The overall picture is of an operator aggressively maintaining its market position in a highly competitive market, and sacrificing margin to do it.

We decided to break away from that market. It's the most price-sensitive, low-margin, highly competitive one.

be very competitive to the market.

It ain't the picture and it ain't the camera - it's the operator.

We still like the company's competitive position but think that Bear Stearns is the most sensitive among its peers to rising rates, given its large fixed income franchise.

It's been highly successful any way you look at it. We've been able to achieve greater overall awareness of each organization.