【我的总结与翻译】

Investment banks have long played a part in the financial system. But the recent crisis over securities based on risky home loans has brought them new attention.

长期以来，投资银行在金融系统中发挥着作用。但最近风险房屋贷款类证券的危机引起了人们对投资银行新的关注。

Investment banks handle stocks, bonds and other securities. They underwrite new offerings. That means they take the risk of buying the securities and reselling them to the public. They also provide business advice and market research, and deal in existing securities.

投资银行可以打理股票、债券以及其它有价证券，还可以认购新的股票。这也就是说，他们冒险购买有价证券，并将它们重新销售给人们。他们还提供商业咨询、市场研究并进行现有证券的交易。

Investment bankers have structured some newer securities in highly complex ways. Their value could be tied to lists of stocks or prices of goods or, as the world now knows, groups of risky home loans.

投资银行以极其复杂的方式将一些较新的证券组合，这些证券的价值就与一系列的股票、货物的价格以及如大家所知的@@风险房屋贷款联系在了一起。

These mortgage-(backed) securities were sold to investors worldwide as a way to spread the risk. But as more and more loans went bad, the market collapsed.

这些按揭证券作为一种分担风险的方法出售给世界各地的投资者。但当越来越多的贷款都无用时，市场也就崩溃了。

Before the nineteen thirties, the United States had no separation between traditional banking and investment banking activities. Bank holding companies could own other financial companies that would underwrite new stocks. They would also provide stockbroker services for the public. People often bought shares with money borrowed from the banks.

在二十世纪三十年代之前，传统银行与投资银行的业务在美国是不分的。银行控股的公司可以拥有其他认购新股票的金融公司。他们还向普通人民提供股票经纪服务。人们经常从银行贷款来购买股票。

posted on 2008-04-19 08:30 echo 阅读(14) 评论(0)  编辑  收藏 网摘收藏