.Bloggers note: When Big gets TOO BIG ..Only the people united can bring it down to size.....
oooprs one missing
VIDEO ,
TRANSCRIPT
[Music] focused on
thefield station Springfield Massachusetts and wild in the NASDAQ everything and more has been completely Market is now down 21% this could be the most serious recession in we cannot simply stand by and watch this industry collapse it is definitely a very very difficult time and it's not going to get better quickly while the world is in chaos a signature could seal a deal that would transfer the ownership of arguably the most powerful company in the world two Titans of the financial world could join forces potentially creating the largest banking Behemoth with a staggering 2.7 trillion dollar in assets a bank that was formed by Italian immigrants and built on the backs of hardworking immigrant Farmers would now own one of the most prestigious names in the world of Finance Bank of America would become the largest bank by assets in the Country Bank of America could acquire Mar Lynch but that's what the world sees Ken Lewis CEO of Bank of America however sees something different Power stays in the shadows and by purchasing maril Lynch he would also acquire nearly 50% of one of the most powerful asset managers in the world Black Rock Black Rock Ro's aggressive real estate expansion has ignited a serious debate critics argue black Rock's market dominance push is inflating property prices and worsening the global housing crisis my people have been in this game for 25 years and they are losing their jobs and these firms are going to go out of business and these nuts they're nuts they know nothing it was a collapse just about unprecedented in Us corporate history good evening everyone the Bush Administration and Congress are working out their differences over that $700 bailout on September 12th Timothy fge n ER president of the Federal Reserve Bank of New York called a meeting on the future of Leman which includes the possibility of an emergency liquidation of its assets the cell phone started going off and they said you need to be down here at 6:00 we want to talk to [Music] you I got a phone call about 5:00 saying be at the FED at 6:00 that evening Bankers representing all the major Wall Street firms are in attendance the meeting goal is to find a private solution in rescuing Leeman and extinguish the flame of the global financial crisis theyve said to us we collectively had to find a solution for this and this is the important part the government was not going to provide any form of assistance but there's more private talks going on in the background Ken Lewis is not strictly against Bank of America buying Leman Brothers this could be a unique opportunity to acquire an undervalued asset even better if taxpayers can support a little bit then again it might be the beginning of the end because there are many more banks in line that are in massive trouble well you know if we try to save Leman brothers that's all great but we're going to be back here next weekend and we're going to be talking about Merill but before Ken Lewis can decide on what to do with Leman Brothers John th meril Lynch CEO approaches can Lewis in a hideout his firm is in a more deplorable condition and if Ken Lewis signs Leman Brothers meril Lynch will automatically fail it's a little bit like you're in a very attractive boat that has a hole in it and you're trying to bail but more water's coming in faster than you can get it out and Merl Lynch might not even survive past the weekend here's why meril Lynch under Stan O'Neal has become the largest issuer of cdos in fact by the end of 2008 maril Lynch has issued cdos worth $1 136 billion while ensuring the same against collapse with AIG this even forces AIG to stop ensuring even the highest rated cdos issued by maril Lynch because of its aggressive underwriting policies but maril Lynch continues to do what makes the highest profits so when John F learns that Ken Lewis is about to buy Leman brother he knows he can't let that happen he proposes a deal Against All Odds Bank of America acquiring shares of Merill Lynch Merill is in a bad condition their stock is plummeting and they have just written of billions and billions of losses at first glance you would say of course no one wants to buy them everybody thought you were going to buy lamman Brothers but what happens next is one of the biggest plot twists in finance history Hank Paulson treasur secretary asks for a private conversation with Ken Lewis Paulson comes from the great breeds of Masters of the Universe that have come from Wall Street Hank Paulson knows that the situation is extremely serious and if I go down I can now drag down that guy and if he goes down he can drag down that guy and he can drag down that guy the details of their conversation will be revealed a year later and they will spark controversies across the world of finance and politics for now there's just one message Bank of America will buy maril Lynch in an all stock deal worth $50 billion it is one of the most important financial institutions in the USA and in the world and it's now owned by Bank of America but that's by far not everything so as we weighed everything we said it is better to seize on this opportunity [Music] maril Lynch owns 49.8% of Black Rock and this acquisition gives Bank of America control of almost half of Black Rock via their maril Lynch ownership only two countries have a bigger GDP than what Black Rock has this acquisition makes Bank of America the number one underwriter of