Jonathan Ferro

Paul, just finally, can we stay in Asia and finish on China?

Paul, for a long time, we've said on this program, this must be the most competitive market on the planet in any industry.

How difficult is it to operate in that country right now?

And how much harder is it going to get in the future for U.S.

automakers like yourself?

Paul, appreciate your insight and your experience as always, sir.

Let's turn to private equity.

The consortium bank Electronic Arts is set to add more than a dozen banks to its underwriting group after JP Morgan put up $20 billion of debt to bankroll the leveraged buyout.

The banks are in line to share roughly $500 million in fees for arranging the financing.

Joining us now, a man who knows something about a leveraged buyout, Steve Paluca of Bain Capital.

Steve, it's good to see you, sir.

Good morning.

Let's reflect on your time.

The largest leveraged buyout ever before this one was HCA back in 2006, 2007.

You were right there in the middle of it.

Describe that moment and how it compares to what we're seeing play out now.

You did tremendously well out of HCA.

I need to be very, very clear about that.

But the timing of it is curious.

It came right at the peak of credit, and this is now too.