First, companies are raising more and more capital through privately issued loan instruments, as opposed to public equity-such as selling stocks or issuing bonds, which can be openly traded.

首先，公司在举越来越多的债务，通过私下发行的贷款工具，而不是采用向大众公开发行证券——比如出售股票或者发行债券，这些都可以进行公开的交易。

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The firms could facilitate customer orders as brokers have always done and continue to underwrite new issues of stocks and bonds, but they could not make bets with their own capital or own or invest in hedge funds.

WSJ: Obama vs. Wall Street