"All the takeovers, buy-outs, mergers—all done with bonds," said Sherman. "The national debt? A trillion dollars? What do you think that is? All bonds. Every time interest rates fluctuate— -- up or down, it doesn't matter— -- little crumbs fall off all the bonds and lodge in the cracks in the sidewalk." He paused and smiled confidently . . . and wondered . . . Why had he used this hateful phrase of Judy's? ... He chuckled and said, "The important thing is not to stick your nose up at those crumbs, because there are billions and billions and billions of them. At Pierce & Pierce, believe me, we sweep them up very diligently." We\—at Pierce & Pierce! Even the little Tart on his right, Jacqueline Balch, nodded at all this as if she understood.