1. If becoming a BHC was only a positive thing for AXP, why has it not tried to do this in the past and why did the market react negatively toward this news?
2. I briefly read your March 2008 outlook and wanted to see if you had any updates on how you believe AXP will perform relative to others in the credit card industry. I do not understand how AXP’s price can fall 60% YTD vs COF’s 30% and even if you look at the price decline from 1/1/2007 to today, it is 66% vs 56%. Capital One has a much greater percentage of subprime exposure, but is it more the general lack of spending volume that will cause AXP’s revenues to decrease?
3. Do you have a view on credit card losses in 2009 and 2010 and what the main drivers will be?

Of course, Capitol One is getting a fed injection which I expect will be used to counterbalance it’s uncollectable credit card accounts. They are only too happy to offer cards to deadbeats (some of whom I’m related to.).