--so you put a whole bank of telephones in the cheapest place.

然后在那儿放满电话
That would be the basement

这间地下室旁
of some building where they have the boiler.

装有锅炉
So, you'd have a whole

接下来你雇了一群人
bunch of people selling securities down there

在这间地下室里帮你出售证券
and they could vacate quickly if the authorities challenged you.

如果政府想要发难他们可以快速撤离
In the 1920s,

在上世纪20年代
a lot of bogus stuff was sold

很多不合规的股票流入市场
--a lot of people were cheated

很多人受骗
--so after the stock market crash of 1929,

所以1929年的股市大崩盘
it led to a movement for regulation.

促使政府采取了一系列加强金融监管的行动
The most important thing was the 1934 foundation of

其中最重要的要数1934年