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Rodge Cohen, Chairman of Wall Street law firm Sullivan & Cromwell was recently interviewed on his thoughts on the current signs of recovery and the recent numbers being posted by the banks.  Cohen argues that the public is often confused between two quite separate issues; that of the high level of compensation being paid to bankers, which he believes is not wrong per se and the issue of linking bankers’ compensation to ever greater risk-taking, something he feels may need to be controlled.  The Street is indeed showing signs of life and many associates are reporting utilization rates greater than a 100%.  Admittedly, some of this is due to the cuts made by the firms throughout this year but much of it is increased deal flow.  We will continue to speak to our clients on the ground, all of whom are really looking to put 2009 behind them.