With MS's recent earnings announcement, it is increasingly being argued that the company obtained a windfall deal from Citicorp in the price it struck to purchase the remaining 49% of the securities brokerage business. Reflecting the vastly improved brokerage margin achieved in 4Q12 and the potential for further significant profit gains, some analysts now believe that MS underpaid for this unit by several billions of dollars. If so, perhaps this ia another reason why the Citi board tired of Mr. Pandit. It is certainly the type of development which can accelerate the move in MS equity to a valuation more in line with tangible book value. Other board participants' thoughts on this important topic would be most appreciated.