A pure investment bank is not a depository institution and it's also--a pure investment bank is not a broker- dealer either.

一个真正的投行不是一个储蓄机构,当然一个真正的投行也不是证券公司-,或者发行公司。

耶鲁公开课 - 金融市场课程节选

Well, it can only be true if security selection and market timing detract from institutional returns or individual returns in the aggregate.

唯一的可能性就是证券选择,和市场时机选择,给机构和个人带来的是负的回报

耶鲁公开课 - 金融市场课程节选

Instead it deals with financial institutions and it gets involved in underwriting securities for financial institutions.

投资银行的业务对象是金融机构,业务涉及,金融机构的证券包销

耶鲁公开课 - 金融市场课程节选

So, he was going after himself, finding out all the companies that were backdating options, trying to beat the SEC and the regulatory authorities to the conclusion.

所以他自己一路研究下去,找出了所有用倒签期权欺诈的公司,然后试图用这个结论,与证券交易委员会和监管机构抗衡

耶鲁公开课 - 金融市场课程节选

The Securities and Exchange Commission is the principal government regulator for securities.

证券交易委员会是,政府对证券的主要监管机构。

耶鲁公开课 - 金融市场课程节选

Basically, what it did was it made it feel that people wouldn't get cheated; the SEC was a strong regulator and it really did restore confidence in the financial markets in this country.

证券交易委员会的辛勤付出,使人们感到不会受骗,证券交易委员会是一个强大的监管机构,它也重塑了,这个国家对金融市场的信心

耶鲁公开课 - 金融市场课程节选

The idea was that the --so he set up Moody's Rating Agency and the job of Moody's was to give letter grades to securities; it was a little bit like a bank, but it was different because he didn't actually make the loans.

主旨是... 因此他成立了穆迪评级机构,穆迪的工作就是用字母给证券评级,这有点像银行,但还是有区别,因为他并不发放贷款

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选