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  3. [A]Oleg Baranov is a 27-year-old Russian earning his Ph. D. in economics at the University of Maryland. But for the last month h

[A]Oleg Baranov is a 27-year-old Russian earning his Ph. D. in economics at the University of Maryland. But for the last month h

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问题 [A]Oleg Baranov is a 27-year-old Russian earning his Ph. D. in economics at the University of Maryland. But for the last month he’s been more actor than academic. His unenviable role: playing the part of an American bank with a balance sheet riddled with toxic mortgage-backed securities.
[B]So what will work? A reverse auction shouldn’t be ruled out, say Ausubel and Cramton. Unlike regular auctions,in which buyers outbid each other to win goods or services, the sellers in a reverse auction lower their prices in order to win new business. The benefits are twofold, say the Stanford-trained professors.
[C]After crunching the final results, Ausubel and Cramton feel their experiment did exactly what they hoped it would: prove that a reverse auction would result in the best use of taxpayer dollars spent through the bailout. They never paid more than a dollar for a dollar’s worth of assets they bought from students—an even deal at worst. But in many cases, they were able to buy about a $1.20 of assets for every dollar they spent. Applied to the real world, this means that taxpayers won’t be overpaying for what Treasury buys; in fact, they may get a bargain.
[D]The $700 billion rescue plan initially focused on buying bad debt from banks that were left with nearly worthless securities after the housing market collapsed. Paulson said a worsening situation called for a change of strategy, and he started making cash infusions into financial companies, with the government taking an equity share, in order to get the institutions lending again.
[E]What’s the point of this little academic role playing game? The professors wanted to prove that a relatively obscure financial transaction known as a reverse auction might just be the best way to implement the $700 billion rescue plan Congress passed Oct. 3. Instead, Treasury Secretary Henry Paulson is now favoring a plan to inject capital directly into struggling banks and companies. Whether or not that plan of attack will work or is a good use of taxpayer money is debatable.
[F]Ausubel and Cramton ran their final experiment on the night of Nov. 11. The next morning, though, they, along with the rest of the world, learned that Treasury had changed its mind when Secretary Henry Paulson announced he had scrapped the plan to buy assets from banks in favor of something a bit more fuzzy: offering aid not just to banks but to firms that issue consumer debt by somehow jump-starting the market that provides financing for these companies.
[G]To prove their point, they made their auction experiment as real as possible by giving each student a portfolio of assets similar to the mortgage-backed securities that are weighing down the books of hundreds of banks and financial institutions. And for an extra bit of reality, they had their students play with real money: $20,000 each. The students that established the best prices and ended up with the most money received cash awards. After four lengthy sessions, Baranov came away as the top earner with a little more than $1,500. Ausubel and Cramton have been touting that kind of win-win situation during regular conversations with Treasury officials, with whom they’ve shared their results. They hope to convince officials that not only does a reverse auction work, but, in the event the Treasury conducts one, to run it off their patented software platform.
[H]While agreeing that the financial crisis has clearly seeped from the balance sheets of banks into the consumer lending market, Ausubel and Cramton were more than a little disappointed by the news. Rather than buy assets from banks, Treasury has decided to buy equity in them instead. The hope was that it would prod them to increase lending, but so far that hasn’t happened. Two days after Paulson made his announcement, lawmakers at a Senate Finance Committee hearing discussed how some recipients have continued to pay dividends to stockholders and give pay raises and bonuses to executives and other employees. As a friendly reminder, the Federal Reserve issued a statement last week reminding banks that they should be lending to creditworthy institutions.
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答案G
解析 通过对第三段内容的把握，发现文章解决方案部分又是“总——分”结构。作者在第三段提出自己的解决方案后，下文将会逐步论述其有效性。同时，由第五段可知，其主要论述奥苏贝尔和克瑞蒙对财政部官员大谈反拍卖标购的双赢结果，本段应着重对反拍卖标购有效性的进一步论证，[G]开头提到To prove their point，所以[G]正确。
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