We are not downgrading anybody,

We believe it is unlikely that Citigroup knowingly participated in fraudulent activity related to Enron, and history suggests bank stocks bounce highly after a market crisis.

The principal reason for Citigroup's shortfall versus consensus was the 10 cents of charges related to Latin America, which were expected. The order of magnitude was harder to ascertain but the fact that they were going to have to take additional charges was expected.

From a competitive standpoint, probably the most sensitive issues are in the Boston and Massachusetts areas. There's going to be some risk to Fleet's dominance there, but I'm not really concerned.

We believe it is unlikely that Citigroup knowingly participated in fraudulent activity related to Enron, and history suggests bank stocks bounce highly after a market crisis,

I look at where the stocks are selling and I look at their [return on equity averages] and I'm hard pressed to see why you would be selling at these prices.