New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.

像冲基金和管道机构---Pimco资金管理集团的Paul McCulley将它们称为“影子银行系统”---这样的新兴机构严重地依赖借入资金（或曰杠杆）。

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The parallel that worries me is what happened a decade ago, after the hedge fund Long-Term Capital Management failed, temporarily causing the whole financial system to freeze up.

同时我还在担心的是10年前所发生的事。 当时长期资本管理公司（Long-Term Capital Management）濒临破产，引起了整个金融系统暂时冻结。

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The level of seal management of purchasing fund, state of system reform of circulation of grain and effect of management of enterprises link closely together.

收购资金封闭管理水平和粮食流通体制改革状况以及企业经营管理效果紧密相连、息息相关。

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Citadel, the Chicago-based hedge fund, sold its sophisticated fund management system, Omnium, to Northern Trust in 2011 and became a client.

FORBES: Major Hedge Fund Will Run Two Sets Of Books

Remember when the options-pricing pioneer Robert Merton won the award in 1997 a year before his hedge fund Long Term Capital Management imploded and almost took down the world financial system?

FORBES: Alvin Roth Receives Economics Nobel For Flawed Residency Match System

Many fund-management firms and stockbrokers in Britain are jumping to defend the present system.

ECONOMIST: Soft commissions in Britain