Share buybacks are just a necessary financial function in modern markets, something you have to do almost regardless of stock price. It's almost like paying your bills.

Obviously very leveraged to the financial markets, ... When stocks are going up, this stock should do better than the market. When stocks go down, it should do worse than the market. So, there is risk here. But, it's the most diversified of the major broker dealers.

Financial crises are an unfortunate but necessary consequence of modern capitalism.

Creating a regulatory system that reflects the modern-day realities of financial markets is not as difficult as it may appear.

The share market has also been kind to them as Babcock & Brown is leveraged to strong financial markets.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.