we continue to explore and discuss opportunities to expand the scope of our alternative investment and private equity activities in europe , the u.s. and elsewhere . these opportunities could include internal growth of new funds and direct investments by us , partnerships or strategic relationships , investments with third parties or acquisitions of existing funds or management companies . also , consistent with our obligations to lfcm holdings llc ( lfcm holdings ) , we may explore discrete capital markets opportunities . business environment economic and global financial market conditions can materially affect our financial performance . as described above , our principal sources of revenue are derived from activities in our financial advisory and asset management business segments . as our financial advisory revenues are for the most part dependent on the successful completion of merger , acquisition , restructuring , capital raising or similar transactions , and our asset management revenues are primarily driven by the levels of assets under management ( aum ) , weak economic and global financial market conditions can result in a challenging business environment for m & a and capital-raising activity as well as our asset management business , but may provide opportunities for our restructuring business . overall , equity market indices at december 31 , 2011 reflected little change in the u.s. , and declined outside the u.s. , when compared to such indices at december 31 , 2010 , with periods of significant volatility during the year . for the same period , capital-raising and m & a activity were uneven due to economic uncertainty caused by concerns over the scope and depth of the sovereign debt situation in europe , the u.s. debt ceiling and related rating agency downgrade issues and continuing high u.s. unemployment , among other factors . the announced value of m & a activity increased modestly when compared to 2010. restructuring activity continued at low levels , reflecting a cyclical decline in restructuring activity and a decrease in the number of corporate defaults . entering 2012 , the outlook for equity and credit markets appears healthier , interest rates remain low while corporate cash balances remain high , ceo confidence appears to be improving and , as such , companies may be better positioned to make acquisitions for future growth and investors may be increasingly interested in deploying capital for investment purposes . uncertainty remains , however , with regard to the stability of the global financial system and a variety of other factors . in recent years , we have expanded our geographic reach , bolstered our industry expertise and continued to build in growth areas . companies , government bodies and investors seek independent advice with a geographic perspective , deep understanding of capital structure , informed research and knowledge of global economic conditions . we believe that our business model as an independent advisor will continue to create opportunities for us to attract new clients and key personnel . we seek to leverage the power and scale of our firm-wide global network to drive growth in both our financial advisory and asset management business segments . we believe that we are well positioned to benefit from opportunities that may result from regional or global increases in m & a , restructuring , capital-raising or similar transactions , as well as increases in demand for investment management and advisory services . we continue to focus on the development of our business in this environment and on a wide variety of related factors , including the generation of stable revenue growth during periods of macroeconomic volatility , the prudent management of our costs and expenses and the return of cash to our shareholders . we operate in a very competitive and rapidly changing environment . new risks and uncertainties emerge from time to time , and it is not possible for our management to predict all risks and uncertainties , nor can we assess the impact of all potentially applicable factors on our business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements . see the section entitled risk factors in this form 10-k. furthermore , net income and revenue in any period may not be indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter . 38 financial advisory as shown in the following table , during 2011 the value and number of completed and announced m & a transactions increased as compared to 2010 , despite the overall decline in the value of both announced and completed transactions during the second half of 2011 versus the corresponding prior year period . replace_table_token_5_th source : dealogic as of january 16 , 2012. we continue to believe that we are relatively well positioned as our clients refinance , restructure and reposition their asset portfolios for growth . global restructuring activity during 2011 decreased from 2010 levels driven by a cyclical decline , resulting in a decelerating pace of corporate debt defaults . according to moody 's investors service , inc. , during 2011 a total of 36 issuers defaulted , as compared to 61 in 2010. while the