Sam Molinaro: It was negative from the reversal of performance fees on balance. We have one fund in the strategies that is an emerging market strategy that has quite of volatility in it.
Roger Freeman (Lehman Brothers): In terms of the loan commitments, what led to the decline from 21 to 7?
Sam Molinaro: It was due to the completion of the Chrysler transaction and a commitment that rolled off and was not executed against.
Mike Hecht (Banc of America Securities): On the $7 billion left in the claims, how long will it take to work through those?
Sam Molinaro: Hopefully by the end of the year we would have worked through the balance of the pipeline.
Mike Hecht (Banc of America Securities): On the global clearing balance declines, are you at a comparable level at period end where those balances stand today that suggests things have stabilized there?
Sam Molinaro: Balances are where they were at the end of the quarter though they might be trending up as influenced by market conditions. In terms the balance declines it was probably one-third deleveraging and two-thirds customers reallocating balances to other primes.
Mike Hecht (Banc of America Securities): Given the decrease in employee related expenses, are you seeing any employee attrition issues cropping up as a result?
Sam Molinaro: We have not seen any employee attrition issues. Morale has been good considering the market environment that we have been in and some of the difficulties that we have been confronting in the asset management unit through most of the summer.
We are going to have to address the mortgage origination efforts. We already had one headcount reduction effort in our sub-prime unit. We will continue to evaluate market conditions and what our staffing needs are as we get better visibility into what the market is going to look like.
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