提问：谁能帮忙分析一下这个Ethics的例题呀

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这个我读的不是很明白，请问那位大神可以解释一下呀？谢谢

When Ricki Marks sells mortgage-backed derivatives called interest-only strips (IOs) to her public pension plan clients, she describes them as "guaranteed by the U.S. government." Purchasers of the IOs, however, are entitled only to the interest stream generated by the mortgages not the notional principal itself. The municipality's investment policies and local law require that securities purchased by the public pension plans be guaranteed by the U.S. government. Although the underlying mortgages are guaranteed, neither the investor's invest¬ment nor the interest stream on the IOs is guaranteed. When interest rates decline, causing an increase in prepayment of mortgages, the interest payments to the clients decline, and the clients lose a portion of their investment.

Comment: Marks violated Standard I(C) by misrepresenting the terms and character of the investment.

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关键词：Ethics ethic ETH ics derivatives government investment generated describes guarantee

大体意思就是投行的混蛋在把以抵押贷款为标的的一种衍生品（单独分离出利率部分的现金流销售）卖给公共养老金时，她误导买方说所卖产品为美国ZF担保的。而买方（公共养老金）被政策和法律授权可以购买的产品必须是利息流被美国ZF担保而不能只是名义本金被担保的。虽然标的抵押贷款被担保，但是投资者的投资和IOs的利息流都不被担保。当未来利率下跌引发抵押贷款提前偿付率上涨时，应付利息将会减少，从而导致买方投资损失。

comment：混蛋违反了I（c）因为她通过错误解读产品及产品特征误导买方

IOs是常见的惹事衍生品，但是我不知道中文名是什么，细节可以再交流。

stone.zhhy 发表于 2016-1-24 11:53
大体意思就是投行的混蛋在把以抵押贷款为标的的一种衍生品（单独分离出利率部分的现金流销售）卖给公共养老 ...

謝謝。您翻譯得好逗~~