global high yield debt the third largest underwriter of global equity and the ninth largest adviser on global mergers and Acquisitions if you listen to Bank of America at that time they make it seem like this is a wonderful acquisition of a very healthy Wall Street firm but unknown to the public this firm is Wrecking up losses in late 2008 and Bank of America is going to pay the price eventually but we told you the official story the story the public got to hear in the next months and years following the 2008 financial crisis the truth will be revealed and everyone will get into trouble Bank of America Merill their CEOs all of a sudden this character who seemed like Clark Kent who seemed like this great guy this pillar of character and strength was really the villain Black Rock even Hank the hammer so Hank pson the happy capitalist Warrior who spent his life pursuing and defending free markets is now the biggest interventionist to understand the big picture and the consequences of this historic moment we need to understand the inner workings of Bank of of America a bank that built the Golden Gate Bridge saved Walt Disney from bankruptcy and gave us credit cards and it all starts with a sun of Italian immigrants they're sharks but they're not Wall Street Sharks it's a different type through these hard Economic Times the government is unable to raise revenue for constructing the proposed Golden Gate Bridge we're proposing to issue a bond that will be financed by users you're hereby requested to vote on the bond issue by the state of California in your respective counties the bridge will be built tax-free out of a $35 million bond issue to be voted upon on November 4th which will be repaid through Revenue collected from users vote for the Golden Gate bridge bond vote for prosperity in the 1920s San Francisco is expanding rapidly so naturally the fery service that links San Francisco Bay with Marin County is overwhelmed eventually Parliament proposes a bridge to be built between these two counties but it's the 1920s during the Great Depression people are jobless some are homeless most can't afford a meal a day and you're telling them to buy government bonds for a bridge so the government Waits and waits and no one buys the bonds that's until 1932 when a man comes to save the day adeo janini this was a man of tremendous energy and passion and he needed something to do and fate handed him something to do it's a story of immigrants who refused to give up when every door closed on them the son of struggling immigrants created what was then the biggest bank in the world AP janini is a son of Italian immigrants after his parents migrated to the USA in the 1870s having grown up in poverty even seeing his dad getting murdered because of a mere $1 debt and fighting his way through racist locals AP janini knows he has only one job lifting people out of poverty and so when he marries into a Rich real estate family and they hand him the keys to all their Treasures for him to manage for them his Journey Begins first he tries to convince the board of Columbus savings and loan that he was a part of to lend money to ordinary farmers and poor people but they reject his plea at 34 years old he quits the board and starts his own bank and partly with the inheritance from his father-in-law and the bank of Italy is formed he grows the bank by lending money to workingclass people sometimes by handshake only though he went to the people he knew from his years working on the warf and said if you will deposit your money with me I will pay you a small amount of interest every month and his bank's reputation grows beyond borders soon everyone wants to bank with his bank he starts what has come to be the standard in banking the branch Network by 1930 the bank through a number of mergers and acquisitions is the largest bank in America with over 400 offices in California so when the government issues a bond that no one wants to be part of he steps up AP janini sees this as an opportunity to cement his status in the country as a patriot he offers to buy the entire Golden Gate Bridge Government Bond $35 million the whole lot and the construction of the most iconic bridge in the world instantly Begins the go gate of San Francisco one of the most difficult underwater construction Feats ever attempted May 27th 1937 opening day number one was just for people 200,000 people showed up and paid a nickel each to walk across it is a spectacle a sight to behold and it is all made possible by one man that deal alone makes Bank of America one of the largest banks in America in the world but their next deal will cement their status as a Global Finance Powerhouse he financed the big Hollywood Studios and ganin saved Walt Disney from bankruptcy on the night of February 13th 1934 Walt Disney summons all his animator into an auditorium for the next 4 hours he tells them the story of Snow White her cruel stepmother the evil queen and the Seven Dwarves then he stops and looks them in the eye and tells them they are going to make Snow White and the Seven Dwarfs into a featurelength motion picture something that has never been done before a full 80-minute animation everyone thinks it's a costly mistake that it will sink Disney even Disney's wife says no body will pay a dime to see animated dwarfs for 80 straight minutes Disney is devastated he knows it will cost an enormous amount of money especially in the midst of the crippling depression but he has a dream and he won't let it die he channels all his resources to make the film even