An entity that administers the public issuance and distribution of securities from a corporation or other issuing body. An underwriter works closely with the issuing body to determine the offering price of the securities, buys them from the issuer and sells them to investors. Underwriters generally receive underwriting fees from their issuing clients, but they also usually earn profits when selling the underwritten shares to investors. However, underwriters assume the responsibility of distributing a securities issue to the public. If they can’t sell all of the securities at the specified offering price, they may be forced to sell the securities for less than they paid for them, or retain the securities themselves. Citigroup and Merrill Lynch were the world’s top underwriters of stocks and bonds in 2007. In 2007, Citi announced a $50 billion initiative over the next 10 years to address global climate change, consisting of investment and financing of alternative energy, clean technology, and other carbon-emission reduction activities. In addition Citi’s continues to be the largest financier of the coal industry