As other companies in our industry continue to report strong profits, we delivered a reduced net income ratio for the second year in a row, just as we had planned.

Net net, we think the risks are tilted toward a surprisingly strong gain in [Friday's] report,

Ameritrade has again delivered strong results, illustrated by record net revenues and excellent pre-tax margins. We would have had a record quarter if you adjusted the days to our last quarter and excluded the impact of Knight. Moving forward, we expect to continue leveraging our low-cost platform and producing superior financial returns for TD Ameritrade shareholders.

Our financial results continue to be seriously impacted by the adverse effects of the strong dollar, reduced earnings in our core business driven by an intensifying competitive environment, and losses in digital. We are making significant changes in the company's operations to compete effectively in this environment.

Private insurance companies in America are reaping huge profits.

The film industry is famous -- or infamous -- for its creative accounting techniques that can turn obvious profits into paper losses, so fooling a bunch of state bureaucrats would be child's play.