number and value of corporate defaults for 2011 are significantly lower as compared to 2010 , we expect that our restructuring business will remain active . our restructuring activities include advising companies on matters relating to debt restructurings , refinancings and other on- and off-balance sheet assignments . our restructuring assignments are generally executed over a six- to eighteen-month period . story_separator_special_tag ( c ) consists of acceleration of amortization expense of ( i ) $ 86,514 in connection with the vesting of share-based incentive awards held by lazard 's former chairman and chief executive officer as a result of his death in october 2009 and ( ii ) $ 60,512 related to the unamortized portion of previously awarded deferred cash incentive awards ( no portion of which relates to lazard 's former chairman and chief executive officer ) . ( d ) provision relating to the restructuring plan announced in the first quarter of 2009 . ( e ) there was no benefit pursuant to the tax receivable agreement relating to the 2009 special items . 43 the consolidated financial statements are prepared in conformity with accounting principles generally accepted in the united states of america ( u.s . gaap ) . selected financial data from the company 's reported consolidated results of operations is set forth below , followed by a more detailed discussion of both consolidated and business segment results . replace_table_token_8_th the tables below describe the components of operating revenue , adjusted and awarded compensation and benefits expense and related key ratios , which include non-u.s. gaap measures used by the company to manage total compensation and benefits expense . we believe such non-u.s. gaap measures provide the most meaningful basis for comparison between present , historical and future periods , as described above . replace_table_token_9_th ( a ) interest expense incurred by lfb is reported as a charge in determining operating revenue because lfb is a commercial bank and we consider its interest expense to be a cost directly related to the revenues of its business . ( b ) revenue related to the consolidation of noncontrolling interests is excluded from operating revenue because the company has no economic interest in such amount . ( c ) gain on the repurchase of the company 's subordinated promissory note is excluded from operating revenue because of the non-operating nature of such transaction . ( d ) changes in the fair value of investments held in connection with lazard fund interests and other similar deferred compensation arrangements are excluded from operating revenue because they are equally offset by the change in value of the derivative liability pertaining to such awards , which is recorded within compensation and benefits expense . 44 replace_table_token_10_th ( a ) expenses related to the consolidation of noncontrolling interests are excluded because , as is the case with operating revenue , lazard has no economic interest in such amounts . ( b ) changes in fair value of the derivative compensation liability recorded in connection with lazard fund interests and other similar deferred compensation arrangements are excluded from compensation and benefits expense because such amounts are equally offset by a corresponding change in the fair value of the underlying investments excluded from operating revenue . ( c ) includes base salaries and benefits of $ 506,490 , $ 453,193 and $ 422,614 for 2011 , 2010 and 2009 , respectively , and cash incentive compensation of $ 372,373 , $ 472,484 and $ 404,569 for the respective years . ( d ) grant date fair value of deferred incentive compensation awards granted applicable to the relevant year-end compensation process ( e.g . grant date fair value of deferred incentive awards granted in 2012 , 2011 and 2010 related to the 2011 , 2010 and 2009 year-end compensation processes , respectively ) . ( e ) represents deferred incentive compensation awards that are granted outside the year-end compensation process , and includes investments in people ( e.g . sign-on bonuses ) . ( f ) an estimate , based on historical experience and future expectations , for future forfeitures of the deferred portion of such awards in order to present awarded compensation and benefits expense on a similar basis to that under u.s. gaap , which also considers estimated forfeitures . ( g ) represents an adjustment to the year-end foreign exchange spot rate from the full year average rate for year- end incentive compensation awards . 