The whole game now is just playing the yield curve.

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

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

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

The banks are saying that we expect bankruptcy law-related losses will subside because of the rush to file. But the undertone of credit quality is worsening.

It seems that the emphasis on expanding distribution outweighs the quest for positive operating leverage in the near term.