First, address illiquidity in the market for mortgage-backed securities.

首先，解决抵押担保证券市场中的流动性问题。

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JPMorgan will own 33% of a firm started with First Capital securities.

摩根大通将与第一创业证券成立合资公司，并持有该公司33%的股份。

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This was the first time a state had been charged with violating federal securities laws.

八月美国证券和交易委员会（SEC）指控该州向市政债券投资者隐瞒资金不足真相，这还是第一次有一个州因违反联邦证券法而吃官司，不过，新泽西州对证券和交易委员会的裁决保留意见。

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It poisons a portfolio that has any leverage in it, says Robert Gordon of Twenty-First Securities Corp.

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Another possibility, says Robert Gordon, president of Twenty-First Securities, is "auction-rate preferred, " whose payout adjusts up and down with interest rates.

FORBES: On The Cover/Top Stories

Hardest hit, says Robert Gordon of Twenty-First Securities, could be utility stocks and fixed-rate preferreds with no way to adjust upward.

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