The key with Merrill is they're not as dependent on some of the venture capital private equity gains some of these companies earned earlier in the year, but have now lost.

I delivered lectures, and I was also a consultant for international companies in finance, both private equity and big venture capital funds.

This is not a surprise. They had hinted they were going to do that that was one of the things they need to do to accomplish double-digit earnings growth, ... I would think Citigroup has a lot of potential to cut out some expenses when you look at all the mergers over last couple of years.

One thing I'm so grateful for is sidestepping the usual venture capital, private equity route. My friends who have gone that way are many times beholden to their boards of directors, to 'sell' ideas to a team.

Many of the best firms historically in venture capital have been multi-sector.

We believed the world didn't need another commoditized venture capital firm.