Well, they created special entities called SIVs and the SIVs would be borrowing money on the commercial paper market to buy subprime loans.

银行建立特殊实体结构投资公司,而结构投资公司,通过在纸货市场借贷,以购入次级债

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The SIV really was a liability but it wasn't visible to investors investing in the bank.

结构投资公司本身就是债务,但银行的投资者们并不了解这点

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In one model we thought of the firms setting quantities and the market determining prices, and here we have the firms setting prices and the market determining quantities, but the basic underlying economic structure of this is very, very similar.

在前一个模型我们假设公司设定产量,而市场决定价格,在本模型中我们假设公司设定价格,而市场决定产量,但基本的经济结构是非常,非常相似的

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They'd borrow to buy them, so if the value of the subprime loans went down just a little bit the SIV would be in trouble.

结构投资公司还借钱购买次级债,所以只要次级债贬值一点点,他们就麻烦了

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We're trying to get them to change the structure of the company. We think the board is a very poor board there and we're trying to change what happens.

我们正在设法改变,公司结构我们觉得那个公司的董事会经营的,非常糟糕,我们正在设法改变现状。

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In the SIV contract, there was some language that implied that if the SIV ever went bankrupt, the bank would come back and rescue them.

结构投资公司的合同中包含着这样的条款,如果结构投资公司破产,银行会拯救他们

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