Andrew S. Duff: We don’t anticipate the disruption to the bond insurers will significantly impact our municipal underwriting business. However, we do think the larger impact will be to the shorter rate securities, the floaters and the auction rates and clearly the market place needs to see through and look at the underlying credits.

William Tanona (Goldman Sachs): How big of businesses are those for you?

Andrew S. Duff: The public finance business overall is about $90 million and that’s a blend weighted towards the long term traditional fixed rate underwriting.

William Tanona (Goldman Sachs): The non-comp expenses kicked up considerably in the quarter. Were there any kind of one-time items in there? How should we be thinking about that in terms of a run rate looking into 2008?

Thomas P. Schnettler: First of all, there weren’t any substantial one-time items in that. So, looking forward in to 08, I would look at our full year 2007 non-comps of $144 million. I would increase that to account for a full year impact of FAMCO and Goldbond and some increase due to growth in the business. Our overall goal is to reduce non-compensation expenses as a percentage of revenue and we continue to be very focused on that.

Douglas Sipkin (Wachovia Capital Markets): What percentage of the revenues in the fourth quarter was attributable to Asia?

Thomas P. Schnettler: We don’t break that out. Goldbond contributed both to our top line and to our profitability. Piper Jaffray Asia as we now look at our combined resources of what we had prior to the acquisition as well as Goldbond was a meaningful contributor especially to the equity financing business where we had a pretty good flow of China based transactions in the fourth quarter.

Douglas Sipkin (Wachovia Capital Markets): Can you give us an update on when you might plan on accessing the debt markets in a broader way? I know you talked about first redeploying the capital. It looks like that now has run its course and it’s been somewhat effective. Where are we now in terms of you potentially going out into the markets and getting some leverage?

Andrew S. Duff: We continue to look at that and feel that it’s an option that’s available to us. Obviously, the turmoil in the credit markets probably make that a little more expensive than it would have been prior to sort of the back half of 2007. I think we’re looking at available options and also using some judgment around timing relative to current market conditions and our need for capital. It’s something that continues to be under review.

Douglas Sipkin (Wachovia Capital Markets): I believe I had about $8.3 billion in AUM at the end of the third quarter and you have $9 billion now. Are those numbers right? What accounts for the big change quarter-on-quarter?

Thomas P. Schnettler: Your numbers are correct and they did bring in some substantial new business in the fourth quarter.

Douglas Sipkin (Wachovia Capital Markets): So, most of that increase obviously flow with the markets. I think the S&D was up a little bit.

Thomas P. Schnettler: Yes it was. It was flow, it was net new assets.

Douglas Sipkin (Wachovia Capital Markets): So, we can say maybe net new assets of like $500 million or so?

Thomas P. Schnettler: Yes. And, I thought that was particularly impressive for an organization obviously going through an ownership change.

Devin Ryan (Sandler O’Neill & Partners, LP): Increasing principal investments has been a focus of the company. Can you talk about how the current environment is making you feel about the principal investing opportunities? Is the current dislocation in particular, asset classes, providing attractive opportunities? Or, is the risk reward not attractive enough given the volatility we’re seeing here?

Andrew S. Duff: We have both equity and fixed income proprietary strategies. We have been developing these over the last couple of years in a disciplined manner with a focus on risk management. For the fourth quarter and the full year our proprietary strategies contributed positive net revenues. We remain cautious and thoughtful but, have been able to execute those strategies in a profitable manner.

Devin Ryan (Sandler O’Neill & Partners, LP): Can you talk a little bit about the advisory services strength in a bit more detail here? I guess specifically were there particularly large deals that closed during the quarter? Or, was it just more a function of a lot of smaller deals closing?

Andrew S. Duff: It’s really both. We had a couple of large transactions which are not inconsistent with other periods of strong results in that line item. But, also a significant number of transactions so it was really both and again, it was a near record quarter for advisory services. We had both factors contributing.

Devin Ryan (Sandler O’Neill & Partners, LP): Finally, can you give any disclosure regarding or even an approximate size of the trading losses due to the inventory markdowns? And specifically what asset classes suffered the biggest markdowns?

Thomas P. Schnettler: We had net positive revenues in all of our trading areas including the fixed income areas. There were not net trading losses on any of the desks.