manages America's fifth-biggest corporate-debt pile by issuing Apple bonds as part of an elaborate strategy to limit tax bills.

Apple Capital has become important to its parent. Since Jobs died, its assets have risen by 221%, twice as fast as the company's sales, reflecting Apple's huge build-up of profits. Its investments are worth 32% of Apple's market value, and its profits (investment income, plus gains on derivatives, less interest costs) have been 7% of Apple's pre-tax profits so far this year. It is also sizeable compared with other financial firms. Consider four measures: assets, debt, credit exposure and profits. Depending on the yardstick, Apple Capital is 30-85% as big as Goldman Sachs. It is 22-42% as large as GE Capital was at its peak in 2007, just before things went down the tubes during the subprime crisis.

　　Apple Capital is different from these firms in important ways. It does not take deposits and has much lower leverage. In their prime Goldman and GE Capital were run by hard-charging financiers, and made lots of loans. By contrast, Apple Capital does not make loans, and is not meant to be a profit centre in its own right.

Apple's core business is so profitable that it is-almost-incredible that a blow-up at Apple Capital could lead to it needing taxpayer or central-bank support, as was the case for GM and GE. Still, it is easy to imagine how Apple Capital could hurt its parent. A market shock could lead to losses on its portfolios. A two-percentage-point rise in interest rates would result in a loss of $10bn. If bond markets dried up, Apple might struggle to issue so much debt and have to bring home funds, incurring a big tax bill. It might also become tricky to run such a big derivatives portfolio.

According to a former manager who left in 2012, Apple's financial gurus were careful because "nobody wanted that 3am call from Steve Jobs". But Jobs isn't there any more. In any case, a fear of rebuke is not enough. If the tax laws change Tim Cook, Apple's boss should wind down the structure that the firm has created. Tech firms should seek to disrupt finance, not be seduced by it.

6. Which of the following is Not the responsibility of the "Apple Capital"?

A. using its surplus profits to re-invest.

　B. providing related financial derivatives.

C. issuing bonds to avoid high tax.

　D. exploring new electronic products.

7. The sentence " Nonetheless, it still has become riskier in different ways." should be put in the end of ________.

A. paragraph 3 B. paragraph 4

　C. paragraph 5 D. paragraph 6

8.What can be concluded according to the last two paragraphs?

A. Apple 's development should be in line with GM and GE.

B. The change of interest rates makes great difference to Apple.

C. Apple's home funds can compensate for its loss in bond markets.

D. Tech firms should be attached to finance.