21.   The firm that arranges municipal bond sales collects the bulk of the underwriting fees.

22.   The investment bank reaped millions in underwriting fees on two Russian bond deals peddled to customers last June and July.

23.   The Mexican crisis which caused interest in the region to wane has also made it more difficult for those banks to generate underwriting fees.

24.   The Mexican crisis, which caused interest in the region to wane, has also made it more difficult for those banks to generate underwriting fees.

25.   Wall Street earns underwriting fees buying stocks and bonds from companies that wish to raise capital, marking up the securities, and selling them to the public.