Given the challenging operating environment this effort has served us particularly well,

In the current environment, it's fashionable to accuse departing executives of misconduct in an effort to avoid paying their severance.

Our equity underwriting activities were at record levels as robust equity markets contributed to an abundant deal flow.

Despite the Asian economic crisis, we continued to find opportunities in the Far East. We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.

The world is changing, and we recognize that a synergistic combination might be in the best interest of shareholders,

Despite the Asian economic crisis, we continued to find opportunities in the Far East, ... We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.