But it includes losses held by foreigners, and "non-leveraged institutions" such as insurers.

不过这11000亿美元当中包括了外国人以及“非杠杆机构”(如保险商)的损失。

youdao

Investors in highly leveraged financial institutions risk large losses.

高杠杆金融机构的风险投资者大量丧失。

youdao

In bad times, a collapse in land prices may lead to mass bankruptcy and threaten to destroy leveraged financial institutions.

在市场低迷时期，土地价格的暴跌可能导致大量破产，并可能压垮债务过多的金融机构。

youdao

What caused that was that many of these bonds were in fact being held by leveraged institutions.

FORBES: The Real Cause of the Great Financial Crash

And thus, when the fall came, tumbling down came the leveraged institutions.

FORBES: The Real Cause of the Great Financial Crash

Once the fall in prices starts then we get a cascading effect and we find that these leveraged institutions which were holding these bonds are bust.

FORBES: The Real Cause of the Great Financial Crash