These indemnification agreements throw liability for due-diligence failures back on to the company issuing the shares or bonds, making a nonsense of an underwriter's gatekeeping role.
Shuemake marks the start of his financial demise to September 1999 when Northpoint personnel staff directed him to Morgan Stanley (nyse: MWD - news - people ), an underwriter of Northpoint's initial public offering.
Morgan in New York (a lead underwriter for the company's IPO).
Aegis Capital Corp. served as Stemline's lead IPO underwriter.
Two years ago, America's second-largest malpractice underwriter, St Paul, created a stir by announcing that it would pull out of the malpractice business altogether.
Some had expected Mr Miles to recommend market-distorting tax-incentives for fixed mortgages, or the creation of a government-sponsored mortgage underwriter along the lines of America's Fannie Mae, which would put taxpayers' money at risk.
The question that preoccupies every underwriter and broker is this: will Lloyd's be able to maintain its new regime of discipline when the market turns?
Only after the failures in 2000 of Reliance, a large underwriter in America, and several syndicates at Lloyd's of London did the soft pricing cycle turn.
It's also important to buy life insurance from a financially sound underwriter to ensure they'll be in business at least as long as you are.
Deloitte's "methodology is sound, " says Mike Belko, chief underwriter at USAA Life Insurance Co.
Some people at the firm said Mr. Blankfein seemed insufficiently apologetic, focusing too much on Goldman's role as a trading operation and not enough as a trusted underwriter securities sold to clients.
Imagine, in JPMorgan Chase's case, the frustration at being the leading credit derivatives house, high-yield-bond underwriter and fixed-income research firm (among other things) and then losing on some bets on interest rates.
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