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Roger Freeman (Lehman Brothers): On your stock lending borrowing business how do you think about the proposed changes to the short for [sell] rules?

Joe Moglia: We are not sure if it improves the rate. Our team is looking at that right now. The impact that we think it has on the individual investors is probably pretty small.

Michael Vinciquerra (BMO Capital Markets): Looking at the brokerage interest expense, its down 41% sequentially, can you break that down roughly between what was going on with the securities lending side versus what was tied to lowering the rates you are paying your clients?

Bill Gerber: Lowering the rates we pay the clients is a big driver in that, but stock loan was certainly a major component as well. It might even be 50-50.

Michael Vinciquerra (BMO Capital Markets): Can you explain the substantial decline in the other expense line?

Bill Gerber: We had a positive arbitration settlement on legacy Waterhouse that came through this quarter and we collected funds back from the Bear, Stearns write-down that we had in the March quarter.

Brian Bedell (Merrill Lynch): To what degree would you let margins expand versus thinking about making new investments in the business?

Joe Moglia: Our goal there is 50% or better and the way it works internally here within TD AMERITRADE is if you are a business leader and you understand what our mission is, you understand what our focus is, and you understand what we are trying to do, and you have got reasons for why you want to reinvest in a particular initiative or project we listen to that.

We will not, in the absence of that, all of our leaders understand that pre-tax margin is an important thing to us. So it’s a good discipline for our business leaders to be able to have, that they know that they’ve got to be able to deliver pre-tax margin.

One way to do that is do a wonderful job of controlling their expenses. But they also understand what we’re trying to do when we are trying to grow say two years down the road, and they try to balance that.

Matt Snowling (Friedman, Billings, Ramsey): If there any plans to purge the $2 million unfunded accounts, would there be any cost savings?

Joe Moglia: Right now there is not. Keep in mind that these clients are clients that we have relationships with and frankly we want to work that with. It’s not uncommon for a client to come back and re-fund those particular accounts and frankly the cost to maintain those is minimal.