Investment banks offer services to both corporations issuing securities and investors buying securities. Bond funds invest in fixed income or debt securities. Blue Sky Laws are state regulations established as safeguards for investors against securities fraud. Hybrid securities combine some of the characteristics of both debt and equity securities. A mutual fund pays expenses related to buying or selling the securities in its portfolio. Morgan Stanley was accused of misleading investors in mortgage-backed securities. Issuance of residential and commercial mortgage-backed securities and CDOs remains dormant. Mutual funds have advantages and disadvantages compared to direct investing in individual securities. Some private institutions also securitize mortgages, known as "private-label" mortgage securities. She was a director of Bernard L. Madoff Investment Securities. These entities are subject to extensive regulation under various federal securities laws. Some of the debt securities and hostages were taken by foreign traders and bankers. These are the earliest evidence of organised trading in marketable securities in London. Total reserves amount to using the Securities and Exchange Commission methodology. Michael Lewis noted CDSs enabled speculators to stack bets on the same mortgage securities.