The FDIC's Backstop for the Banking Crisis

Morgan Stanley has had an advantage, right, in many years because of its wealth management business. But also it's the stock price advantage and that to the extent that it's a, that part of the business as opposed to the lumpier investment banking or even lending part of thebusiness. If you look at JP Morgan against the S&P over the last 12 months, it's outperformed the S&p by 17%. Now I'm choosing a calendar year. You can find different places in the last two years where it's really underperformed. But we've been in an environment where it's been fed heavy.