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  "documentTitle": "State Street Corporation (STT)",
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      "text": "We believe State Street is structurally better positioned to leverage comp expense than Blackrock",
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      "text": "Shareholders should benefit from State Street's scale through annual operating leverage in compensation and benefits",
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      "text": "compensation-to-revenue ratio: 34.8%",
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      "text": "Our compensation-to-revenue ratio came in at 34.8%. This is the low end of the range... It is down almost a half point from our 2009 margin... - Larry Fink, BlackRock Earnings Call (1/25/2011)",
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      "text": "\"Our compensation-to-revenue ratio came in at 34.8%. This is the low end of the range of what we have been running for the last several years. We have been running in the 35% zone. It is down almost a half point from our 2009 margin and really is consistent with our focus of realizing the benefits of beta flowing through to our shareholders.\" — Larry Fink, BlackRock Earnings Call (1/25/2011)",
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      "text": "Compensation Expense Needs to Be Levered",
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