putting up his own house as a collateral but partway through the expensive production the studio runs out of money stopping the production now means losing all the money already used which includes losing his house they can't stop it's do or die they need a huge bank loan but what bank would finance a risky fulllength animated feature film and that's when his business Acumen hits him he knows seeing is believing to secure a 250k loan he would have to show the bank a half-finished movie he doesn't want to do it but he knows he has no choice he invites the vice president of the Bank of America over for a screening they sit alone in a theater watching The partially finished movie as he nervously explains what is yet to come when the lights come back up the vice president stands up and walks out of the projection room into the sunshine and then he yawns Disney's heart sinks it was his only shot and he failed a dream shuddered and all he can think about is they are about to be homeless but then just before he leaves the banker turns around and says Walt that picture was make a pot full of money and just like that Bank of America finances the whole movie until it is fully done on December 21st 1937 Snow White and the Seven Dwarfs premiered to a record-breaking audience at the carth Circle Theater in Los Angeles more than 30,000 fans who couldn't score one of the $5 tickets gathered outside the theater just to be a part of the historic event it earns $8 million during its initial release against a 1.5 million do budget becoming the highest Crossing film of 1937 but Bank of America doesn't stop there they go Full Throttle on investments next they invent something that will revolutionize the world of banking and chances are it's in your pocket too in line with its appetite for risk-taking Bank of America now goes to the heart of America's economy the middle class they have seen the rise and Rise of the middle class and are certain that that is where the money's at but not literally back then and still today the middle class wants to appear Rich they want to buy the latest luxury items and they want to get everything instantly even with nothing in their bank accounts they want cash to spend now and pay later sounds familiar when Bank of America sees this opportunity they pounce on it they sent out thousands of credit cards for free to its loyal customers with a pre-approved rate of $300 per month and the middle class goes on a frenzy it's like that first shot shot of energy in the banks restrooms during an all nighter you get hooked instantly but with big risks come big losses it's a disaster a costly error the delinquency rates are over 20% with rampant fraud everywhere but Bank of America doesn't abandon its Vision they hold on to it making Americans one of the most indebted Nations on Earth Americans are falling deeper into credit card debt that they can't pay up Americans are digging themselves into a deep Financial hole approaching $1 trillion in credit card debt and it all started with one credit card now known as visa and Bank of America was the culprit behind it all but that is nothing compared to what happens next Bank of America goes on a neverseen before acquisition frenzy and they will come face to face with one of the greatest financial institutions ever and its CEO the man many people blame for the losses and sufferings of the financial crisis maril Lynch was once the epome of everything good in Wall Street in fact it has been credited with bringing Wall Street to Main Street Charles Merl instit Ed very ethical approach to dealing with the retail investor that nobody nobody else had done that before investigate then invest that was the byw word of Merl Lynch back in those days but by 2007 investors have lost almost all confidence in The Firm withdrawing more than 34 billion on a net basis from meral stock and bond funds since 1998 and it starts with the appointment of Ernest Stanley O'Neal as chief executive officer of maril Lynch in February 2002 in a recent report by Time Magazine he has been named one of the top 25 people to blame for the financial crisis Stanley is Born Into poverty in Rowan Oak Alabama he's the grandson of a former slave my grandfather James O'Neal was born into slavery in 1861 he was eventually able to carve out a life for himself and his family through hard work and perseverance growing up in abject poverty teaches him to be fero ious to pounce on any opportunity that comes his way and so while picking cotton and corn in his grandfather's Fields he also Ventures into selling and delivering newspapers his early Ambitions and megalomaniac thirst for Success will catapulted him into one of the most powerful positions on Wall Street his hard work doesn't go unnoticed when he starts working at the General Motors Assembly line and this is where his star shines brighter GM gives him a scholar ship to attend Harvard Business School the source of all that is good and evil in Wall Street within 2 years he gets promoted as a director in the treasury division of General Motors and by 1987 he joins maril Lynch's leveraged finance division in 1987 I joined meril Lynch and spent close to the next 21 years of my life there eventually being named president in the summer of 2001 Stanley proves that he has one very important ingredi ient to being a true Wall Street Titan ruthlessness he's so obsessed with layoffs that in every appointment he gets his first goal is to lay off non-performing departments zero empathy zero consideration 100% baitman Vibes he instantly disrupts