Walter Forbes's decision and the corporate governance changes approved today end any uncertainty about the future direction and leadership of Cendant. That uncertainty was a serious impediment to conducting our business and the process of restoring trust in our company.

Today's market may well face a struggle for direction. Uncertainty over oil prices and the future direction for U.S. interest rates has made it a somewhat choppy week.

Also, with uncertainty about the direction of the U.S. economy, and a weaker dollar, that actually fares well for gold. A lower dollar makes it less expensive for traders overseas to exchange gold.

With so much uncertainty about the eventual positioning/future of Liz Claiborne's department store partners (former May Department Stores door closures, potential spin-offs of Saks Fifth Avenue and Lord & Taylor, repositioning of Sears), we would not be surprised to see Liz Claiborne management take a cautious approach to 2006 guidance.

There has been three years of uncertainty and we are now looking forward to a stable future.

We need someone to get in there and give them some direction. We need oversight by someone in a leadership position.