The slow growth rate in the card-issuing business is masking the growth out of the remainder of the company.

I feel the valuation applied to that business (Western Union) has been severely depressed by being part of the whole First Data. I think the remaining businesses will be a significantly less attractive investment.

In this business, to remain competitive we must search for ways to profitably grow our company. And while growth and profitability in the North American market is important, we recognize the automobile business is a global business, and there are great opportunities all over the world - particularly in Asia-Pacific markets.

They had good gains on sales, which indicates good investment decisions ... their credit quality remains strong and their dividends are steady; all factors seem to indicate their life is OK.

TS2 provides a much more flexible platform for the issuers.

We're taking these actions to better control retirement plan expenses, position the company for business growth and competitive strength, and preserve employees' earned retirement benefits, while instituting a leading-edge 401(k) plan that will be one of the richest in the country and a standard in the United States. We also believe these are prudent and balanced steps at a time of uncertainty and conflicting legislative and regulatory directions about defined benefit retirement plans in the United States.