This stock is dead money until it becomes clear what level of new regulation comes out of DC. If Glass-Steagle is reimposed, prop trading ends, transaction taxes are imposed, or a host of the other myriad proposals are instituted, it is bad for NITE and all the other brokers. Nobody is going to commit serious money to this business in such an environment. And the disaster of the flash meltdown last week only reinforces that reality. Stock has been and remains a stone cold sell. No reason on earth to own it. Forget the numbers, earnings, book value, etc...nobody cares. It is the regulatory environment that rules with this stock.