45 certain additional key ratios and headcount information are set forth below : replace_table_token_11_th operating results as reflected in the table above , the 2010 and 2009 special items had a significant impact on the company 's reported operating results for the respective years . lazard management believes that comparisons between years are most meaningful after excluding the impact of such items . year ended december 31 , 2011 versus december 31 , 2010 the company reported net income attributable to lazard ltd in both 2011 and 2010 of $ 175 million . the company 's results in 2010 were significantly impacted by the 2010 special items , which served to decrease net income attributable to lazard ltd by $ 72 million . accordingly , excluding the after-tax impact of the 2010 special items , net income attributable to lazard ltd in 2011 decreased $ 72 million , or 29 % , as compared to 2010. the changes in the company 's operating results during these years are described below . net revenue decreased by $ 76 million , or 4 % , with operating revenue decreasing by $ 95 million , or 5 % . fees from investment banking and other advisory activities decreased $ 135 million , or 12 % , reflecting the continued cyclical decline in restructuring activity and the number of corporate debt defaults , as well as a slowdown in overall m & a activity . restructuring fee revenues in 2011 declined by $ 96 million , or 33 % . m & a and strategic advisory fees in 2011 decreased $ 14 million , or 2 % . money management fees , including incentive fees , increased $ 47 million , or 6 % , primarily due to a $ 102 million , or 14 % , increase in money management fees principally reflecting a $ 15 billion , or 11 % ,

liquidity and capital resources the company 's liquidity and capital resources are derived from operating activities , financing agreements and equity offerings . operating activities net revenue , operating income and cash receipts fluctuate significantly between quarters . in the case of financial advisory , fee receipts are generally dependent upon the successful completion of client transactions , the occurrence and timing of which is irregular and not subject to lazard 's control . in the case of asset management , incentive fees earned on aum are generally not earned until the end of the applicable measurement period , which is generally the fourth quarter of lazard 's fiscal year , with the respective receivable collected in the first quarter of the following year . 58 liquidity is significantly impacted by cash payments for , or in respect of , incentive compensation , a significant portion of which are made during the first three months of the year . as a consequence , cash on hand generally declines in the beginning of the year and gradually builds over the remainder of the year . we also pay certain tax advances during the year on behalf of our managing directors , which serve to reduce their respective incentive compensation payments . we expect this seasonal pattern of cash flow to continue . lazard 's consolidated financial statements are presented in u.s. dollars . many of lazard 's non-u.s. subsidiaries have a functional currency ( i.e . , the currency in which operational activities are primarily conducted ) that is other than the u.s. dollar , generally the currency of the country in which such subsidiaries are domiciled . such subsidiaries ' assets and liabilities are translated into u.s. dollars at the respective balance sheet date exchange rates , while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates . adjustments that result from translating amounts from a subsidiary 's functional currency are reported as a component of members'/stockholders ' equity . foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources the company 's liquidity and capital resources are derived from operating activities , financing agreements and equity offerings . operating activities net revenue , operating income and cash receipts fluctuate significantly between quarters . in the case of financial advisory , fee receipts are generally dependent upon the successful completion of client transactions , the occurrence and timing of which is irregular and not subject to lazard 's control . in the case of asset management , incentive fees earned on aum are generally not earned until the end of the applicable measurement period , which is generally the fourth quarter of lazard 's fiscal year , with the respective receivable collected in the first quarter of the following year . 58 liquidity is significantly impacted by cash payments for , or in respect of , incentive compensation , a significant portion of which are made during the first three months of the year . as a consequence , cash on hand generally declines in the beginning of the year and gradually builds over the remainder of the year . we also pay certain tax advances during the year on behalf of our managing directors , which serve to reduce their respective incentive compensation payments . we expect this seasonal pattern of cash flow to continue . lazard 's consolidated financial statements are presented in u.s. dollars . many of lazard 's non-u.s. subsidiaries have a functional currency ( i.e . , the currency in which operational activities are primarily conducted ) that is other than the u.s. dollar , generally the currency of the country in which such subsidiaries are domiciled . such subsidiaries ' assets and liabilities are translated into u.s. dollars at the respective balance sheet date exchange rates , while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates . adjustments that result from translating amounts from a subsidiary 's functional currency are reported as a component of members'/stockholders ' equity . foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations .
