They became almost worthless because they were investing in subprime debt and the value of the debt collapsed and so these collapsed as well.

它们变的分文不值,因为它们投资次级债务,而这些债券价格一落千丈,所以这些银行也跟着倒下

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.

公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益

耶鲁公开课 - 金融市场课程节选

I would be careful and not have all your money invested in stocks. I would look at a lot of these distressed debt--some of the distressed debt that has gone down. I don't know if you understand that but some of the debt that--even bank debt, which is the highest level, I think, has become very cheap.

我会非常的小心，不会把你们的钱全部都,投在股票上，我会寻找一些,不良债务--一些不良债务的价格已经下跌了,我不知道你们是不是理解这些东西,但一些债务--即使是银行债，它们的保险级别较高，我觉得，价格都已经很便宜了。

耶鲁公开课 - 金融市场课程节选