责任重大的

The themes of this thesis are as the following: chapterⅠdiscusses the differences between a material information and an inside information, and then points out the legislative error of the insider trading regulation in Taiwan; chapter II briefly introduces the legislative evolution of the Article 157－1 of Securities Exchange Act in Taiwan; chapterⅢ points out the source of law of the "insider trading" regulation and its punishability; chapter Ⅳ analyzes the "insider trading" regulation based on the criminal "Tatbestand" theory in Taiwan.

本文的架构如下：第一章，主要在说明重大消息与内线消息的不同，并点出现行证券交易法对於内线交易规范的立法错误；第二章，简介证券交易法第157条之1的立法沿革；第三章，探讨「内线交易」构成要件及其「可罚性」的法律依据；第四章，则是本文的重心所在，即以我国的刑事构成要件理论剖析「内线交易」构成要件，并同时以法治国刑事法的法理探讨其相关解释、适用疑义暨重新检讨其立法妥当性，乃至於提出修法建议；第五章，评析内线交易的若干实务见解；第六章，则是本文结论与内线交易相关修法建议──以刑事责任为限。

With a profound sense of the solemn and even tragical character of the step I am taking and of the grave responsibilities which it involves, but in unhesitating obedience to what I deem my constitutional duty, I advise that the Congress declare the recent course of the Imperial German Government to be in fact nothing less than war against the government and people of the United States; that it formally accept the status of belligerent which has thus been thrust upon it; and that it take immediate steps not only to put the country in a more thorough state of defense but also to exert all its power and employ all its resources to bring the Government of the German Empire to terms and end the war....

我深刻认识到我正采取的步骤的严重乃至悲剧的性质，以及它所包含的重大责任，但是我对履行自己由宪法规定的义务毫不迟疑。正是以这样的态度我建议国会宣布，德意志帝国最近的行动事实上已是对美国政府和人民发动了战争；美国正式接受已强加于它的交战国地位；美国将立即行动，不仅使国家处于完全的防御状态，而且将竭尽全力，使用一切手段迫使德国政府屈服，结束战争。

Many thousands of investment-company boards meet annually to carry out the vital job of selecting who will manage the savings of the millions of owners they represent. Year after year the directors of Fund A select manager A, Fund B directors select manager B,etc.… in a zombie-like process that makes a mockery of stewardship. Very occasionally, a board will revolt. But for the most part, a monkey will type out a Shakespeare play before an "independent" mutual-fund director will suggest that his fund look at other managers, even if the incumbent manager has persistently delivered substandard performance. When they are handling their own money, of course, directors will look to alternative advisors – but it never enters their minds to do so when they are acting as fiduciaries for others.

成千上万的投资公司董事会每年都会聚会行使投资人赋予他们的重大责任-为其背后所代表的数百万投资人选择适当的人选来管理其身家财产，只是我们发现，年复一年董事会只不过是装出掌握控制权的表面假象，A基金公司永远选择A经理人、B基金公司也总是选择B经理人，其制式程序就像僵尸般食古不化，当然偶尔也会有董事会突锤，但大部分的时候，就算现任的基金经理人的表现有多差劲也一样视而不见，我想要等这些独立行使职务的董事愿意开始建议寻找其它合适的经理人人选，恐怕连猴子都有办法写出莎士比亚歌剧了，吊诡的是，当这些人在处理自己的资产时，只要发现苗头不对，他们肯定立刻见风转舵，另觅贤能，实在是无法理解当他们在受托帮他人管理资产时，为何脑筋偏偏就转不过来呢？

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower-than-expected rent or failure to lease at all or on favorable terms, decreases in real estate values and impairment losses, increased interest rates and operating costs or greater-than-expected capital expenditures, our failure to obtain, renew or extend necessary financing, re-financing risks, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, risks related to debt and equity security financings, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, our failure to contribute properties to our co-investment ventures, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, failure to maintain our current credit agency ratings or to comply with our debt covenants, environmental uncertainties, risks related to natural disasters, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, changes in real estate and zoning laws, a continued or prolonged downturn in the U.S., California or global economy, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates.

以下因素可能会导致实际结果和未来事件与前瞻性陈述产生重大出入：承租人拖欠租金或者不续租；利率以及经营成本的提高；我们未能获得必要的外部融资；再融资的风险；与合资项目和其它债务发生特定违约时我方承担的义务有关的风险；与债务和股权融资有关的风险；确定拟收购的物业以及完成收购过程中遇到的困难；我们未能成功整合收购的物业和业务；我们未能剥离已经签约出售的物业或未能及时将剥离带来的收益再投资；影响物业开发和建设的风险和不确定性（包括建设延期、费用超支、我们无法获得项目建设所需的必要批准以及公众对项目开发建设的反对等）；我们无法获得或者维持作为房地产投资信托公司的资质；与我们的税收策划有关的风险；无法保持我们目前的信用评级；环保方面的不确定性；与自然灾害有关的风险；金融市场的波动；整体经济状况或者房地产业的变化；房地产和城市规划法律的调整；美国、加利福尼亚州或者全球经济的衰退；与开展国际业务和全球扩张有关的风险；保险范围之外的损失；与被收购的物业有关的或者其它未知责任以及房地产税率的提高等。我们的成功还依赖于总体经济走向，包括利率、所得税法、政府监管、立法、人口总数变化以及我们在10-K表中作的截至2009年12月31日的季度报告中&风险因素&和其它标题项下阐述的其它问题。

I use an example quoted by Hu Jiaqi:"It is reported that America separates the DNA of a kind of virus by making use of genetic technology and combines it with another kind of DNA. Finally, they get a kind of virulent biological agent called a "pyrotoxin". Someone discloses in private that 20 grams of such a kind of biological agent could result in the global death of 6 billion people due to infection."

我在这里例举胡家奇所引用过的例子："据报道，美国利用转基因技术，将一种病毒的DNA分离出来，与另外一种DNA进行结合，拼结成一种剧毒的"热毒素"生物战剂，且私下有人透露，这种生物战剂只需20克，就可以导致全球60亿人全部感染死亡。"

Waiting, for the queers and the coons and the Reds and the Jews.

等待着疯子和黑人还有红色共产主义者还有犹太人