要想知道该系统如何运作，只需看看拍卖利率证券即可，这是一种创造于上世纪80年代的长期债务。
To see the system at work, look at auction-rate securities, a sort of long-term debt invented in the 1980s.
美国布鲁克林检察官已经对涉嫌用欺诈手段诱使一些机构投资者购买高风险的拍卖利率证券的经纪人提起了诉讼。
The U. s. Attorney in Brooklyn has brought charges against brokers who allegedly tricked some institutional investors into buying risky auction-rate securities.
“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。
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。
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.
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