceItcanbeinferredfromthetextthat.A.doctorsapprovalisdecisivefortheinventionofmedicinesdrugcompanieswillbenefitalotfromthenewpillsfinanciallydifferentpeopleexhibitdifferentattitudestowardthenewpillsswitchinmedicationsisuptoacombinationoffactorsTheauthorsattitudetowardssuperpillscanbestbedescribedasoneof.A.approval0°14B.neutralC.toleranceD.disapprovalAftertheir20-year-oldsonhangedhimselfduringhiswinterbreakfromtheUniversityofArizonafiveyearsagoDonnaandPhilSatowwonderedwhatsignstheyhadoverlookedandstartedaskingotherstudentsforanswers.WhatgrewfromthissoulsearchingwasUlifelinewww.ulifelineorgawebsitewherestudentscangetanswerstoquestionsaboutdepressionbyloggingonthroughtheiruniversities.Thesitehasbeenadoptedasaresourcebyover120collegeswhichcancustomizeitwithlocalinformationandover
1.3millionstudentshaveloggedonwiththeircollegeIDs.〃Itsaverysolidwebsitethatraisesawarenessofsuicidede-stigmatizesmentalillnessandencouragespeopletoseekthehelptheyneed”saidPaulGraysonthedirectorofcounselingservicesatNewYorkUniversitywhichstartedusingtheservicenearlyayearago.ThemaincomponentofthewebsiteistheSelf-E-Valuatoraself-screeningprogramdevelopedbyDukeUniversityMedicalCenterthattestsstudentstodeterminewhethertheyareatriskfordepressionsuicideanddisorderslikeanorexiaanddrugdependence.Besideshelpingstudentstheservicecompilesanonymousstudentdataofferingadministratorsanimportantwindowontothementalhealthofitscampus.ThesiteprovidesuniversityuserswithlinkstolocalmentalhealthservicesacatalogofinformationonprescriptiondrugsandsideeffectsandaccesstoGoAskAliceavastarchivedevelopedbyColumbiaUniversitywithhundredsofresponsestoanonymouslypostedinquiriesfromcollegestudentsworldwide.Forstudentsconcernedabouttheirfriendsthereisasectionthatdescribeswarningsignsforsuicidalbehavioranddepression.Yetitishardtodeterminehoweffectivetheserviceis.Theanonymityoftheonlineservicecanevenplayoutasanegative.“Thereisnosubstituteforpersonalinteraction(个人互动才能向军决)〃,saidDr.LannyBermanexecutivedirectoroftheAmericanAssociationofSuicidologybasedinWashington.Ulifelinewouldbethefirsttosaythatitsserviceisnoreplacementforanactualtherapist.Thepurposeistofindoutiftherearesignsofdepressionandthendirectpeopletotherightplaces”saidRonGiboriexecutivedirectorofUlifeline.Mrs.SatowwhoisstillinvolvedwithUlifelinecalledit〃aknowledgebasethatmighthavepreventedthedeathofhersonJed.〃IfJedsfriendshadknownthesignsofdepressiontheymighthaveseensomething”shesaid.Thefirstparagraphiswrittento.A.reportthesuicideofayoungmanB.showthesufferingofMr.andMrs.SatowC.describetheSatowsconfusionovertheirsonsdeathD.introducethetopicofawebsitecalledUlifelineOnereasonthatmanycollegesadoptthewebsiteisto.A.providetheirstudentswithcampusinformationoffermedicaltreatmenttostudentsinmentaldisorderC.encouragetheirstudentstoseekadviceaboutdepressionD.givetheirstudentsvarioushelptheymayneedGoAskAliceasmentionedinthepassageis.asideeffectcausedbysomeprescriptiondrugsintendedtocounselcollegestudentsonmentalproblemsC.acollectionofmedicalresponsesfromstudentstheworldovermeanttodescribethevarioussignsofmentaldisordersThefirstsentenceofthesixthparagraphimpliesthat.A.onlyactualtherapycanensureadequatetreatmentB.thehelpgivenbythewebserviceisdoubtfulC.doctorshaveexpressedanegativeviewoftheserviceD.atherapistsofficeisthefirstplaceforthedepressedtogoMrs.Satowwouldprobablyagreethat.A.JedsfriendscanpreventhersonsdeathB.hersonssuicideisunavoidableC.UlifelineisaworthwhilewebsiteD.depressionisthefinalcauseofsuicidesThemeaningsofscienceandtechnology〃havechangedsignificantlyfromonegenerationtoanother.Moresimilaritiesthandifferenceshowevercanbefoundbetweentheterms.Bothscienceandtechnologyimplyathinkingprocessbothareconcernedwithcausalrelationshipsinthematerialworldandbothemployanexperimentalmethodologythatresultsinempiricaldemonstrationsthatcanbeverifiedbyrepetition.Scienceatleastintheoryislessconcernedwiththepracticalityofitsresultsandmoreconcernedwiththedevelopmentofgenerallawsbutinpracticescienceandtechnologyareinextricablyinvolvedwitheachother.Thevaryinginterplayofthetwocanbeobservedinthehistoricaldevelopmentofsuchpractitionersaschemistsengineersphysicistsastronomerscarpenterspottersandmanyotherspecialists.Differingeducationalrequirementssocialstatusvocabularymethodologyandtypesofrewardsaswellasinstitutionalobjectivesandprofessionalgoalscontributetosuchdistinctionsascanbemadebetweentheactivitiesofscientistsandtechnologists;butthroughouthistorythepractitionersof〃pure〃sciencehavemademanypracticalaswellastheoreticalcontributions.Indeedtheconceptthatscienceprovidestheideasfortechnologicalinnovationsandthatpureresearchisthereforeessentialforanysignificantadvancementinindustrialcivilizationisessentiallyamyth.Mostofthegreatestchangesinindustrialcivilizationcannotbetracedtothelaboratory.Fundamentaltoolsandprocessesinthefieldsofmechanicschemistryastronomymetallurgyandhydraulicsweredevelopedbeforethelawsgoverningtheirfunctionswerediscovered.Thesteamengineforexamplewascommonplacebeforethescienceofthermodynamicselucidatedthephysicalprincipleunderlyingitsoperations.Nowadays12SingaporeselectronicsindustrythemainstayoftheeconomyisstrugglingtocopewithcheapcompetitionfromplaceslikeChina.Inthefirstquarterofthisyearoutput13by
5.8%atanannualrate.Sothegovernmentwantstopromotetourismandotherservicesto14forvanishingjobsinmanufacturing.MerrillLynchaninvestmentbank15thetwoproposedcasinoscould16inasmuchas$4billionintheinitialinvestmentalone.17itsestimatestheywouldhaveannualrevenuesof18$
3.6billionandpayatleast$600millionintaxesandfees.Thegovernmentforitspartthinkstheintegrated19asitcoylycallsthecasinoswould20asmanyas35000jobs.claimedmaintainedannouncedpronounced
2、⑵draftillegalizeC.deviseD.legalizeInrecentyearsasharpvaluedistinctionhasgrownupbetweenscienceandtechnology.Advancesinsciencehavefrequentlyhadtheirbitteropponentsbuttodaymanypeoplehavecometofeartechnologymuchmorethanscience.Forthesepeoplesciencemaybeperceivedasasereneobjectivesourceforunderstandingtheeternallawsofnaturewhereasthepracticalmanifestationsoftechnologyinthemodernworldnowseemtothemtobeoutofcontrol.Manyhistoriansofsciencearguenotonlythattechnologyisanessentialconditionofadvancedindustrialcivilizationbutalsothattherateoftechnologicalchangehasdevelopeditsownmomentuminrecentcenturies.Innovationsnowseemtoappearataratethatincreasegeometricallywithoutrespecttogeographicallimitsorpoliticalsystems.Theseinnovationstendtotransformtraditionalculturalsystemsfrequentlywithunexpectedsocialconsequences.Thustechnologycanbeconceivedasbothacreativeandadestructiveprocess.ScienceisastheauthorarguessimilartotechnologyinthatitinvolvesalongprocessofchangeitfocusesonthecasualaspectsofthematerialworlditresortstoexperimentsasanexclusivemethodofresearchitisconcernedaboutthetheoreticaldevelopmentWhichofthefollowingdoestheauthorNotagreewithA.ScientificactivitiesaredeeplyinvolvedwiththoseoftechnologyIndustrialcivilizationislargelybasedonthescientificprogress.Scienceandtechnologymoveforwardatacomparablespeed.D.Eitherofscienceandtechnologyisnecessaryfortheadvanceofeachother.Theexampleofthesteamengineispresentedto.A.refutethebeliefthatindustrialprogressfeedsoffscientificideasillustratetheremarkableachievementsofindustrialcivilizationindicatethatmanygreatinventionsoriginatefromthelaboratorylawscomeoutmuchearlierthanrelatedfunctionsWhatdoesthepracticalmanifestations...outofcontrol”Para.3meanA.Technologyislosingitstraditionalpracticality.Technologyismovingfurtherawayfromscience.Technologicalprogressisbenefitingthewholeworld.D.Technologyisthreateningtheexistenceofhumancivilization.The“historians〃asmentionedinthelastparagraphregardthetechnologywith.absoluteenthusiasmtotalindifferenceC.obviousresentmentD.reservedapprovalPartB10pointsYouaregoingtoreadatextaboutthetopicofnuclearfusionfollowedbyalistofexplanationsorexamples.Choosethebestexplanation/examplefromthelist.Scientistssaytheyhaveachievedsmall-scalenuclearfusioninatabletopexperimentusingtriedandtruetechniquesthatareexpectedtogeneratefarlesscontroversythanpastsuchclaims.Thislatestexperimentreliedonatinycrystaltogenerateastrongelectricfield.WhiletheenergycreatedwastoosmalltoharnesscheapfusionpowerthetechniquecouldhavepotentialusesinmedicinespacecraftpropulsiontheoildrillingindustryandhomelandsecuritysaidSethPuttermanaphysicistattheUniversityofCaliforniaatLosAngeles.PuttermanandhiscolleaguesatUCLABrianNaranjoandJimGimzewskireporttheirresultsinThursdaysissueofthejournalNature.HelduptoridiculePreviousclaimsoftabletopfusionhavebeenmetwithskepticismandevenderisionbyphysicists.SoundtheoreticalbasisFusionexpertssaidtheUCLAexperimentwillfacefarlessskepticismbecauseitconformstowell-knownprinciplesofphysics.EnergyinwaitingFusionpowerhasbeentoutedastheultimateenergysourceandacleaneralternativetofossilfuelslikecoalandoil.Fossilfuelsareexpectedtorunshortinabout50years.ProcessoffusionIntheUCLAexperimentscientistsplacedatinycrystalthatcangenerateastrongelectricfieldintoavacuumchamberfilledwithdeuteriumgasaformofhydrogencapableoffusion.Thentheresearchersactivatedthecrystalbyheatingit.CommercialusesUCLAsPuttermansaidfutureexperimentswillfocusonrefiningthetechniqueforpotentialcommercialusesincludingdesigningportableneutrongeneratorsthatcouldbeusedforoilwelldrillingorscanningluggageandcargoatairports.IntheNaturereportPuttermanandhiscolleaguessaidthecrystal-basedmethodcouldbeusedinmicrothrustersforminiaturespacecraft.z/InsuchanapplicationthemethodwouldnotrelyonnuclearfusionforpowergenerationbutratheronionpropulsionPuttermansaid.〃Aswildasitisthatsaconservativeapplication/zhesaid.Infusionlightatomsarejoinedinahigh-temperatureprocessthatfreeslargeamountsofenergy.Itisconsideredenvironmentallyfriendlybecauseitproducesvirtuallynoairpollutionanddoesnotposethesafetyandlong-termradioactivewasteconcernsassociatedwithmodernnuclearpowerplantswhereheavyuraniumatomsaresplittocreateenergyinaprocessknownasfission.Theresultingelectricfieldcreatedabeamofchargeddeuteriumatomsthatstruckanearbytargetwhichwasembeddedwithyetmoredeuterium.Whensomeofthedeuteriumatomsinthebeamcollidedwiththeircounterpartsinthetargettheyfused.Thereactiongaveoffanisotopeofheliumalongwithsubatomicparticlesknownasneutronsacharacteristicoffusion.Theexperimentdidnothoweverproducemoreenergythantheamountputin一anachievementthatwouldbeahugebreakthrough.Anothertechniqueknownassonoluminescencegeneratesheatthroughthecollapseoftinybubblesinaliquid.Somescientistsclaimthatnuclearfusionoccursduringthereactionbutthoseclaimshavesparkedsharpdebate.InaNaturecommentaryMichaelSaltmarshoftheOakRidgeNationalLaboratorysaidtheprocesswasinsomeways“remarkablylow-tech^drawinguponprinciplesthatwerefirstrecordedbytheGreekphilosopherTheophrastusin314B.C.