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 Suspicious Activity Report : we continue to explore and discuss opportunities to expand the scope of our alternative investment and private equity activities in europe , the u.s. and elsewhere . these opportunities could include internal growth of new funds and direct investments by us , partnerships or strategic relationships , investments with third parties or acquisitions of existing funds or management companies . also , consistent with our obligations to lfcm holdings llc ( lfcm holdings ) , we may explore discrete capital markets opportunities . business environment economic and global financial market conditions can materially affect our financial performance . as described above , our principal sources of revenue are derived from activities in our financial advisory and asset management business segments . as our financial advisory revenues are for the most part dependent on the successful completion of merger , acquisition , restructuring , capital raising or similar transactions , and our asset management revenues are primarily driven by the levels of assets under management ( aum ) , weak economic and global financial market conditions can result in a challenging business environment for m & a and capital-raising activity as well as our asset management business , but may provide opportunities for our restructuring business . overall , equity market indices at december 31 , 2011 reflected little change in the u.s. , and declined outside the u.s. , when compared to such indices at december 31 , 2010 , with periods of significant volatility during the year . for the same period , capital-raising and m & a activity were uneven due to economic uncertainty caused by concerns over the scope and depth of the sovereign debt situation in europe , the u.s. debt ceiling and related rating agency downgrade issues and continuing high u.s. unemployment , among other factors . the announced value of m & a activity increased modestly when compared to 2010. restructuring activity continued at low levels , reflecting a cyclical decline in restructuring activity and a decrease in the number of corporate defaults . entering 2012 , the outlook for equity and credit markets appears healthier , interest rates remain low while corporate cash balances remain high , ceo confidence appears to be improving and , as such , companies may be better positioned to make acquisitions for future growth and investors may be increasingly interested in deploying capital for investment purposes . uncertainty remains , however , with regard to the stability of the global financial system and a variety of other factors . in recent years , we have expanded our geographic reach , bolstered our industry expertise and continued to build in growth areas . companies , government bodies and investors seek independent advice with a geographic perspective , deep understanding of capital structure , informed research and knowledge of global economic conditions . we believe that our business model as an independent advisor will continue to create opportunities for us to attract new clients and key personnel . we seek to leverage the power and scale of our firm-wide global network to drive growth in both our financial advisory and asset management business segments . we believe that we are well positioned to benefit from opportunities that may result from regional or global increases in m & a , restructuring , capital-raising or similar transactions , as well as increases in demand for investment management and advisory services . we continue to focus on the development of our business in this environment and on a wide variety of related factors , including the generation of stable revenue growth during periods of macroeconomic volatility , the prudent management of our costs and expenses and the return of cash to our shareholders . we operate in a very competitive and rapidly changing environment . new risks and uncertainties emerge from time to time , and it is not possible for our management to predict all risks and uncertainties , nor can we assess the impact of all potentially applicable factors on our business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements . see the section entitled risk factors in this form 10-k. furthermore , net income and revenue in any period may not be indicative of full-year results or the results of any other period and may vary significantly from year to year and quarter to quarter . 38 financial advisory as shown in the following table , during 2011 the value and number of completed and announced m & a transactions increased as compared to 2010 , despite the overall decline in the value of both announced and completed transactions during the second half of 2011 versus the corresponding prior year period . replace_table_token_5_th source : dealogic as of january 16 , 2012. we continue to believe that we are relatively well positioned as our clients refinance , restructure and reposition their asset portfolios for growth . global restructuring activity during 2011 decreased from 2010 levels driven by a cyclical decline , resulting in a decelerating pace of corporate debt defaults . according to moody 's investors service , inc. , during 2011 a total of 36 issuers defaulted , as compared to 61 in 2010. while the number and value of corporate defaults for 2011 are significantly lower as compared to 2010 , we expect that our restructuring business will remain active . our restructuring activities include advising companies on matters relating to debt restructurings , refinancings and other on- and off-balance sheet assignments . our restructuring assignments are generally executed over a six- to eighteen-month period . story_separator_special_tag ( c ) consists of acceleration of amortization expense of ( i ) $ 86,514 in connection with the vesting of share-based incentive awards held by lazard 's former chairman and chief executive officer as a result of his death in october 2009 and ( ii ) $ 60,512 related to the unamortized portion of previously awarded deferred cash incentive awards ( no portion of which relates to lazard 's former chairman and chief executive officer ) . ( d ) provision relating to the restructuring plan announced in the first quarter of 2009 . ( e ) there was no benefit pursuant to the tax receivable agreement relating to the 2009 special items . 