mbia settled mbia, but that does not mean you settle with fannie mae on some thing. there is a relationship but they are not at all common. people cannot combine private litigants. it takes chopping and chopping and chopping at it, and we have been doing it. >> i am from the financial times. eric schneiderman has said that the tentative eagles should be a template. if you disagree with that statement. i would like to hear a little bit more about that. >> we don't know what to the deal is. you have to remember that even with the stuff that was done a few weeks ago, we did that two years ago. unto you look at the facts and circumstances, they are very different cases. i would trust that there is nobody more educated than bank of america at this point, unfortunately. >> we have not talked about the latest round of fact to the t, and thel case in europe latest investigations on exchange trading. any of that in your ballpark et al. why are you happy to be out of that business? >> we disclosed all that stuff so there is nothing else to say. this goes back to the broader po

mbia, another huge winner, too. >> yeah, i suspect they know something politically, where perhaps they will keep the agencies in place longer than people expect, despite the rhetoric you're hearing in washington. >> all right. >> an interesting trade. >> yeah, certainly. and so is japan, continues to be a hedge fund fave, with the nikkei headed for the biggest gain since 1972. will one of the best trades of 2013 work next year? paul richards is head at fsx at ubs. is the trade going to continue to work? >> definitely. it's about to go into a whole new leg, actually. it finally got through parity at 100. that's really important to stock watchers, because the correlation to the nikkei is very real. >> why do you call it a perfect storm for dollar-yen? >> because, for the dollar-yen to go higher, the u.s. dollar to go higher and yen to weaken. you need a dichotomy between the two central banks. i think we could see ms. yellen's first meeting in january represent a start of tapering, very small, maybe 10 billion. it will be contingent on three good payroll numbers, so if we get a good one