Certainly, in the latest credit bubble the big investment Banks look like classic insiders, selling pups in the form of complex structured products that few really understood.

当然，在最近的信贷泡沫中，大型投行看上去像是典型的局内人：用没有几个人能真正理解的复杂结构性产品来糊弄人。

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Such products, known as “structured credit”, encourage liquidity, partly because they can be created out of thin air.

这类通常也被称为“组合式信贷”的产品促进了流动性，部分原因就在于它们能够凭空创造出来。

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Also, favourable ratings and credit enhancements artificially boosted the quality of loans underlying structured products.

此外，较高的评级与信用增级都人为地提高了结构产品中基础贷款的质量。

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Before the monolines ran into trouble with exposure to credit derivatives and structured products in late 2007, they enjoyed a robust business insuring municipal debt.

FORBES: Magazine Article

We estimate that the Yield on Fixed-Income Trading Securities fell from 5% in 2005 to 2.8% in 2007, with the company suffering losses on structured credit products during the subprime crisis. in addition to fall in volumes and liquidity during the global economic downturn.

FORBES: Citi Shares Could Swirl Down The Drain As Fixed-Income Revenue Withers

The trouble is that credit derivatives and structured-finance products are not equities, and when events arise that divide the sheep from the goats ie, the interests of shareholders from the interests of bondholders investors who think they are the same thing get caught out as they are now.

ECONOMIST: Buttonwood