Which of the following is FALSE?

	A.	The most common benchmark of relative size of a firm in the securities trading and underwriting industry is based on total equity.
	B.	Commercial banks and investment companies often invest in existing firms while venture capital firms often invest in new, young, and risky firms.
	C.	In comparison to a typical commercial bank, an investment bank is likely to have a higher level of equity capital.
	D.	The largest source of funding for securities firms and investment banks as an industry is repurchase agreements.
	E.	In a private offering, the investment banker acts as a private placement agent for a fee, placing securities with one or a few institutional investors such as life insurance companies.