Imagine an auction in a looking-glass world with the auctioneer offering cash to the highest bidder and the participants frantically outbidding each other with a jumble of assorted assets.

假设在一个与现实社会完全颠倒的世界里有一场拍卖会，拍卖人向出价最高者提供现金，带著一堆各类资产的买家疯狂地竞相叫价。

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Once a preferred bidder has been picked, however, there can be a flood of cheap cash.

然而，一旦确定好优先竞标人，就马上会有大笔现金涌入。

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According to international practice, bidder need to hand in a cash deposit or letter of guarantee from the bank.

你可以那样理解，但是保证函不需要你在银行里存上一笔款项。

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This is to prevent the circumvention of takeover law, such as that requiring a mandatory cash offer once a bidder exceeds a 30% threshold.

ECONOMIST: Italian banking scandal

Furthermore, GM's European Opel unit, which failed to obtain a viable bidder or a bailout from the German government, remains a cash-guzzler, having lost over a billion dollars since the company emerged from bankruptcy last year.

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