The charge signifies that AOL used its highly inflated stock to purchase hard assets.

First of all, (AOL) stock is down ... 50, 60 percent from its high, ... And it really hasn't changed its spots. I mean my grandchildren, if I'm lucky enough to have grandchildren, and their grandchildren are still going to know about Bugs Bunny and Time magazine. AOL is here for the count. (The stock) could end up earning a buck a share next year, maybe even a little bit more than that, 15-to-18 percent growth. Where do you get that kind of quality at that kind of price? (That's) very, very difficult to find.

FD was implemented at the worst possible time to determine its effect.

You don't want a fund that had its best years with $5 million in assets.

We need to be conscious of it. For Tupelo, it is one of our greatest assets. We need to be aware of potential problems.

Our objective is simple: to give Europe back its dynamism, ... It has all the assets to be at front of the global economy. But, faced with international competition, there is urgency.