pleased with the resolution of this litigation, which allows our members to vote as planned on the proposed merger on Dec. 6.

One resolution I have made, and try always to keep, is this: "To rise above little things

Never tell your resolution beforehand.

The NYSE is by far the largest market, it is the most liquid market, we have the best price 93 percent of the time, but one of the things we're not is the fastest. And some of the big institutional customers have said they want the ability to trade quickly and with a high degree of certainty and we're going to give them the ability to do that.

Our trading and underwriting business were down from record first-half levels in an increasingly difficult environment.

Our fourth quarter results reflect the extraordinarily difficult business environment in which Goldman Sachs operated this Fall,