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I realize you went above this swiftly, but I had been asking yourself ifyou could aid us reconcile the danger exposures into the chart that you just showed uson November 14, which was broken up kind of AAA Tremendous Senior, and Then you certainly havesub-primary home loans exposures--at that time, The web of the two was about$830 million, And that i am just questioning when there is an update to that, whichwould reconcile form of towards the $700 million higher charge that you choose to took?

Number of points, a person property below management. You talkedabout the spin off impacting on. Over and above the spin off, could you look at littlebit of about which kind of flows you've got found or how issues are heading as far aasset ranges go over the wake of the problems you men have very last quarter? Sam Molinaro

When fixed profits disorders are possible toremain tough for some time, we are shifting to reposition ourindustry-foremost house loan spot to mirror the current industry environment.

Alright. And afterwards the wake of a ranking company lastly takingactions in opposition to the bond insurance company yesterday. Could you talk a little bit about A,your exposure or your dependence upon bond insurers to have to Internet numbersversus gross numbers?

Firstly I need to condition that I am a supporter within your undertaking, I hope you may read through the following as constructive criticism. I agree Along with the comment which the whitepaper focuses much too tiny on: just what are you currently executing, how will you be carrying out it and when are you currently doing it. I enjoy you're working with it for a exploration doc and It can be very clear It can be penned by an individual/men and women that care and therefore are enthusiastic. I feel It is really especially essential to lay the define of what the challenge is about in the beginning to ensure a reader can decide if 50 internet pages are truly worth his time. I am aware this because I've passed through this process persistently prior to.

Our effectiveness this quarter, and for the total yr, isclearly disappointing, which is not appropriate to us. We are entirely committedand self-assured in our power to return the franchise to profitability in 2008.

Can we maybe speak a bit more info about, I suppose, the loss ofthis magnitude this quarter? Can you only talk a bit about, I assume, howit's impacted the Board's romance with The manager management group? Andwhat the Board will likely be trying to find right here to essentially restore confidence?

More a question of terrible positioning. The unfortunatelytrading results were extremely weak. We're not very well positioned for thevolatility that we encountered in People publications and had weak investing results, asa consequence coming off of history 3rd quarter general performance. Consumer volumes werenot materially distinctive. Just did not have a superb buying and selling quarter.

So, I believe We're going to possible see some headroom in thecompensation numbers, because of the length of time it will require to ramp up thedeferrals, and we hope the $250 million reduction in functioning expenditures thatstart to get up in the primary quarter.

I do not Feel thatthat can be a chance administration failure, if you can. I believe it really is, we madejudgments that proved to generally be inaccurate.

The incredibly disappointing effects we seasoned thisquarter are attributable to the quantity of components. In fixed profits, inadditional to the significant decline in mortgage marketplaces, higher-grade andhigh-yield credit rating spreads enhanced considerably going towards the widest levelsthat we have found in a number of yrs.

I feel I recall all those quantities, but I think eachcompany has its possess troubles that may be dealing with, and it's not easy to know what thecapital ratio problem seems like inside Each and every firm. But I believe thosedecisions, commonly, are predicated on that.

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The headcount reduction resulted in non-recurring severance price of approximately$one hundred million been identified in the fourth quarter. We will carry on tomonitor market place affliction and make supplemental cost reduction as necessary during2008.