There's a lot of faith and confidence in this management team. This may be more change in executive suite than investors are happy to see.

What it is that makes Morgan Morgan would disappear.

There are certain conversations we aren't having with companies, (so) our estimates aren't as good.

She makes me have fun. I don't even realize I'm learning, but I am.

Sometimes maybe we want them to get in a little bit bigger hurry, but you just have to understand that it really is hot out there, so you can't work as hard as you normally would.

These guys work pretty hard, so if they need to take a break we let them take a break, especially this time of year when we are really really busy.

You've seen several commercial banks make acquisitions of smaller regional brokerage firms this year, and all of them believe quite sincerely that they are going to grow revenues as a result and gain market share because they now offer one-stop comprehensive financing for their customers. At the same time I don't think Merrill Lynch is planning to lose any business.

[The deal] is probably one that is not appealing to J.P. Morgan management, becoming a small piece of a big company.

Sometimes I get lost in the books, if they're good.