The end game is to sell out but they may want to do it at a higher valuation. The clock is sort of ticking on them but the company isn't feeling pressured to do something.

The flat yield curve was really hurting them.

You can only do so much in asset-backed before you're hurting your profitability.

Swiss bank accounts. If O'Neill is waking up and smelling the coffee, things must be really bad.

The banks are saying that we expect bankruptcy law-related losses will subside because of the rush to file. But the undertone of credit quality is worsening.

It seems that the emphasis on expanding distribution outweighs the quest for positive operating leverage in the near term.

There weren't any real black eyes for Merrill this quarter. It was good for them, and it was good almost everywhere.

The whole game now is just playing the yield curve.

You're seeing a little bit of a rotation.

The brokers have been almost like the old Internet stocks. The stocks have been on a huge ride and they're starting to cool off and come back to reality.