Let’s assume futher credit deterioration and the government eventually stepping in to Citi and BofA in some capicity. What is the future for senior unsecured debtholders? The CDS market seems to think a haircut on senior unsecured is unlikely for BofA, more likely for Citi. Current 1 yr CDS is trading at only 194 bps for BofA. Why do you think this is the case? I think risk/ reward for long BofA debt is a bad deal unless I can be convinced the debt is safe. Why would BofA collapse look dfferent than WAMU (Senior Unsecured nearly wiped out) Thoughts?