We were a very big customer.

There is a fiduciary duty here. It's really inconceivable to us.

This report brings to a close a difficult period for Cendant employees and shareholders alike. The investigation has identified how a group of people at CUC deliberately deceived and misled investors and business partners -- and reveals a corporate culture that encouraged this behavior.

Walter Forbes's decision and the corporate governance changes approved today end any uncertainty about the future direction and leadership of Cendant. That uncertainty was a serious impediment to conducting our business and the process of restoring trust in our company.

We are very focused on growing our business internally but also externally. We like this business very much. We have a comparative advantage -- we can use our comparative database in order to qualify leads.

We did wage a very effective campaign to put pressure on the ABI board to do the right thing ... These contests are won or lost by how many mistakes you make. We didn't make any mistakes.