可次级承销商也在抱怨分得的战利品没有随之增加，因为他们认为投资银行对自身承担的风险漫天要价——那时发行价格低于市场价格的40%，这样，在投资银行血本无归之前，股票市场就不得不跳水了。
They think Banks were overpaid for the risks they took. Issues were priced as much as 40% below market prices so stocks would have had to plunge before Banks would be out of pocket.
大多数发行次级贷款的大型借贷人走向破产的地步，或是离开商界。
Most big subprime lenders have gone bankrupt or left the business.
1990年代末期，它们大举进入其他领域：购买次级债券，再把它们发行给别人(see chart 3)。
In the late 1990s they moved heavily into another area: buying mortgage-backed securities issued by others (see chart 3).
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