Today Wall Street banks are once again investing large quantities of their own and their clients' capital in businesses, enjoying the same easy credit as their private-equity clients.

如今华尔街银行再一次将他们自己及客户的资金大量投入商业，和他们的私股客户一样享受简易信贷。

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They lock in their clients' capital for many years and do not face the collateral calls and liquidity squeezes that make hedge funds so sensitive to calculations of net asset value.

他们锁定他们客户的资本已经多年，而且没有抵押问题和流动性资金压力，使对冲基金如此敏感的计算净资产值。

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They are reducing the amount of risk they take, which means reducing their proprietary trading and concentrating more on clients and activities that consume less capital.

银行也正减轻所承担的风险，这意味着减少股权交易、更集中于耗费更少资本的客户和行动。

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Morgan's head of debt capital markets in Asia, excluding Japan, said he tells clients who are ready to issue debt.

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Those clients can't afford to wait for their banks to fix themselves, as many still plan to raise capital this year.

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Most clients don't seem to mind the fees, either, viewing the inspection of a company's human capital as something just as vital as maintenance of plant and equipment.

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