在光景好的时候﹐承销商业抵押贷款支持证券对华尔街投行来说可谓好买卖。
When times were good, underwriting commercial mortgage-backed securities was a bonanza for Wall Street.
和华尔街的其他各大投行类似，雷曼最初的裁员计划锁定在其抵押贷款创设和资产证券化两个部门。
Like other Wall Street Banks, Lehman focused its initial job cuts on its mortgage origination and securitization businesses.
投行做的是证券承销。
福特全系车型自2005年来已全数更新，券商加投行的美林证券分析师估计福特的车型系列应该是整个汽车产业里最新的。
Ford's whole product range has been renewed since 2005, and analysts at Merrill Lynch, a broker and investment bank, estimate that the company has the freshest fleet in the industry.
我们认为，华尔街的走向决定了整座城市的命运。因此，政客们不惜一切代价要保证券商和投行的好心情。
As the Street goes, we assume, so goes the city, which is why politicians will do almost anything to keep the brokerages and investment Banks happy.
今天我想谈一谈银行业，这与我的前一讲紧密相联，即有关房地产的内容，因为银行是房地产行最主要的资金贷方，和房地产证券投资方。
Today I want to talk about banking and this ties in somewhat to my previous lecture, which was on real estate, because Banks are major real estate lenders and investors in real estate securities.
投资银行是完全不同的，单纯的投资银行既不吸收存款，也不发放贷款，投行是证券承销商。
Investment Banks are very different in that a pure investment bank does not accept deposits and it doesn't make loans; it's an underwriter for securities.
然而，越来越多的实例证实了证券市场中套利这一行为是有限制的。
However, more and more instances proved that the arbitrage behavior has its limit.
然而，越来越多的实例证实了证券市场中套利这一行为是有限制的。
However, more and more instances proved that the arbitrage behavior has its limit.
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