David Trone Quotations

The transaction makes a lot of sense strategically at a time when U.S. regulators are frowning upon financial incentives to brokers for pushing in-house funds.

Full-service firms are awash in capital and looking at means of effective deployment. Over the last few weeks, media reports have been fuller than normal with buzz of these firms exploring large deals.

It's in last place with no real assets to improve their position. Discover desperately needs to have an improved value proposition for the cardholders. That's where it all begins.

There are substantial synergies and relatively low integration risk.

Asset management acquisitions are safer, in our view, given the predictability of earnings, although they will likely be more expensive than banks or consumer finance companies.

It gives them a way to get in the game without having to put capital at risk.

This was a very strong report, both in terms of asset flows, account adds and trading activity.

The rate increases have been going on for quite some time, and it really hasn't had an impact. And in the case of Goldman, you still have sustainable core revenues up very strong.

Its track record is outstanding, they've earned tens of billions of dollars over the last several years and they've never come close to having a negative trading line. I'd say that's reasonable risk-reward.

These guys are global companies. Goldman has half its revenues come from outside the U.S.. They can find profits wherever they need to.