the Beloved work culture of mother Merill quickly sending a shivering message meril Lynch is not your mother this works like magic to charge meril's board of directors because by 2000 he gets appointed as the president of the firm a first in a serious of poor decisions made by maril Lynch he assumes the throne and sets his eyes on one goal beating the Undisputed leader in trading at their own game on a street obsessed with money and power Goldman Sachs with more than $150 billion in assets is the PowerHouse but unbeknownst to O'Neal his Ambitions will actually bring the firm to the brink of Extinction his first order of business he wants to try Ting the current CEO a man who had been his mentor since joining the firm in 1986 at maril Lynch David kamansi spent his career battling Goldman Sachs but now the former Merill boss is defending his longtime rival stany strikes a deal with Thomas Patrick the then vice president and Arad ER Zacharia the head of corporate risk management he asks them to support his aor of David kamansky and help him Ascent to the CEO position and in return he would make Zacharia the president of the firm a risky Endeavor that could massively backfire today it was announced that David kamansky is leaving the role as CEO and will instead be replaced by Ernest Stanley O'Neal Stanley gets promoted Ed to the chief executive officer position kicking out his mentor but in the style of a real megalomaniac Stanley O'Neal fails to fulfill his end of the bargain of appointing Zacharia as president on Tuesday morning Mr Patrick together with his two secretaries and a chauffeur were escorted from the building by four security guards his computers are unplugged and his email account is immediately shut down the details of Mr Patrick's departure suggest that e Stanley O'Neal meril's chief executive may have had a deeper more calculated motive in urging his second in command to step down O'Neal's next course of action firing everyone who disagrees with him until no one with a brain is left in the firm and so the downfall of the mighty Merill begins investors begin withdrawing their money and meril's reputation deteriorates they need to fix this ASAP or Merill will be no more so in comes the the night in shining [Music] armor Stanley O'Neal was never a broker in fact he's the only CEO of Merill who had not served as a broker prior to his appointment so when he joins the firm as CEO he has no clue how to to steer the ship but it is clear to me in today's world that it was a mistake and the fact that he's not willing to learn makes it even worse he goes on to fire everyone who dares question his actions he's so full of power that he forces the security guards to always hold an entire elevator Bank open exclusively for him so when he fires Chris Rickard in 2006 AS Global head of fixed income maryn tribulations begin and who replaces him Osman SEI hold on to that name because it will be very important in the next few minutes you see before 2007 cash inflows received by Merill from CDO transactions related to Residential Mortgages equal virtually zero but when Osman joins The Firm to head the division the firm's position in these instruments goes from 5 to 6 billion worth of exposure to 55 billion in under 1 year sound reasonable and then it gets worse O'Neal fires respected traitor Jeff conal while demoting risk manager John brigh a grave mistake why these two had warned against Too much exposure to cdos they knew a storm was coming and their departure opens the floodgates of all ill time decisions that maril Lynch does going forward I think um he lost a little bit uh Mr lost a little bit of credibility with the board when the um you know from what we've heard uh various reports that he reported uh met with the board and and expected a certain loss and then when the results come out uh later and there's a wider loss um you know that was kind of played into a little bit of a loss of credibility within one year maril Lynch undergos the typical meme coin trajectory going from mother Mariel to a valueless piece of Wall Street junk with over 117 billion worth of exposure to the troubled collateral Iz debt obligations while Goldman executives are cancelling vacations to deal with the burgeoning subprime crisis O'Neal is often on the golf course playing round after round by himself and guess who's running the trading Department our guy Osman SEI Osman eliminates almost all checks and balances for minimizing risk and actually encourages more exposure to the cdos in fact Merl goes so far as purchasing First Franklin Financial Corp one of the largest subprime lenders in the country to provide an endless supply of these cdos but people are watching and their confidence is dwindling investors begin withdrawing their money from maril Lynch and it is here that Stanley O'Neal realizes it's time to do something he goes out on a hunt to find someone who will redeem meril Lynch someone who can give maril Lynch their might us touch back and someone investors across the world trust he goes to Black Rock and they strike a deal Merill Lynch will sell its Asset Management business to Black Rock for a 49.5% stake in the combined entity this makes the new firm the largest asset management firm with AUM of $1 trillion meral stake in Black Rock would be worth more than $9 billion according to analyst estimates maril Lynch is also given a 45% voting interest in the combined company effectively making Black Rock and maril Lynch Siamese twins and once again the day is saved investors are happy clients are