The investment banking firm underwriting the bonds structured the issue with serial maturities from 2013 to 2021.

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Executives insist that this does not presage a new Morgan Stanley but merely a rebalancing towards less volatile, client-facing businesses, many of which, such as merger advice and securities underwriting, were the firm's bread and butter before it contracted Goldman-envy.

ECONOMIST: Morgan Stanley

What is left is a brokerage firm in business to serve investors, not underwriting clients.

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Warburg was always queasy about profits made from punting the firm's own capital, preferring income from advisory and underwriting fees.

ECONOMIST: Siegmund Warburg

Mr. Makan formed his own firm partly because he didn't want to be under pressure to sell financial products from each firm's own menu, such as initial public offerings they were underwriting, according to someone familiar with his work.

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Brushed off by Goldman, de Beauchamp asked Spitzer's office to declare his firm eligible to conduct some of the "independent" analysis The Street must soon begin underwriting.

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In a bold and symbolic move in February, he hired Michael Mayo, a banking analyst with Credit Suisse First Boston who had outraged that firm's investment bankers by knocking the stocks of commercial banks the investment bankers wanted merger and underwriting deals from.

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In a bold and symbolic move in February, he hired former Credit Suisse First Boston banking analyst Michael Mayo, who had outraged that firm's investment bankers by knocking the stocks of commercial banks from which the investment bankers wanted merger and underwriting deals.

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