1.   Buffett discovered that it was in trading that Salomon made real money, while it was at best a respectable competitor in underwriting securities.

2.   Fidelity executives say they have the financial muscle and expertise to take on Wall Street in the risky businesses of underwriting securities.

3.   Firms also got paid for lending money to finance the acquisition and for underwriting securities that helped finance it.

4.   Goldman Sachs is considering underwriting securities that would let investors bet on rainfall or cold weather.

5.   In December, the bank voted to more than double the revenue banks can earn from underwriting securities.

6.   In December, the board voted to more than double the revenue bank companies can earn from underwriting securities.

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

8.   It found it had customers who only took out loans paying low returns, when it really wanted to get make more money through underwriting securities.

9.   It established the Federal Deposit Insurance Corp., which insured customer accounts, and prohibited banks from both accepting deposits and underwriting securities.

10.   Salomon makes more from trading with its own capital than it earns from traditional businesses, such as underwriting securities or advising in mergers.