Media interest in hedge funds is focused on the collapse of Long-Term Capital Management in 1998 and the risks to the financial system of a similar debacle.

关于对冲基金，媒体的兴趣集中在1998年长期资本控制崩盘、金融系统可能发生这种崩溃的风险上。

youdao

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.

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）。

youdao

At present there are many problems in the lottery management system in China, such as lottery supervision and the use and allocation of lottery public welfare funds.

目前，我国彩票管理体制还不健全，无论是在彩票监管方面，还是在彩票公益金的分配和使用方面都存在着很多问题。

youdao