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It is an open problem whether every \\(T \\in PB({\\mathcal H})\\) is similar to a contraction. In this paper the author proves that   (1) For every \\(T \\in PG({\\mathcal H})\\), tere exists a Hilbert space \\({\\mathcal K} \\supset {\\mathcal H}\\) and an operator \\(\\hat T \\in {\\mathcal L} ({\\mathcal K})\\) such that   (a) \\(\\hat T \\in PB({\\mathcal K})\\),   (b) \\({\\mathcal H}\\) is a semi-invariant subspace for \\(\\hat T\\) (i.e., there exist invariant subspaces \\({\\mathcal N}_ 1 \\supset {\\mathcal N}_ 2\\) for \\(\\hat T\\) such that \\({\\mathcal H}={\\mathcal N}_ 1 \\ominus {\\mathcal N}_ 2\\),   (c) the spectrum of \\(\\hat T\\) is the unit circle, and   (d) \\(\\hat T\\) is weakly centered (i.e., \\(\\hat T^*\\hat T\\) commutes with \\(\\hat T\\hat T^*)\\).   (2) \\(T \\in PB({\\mathcal H})\\) is similar to a contraction if and only if every \\(T_ 1 \\in PB({\\mathcal H})\\) which satisfies conditions (c) and (d) above (with \\(T_ 1\\) in the place of \\(\\hat T)\\) is similar to a 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