POWER OF ATTORNEY





This statement confirms that I have authorized and designated

James L. Chosy, Sara E. Gross Methner, John W. Geelan, and

Jake J. Howell, and each of them, as my attorney-in-fact to

execute and file on my behalf all Forms 3 (Initial Statement

of Beneficial Ownership of Securities), Forms 4 (Statement of

Changes in Beneficial Ownership of Securities) and Forms 5

(Annual Statement of Changes in Beneficial Ownership), including

any and all amendments thereto, that I may be required to file

with the Securities and Exchange Commission as a result of my

ownership of or transactions in securities of Piper Jaffray

Companies.  This power of attorney shall continue in effect

until I am no longer required to file Forms 4 and 5 with

regard to my ownership of or transactions in securities of

Piper Jaffray Companies, unless I earlier revoke this power of

attorney in a writing delivered to the above-named

attorneys-in-fact.  I acknowledge that the above-named

attorneys-in-fact are not assuming any of my responsibilities

to comply with Section 16 of the Securities Exchange Act of 1934.





Dated:          08/04/06



Signature:      /s/ Jon W. Salveson



Printed Name:   Jon W. Salveson