11.   In December, the Fed board approved a proposal that more than doubles the revenue bank holding companies can obtain from underwriting new securities.

12.   In the months that followed, the merged BankBoston sold off consumer lending units, using the capital to expand in Latin America and begin underwriting securities.

13.   It underwrites their securities and trades their stocks.

14.   Last month Fidelity was added to the group that underwrites securities for the Federal Farm Credit Bank system.

15.   Lenders usually have the inside track to underwrite the securities.

16.   Now, a growing number of commercial bankers are strapping on suspenders of their own and fighting back by underwriting more securities themselves.

17.   Schwab still does not underwrite securities on its own, avoiding becoming investment bankers for companies.

18.   Salomon generated more in fees by underwriting telecommunications securities than any other Wall Street firm.

19.   Securities firms make much of their business underwriting new securities and selling them to investors.

20.   Salomon Inc. said first-quarter earnings more than tripled, led by gains from trading bonds and commodities, advising companies and underwriting their securities.