Goldman Sachs and Morgan Stanley, for example, came out with [lower] earnings that didn't really shock anyone.
This gives them a good platform to build on, but I don't think this is the last deal you'll see, ... You'll continue to see them building on these types of transactions.
This is a wake-up call that boards no longer do deals for the people at the top but for what is best for the shareholders.
Also when we look at the market share that it was able to keep this year in a pretty poor environment, we think that is also key. And that the company will come out very strong given a good economic and market recovery into 2002.
We think it trades at a discount. We think that it's a good opportunity, especially when we look for a good recovery into next year.
We have been saying for some time that a bank is not a bank, ... and I think you are will hearing more of this, you know, look back at the Fed and what they had to regulate had 10, 20 years ago, it's totally different from a bank today, with the full financial service mix of products.
M&A is not going to be enough to carry the day for investment bankers as far as earnings go.
A bull market can cover a lot of sins and cultural issues.
You have probably been hearing about how well they've done as far as integration goes, how steady and slow they've gone. The ... earnings here are really core earnings, not about ... stretching by security gains or one-time items. Their reserves are strong, the future looks strong for them.
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