And the third, securities selection, speaks to how it is you manage each of your individual asset classes.

第三，证券选择，说的是如何管理，每个单独的资产类别？

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Moreover, the securities are not homogeneous, which means that even an auction process would leave the aggregator bank with inferior assets through adverse selection.

此外，这些证券并非是同一类型的，这意味着“总银行”会因为逆向选择而取得大量劣质资产。

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Paulson &Co has not been charged; the firm issued a statement saying that ACA, as the third-party collateral manager, had sole authority over the selection of securities in the CDO.

保尔森对冲基金公司并未受到指控。 高盛发表声明声称作为第三方担保人，ACA对于CDO所构成证券的选择上享有唯一的权利。

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And the third, securities selection, speaks to how it is you manage each of your individual asset classes.

第三,证券选择,说的是如何管理,每个单独的资产类别

耶鲁公开课 - 金融市场课程节选

And with respect to securities selection, you want to consider your skills and you want to consider the efficiency of markets when you're making your decisions as to whether or not to pursue passive management or active management.

证券选择方面,要考虑自身能力与市场有效性,从而决定,是采用被动型管理,还是主动型管理

耶鲁公开课 - 金融市场课程节选

The day the suit was filed, Goldman and ACA had independently approved the selection of 90 mortgage-backed securities to be included in the CDO after several discussions, including one with Paulson, as is typical in this type of transaction.

FORBES: Goldman Hopes To Avoid Fraud Charge In Any SEC Deal

In America the Securities and Exchange Commission now requires board nomination committees to explain their selection criteria.

ECONOMIST: Europe: All aboard | The