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The letter states that the CSE Broker "tentative net capital" levels "remained relatively stable after they began operating under the 2004 amendments, and, in some cases, increased significantly." It has been widely noted that all five of the investment bank holding companies affected by the 2004 rule change no longer exist as independent companies or have converted into bank holding companies.

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The investment bank leverage cited by these scholars was the leverage reported by the Consolidated Supervised Entity Holding Companies in their financial reports filed with the SEC.In order to conduct their dealer and other credit sensitive activities, the large investment bank holding companies managed their leverage and overall financial condition to achieve at least the "A" credit rating considered necessary for such activities.Each of the investment banks that became a CSE Holding Company stressed the importance of a "net leverage" measure that excluded collateralized customer financing arrangements and other "low risk" assets in determining "net assets." This net leverage ratio was used by one rating agency in assessing investment bank capital strength and produced a leverage ratio much lower than the "gross leverage" ratio computed from total assets and shareholders' equity.The 1975 uniform net capital rule continued many features of the existing SEC net capital rule, but adopted other (more stringent) requirements of the NYSE net capital rule.The Securities Exchange Act of 1934 had given the SEC authority to regulate the financial condition of broker-dealers to provide customers some assurance that their broker could meet its obligations to them.

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