Now hear this Alan Schwartz. John Thain knows how to play this game, he studied at school of GSBS and he's got a Ph.D. Merrill Lynch is taking a $15 billion write down. You see that, that's called covering your ass. Analysts expected a $12 bn write down, but Thain said "No No" you have not lowered your expectations enough. So now he only has to live up to his newly self-lowered expectations Alan. Get that, UPOD. U "Under" "P" Promise "O" Over "D" Deliver. Do what Johny Thain does. Don't be a hero. Take the write downs now.

--Everett Stuckey, DealBreaker's advisor to newly minted CEOs.