In this letter, I will focus my comments on the important issues a ff ecting  your company, including some of the regulatory and political issues facing us.  The main sections of the letter are as follows:  I.  Our mission and how we operate to fulfill our role in society  II.  A brief update on our major initiatives III.  The new One Chase — strengthening the customer experience IV.   An intense focus in 2012 on adapting our businesses successfully to the  new regulatory framework V.  Comments on global financial reform VI.  The mortgage business — the good, the bad and the ugly  VII.  Comments on the future of investment banking and the critical role of market making VIII. Why would you want to own the stock? IX.  Closing 5