Every one of these legal issues that they can get behind them I think will help the stock a lot. If they get Enron behind them, write a check and move on, that's going to be a positive.

They really seem perfectly positioned for continued high M&A activity and what we think are going to be pretty good capital markets.

Prince is going to be around a while, and has solidified his role with the board.

Bear Stearns has been well run but undervalued for some time. They are best known for their fixed income business, and people are waiting for that to slow down as rates rise.

My biggest concern is that while he has improved governance, that hasn't translated to improved earnings or growth, or a higher share price.

I think Merrill should just capitalize on what they already have. As a Merrill shareholder, I wouldn't like this move.

I think Prince is very sincere. He would like to wipe all the slates clean and not have this happen anymore, but I don't know if he can guarantee that in an organization of this size.