which was front page of literally every newspaper in the world,

基本上是世界上每份报纸的头版头条
where the Federal Reserve stepped in

美联储介入了这次事件
and basically provided sufficient guarantees and credit support

并且提供了足够的保障和信贷支持
so that this one institution wouldn't go bankrupt.

因此它并没有破产
There were--it's a brokerage firm.

贝尔斯登是一家证券经纪公司
Brokerage firms are not regulated by the Federal Reserve

经纪公司通常不受美联储监管
and they don't have access to the borrowings of

同时他们并不具备向美联储借贷的资格
the Federal Reserve to protect them,

从而保护他们自身
which is--they're sort of outside the system.

这意味着他们处于保护系统之外
The reason why the Federal Reserve went and did that

那么美联储帮助他们的原因是
is that the large brokerage firms,

贝尔斯登是一家大的经纪公司
which don't have the same kind of regulation

大经纪公司有着不一样的监管措施