Paul L. Audet: This is gross-up issues, so the non-operating income saw great declines too. This is any private equity related activities that we have to consolidate on our books and records. You have a gross-up with respect to non-operating income and a gross-up with respect to minority interest. The simple reason why they declined was as markets here have realigned a little bit a lot of the revenues that were being generated by our private equity related funds and/or real estate related activities has shown mark-to-market declines. Obviously, non-operating income comes down, but in many instances we have very minor ownership in terms of our investment in these underlying entities and therefore most of that increase or decrease is basically netted out as minority interest.

Prashant Bhatia (Citigroup): We have seen some big write-downs here by the major brokers on the structured product. Looking at some of the pension fund and other investment complexes, do you think they have taken appropriate marks as far as you can tell as a lot of these firms are your clients?

Laurence D. Fink: Probably not, because a lot of them they have held a maturity account. You could say that about banks too when they put things and held the maturity accounts. The security firms have those assets in trading accounts and therefore they are required for SEC reasons to mark them for accounting reasons. There are a lot of assets being held worldwide that are held to maturity and so they are going to have to take some periodic hits on that impairment. I can''t tell you the specifics of any institution, be it a pension plan or a bank or an insurance company, who has these products and when are they going to take these in periodic impairments.

Prashant Bhatia (Citigroup): I guess a lot of that was driven by a thirst for yield. How are you seeing that shift? What are clients turning to now to satisfy that thirst for yield because it not structured product anymore? How does that impact you?

Laurence D. Fink: The clients are looking at subordinated debt in the corporate market. They are looking at high yield securities. They are not looking at the lowest grade high yield, but worldwide people are shying away from risk. Yet, those two alternative products we raise, there was a good example of clients were clamoring to take on more systematic risk in specified products that other people are liquidating or buying on behalf of our other clients. It depends on the clients. We are recommending the clients by the way. With this chaos, it is you are being paid to take on more risk. We are not saying overall, but in some of these asset categories, as these products melt down we are suggesting to take on more risk. We''re trying to work with them on doing that and explaining why you''re been paid to take on more risk.

Prashant Bhatia (Citigroup): In terms of the M&A opportunity, looking at the franchise longer term, how important is it strategically to have a big indexing component?

Laurence D. Fink: We''re studying that now. I would say index/ETFs. I don''t think we have a conclusion yet, but we have an active study going on, on that question.