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Thomas W. Strauss - Member of The Board of Directors, Member of Executive Committee, Member of Operating Committee, Chief Executive Officer of Ramius Alternative Solutions and President of Ramius Alternative Solutions
Jeffrey Marc Solomon - Chief Operating Officer, Head of Investment Banking, Director, Chief Executive Officer of Cowen & Company, Member of Executive Committee and Member of Operating Committee
Stephen A. Lasota - Chief Financial Officer, Principal Accounting Ofifcer and Member of Operating Committee
Unknown Executive -
Devin Ryan - Sandler O'Neill + Partners, L.P., Research Division
Joel Jeffrey - Keefe, Bruyette, & Woods, Inc., Research Division
Good morning, ladies and gentlemen, and thank you for joining the Cowen Group, Incorporated Conference Call to discuss the financial results for the 2012 first quarter. By now, you should have received a copy of the company's earnings release, which can be accessed at the Cowen Group, Incorporated website at www.cowen.com.
Before we begin, the company has asked me to remind you that some of the comments made on today's call and some of the responses to your questions may contain forward-looking statements. These statements are subject to the risks and the uncertainties described in the company's earnings release and other filings with the SEC. Cowen Group, Incorporated has no obligation to update the information presented on the call. A more complete description of those and other risks and uncertainties and assumptions, which is included in the company's filings with the SEC, which are available on the company's website and on the SEC website at www.sec.gov.