happy everybody is Happy maril Lynch goes back to the top of the food chain and Stanley can go back to his vacation right wrong because now Things Fall Apart whatever strings O'Neal played to convince Larry fin to sign off on this deal should be studied because had Black Rock realized that maril Lynch was already in deep trouble with their subprime mortgages they would have not gone ahead with the deal by the following year in October 2007 maril Lynch's Revenue folds 94% to $577 million from 9.83 billion a year earlier all along these cdos were worthless but had been cropped up to appear stable and when consumers begin defaulting on their mortgages the cdo's prices continue plummeting so Stanley decides to do what he does best making stupid decisions he goes behind his board's back and approaches Bank of America to buy out maril Lynch but someone snitches and the board learns of his Mischief this is like hearing from your neighbor that your father is selling your house to some stranger tomorrow without your knowledge the board decides enough is enough albe it too late they fire Stanley and give him a small sent off for a work well done $200 million are you kidding me what the hell man this is I can't believe this man 200 million what what I mean what the hell is going on 200 million [Music] all right where are we this week directors of Investment Bank Merill Lynch forced out its chief executive officer Stan O'Neal he's replaced by John th in December 2007 but too bad for him because he finds the House of Cards has already begun collapsing and yet he follows in predecessors footsteps while firms like Goldman Sachs and Bank of America are betting against the cdos through credit default swaps maril Lynch under John th continues holding on to them to give a false impression that they have everything under control but Numbers Never Lie and by the end of 2008 they are losing $52 million daily or $19 billion that year I apologize for spending that money on those on those things and I will make it right what O'Neal and his successor John F don't know is that already a couple of years earlier Bank of America is getting into the mood of buying everything they can lay their hands on at a solid [Music] discount we we Bank every other American family you know in America what we Bank every other American family in the United States no yeah half the country up until now Bank of America has transformed itself into one of the most beloved banks in America 50% of Americans have business with the bank in fact it's the largest bank in America followed by JP Morgan and Chase Bank but the higher they go the harder they fall and The Man Behind its downfall is none other than as it's been said my name is Ken Lewis and I'm Chief Executive Officer of Bank of America I came from a very modest uh beginning and my my mother raised my sister and I so a one parent family and and she was a nurse when he joins the company in 2001 he finds a slow growing bank that's been slow to exercise its huge market share and power and so he does what every megalomaniac does best he goes on a shopping spree he wrote out a wish list of companies he wanted to acquire or businesses he wanted to be in and one by one year after year he made that happen the way B OFA accomplished this was by buying the number one company in virtually every category of banking and so if you think about it most broadly what happened between 2003 in 2009 our company done six or seven major Acquisitions but these ill-timed Acquisitions begin causing trouble within the banking holds one such ill-timed purchase is the acquisition of MBNA the world's largest independent credit card issuer for $35 billion in cash and stock unbeknownst to Ken he has taken on a whole bunch of bad Consumer Debt that would haunt them for the next few years yet trying to correct his mistakes he dicks himself deeper into the hole in 2008 Bank of America acquired Countrywide Financial they guaranteed Bank of America a return on investment of 7.25% perom on a price of $18 per share we don't have exact figures but it looks like Countrywide shareholders lost almost all of the $2.5 billion the company spent on repurchasing shares when you were selling stock Countrywide basically hands itself to Bank of America on a silver platter but in reality they are hiding something more Sinister they are close to the brink of bankruptcy this purchase makes Bank of America the leading mortgage originator and serer in the US control rolling 20 to 25% of the home loan market and when Bank of America took that on it took on a huge burden of debt and a sort of toxic environment um a toxic asset that in many ways dragged the bank down Countrywide Financial has been involved in some illegal activities in their subprime mortgage department sometimes coercing its customers to refinance their mortgage and thereby providing them with more mortgage security to sell to investors so in March 2008 the FBI begins investigating Countrywide for possible fraud relating to home loans and mortgages Countrywide had been implicated in the mortgage um crisis Countrywide had also engaged in predatory and racist lending practices while Bank of America largely avoids being dragged into the subprime mortgage Mania of the 2000s it's these subsidiaries and Acquisitions that ultimately rope them in it's said that one of the main reasons the bank is doing well is because of your decision not to get into subprime mortgages in uh in 2001 my first year CEO um we decided that we just didn't like the business it was it was too risky