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Nor, after Mr Arpe's arrival, did it underwrite any of Parmalat's bond issues.The Cirio case is more awkward, if equally revealing.
That May, bankers at Merrill Lynch proposed to GoTo that it underwrite a secondary stock offering for the company; Merrill Lynch would profit from the commission.
Rob Haines of CreditSights, a research firm, estimates that, with a conservative leverage ratio, BHAC's capital will let it underwrite some $10 billion of business; MBIA and Ambac Assurance, two of the biggest firms in the industry, insure several times that amount each year.Mr Buffett's caution is understandable.
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Bear's default rates on so-called Alt-A mortgages that it underwrote also indicates that its lending practices were especially lax during the real estate boom.
Merrill depends on a relatively stable market for the stocks and bonds it underwrites and for the mergers and acquisitions it advises its clients on.
It underwrites our diplomacy".
It underwrites Europe's security against a resurgent Russia.
It underwrote an advertising campaign to lure tourists back to the Gulf Coast.
The Goldman Sachs spokesman said that the company routinely shorts the securities it underwrites and said that this is disclosed.
Uniquely, Finland has demanded collateral for its part of Greece's second bail-out and for the funds it underwrites to support Spain's crippled banks.
It underwrites efforts like the research-proven Nurse-Family Partnership, which provides nurse home visits to low-income first-time mothers.
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