2007 锟斤拷锟竭★拷锟斤拷锟铰凤拷锟斤拷锟斤拷锟轿达拷危锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷全锟斤拷迅锟劫讹拷锟斤拷锟斤拷一锟铰硷拷锟斤拷锟斤拷之锟斤拷氐姆绱碉拷荻锟斤拷锟斤拷锟斤拷斯惴猴拷锟斤拷锟斤拷械墓锟阶?锟斤拷锟斤拷锟斤拷锟斤拷锟揭硷拷艿锟斤拷址追壮锟斤拷志锟斤拷校锟斤拷锟斤拷锟斤拷锟斤拷歉锟斤拷锟绞憋拷谈叨染锟斤拷锟斤拷锟揭伙拷录锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺?锟津经硷拷锟斤拷锟叫达拷锟斤拷锟斤拷锟斤拷锟皆猴拷锟斤拷锟绞憋拷锟斤拷锟斤拷眨锟斤拷未锟轿ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷散锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷庸锟斤拷锟缴ｏ拷 锟斤拷锟斤拷锟斤拷锟斤拷衰锟斤拷锟斤拷然锟斤拷之锟斤拷锟斤拷锟斤拷锟斤拷全锟津经硷拷锟杰碉拷锟斤拷锟斤拷也锟斤拷锟缴诧拷锟斤拷锟斤拷实锟斤拷

2008 锟斤拷3 锟斤拷12 锟秸ｏ拷锟揭癸拷锟斤拷锟今部诧拷锟斤拷锟铰碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫关革拷锟斤拷锟斤拷锟节斤拷锟斤拷锟斤拷锟斤拷锟斤拷呒锟斤拷锟缴凤拷时锟斤拷示锟斤拷锟揭癸拷锟斤拷锟斤拷锟斤拷锟侥筹拷锟节ｏ拷2007 锟斤拷12 锟铰凤拷只锟斤拷锟斤拷锟斤拷6.8%锟斤拷2008 锟斤拷1 锟铰猴拷2 锟斤拷锟斤拷锟斤拷锟铰碉拷统锟狡ｏ拷只锟斤拷锟斤拷锟斤拷0.4% 锟斤拷同时锟斤拷2 锟铰份讹拷欧锟剿的筹拷锟斤拷也只锟斤拷锟斤拷锟斤拷1%锟斤拷锟斤拷锟斤拷锟酵讹拷欧锟侥筹拷锟节伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟?12 锟斤拷锟劫分碉拷锟斤拷锟揭★拷锟铰碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿达拷危锟斤拷锟斤拷锟斤拷锟斤拷锟解部锟斤拷锟斤拷锟戒化锟斤拷锟斤拷2008 锟斤拷1锟斤拷2 锟铰份筹拷锟节达拷锟斤拷陆锟斤拷锟斤拷拇锟皆?锟斤拷之一锟斤拷锟斤拷锟斤拷一锟斤拷锟斤拷锟饺斤拷锟斤拷要锟酵筹拷锟斤拷原锟津”★拷锟轿达拷危锟斤拷锟窖撅拷实实锟斤拷锟斤拷影锟届到锟揭癸拷锟斤拷实锟藉经锟斤拷锟斤拷锟叫★拷

    一锟斤拷锟轿达拷危锟斤拷锟斤拷锟斤拷锟缴?锟斤拷锟斤拷锟斤拷锟?

   锟斤拷一锟斤拷锟斤拷锟节伙拷锟斤拷锟睫讹拷锟斤拷失锟斤拷锟较革拷锟斤拷

始锟斤拷2007 锟斤拷锟斤拷拇未锟轿ｏ拷锟斤拷锟斤拷锟?2007 锟斤拷11 锟斤拷锟斤拷锟叫伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞硷拷锟斤拷愿锟角匡拷锟斤拷锟酵废?锟斤拷锟斤拷锟斤拷锟脚斤拷锟节伙拷锟斤拷2007 锟斤拷锟斤拷募锟斤拷炔锟斤拷癖ū锟侥癸拷锟斤拷锟斤拷越锟斤拷越锟斤拷拇未锟斤拷锟绞э拷锟斤拷锟铰讹拷锟斤拷锟斤拷锟?

   锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟捷ｏ拷锟斤拷锟斤拷锟斤拷锟节伙拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞诧拷锟斤拷失锟斤拷锟斤拷锟斤拷锟桔计筹拷锟斤拷1500 锟斤拷锟斤拷元,远锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷席锟斤拷锟较匡拷500-1000 锟斤拷锟斤拷元锟斤拷预锟节★拷锟斤拷锟届集锟脚★拷锟斤拷锟街★拷锟斤拷锟斤拷锟斤拷锟叫★拷锟斤拷锟斤拷锟斤拷锟叫碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节伙拷锟斤拷锟睫诧拷锟斤拷锟斤拷锟斤拷锟接★拷锟斤拷锟叫ｏ拷锟斤拷锟届集锟脚猴拷锟斤拷锟街的匡拷锟斤拷锟斤拷咏锟?100 锟斤拷锟斤拷元锟斤拷锟斤拷锟斤拷锟斤拷锟叫筹拷锟斤拷锟较★拷

锟斤拷锟斤拷锟斤拷锟揭和碉拷锟斤拷锟侥斤拷锟节伙拷锟斤拷也未锟斤拷锟斤拷锟解。锟斤拷锟斤拷锟斤拷锟斤拷2007 锟斤拷4 锟斤拷锟饺匡拷锟斤拷锟斤到114 锟斤拷锟斤拷元锟斤拷刷锟斤拷锟剿伙拷锟届集锟脚猴拷锟斤拷锟街达拷锟铰的硷拷录锟斤拷锟秸憋拷锟斤拷锟斤拷UFJ锟斤拷锟斤拷锟诫、锟斤拷锟斤拷住锟窖★拷住锟斤拷锟斤拷锟叫★拷锟斤拷锟斤拷锟缴★拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟脚碉拷锟秸憋拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫硷拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿硷拷锟斤拷锟斤拷锟斤拷氐锟斤拷锟绞б诧拷锟斤拷锟?50 锟斤拷锟斤拷元锟斤拷

