像冲基金和管道机构---Pimco资金管理集团的Paul McCulley将它们称为“影子银行系统”---这样的新兴机构严重地依赖借入资金（或曰杠杆）。
New institutions, such as hedge funds and conduits—what Paul McCulley, of Pimco, a fund management group, has called “the shadow banking system”—are highly dependent on borrowed money, or leverage.
在2005年重返摩根·士丹利(Morgan Stanley)时，为了提高收益，他决定利用高杠杆资金进军对冲基金、房地产与自营交易领域。
On returning to Morgan Stanley in 2005, he led a charge into hedge funds, housing and proprietary trading, increasing leverage in an effort to enhance returns.
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