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Many companies whose mergers and acquisitions lit up the 1990s are taking on water. light up意为“（使）生气勃勃，兴奋”；
taken on water意为“（船因故障，遇到份浪，坏天气等）进水”，其引申意思为出现麻烦和危机。如：
The unsinkable Texas economy is taking on water.
The gaming industry's ship is still taking on water today.
…keeping the stock price high was critical to their formula because it gave them the currency to keep their spending sprees going. … 保持高的股票对于他们的方案而言是至关重要的，因为这使他们获得了用来维持开支狂潮的资金。
注：一般而言，股票价格高可以使公司增发股票时获得较高的股票溢价（即发行家高于股票面值的部分），从而在股票市场上融得高额资金。
Investors now focused on "quality of earnings" are raising questions about whether accounting gimmicks have allowed serial acquirers like Tyco International Ltd. to inflate their earnings. 现在将注意力放在“收益质量”上的投资者对会计上的骗局是否已经使像Tyco International Ltd. to inflate their earnings.这样的连续收购者得以将他们的收益夸大提出了疑问。
And while other CEOs might view a rising stock price as a nice reward for their labor, to executives like Ebbers and Kozlowski, keeping the stock price high was critical to their formula because it gave them the currency to keep their spending sprees going. 1）keeping the stock price high was critical to their formula是主句，其中作主语的是动名词短语
2）while other CEOs might view a rising stock price as a nice reward for their labor是让步状语从句
3）because it gave them the currency to keep their spending sprees going 是原因状语从句，其中的动词不定式to keep their spending sprees going作定语，修饰名词currency
4）让步状语从句和原因状语从句都修饰主句中的谓语动词was critical to their formula
With Wall Street suddenly turning a cold eye toward the aggressive acquisitions accounting and leverage that drove much of the growth of the past decade, such acquisitive high-fliers as WorldCom, Tyco, and Conseco (CNC) have fallen out of favor with investors. 1）such acquisitive high-fliers as WorldCom, Tyco, and Conseco (CNC) have fallen out of favor with investors 是主句
2）With Wall Street suddenly turning a cold eye toward the aggressive acquisitions accounting and leverage that drove much of the growth of the past decade 是个带逻辑主语的复合结构，做原因状语；其中的that drove much of the growth of the past decade是限制性定语从句，修饰名词leverage
Aggressive dealmakers who also took on huge debts, convinced that rapid growth rates would never slow, are faring even more poorly in the harsh light of a slow-growth, post-Enron world. 1）Aggressive dealmakers are faring even more poorly in the harsh light of a slow-growth, post-Enron world是主句
2）who also took on huge debts是限制性定语从句，修饰名词dealmakers
3）convinced that rapid growth rates would never slow 是过去分词短语，也作定语，修饰名词dealmakers, 相当于一个非限制性定语从句 who was convinced that rapid growth rates would never slow
Those plummeting share prices clearly reflect Wall Street’s heightened fears that the earnings growth at many of the era’s biggest acquirers may not in fact have been as strong as it once appeared – and certainly can’t be kept up. 1）Those plummeting share prices clearly reflect Wall Street’s heightened fears是主句
2）that the earnings growth at many of the era’s biggest acquirers may not in fact have been as strong as it once appeared – and certainly can’t be kept up 是同位语从句，说明fears的内容，其中的as it once appeared是比较状语从句，和其前面的as strong一起构成比较。
The company used its rising stock value – which soared about $140 in early 2000 – to fund five acquisitions that quickly catapulted its revenues to nearly $400 million. 1）The company used its rising stock value是主句
2）which soared about $140 in early 2000是限制性定语从句，修饰名词stock value
3）to fund five acquisitions that quickly catapulted its revenues to nearly $400 million是动词不定式短语，作谓语动词used的状语，说明其目的；其中的that quickly catapulted its revenues to nearly $400 million也是限制性定语从句，修饰名词acquisitions.
It’s changed from what we were doing before, which was grow, grow, grow the company as quickly as you can, (and) gain market share. 1）It’s changed是主句
2）from what we were doing before, which was grow, grow, grow the company as quickly as you can, (and) gain market share是介词短语，作状语，说明主句中谓语动词的地点，其中：
①what we were doing before 是宾语从句，做介词from的宾语
②which was grow, grow, grow the company as quickly, (and) gain market share是个非限制性定语从句，补充说明前面从句what we were doing before所表明的内容
③as you can是由as引导的比较状语从句，和as quickly一起构成比较
Particularly vulnerable are those that spent freely when times were fat but are weighed down with stiff interest payments and heavy debt loads now that their growth has slowed. 1）这句的主语比较长，表语比较短，因而采用倒装的语序，表语放在前面，主语放在表语和连系动词之后。
2）those that spent freely when times were fat but are weighed down with stiff interest payments and heavy debt loads now that their growth has slowed 是主语，其中：
①those是代词，作主语
②that spent freely when times were fat but are weighed down with stiff interest payments and heavy debt loads now that their growth has slowed，其中：that spent freely but are weighed down with stiff interest payments and heavy debt loads 是主要部分；when times were fat 是时间状语从句，修饰谓语动词spent；now that their growth has slowed 是原因状语从句，修饰谓语动词are weighed down
Among them is Conseco Inc., the Indianapolis-based financial-services firm that, under then-Chief Executive Steven C. Hilbert, swung dozens of deals during the 1990s. 1）此句的表语比较短，主语比较长，因而也采用倒装的语序
2）Conseco Inc. 是主语
3）the Indianapolis-based financial-services firm that, under then-Chief Executive Steven C. Hilbert, swung dozens of deals during the 1990s 是主语的同位语，说明Conseco Inc.的性质，其中that, under then-Chief Executive Steven C. Hilbert, swung dozens of deals during the 1990s 是限制性定语从句，修饰名词firm