And all of a sudden he had a crisis Well, I'm not going to get into the depth of it but our banks, because they wanted to make more and more money--and our investment bank, Wall Street--kept issuing different paper against mortgages so it made it simple to give a mortgage.

突然间危机降临在了他的头上,嗯~我不想继续深谈这个问题,但是我们的银行，由于它们想,赚越来越多的钱--还有我们的投行，华尔街--一直都在发行各种各样的抵押贷款票据,那样抵押贷款变得更加容易。

耶鲁公开课 - 金融市场课程节选

Then you know, you might say, who would buy the paper of an SIV?

这样你们就了解了,你们可能会说,谁会购买SIV发行的票据呢

耶鲁公开课 - 金融市场课程节选

Well,the only people who would buy it are people who trust the bank that supports it, so in effect, the bank is promising to bail out the SIV if it should get in trouble.

只有人们相信设立SIV的银行的时候,他们才会去买SIV发行的票据,所以实际上,银行已经作出承诺,如果SIV陷入麻烦,银行会出面解决

耶鲁公开课 - 金融市场课程节选

An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.

IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织

耶鲁公开课 - 金融市场课程节选