gerard baker. now managing director at the "wall street journal." welcome.here. >> thank you, larry. >> i think the -- i think the controversial one was taken b of a out and putting goldman sachs in. what did you talk about with them? >> well, it's my job to break the happy news to those entering the dow jones industrial average and to talk to the chief executives companies that are leaving. those conversations, everybody is obviously -- coming into the index is pleased because it is not only -- not only important for their financials, it helps indexes as you know that have to track the companies. actually load up on the stock. but they regard it as an important element of their prestige and i think lloyd blankfein and others think it's that's how they view it. they regard it positively. >> did he thank you? >> no, it wasn't my gift, larry, but a committee decision. we're circumscribed, you asked why bank of america is out, the simple answer is price. the price-based index, you have to try and keep the stocks in the index to within a sort of an acceptable ra