James Gorman and Morgan Stanley ( MS ) have complied fully with all relevant obligations with Merrill Lynch ( MER ). It's a testament to James's leadership that people who have worked with him in the past are eager now to join his new team.

Two that need to be looked at are J.P. Morgan and Merrill Lynch. J.P. Morgan because they have been heavily involved internationally over the last couple of years, and Merrill Lynch is the leading retail financial brokerage stock in the country. How they did coming out of the fourth quarter is very important.

We continue to actively evaluate whether to join the protocol.

However, we have settled this litigation to put the matter behind us.

You look at Morgan Stanley and its peers, you see a lot of reliance on their proprietary trading desks and a willingness to take on more risk. If the markets are reaching a cyclical peak, which I think they are, profits are at risk when the economy slows down.

United fully complied with the solicitation and tabulation procedures, which were approved by the bankruptcy court.