①Bankers have been blaming themselves for their troubles in public. Behind the scenes, they have been taking aim at someone else: the accounting standard-setters. Their rules, moan the banks, have forced them to report enormous losses, and it’s just not fair. These rules say they must value some assets at the price a third party would pay, not the price managers and regulators would like them to fetch.   

②Unfortunately, banks’ lobbying now seems to be working. The details may be unknowable, but the independence of standard-setters, essential to the proper functioning of capital markets, is being compromised. And, unless banks carry toxic assets at prices that attract buyers, reviving the banking system will be difficult.

③After a bruising encounter with Congress, America’s Financial Accounting Standards Board (FASB) rushed through rule changes. These gave banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long-term assets in their income statements. Bob Herz, the FASB’s chairman, cried out against those who “question our motives.” Yet bank shares rose and the changes enhance what one lobbying group politely calls “the use of judgment by management.” 

④European ministers instantly demanded that the International Accounting Standards Board (IASB) do likewise. The IASB says it does not want to act without overall planning, but the pressure to fold when it completes its reconstruction of rules later this year is strong. Charlie McCreevy, a European commissioner, warned the IASB that it did “not live in a political vacuum” but “in the real world”" and that Europe could yet develop different rules.

⑤It was banks that were on the wrong planet, with accounts that vastly overvalued assets. Today they argue that market prices overstate losses, because they largely reflect the temporary illiquidity of markets, not the likely extent of bad debts. The truth will not be known for years. But banks’ shares trade below their book value, suggesting that investors are skeptical. And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses, yet are reluctant to buy all those supposed bargains.

⑥To get the system working again, losses must be recognized and dealt with. America’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. Successful markets require independent and even combative standard-setters. The FASB and IASB have been exactly that, cleaning up rules on stock options and pensions, for example, against hostility from special interests. But by giving in to critics now they are inviting pressure to make more concessions. 

1.Bankers complained that they were forced to _________

A follow unfavorable asset evaluation rules.

B collect payments from third parties.

C cooperate with the price managers.

D reevaluate some of their assets.

解析：选A。A细节理解题。根据were forced to定位到第一段，可知银行家们抱怨会计标准制定者，说他们的规定迫使自己报告巨额损失，这是不公平的，故选A。

2.According to the author, the rule changes of the FASB may result in _________

A the diminishing role of management.

B the revival of the banking system.

C the banks’ long-term asset losses.

D the weakening of its independence.

解析：选D。D推理判断题。根据第二段可知银行的游说似乎起作用了，虽然细节不可知，但标准制定者（FASB）的独立性正受到损害，根据第三段可知FASB修改规则以后，银行其实更灵活自由。可知FASB规则的改变是银行游说起作用的一个例子，可推知FASB规则的修改可能会削弱FASB的独立性。故选D。

3.According to Paragraph 4, McCreevy objects to the IASB’s attempt to _________

A keep away from political influences.

B evade the pressure from their peers.

C act on their own in rule-setting.

D take gradual measures in reform.

解析：选C。C细节理解题。根据题目定位到第四段，根据it does not want to act without overall planning和Europe could yet develop different rules可知IASB不想在没有总体规划的情况下采取行动修改会计准则，它有可能会制定不同的会计准则，故选C。

4.The author thinks the banks were “on the wrong planet” in that they _________

A misinterpreted market price indicators.

B exaggerated the real value of their assets.

C neglected the likely existence of bad debts.

D denied booking losses in their sale of assets.

解析：选B。B细节理解题。根据题目定位到第五段第一句，可知作者认为银行的想法脱离实际是因为它们账户上的资产被严重高估，故选B。

5.The author’s attitude towards standard-setters is one of _________

A satisfaction.

B skepticism.

C objectiveness.

D sympathy.

解析：选D。D观点态度题。根据作者的用词Unfortunately、on the wrong planet等富含感情色彩的词可推知作者对银行的态度应该是反对的，对会计标准制定者的态度应该是同情的，故选D。