I do not think you need this amount of detail. You can still do your supervision without it.
OK. Now, shouldn't the model--and I will ask maybe Mr. Sullivan this question--that produces a 44-percent drop in VaR ov...
And do you think that this kind of practice is allowed by the GAAP?
I think today they acknowledged it was not a hedge.
We have gone into the concerns which we have had about the whale trades all day long.
You did not consider that to be a high-risk activity.
All right. Now, you also wrote in the email that the bank said, quote, that if you--referring to the OCC-- 'have been wa...
It is his decision, not Mr. Braunstein's decision, to do that.
Shouldn't that have been caught by the OCC? Shouldn't you have noticed that they did not review these limits for 3 years...
But its general direction, its general theme is to lead to tougher risk controls, is it not?
it would sure be 'helpful' if you could 'tweak' that mark, that is inconsistent with what the bank is required to do?
We recommend that banks be required to create contemporaneous documentation that identifies the assets being hedged.
I think it is imperative that we adopt an interagency rule on the Levin-Merkley provision, or the Volcker Rule.
Well, that is looking forward, but, again, analyzing what happened here, I will go back to you, Mr. Waterhouse.
Now, it seems to me that the numbers tell the story, just as the OCC examiner told us.
I cannot believe general accounting practices allow this to happen.
the bank needs to provide true, accurate, independent marks every day.
We recommend that regulators finally issue the long-delayed final rule implementing Merkley-levin provisions of Dodd-Fra...
