Stan O’Neal: The business was originally designed to be all specified for clients. Although it is hard to tell looking back and understanding precisely how things evolved, it would appear that we drifted away to some degree from that specification for the design of the business. How much of that was a function of drift and focus and strategy and how much of that was a function of competitive forces in the marketplace is unclear, but the business was originally designed to be essentially bespoked for portfolios.

Douglas Sipkin (Wachovia): On the sale of non-core assets, there''s always speculation around your stake in Bloomberg. Is it a conscious decision of you not to revalue it to market or is there more to it than that?

Stan O’Neal: We are not going to comment on any specific investments at this point, including Bloomberg.

Douglas Sipkin (Wachovia): You mentioned about the landmark financial transaction with ABN AMRO, and you are the lead advisor and banker on that. Are the bulk of the fees still to be recognized in the fourth quarter, or are there some that have already flowed through in the third quarter?

Jeff Edwards: There were some that had been recognized previously, the bulk are in the fourth quarter.

Meredith Whitney (CIBC World Markets): With respect to your comments on sub-prime and the mistake associated with the sub-prime bet, it seems that the sub-prime bet was firm-wide, extending from CDOs to First Franklin acquisition. Could you elaborate on that? What are the steps that we will see over the next couple of quarters in terms of replacing those revenues, management shifts, and an ability to match expenses with the declines in revenues?

Stan O’Neal: While revenues related to this area will obviously be severely constrained for some foreseeable period of time, despite that, we can earn a higher rate of return in areas away from this.

With regard to First Franklin, the idea behind First Franklin was to be able to more directly control the quality of loans that were being taken into inventory as raw material for securitization. By having a high quality originator, which we could directly control the parameters in which they were originating mortgages, we believed we would be able to gain more quality control over the assets as opposed to purchasing from third party mortgage brokers. We did not buy a portfolio with First Franklin, we bought a platform and First Franklin''s platform is very high quality. We have a shrunk that platform, reflecting the current state of the market. We closed some 20 branches, and we''ve scaled back the personnel in line with that. There will be an impact, obviously, in terms of revenues related to these areas, but I don''t believe over the intermediate to longer term that it will affect our ability to generate returns. It may diminish revenues, but not overall returns.