Re-hypothecation: an ugly word with ugly consequences. Like many other providers of broking services to hedge funds, the European arm of Lehman Brothers was fond of using collateral posted by its clients as collateral for activities of its own. The practice seemed harmless until the broker went bust, leaving hundreds of funds facing a long struggle to claw back assets.
再担保契约(Re-hypothecation)：一个带来邪恶后果的邪恶词汇。与向对冲基金提供经纪服务的许多其它经纪商一样，雷曼兄弟(Lehman Brothers)的欧洲子公司也喜欢把客户提交给它的抵押品用于自己的活动。在雷曼破产前，这种做法似乎无害，但在雷曼破产后，它让数百家对冲基金走上了讨回资产的漫漫长路。
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