“Thisdoesnthaveanycontroversyinitbecausetheyreusingatriedandtruemethod〃DavidRuzicprofessorofnuclearandplasmaengineeringat4243444526PartCDirections:ReadthefollowingtextcarefullyandthentranslatetheunderlinedsegmentsintoChinese.10pointsForthefirsttimeindecadesdoctorshavebegunmakingmajorchangesinthetreatmentoflungcancerbasedonresearchprovingthatchemotherapycansignificantlylengthenlifeformanypatientsforwhomitwaspreviouslythoughttobeuseless.Theshiftincareappliestoabout50000peopleayearintheUnitedStateswhohaveearlycasesofthemostcommonformofthediseasenon-small-celllungcancerandwhosetumorsareremovedbysurgery.46Manyofthesepatientswhojustafewyearsagowouldhavebeentreatedwithsurgeryalonearenowbeinggivenchemotherapyaswelljustasitisroutinelygivenaftersurgeryforbreastorcolon结肠cancer.Thenewapproachhasbrightenedapicturethatwasoftenbleak.“Thebenefitisatleastasgoodandmaybebetterthanintheothercancers”saidDr.JohnMinnaalungcancerexpertandresearchdirectorattheUniversityofTexasSouthwesternMedicalCenterinDallas.Hesaidnewdiscoverieswerehelpingtoeliminatedoctorsnihilisticattitudesaboutchemotherapyforlungcancer.“Thestandardofcarehaschanged”saidDr.ChristopherG.AzzolialungcancerspecialistatMemorialSloan-KetteringCancerCenterinNewYork.47Amajorimpetusforthechangecameayearagowhentwostudiespresentedatacancerconferenceshowedmarkedincreasesinsurvivalinpatientswhoreceivedadjuvant帮助的chemotherapymeaningthedrugsweregivenaftersurgery.Inonestudyof482patientsinCanadaandtheUnitedStatesledbyDr.TimothyWintonasurgeonfromtheUniversityofAlberta69percentofpatientswhohadsurgeryandchemotherapywerestillalivefiveyearslaterascomparedwith54percentwhohadjustsurgery.Thepatientsweregivenacombinationoftwodrugscisplatinandvinorelbineonceaweekfor16weeks.Intheworldoflungcancerresearchasurvivaldifferenceof15percentagepointsisenormous.48Overallthepatientsgivenchemotherapylived94monthsversus73monthsinthosewhohadonlysurgery一alsoahugedifferenceinafieldinwhichatreatmentishailedasasuccessifitgivespatientseventhreeorfourextramonths.AsecondstudyalsoannouncedattheconferencelastyearhadsimilarfindingsandsodidathirdpresentedjustamonthagoattheannualmeetingofthesamecancergrouptheAmerican°27SocietyofClinicalOncologyAtmajormedicalcentersdoctorsquicklybegantoputtheresultsintopractice.49“Thefindingsweresostunningfromthesestudiesayearagothattheybegantochangethestandardofcare〃,saidDr.PasiJannealungcancerspecialistatthe-DanaFarberCancerInstituteinBostonOverthelastyearthenumberofpatientswevehadreferredhereforadjuvantchemotherapyhasgoneupsteadily”.50ButsomedoctorshesitatedtomakechangesDr.Wintonsaidwantingfirsttoseethestudiespublishedinamedicaljournalwhichwouldmeanthedatahadstooduptothescrutiny认真的检查ofeditorsandexpertreviewers.Nowhisstudyhasbecomethefirstofthethreetopassthattest.ItisbeingpublishedtodayinTheNewEnglandJournalofMedicinealongwithaneditorialbyDr.KatherineM.S.PistersalungcancerspecialistattheM.D.AndersonCancerCenterinHouston.47484950参考答案【
一、UseofEnglish]「5CDBAD6〜10ABCDB11〜20点击下载查看答案【
二、ReadingComprehension]「5DCBAA6〜10BBCDA1「30点击下载查看答案
