For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.

对于那些我们认为已经追溯股票期权的公司，我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。

耶鲁公开课 - 金融市场课程节选

The rating agencies weren't cutting the ratings as they should and these European banks were just kind of naively trusting and it just didn't get figured out.

信用评级机构并未按照实际评级,这些欧洲银行却很傻很天真地相信了,没有认识到潜在的风险

耶鲁公开课 - 金融市场课程节选