At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.
The CIA is made up of boys whose families sent them to Princeton but wouldn't let them into the family brokerage business.
Brokerage firms and their executives cannot use threats regarding research activities as a way to obtain investment banking business. The threat to drop research coverage if Piper were not selected as the lead underwriter for a secondary offering was totally inappropriate and undermines the integrity of the market.