Erin Callan: At this point we like the headcount against the opportunity set but it is really hard to judge and we are just going to stay on it, monitor it, see where the business opportunities are and how they change globally.

Douglas Sipkin (Wachovia Capital Markets): Given the Bear Stearns matter, how are you thinking about that from a competitive standpoint and the opportunity to pick up volume?

Erin Callan:I am sure there will be opportunities for market share, yes they did have capabilities in some of our core competencies. At the moment is hard to get too focused on what is the upside for us.