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While you are working trading positions and customerfacilitation textbooks, it will not usually go your way and we had an incredibly toughquarter, not the first hard quarter we at any time had, I am certain will not be the lastone.
So, it justbased on the information alone that appears like some the issues from mortgage loan couldbe spilling more than somewhere else on the business. I assume, did you agree or disagree withthat and why?
If I could question you now to please convert your notice to oursegment knowledge contained in the earnings release, I am going to review each of the threemajor organization segments, Funds Markets, Global Clearing Providers, and WealthManagement.
To be a management workforce, we have been decided to enhance ourperformance, the workers Allow me to share determined and we are very self-assured in theearnings energy of your franchise.
Very well, I would say as we arrived to the quarter, conditionsseem being somewhat enhancing and positively failed to conclusion this way. I'd personally say,as we progressed by way of Oct/November, industry circumstances got significantlymore tough, and Subsequently, we noticed a customer activity in fastened incomedeclining drastically, and moving to a more Harmless haven if you may.
Few factors, a person assets underneath management. You talkedabout the spin off impacting on. Beyond the spin off, can you look at littlebit of about what kind of flows you might have seen or how things are heading as far aasset concentrations go on the wake of the difficulties you guys have previous quarter? Sam Molinaro
All right. I used to be also shifting gear, I was inspired to view themargin balances as Consider much. I am aware you fellas had it's possible minor little bit extra challengesin the 1st half on the 12 months.
We imagine the good results of thefranchise in 2007 provides obvious evidence of the value of merging our cashderivative and clearing franchises and positions us for continued results in2008.
Yeah. I might Imagine the way to consider these stockawards is, should you assume more info a comparatively level amount of stock awards more than thenext three years, and I do not know if which is a great assumption or not, but ifyou make that assumption, the $seven-hundred million that we awarded this yr--a thirdof our vesting interval is, fundamentally, three years—so, type of, that willamortize in the following calendar year. No matter what subsequent yr's award will be, that wouldn'tstart amortizing right until the subsequent year.
Exactly what are you declaring then, it's a purpose of blend and onbalance sheet and Over-all measurement likewise, due to the fact arguably your demand-off isjust as significant as any individual else on the share foundation?
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Can we it's possible talk a bit about, I assume, the loss ofthis magnitude this quarter? Can you only converse a little bit about, I suppose, howit's impacted the Board's relationship with The chief administration staff? Andwhat the Board will be looking for listed here to essentially restore self-assurance?
So I imagine that is quite very well contained and powering uswhatever the exposure was. Mainly because it relates to other design traces, We have now verylittle wrap to CDO credit exposure, Just about none.
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