11.   Shipley said he saw the biggest opportunity in challenging Wall Street at underwriting securities and advising companies on mergers.

12.   The Fed is expected to approve a proposal tomorrow that would more than double the amount of revenue bank holding companies could obtain from underwriting securities.

13.   The lenders face more oversight, have insured deposits and were limited from risking their capital underwriting securities.

14.   The regulatory environment has eased, allowing banks to more than double the revenue they can earn from underwriting securities.

15.   The two doomsayers are an odd couple at a firm that makes much of its money by selling stocks and underwriting securities.

16.   Too much money was being made underwriting securities and executing trades.

17.   Morgan Stanley Group Inc. is a powerhouse in mergers and in underwriting securities.

18.   The US Federal Reserve Board on Friday voted unanimously in favor of a proposal to lift the level of revenue that banks can obtain from underwriting securities.