Bryon is not retiring. He will continue to be a resource for Morgan Stanley and Steve Galbraith. He assumes the role of senior investment strategist. He will continue to work on client related projects. |
We have been open about saying it was nowhere near 22 percent. We do. |
What we did represented a good-faith effort to get the best independent research product in the hands of our clients as effectively as possible. Once the regulators told us they had a different perspective, we agreed to abide by it. |