PRAG is an independent, employee-owned financial advisor and does not engage in any form of underwriting, trading, marketing, or investing in securities, nor do we have any affiliate which engages in these lines of business.  As an independent financial advisor, we have no conflicts between securities trading, underwriting or marketing and the financial advisory services we provide, allowing us to aggressively advocate on behalf of our clients for lower interest rates and underwriting spreads.  Unlike investment banking firms serving as financial advisors, we have no inventory or financial positions that could be negatively affected when our clients successfully obtain lower interest rates on their new issues.