I think that is the point that Senator Warner is making, and I think if you have a strong, sensible, balanced regulatory system, the world could also follow us.

No examination beyond meeting the definition.

I had a family member who I warned time and again do not get into this adjustable rate mortgage.

Even if we have a regulated system, you could make the argument that might be the safer system.

So there has to be some protection component.

What I have learned in the meantime is that there is a 2006 study out by the Center for Naval Analysis which polled soldiers who use these weapons in combat and found that 48 percent of the respondents were dissatisfied with the M9…

I had the opportunity to go to Iraq and Afghanistan here recently, and I heard a number of complaints when I was there about stoppages and malfunctions with the M9 pistol and the M4 rifle.

So much of the spending that is in the bill, frankly, although may be laudable in and of itself, has no place in the stimulus bill.

So much of the spending that's in the bill frankly, although may be laudable in and of itself has no place in the stimulus bill.

I think your sensible and informed views have really helped calm down a lot of the debate here in this country.

We need to see more discipline and more leadership and a clearer articulation of the priorities of where this money is going and why.

But are you saying--because I hope you are not saying that if you have somebody in looking at a broker dealer and they thought they were onto something and they thought something smelled bad, and all of a sudden the CEO of the firm said…

So in this case, in the case of Madoff, my understanding was when he became an investment advisor, didn't he use the investment advisor reasoning as one way to preclude FINRA from looking----

Is performance of funds one of the criteria you look at?

My sense is it clearly didn't in this case.

I think you hear the Committee's enormous concern and frustration with how this enormous fraud went undetected for so long.

I hope we have lots of time for questions, because I have got lots of questions.

If we had perhaps had all four of those as criteria, might that have led to a more thorough analysis, not just in this firm but in other firms?