Loan Crisis Throws New Light on Investment Banks (1/2)

Investment banks have long played a part in the financial system. But the recent crisis over securities based on risky home loans has brought them new attention.

Investment banks handle stocks, bonds and other securities. They underwrite new offerings. That means they take the risk of buying the securities and reselling them to the public. They also provide business advice and market research, and deal in existing securities. 

Investment bankers have structured some newer securities in highly complex ways. Their value could be tied to lists of stocks or prices of goods or, as the world now knows, groups of risky home loans.

These mortgage-backed securities were sold to investors worldwide as a way to spread the risk. But as more and more loans went bad, the market collapsed. 

Before the nineteen thirties, the United States had no separation between traditional banking and investment banking activities. Bank holding companies could own other financial companies that would underwrite new stocks. They would also provide stockbroker services for the public. People often bought shares with money borrowed from the banks.

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长久以来，投资银行一直在金融系统中起作用。但是，最近风险房贷类证券的危机使投资银行重新获得注目。

投资银行经营股票、债券以及其它证券。他们对其它新品种也提供保险，即他们冒险购买证券，并重新出售给民众。他们也提供商务建议、市场研究，并从事现有证券的交易。

投资银行将某些最新的证券以高度复杂的方式进行组合。这些证券的价值与一系列股票或物品价格或(目前民众所知的)风险房贷组合挂钩。

作用分担风险的途径，这些抵押类证券出售给全球的投资人。但是，当越来越多的贷款成为坏帐，市场崩溃。

在1930年代之前，美国不划分传统银行业与投资银行业(的业务)。银行控股的公司可拥有为新股票提供保险的其它金融公司。它们也向民众提供股票经纪服务；民众经常从银行借钱买股票。

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