3、3inthenameofintheformofbythemeansofintheneedof
4、4A.promptedB.quickenedC.perceivedD.predicted
5、⑸coolcalmC.collectedD.quiescent
6、6A.licensingB.approvingconsentingD.guaranteeing
7、⑺whythatbecausefor
8、8relyfocusfrownfret
9、9mortalmoralmoralemoralistic10giveadmitbringtake11A.banB.preventC.limitD.authorize12thereforehowevermoreoveraccordingly13A.deflatedincreasedC.shrankD.appreciated14makeupliveupfaceupD.bringup15A.includesB.advisesC.beckonsD.reckons16A.turnabsorbbringtake17A.DuetoB.AccordingtoC.AstoD.Onlytoo18uptobydowntoonto19waysfunctionsresortsmoves20stimulatemotivateC.simulateD.generate
二、ReadingComprehension1PartADirections:Readthefollowingfourtexts.AnswerthequestionsbeloweachtextbychoosingABCorD.40pointsTheCaliforniaPublicEmployeesRetirementSystemCalPERShaspositioneditselfasthepremierchampionofinvestorrightsregularlysinglingoutbadmanagersatsomeofthenationslargestcompaniesinitsannualcorporate-governancefocuslists.Andwith$153billionundermanagementWallStreettendstolistenwhenCalPERSspeaksout.ButthecountryslargestpensionfundhasnevertakenonasbigafishasitdidDec.16whenitfiledaclassactionagainsttheNewYorkStockExchangeandsevenofitsmemberfirms.CalPERSsuitchargestheNYSEandspecialistfirmswithfraudallegingthattheexchangeskirteditsregulatorydutiesandalloweditsmemberstotradestocksattheexpenseofinvestors.ThemoveisamajorslapinthefacefortheNYSEsrecentlyappointedinterimChairmanJohnReed.TheformerCitibankchairmanandCEOcameonboardinSeptemberaftertheexchangeslongtimeheadRichardGrassoresignedunderpressureoverpublicoutrageabouthisexcessivecompensation.ReedhasbeenwidelycriticizedbyCalPERSandotherinstitutionalinvestorsfornotincludingrepresentativesofinvestorsontheexchangesnewlyconstitutedboardandnotclearlyseparatingtheexchangesregulatoryfunctionfromitsday-to-dayoperations.TheCalPERSlawsuitisevidencethattheinvestmentcommunitiesdissatisfactionhasntebbed.〃0urhopesweredashedwhenMr.Reeddidntperform7saysHarrigan.Thesuitallegesthatsevenspecialistfirmsprofitedbyabusingandoverusingaseriesoftradingtactics.Thetacticswhicharenotcurrentlyillegalinclude〃pennylumping’whereafirmpositionsitselfbetweentwoorderstocaptureapieceofthepricedifferential“frontrunning”whichinvolvestradinginadvanceofcustomersbasedonconfidentialinformationobtainedbytheirordersandfreezing〃thefirmsorderbooksothatthefirmcanmaketradesonitsownaccountfirst.ManyofthesuitsallegationsarebasedonapreviouslydisclosedinvestigationoftheexchangeconductedbytheSecuritiesExchangeCommission.AccordingtothesuittheOctoberSECreportfoundseriousdeficienciesintheNYSEssurveillanceandinvestigativeproceduresincludingahabitofignoringrepeatviolationsByspecialistfirms”.Thesuithighlightsthegrowingfrustrationthatinstitutionalinvestorshaveexpressedwithwhattheyperceiveasasystemthatneedstoberevamped一ifnoteliminated.AccordingtoCaliforniaStateComptrollerSteveWestleyaCalPERSboardmemberwhoparticipatedintheDec.16pressconferencehehasrepeatedlycalledontheNYSEtoenditsuseofspecialistfirmstofacilitatetradesandmovetoasystemofopenlymatchingofbuyersandsellers.BLINDEYE”Theresnoreasonnottomovetoafullyautomatedexchange”Westleysays.Everyexchangeintheworldisusingsuchasystem.ThetimeisnowfortheNYSEtomoveintothe21stcenturyandremovethecloudthatthere5sself-dealingworkingagainstinvestors”.Whatdoestheword〃afish”Para.1probablyrefertoCalPERS.Pensionfund.WallStreet.NYSE.
2、TheCalPERSlawsuitindicatesthatA.theNYSEdidignoreitsregulatorydutiesB.JohnReedshouldresignlikehispredecessor。