She credits day trading with transporting her from a "miserable existence" in bond underwriting to something genuinely fun and paying six figures annually.

FORBES: What Bear Market?

For example, when minority municipal underwriting firms gave political contributions in exchange for municipal bond underwriting business in the early 1990s, they were prosecuted.

FORBES: The Politics of Minority or Emerging Manager Programs (August 2, 2004 )

The days when any large-ish bank could set up shop, load its balance sheet with debt and become an also-ran in anything from bond underwriting to complex derivatives are over.

WSJ: Wall Street Giants Try a New Business Model

Doesn't this rather resemble the pay-for-play scandals of municipal finance, wherein elected treasurers pass the campaign hat around bond-underwriting firms?

FORBES: Pay For Play

To be fair, given the starting-points left them by history, both have achieved notable successes: Chase in syndicated corporate lending and bond-underwriting, J.

ECONOMIST: Wall Street��s old order changes

Otherwise, with no deal activity, bond financing remains depressed along with the equity underwriting calendar.

FORBES: Pain On The Corner Of Wall And Main

This may have been especially costly in fixed-income underwriting, given the strength of bond markets at the time.

ECONOMIST: Morgan Stanley

Financial institutions are underwriting Shariah-compliant loans and bond issuances without really understanding the risks associated with default and bankruptcy treatment.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

Hungry for underwriting fees, investment banks rushed many early-stage companies to the bond market even though they faced an overcrowded competitive environment.

FORBES: Wall Street Is Getting Better At Creating 'Junk'

These take many forms: underwriting and registration fees, credit-rating costs, taxes and the time it takes to bring a bond to the market.

ECONOMIST: Economics focus