The History of the Credit Card Business

Merrill Lynch went heavily into banking with its cash management accounts and uh I don't think it's the only innovation little come along. Adam Engel from Boulder, Colorado was wondering if you could comment on the moat you see around the castles of Sun Trust and PNC. Bob McClure asked about a remark attributed to Mr. Munger that owning Solomon Brothers was like owning a casino with a restaurant in the front.