francine: let's get back to david herro. and erik nielsen. are invested in italian banks. intesa is one of your top holdings. is there an opportunity to buy into order you kind of keep cool and see how it plays out? david: for the most part, that is what we have been doing. we have owned intesa for quite some time and anytime there was a dip on something that we saw was something nonfundamental to the earnings stream, we would buy it. ,ntesa is a very well run bank very well-capitalized. they have a very good plan that they stuck to it. there was the blip, but besides that, it is a company that has stuck to its plan to a t and has executed its plan quite well. it in thesee financial performance of the company and in the capital position of the company. ,e think it is a very well-run still at an attractive price. francine: do you look at regulations? , the smaller broker-dealer means he could take advantage of some of the new regulations. is that a space you look into? determiney kind of how capital is defined. how is this going to affect your