There's a lot of investment here, in both equipment and personnel and so you want to have the infrastructure to support that.

The big thing is grants that are tied to this, meetings that are tied to this. You know those deadlines don't change. They're not particularly sympathetic to that.

Reliable power to this building is a chronic issue.

This is one of the main biology buildings on campus. There are millions and millions of dollars of research going on here. And part of the expectation when you get a grant is that the infrastructure where you're working is able to support your research.

I look at my forecast and, frankly, I was off by $180 million on their investment-banking side. M&A did extremely well.

Today's package actually tells players to put away any major investment plans and rely on regulation instead.