"Watered stock" nghĩa là gì?

The statue of George Washington in front of Federal Hall looks directly across Wall Street to the New York Stock Exchange. Photo courtesy Kathleen.

'Watered stock' nghĩa là cổ phiếu được chào bán quá cao so với giá trị tài sản thực tế của công ty phát hành cổ phiếu (an asset with an artificially-inflated value. The term is most commonly used to refer to a form of securities fraud common under older corporate laws that placed a heavy emphasis upon the par value of stock).

Ví dụ
The term 'watered stock' came from the stock yards where cattle were bulked up through large consumption of water.

Because of their exorbitant (cao quá đáng, cắt cổ) fixed costs (chi phí cố định), railways should have been public utilities (tài sản công ích). But this was impossible in an age of free-booting individualism (chủ nghĩa cá nhân). As a result, assorted hucksters (người hám lợi) and rogues (kẻ xỏ lá, lừa đảo) threw up twice the trackage (toàn bộ đường ray, hệ thống đường ray) actually needed. What appeared to be solid investment one moment was revealed as so much watered stock the next.

To the people of this country I have but one answer on this subject. Judge me by the enemies I have made. Judge me by the selfish purposes of these utility leaders who have talked of radicalism while they were selling watered stock to the people and using our schools to deceive (lừa gạt) the coming generation... I promise you this: Never shall the Federal Government part with its sovereignty (chủ quyền) or with its control over its power resources, while I am President of the United States.

Phạm Hạnh

Tags: word

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