What emerges is a sorry tale in which bankers defeated the best efforts of regulators by bundling bad loans into securities that were sold to a list of hapless (mainly European) investors.

它所讲述的是一个遗憾的故事：银行家们通过将不良贷款与证券捆绑，出售给一些倒霉的(主要是欧洲的)投资者。最终让监管者的所有努力付之一炬。

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Article 151. Securities registration and settlement organizations shall supply the list of securities owners and other relevant information to the securities issuers.

第一百五十一条证券登记结算机构应当向证券发行人提供证券持有人名册及其有关资料。

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In part large companies use large brokerage firms and list on large exchange because of the potential losses possible to those trading their securities.

大(上市)公司雇用大(股票)经纪公司和在大交易市场上市的部分原因是，为了规避他们股票交易可能的潜在损失。

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But overnight they had to list these securities as worthless nevertheless because of the desperation, panic sales of others, under the mark to market regulatory requirements.

FORBES: Media Parrot Obama Financial Crisis Campaign Propaganda

Aggregate failures to deliver declined 30.5% from January 2005 to January 2006, the SEC says, and the list of threshold securities has been whittled back by 35%.

FORBES: Naked Shorts Seeking Cover

Both the SEC and the exchanges use the data to determine whether a stock has high enough and persistent enough trade settlement failures to warrant including it on a list of similar securities for which special trading restrictions are supposed to kick in.

FORBES: Beating Fails