We can't just smash things and start all over, we have to design a system of risk management.

而不是简单地打破一切再重新来过，我们应当设计一个好的风险管理体系。

耶鲁公开课 - 金融市场课程节选

Because the financial risk management system that we have is imperfect, we aren't there yet.

因为我们的金融风险管理体系,存在缺陷，还并不完善。

耶鲁公开课 - 金融市场课程节选

Today, they're a very important part of the fund's management framework.

如今,对冲基金是,基金管理体系的重要一环

耶鲁公开课 - 金融市场课程节选

There were eleven million workers in Germany at the time and other countries looked on this as, this is ridiculous, no government can actually manage the system like this.

当时的德国有1100万工人,其他国家视此情景为儿戏，没有哪个政府能像这样管理一个体系。

耶鲁公开课 - 金融市场课程节选

So, it really is -it really ought to be on the bank's balance sheet and it ought to be regulated by the bank regulators, but there was a failure to do that and that is the problem that we are in currently.

所以说,它确实该...,它应该反映在银行的资产负债表上,同时接受银行监管体系的管理,但这却没能实现,这就是我们目前面临的问题

耶鲁公开课 - 金融市场课程节选