From my point of view, these strong fundamentals prove the bears are wrong.

I would now like to combine my experiences and lead a forward-looking, growth-minded organization.

There is definitely increased disclosure and discussion about the topic these days. Once companies are rewarded by the market for socially responsible investments, a virtuous cycle will kick off.

UBS gets one of the top-flight U.S. high net worth distribution systems. PaineWebber gets a global platform, by which it can continue to pursue its high net worth retail business.

PaineWebber is an attractive target for a few reasons. Most importantly: the high net worth business. Second, it does have institutional presence. And third, you have very little crossover, meaning it is easy to find synergies in this type of a transaction.

This shows they can continue to spend money and produce earnings.