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.
再擔保契約(Re-hypothecation)：一個帶來邪惡后果的邪惡詞匯。與向對沖基金提供經紀服務的許多其它經紀商一樣，雷曼兄弟(Lehman Brothers)的歐洲子公司也喜歡把客戶提交給它的抵押品用于自己的活動。在雷曼破產前，這種做法似乎無害，但在雷曼破產后，它讓數百家對沖基金走上了討回資產的漫漫長路。
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