锟轿达拷危锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷债券锟斤拷锟秸癸拷司锟斤拷锟斤拷锟节承憋拷锟侥次硷拷锟斤拷押债券锟绞诧拷锟斤拷锟斤拷锟斤拷水锟斤拷全锟斤拷锟斤拷锟斤拷债券锟斤拷锟斤拷锟教★拷锟斤拷锟斤拷锟斤拷MBIA 锟斤拷司2007 锟斤拷4 锟斤拷锟饺撅拷锟斤拷锟斤拷23 锟斤拷锟斤拷元锟斤拷锟斤拷每锟缴撅拷锟斤拷锟斤拷18.61 锟斤拷元锟斤拷锟斤拷锟斤拷锟饺达拷锟斤拷锟斤拷史之锟筋。锟斤拷锟斤拷债券锟斤拷锟斤拷锟教斤拷锟斤拷锟斤拷锟秸憋拷锟斤拷锟劫憋拷锟斤拷锟斤拷锟侥撅拷锟芥，锟轿达拷危锟斤拷影锟斤拷锟缴此斤拷锟斤拷一锟斤拷锟节斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷散锟斤拷

    锟斤拷锟斤拷锟斤拷锟绞诧拷锟斤拷债锟斤拷锟斤拷锟斤拷失一锟斤拷锟斤拷锟斤拷

锟轿达拷危锟斤拷锟侥憋拷锟绞ｏ拷锟角凤拷锟截诧拷锟斤拷锟解，锟斤拷锟角斤拷锟节达拷锟斤拷锟斤拷锟解。锟斤拷锟节碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞结构锟斤拷锟斤拷锟斤拷锟斤拷锟叫达拷锟斤拷燃锟斤拷锟斤拷锟斤拷为锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞憋拷锟叫筹拷直锟斤拷锟斤拷锟斤拷为锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节诧拷锟斤拷氐锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷峁╋拷锟斤拷玫锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭猴拷锟斤拷锟矫达拷锟届。锟斤拷锟角斤拷锟节达拷锟斤拷锟斤拷锟斤拷锟斤拷锟叫筹拷锟斤拷锟斤拷锟斤拷锟藉、锟斤拷锟斤拷锟剿伙拷锟揭猴拷锟斤拷锟矫的达拷锟届，危锟斤拷锟侥诧拷锟斤拷锟斤拷呕岜皇凤拷锟角帮拷锟斤拷胤糯锟?

目前锟斤拷锟斤拷锟节伙拷锟斤拷锟斤拷露锟斤拷锟斤拷失锟斤拷锟斤拷锟绞诧拷锟斤拷债锟斤拷锟节碉拷锟斤拷失锟斤拷 锟斤拷锟绞诧拷锟斤拷债锟斤拷之锟斤拷锟斤拷什锟斤拷锟绞э拷锟轿达拷锟斤拷锟斤拷锟斤拷锟斤拷锟结构投锟绞诧拷品(SIV锟斤拷Structured investment vehicles) 锟斤拷投锟斤拷锟斤拷锟叫斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟绞诧拷转锟斤拷为锟斤拷锟斤拷锟斤拷锟绞诧拷锟斤拷一锟街斤拷锟节诧拷品锟斤拷投锟斤拷锟斤拷锟叫斤拷锟斤拷锟叫★拷锟剿撅拷锟秸?锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿筹拷锟斤拷锟斤拷锟皆癸拷模锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷司锟斤拷锟斤拷锟洁集锟叫伙拷锟斤拷锟绞诧拷锟斤拷锟斤拷芨叩锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟轿?锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷峡桑锟酵讹拷锟斤拷锟斤拷谢锟轿?锟斤拷锟洁集锟叫伙拷锟斤拷锟绞诧拷锟斤拷锟酵讹拷锟揭恍╋拷时锟斤拷锟斤拷锟轿?锟斤拷些锟斤拷系锟酵讹拷锟斤拷叻锟斤拷卸锟斤拷锟斤拷锟揭灯憋拷荨锟斤拷獠匡拷锟斤拷什锟轿达拷锟斤拷锟斤拷锟斤拷锟斤拷什锟斤拷锟秸?锟斤拷锟斤拷锟斤拷什锟斤拷锟秸?锟斤拷锟节的次达拷锟斤拷失为锟斤拷锟叫碉拷一锟斤拷锟斤拷失锟侥伙拷锟斤拷锟斤拷么锟皆结构投锟绞诧拷品为锟斤拷锟斤拷锟斤拷什锟斤拷锟秸?锟斤拷锟斤拷锟斤拷目锟斤拷锟斤拷纬锟斤拷锟斤拷锟揭碉拷牡诙锟斤拷锟斤拷锟绞э拷锟斤拷曰锟斤拷锟斤拷锟斤拷锟轿?锟斤拷锟斤拷锟斤拷止锟斤拷2007 锟斤拷12 锟斤拷31 锟秸ｏ拷锟斤拷锟斤拷直锟接的次达拷锟杰癸拷模锟斤拷锟酵碉拷398 锟斤拷锟斤拷元锟斤拷锟斤拷锟绞诧拷锟斤拷债锟斤拷之锟斤拷锟斤拷什锟斤拷锟斤拷锟斤拷锟秸高达拷1090 锟斤拷锟斤拷元锟斤拷