We have been open about saying it was nowhere near 22 percent. We do.

What we did represented a good-faith effort to get the best independent research product in the hands of our clients as effectively as possible. Once the regulators told us they had a different perspective, we agreed to abide by it.

Bryon is not retiring. He will continue to be a resource for Morgan Stanley and Steve Galbraith. He assumes the role of senior investment strategist. He will continue to work on client related projects.

One of the biggest things he learned was the ability to keep your self-confidence, even when somebody was saying you were wrong.

Perfection is an opinion not a fact.

I have friends and family over that way, and they're concerned. Which is why it's so important that we have changes at the national level, but I don't think much will come of Bush's policies. There's too much going on in the world to worry about us.