基金清盘

基金清盘速度也在加快，由之前的19个月缩短至2011年的17个月。

Funds are closing faster , too : 17 months in 2011 , from 19 .

用达尔文的进化论来解释很顺利：去年，共有1471家对冲基金被清盘，而新推出的基金只有659家，是自2000年以来的最低水平。

The Darwinian process is well advanced : 1,471 hedge funds were liquidated last year , while only 659 new ones were launched , the lowest figure since 2000 .

大量房屋抵押贷款公司破产，基金被迫清盘，投资银行宣布亏损，雷曼兄弟公司宣布申请破产保护，贝尔斯登公司被摩根大通收购，美林证券被美国银行收购，美国五大投资银行格局被彻底打破。

A lot of mortgage companies went bankrupt , the fund was liquidated , the investment bank announced the loss . Lehman Brothers announced bankruptcy protection . Bear Stearns has been acquired by JP Morgan . Merrill Lynch has been acquired by Bank of America .

许多基金结束营业或清盘，便因为无法履行其担保责任。

And many funds have been closed or wound up because they cannot meet the guarantee .

由于可交易指数追踪基金市场的飞速发展带来了惨烈的竞争，基金发起机构更加难以弥补经营成本，有些基金被迫清盘。

Cut-throat competition in the fast-growing market for tradable index-tracking funds is making it harder for sponsors to cover costs and forcing some to close funds .