In other words, securities that were themselves backed by subprime loans.
所谓次级债券,就是那些靠次级贷款担保的证券
We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.
我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用
Recently, however, there is a bit of a scandal regarding these rating agencies because they gave AAA ratings to some subprime securities.
但是,最近,出现了一点关于评级机构的丑闻,因为他们将一些次级证券评为AAA级
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