It’s not the greatest franchise. It might struggle finding a buyer. It’s still there because [Morgan Stanley CEO Philip] Purcell likes it.

That is beyond outrageous. There were a lot of eyes raised about some of the other pay packages that went out last year, but this one takes the cake.

I don’t think it’s very surprising that financial stocks would be up in this kind of environment, they often lead a turnaround. If the rally continues, they will continue to rise.

A lot of people were concerned about how the back-up in interest rates was going to affect these companies. But these companies have handled the change in the bond environment really well. You want to...

When the settlement came to light, people decided it was absorbable and that the risk was manageable.

Discover card has higher charge-offs than any other prime lender. The only reason people have it is for the cash-back feature, and other cards, like American Express, are beginning to copy that.