43 the consolidated financial statements are prepared in conformity with accounting principles generally accepted in the united states of america ( u.s . gaap ) . selected financial data from the company 's reported consolidated results of operations is set forth below , followed by a more detailed discussion of both consolidated and business segment results . replace_table_token_8_th the tables below describe the components of operating revenue , adjusted and awarded compensation and benefits expense and related key ratios , which include non-u.s. gaap measures used by the company to manage total compensation and benefits expense . we believe such non-u.s. gaap measures provide the most meaningful basis for comparison between present , historical and future periods , as described above . replace_table_token_9_th ( a ) interest expense incurred by lfb is reported as a charge in determining operating revenue because lfb is a commercial bank and we consider its interest expense to be a cost directly related to the revenues of its business . ( b ) revenue related to the consolidation of noncontrolling interests is excluded from operating revenue because the company has no economic interest in such amount . ( c ) gain on the repurchase of the company 's subordinated promissory note is excluded from operating revenue because of the non-operating nature of such transaction . ( d ) changes in the fair value of investments held in connection with lazard fund interests and other similar deferred compensation arrangements are excluded from operating revenue because they are equally offset by the change in value of the derivative liability pertaining to such awards , which is recorded within compensation and benefits expense . 44 replace_table_token_10_th ( a ) expenses related to the consolidation of noncontrolling interests are excluded because , as is the case with operating revenue , lazard has no economic interest in such amounts . ( b ) changes in fair value of the derivative compensation liability recorded in connection with lazard fund interests and other similar deferred compensation arrangements are excluded from compensation and benefits expense because such amounts are equally offset by a corresponding change in the fair value of the underlying investments excluded from operating revenue . ( c ) includes base salaries and benefits of $ 506,490 , $ 453,193 and $ 422,614 for 2011 , 2010 and 2009 , respectively , and cash incentive compensation of $ 372,373 , $ 472,484 and $ 404,569 for the respective years . ( d ) grant date fair value of deferred incentive compensation awards granted applicable to the relevant year-end compensation process ( e.g . grant date fair value of deferred incentive awards granted in 2012 , 2011 and 2010 related to the 2011 , 2010 and 2009 year-end compensation processes , respectively ) . ( e ) represents deferred incentive compensation awards that are granted outside the year-end compensation process , and includes investments in people ( e.g . sign-on bonuses ) . ( f ) an estimate , based on historical experience and future expectations , for future forfeitures of the deferred portion of such awards in order to present awarded compensation and benefits expense on a similar basis to that under u.s. gaap , which also considers estimated forfeitures . ( g ) represents an adjustment to the year-end foreign exchange spot rate from the full year average rate for year- end incentive compensation awards . 45 certain additional key ratios and headcount information are set forth below : replace_table_token_11_th operating results as reflected in the table above , the 2010 and 2009 special items had a significant impact on the company 's reported operating results for the respective years . lazard management believes that comparisons between years are most meaningful after excluding the impact of such items . year ended december 31 , 2011 versus december 31 , 2010 the company reported net income attributable to lazard ltd in both 2011 and 2010 of $ 175 million . the company 's results in 2010 were significantly impacted by the 2010 special items , which served to decrease net income attributable to lazard ltd by $ 72 million . accordingly , excluding the after-tax impact of the 2010 special items , net income attributable to lazard ltd in 2011 decreased $ 72 million , or 29 % , as compared to 2010. the changes in the company 's operating results during these years are described below . net revenue decreased by $ 76 million , or 4 % , with operating revenue decreasing by $ 95 million , or 5 % . fees from investment banking and other advisory activities decreased $ 135 million , or 12 % , reflecting the continued cyclical decline in restructuring activity and the number of corporate debt defaults , as well as a slowdown in overall m & a activity . restructuring fee revenues in 2011 declined by $ 96 million , or 33 % . m & a and strategic advisory fees in 2011 decreased $ 14 million , or 2 % . money management fees , including incentive fees , increased $ 47 million , or 6 % , primarily due to a $ 102 million , or 14 % , increase in money management fees principally reflecting a $ 15 billion , or 11 % ,

