This is a nexus of private-equity and hedge funds, money-market funds and auction-rate securities, non-banks such as GE Capital and new securities such as CDOs and credit-default swaps.

“影子银行业系统”是一种由私募股权、对冲基金、货币市场基金以及拍卖利率证券，外加诸如通用电气资本等非银行机构和债务抵押证券、信用违约掉期等新型证券所组成的网络。

youdao

I wish to join in the auction of your company. Please authorize. There are my credit card and ID card. Thank you.

我希望能参加贵公司的拍卖，请予以批准，下面是我的信用卡和身份证，谢谢。

youdao

The research shows that information factor, seller credit, experience factor, transaction safety factor, purchaser credit factor are key factors influencing whether Internet auction completes or not.

研究表明信息因子、卖家信用与经验因子、交易安全因子、价格因子、买家信用因子等五个因子是衡量网上一元竞拍现实成交的关键因子。

youdao

In the domain of derivative contracts like credit default swaps or auction-rate preferreds (which even George Soros didn't know existed) or complex collateralized debt obligations of mortgage-backed bonds, there was a "failure to know what isn't known, " and the ramifications for not knowing were huge.

FORBES: It Was 79 Years Ago Today

The ECB's auction may make a credit crunch less severe, but it is not enough to avoid one.

ECONOMIST: The ECB fills banks with funds

The immediate, under-the-radar problem for the municipal bond market is that borrowers relied on banks to backstop their credits and lower short term funding costs when the credit crisis shut the door on auction rate preferred financing.

FORBES: Muni Bond Default Concerns Are Real