Brazil is still a big wild card.

Our feeling is that Brazil will default in the next year and you could have a similar problem to what you had in Argentina.

They are native South American jungle creatures that still roam wild in parts of Brazil.

I think there's still just a long grinding process ahead of Brazil, as they try to shake through this.

Merrill saw the most pickup in traditional retail. Morgan Stanley still seems like the problem child.

You can only do so much in asset-backed before you're hurting your profitability.