curities, or making research and securities available to individual investors on the Internet, they will continue to use the flexibility and intellectual capital of their people to serve customers and create opportunities. Examples of continuing innovation this past year include their underwritings for Amazon.com in the first-ever high yield financing for an Internet retailer, the expansion of online services for our 2 million individual investor clients and the successful launch of Discover Card's high-speed transaction report system for its merchant network.
             Morgan Stanley Dean Witter has numerous strengths that make it a leader in the financial services industry. Their record earnings were a tribute to their strong culture of managing risk. Like most firms, they review market risk exposure in their institutional securities business using both quantitative and qualitative approaches. This not only gives a more precise review, but it enables them to cover all aspects of risk by doing utilizing both approaches.
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