and so we decided to get out of it but they enabled this Mania by providing liquidity to these failing mortgage and investment Banks to continue reaping Americans off and then the crash happens Apple's up more than 6% right now what the market giveth the market also taketh away the stock market is now down 21% this could be the most serious recession in decades it is definitely a very very difficult time and it's not going to get better quickly and Ken Lewis doing what he does best buying everything and anything append his signature to one of the biggest Financial transactions in history meanwhile Merl Lynch fearing it could be next agreed in an active desperation to a shotgun marriage with Bank of America meril lnch is this hugely prestigious Brand Bank of America and Merl crow about creating a financial Giant unrivaled in its breath of financial services and Global reach Bank of America Executives emphasize meal's great Global franchise and its extensive network of financial advisers but that's not all underneath the contract is the acquisition of 49.8% of Black Rock making the new combined company the largest company in the world based on assets under management there's just one problem it's all a big fake show when the deal to buy maril Lynch for $50 billion was announced in September 2008 Leman Brothers Was preparing to file for bankruptcy and by the time the deal closed in January 2009 meril Lynch's Health had deteriorated even more internal calculation showed that Merill which had billions of dollars in toxic mortgage assets had a massive pre-tax loss in excess of $10 billion for October and November 2008 and December was looking even worse losses continued piling up but Executives were pushing forward to close the deal by January 2009 Bank Executives even worried that maril Lynch would have a fourth quarter loss of at least $16 billion the assets continue to deteriorate there were people inside Bank of America who felt like this number was big enough to disclose but there was no public disclosure of that internal forecast in court documents lawyers for Mr Lewis have said that he was aware of the Staggering losses heading into the shareholder meetings but that after discussions with lawyers he concluded that an interim disclosure was not necessary because the crucial regulatory filing in support of the m did not contain projections on Merl's fourth quarter results according to a court filing the losses though large were not out of line with losses Merill had experienced in Prior quarters and investors were well aware that Banks were sustaining significant losses as the economy deteriorated and so the drama started unfolding on December 5th shareholders of each company voted to approved the deal and signed their fate on January 16th weeks after the deal had closed the bail CL was announced along with meril's fourth quarter net loss of $15.31 billion hold the stock market has been falling day after day and now news that the biggest banks need more money it shocked the market even though the market was looking for something bad it wasn't expecting that it wasn't expecting a $15 billion loss shareholders unaware of the severity of the losses in late 2008 were Furious they want to know why these losses weren't dis closed earlier neither Mr th nor Mr Lewis survived the debacle a week after the bailout is announced Mr Lewis flies to New York from Charlotte to see Mr th telling him the board blames him for the losses Mr th took this meeting for what it was a firing in April 2009 Bank of America shareholders tripped Mr Lewis of the title of chairman later that year he steps down as chief executive leaving us with the question why did lwis and the other Bank of America management push for this deal well one reason was revealed just a year after the deal you have to buy Merill and we will make sure that happens up to and including removal of management I served as Secretary of the Treasury from July 2006 to January 2009 during my tenure the world experienced a financial crisis unprecedented in our lifetimes the crisis presented a Relentless series of Novel challenges that required Swift Innovative and dramatic responses some have suggested that there was something inappropriate about my conversation of December 21st with Mr Lewis it was also appropriate for me to remind him that under such circumstances a Federal Reserve could invoke its authority to remove Management in the board of Bank of America I I've been pretty direct I I I wouldn't use the word threat but I i' I've said what I said and uh I was very direct and I I I intended to give a very direct strong clear message one question remains does Bank of America still own some Black Rock no because one year later it's all over again Larry fing comes back to his census after realizing what a bad deal that was he buys out the stake held by maril Lynch and backs out of the marriage restoring Black Rock as an Indian dependent financial institution as they both go on their way Bank of America and Marl Lynch remain together after 2009 growing even bigger after the crisis and becoming the second largest bank in America today with over $ 3.18 trillion in assets eventually the deal turns out to be one of the most consequential deals for Bank of America with a subsidiary generating $3.7 billion of Bank of America's 4.2 billion in profit by the end of of quarter 1 in 2009 and over 25% in quarter 3 of 2009 well we didn't like being small I mean there's nothing really attractive about being
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