We are driving increased penetration is through our B2B products, corporate cards, our middle market products but also G&S. G&S allows us obviously with a very different risk profile and without having credit risk to go after that spending.

We need to see some improvements in the economic cycle in the U.S. but when I look at international, B2B and the opportunities in history of our business in the U.S. going through different cycles I do think we are at the strongest competitive position that we have been in a number of years.

David Hochstim (Bear Stearns): Could you provide more color on the contrast between spend behavior and discretionary spending between U.S. charge card customers?

Daniel Henry:We do not provide a break out between charge card and lending products. What we provided you with was what is taking place on spending within the U.S. consumer segment which includes small business as well as consumer charge and lending products.

The charge small business growth in the quarter was 11% compared to 3% on the consumer side so small business is holding up better but on the consumer side we are seeing a greater impact and we are seeing it both on the charge card side and spending on our lending products.

David Hochstim (Bear Stearns): Are you saying the consumer charge card spending has fallen off greater than consumer lending?

Daniel Henry: Consumer lending and charge card are being impacted by the economy and are both seeing the impact of the economy and some overspending by card members.

Both card members who have lower FICO scores and card members who have high FICO scores both in card members who carry Blue Card and people who carry a Centurion card.

Kenneth Chenault: The reality is that affluent people in fact in some cases are cutting back on discretionary spending. They are still very loyal to our product. They are still putting a good percentage of their spending on our products so we do not believe we are losing share to other products based on our relative billings growth rate but we are seeing affluent customers change some of their spending behavior.

David Hochstim (Bear Stearns): Could you just clarify the impact of the GE portfolio?

Daniel Henry: We are very pleased with the progress we have made in terms of GE customers and contacts with them. Until we actually sign them and move them over onto our platform the revenues that we generate from them are included in other revenues.

Sanjay Sakhrani (Keefe, Bruyette & Woods): On lending reserves should we assume that coverage to delinquencies will remain as long as credit remains under pressure?

Daniel Henry: Reserves is set up as a combination of what we are seeing in write off rates, what we are seeing in roll rates, what we are also sensing is happening in the economy and certainly in June we saw unemployment jump dramatically, consumer confidence is down.

We will continue to keep what we consider to be an appropriate level of reserves as long as we continue to see slow down in the economy. If the economy were to get worse from here we would see additions to reserves and when the economy improves we will take those reserves down in a prudent fashion.