We remain comfortable being somewhat below the Street given our conservative assumptions surrounding municipal financingactivity and the inherent quarterly variability present in this project-based business model.
Frank, who is one of the name sponsors of the Dodd Frank Act to re-regulate Wall Street after the crash of 2008, suggests the absurdity of a report that warned Wall Street would lose all its financing and investment activity to London and other foreign exchanges.
As lawmakers wrangled over budget cuts, tax increases and fiscal ideology in the third quarter of last year, businesses pulled back from merger activity and the financing of risk taking through stock and bond issuance.