IndexUniverse.com: Let’s talk about the muni market. What do you make of Detroit and Meredith Whitney’s notion from her piece in the Financial Times that she sees a lot of Detroits that could pop up out of nowhere?
Kotok: First on Detroit, Detroit was predictable. The rating agencies have been downgrading Detroit for the last dozen years. There was a time in which a little over a decade ago that rating agencies had Detroit rated single-A credit. You could have tracked the credit changes by Moody’s, Standard & Poor’s and Fitch and watched it deteriorate to the quality of junk, and now junk default.
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