I think 90 percent of the problems associated with the meltdown in our mortgage system and the financial crisis sits on the lap of Congress.

The option in the Dodd bill is to tax you so that we can have a fund, and I have real problems with how that fund is managed.

I don't think we have gotten there.

we are going to give a Federal bureaucracy the ability--who has never had any experience--to come in and run a company like Goldman Sachs

Does it concern you at all that his position is that, in his own self-evaluation, which Senator Levin referred to, that he was taking positions and touting himself that he was utilizing the strengths of their analysis to take positions to…

Looking backwards at Abacus, would you feel that the system worked for Abacus? Do you think there is any ethical question that can be raised on Abacus?

But it was an email addressed to you?

So you double-insured, basically?

So you would not think it would be prudent for somebody in risk management like you to maximize a position for Goldman Sachs to take advantage of that information and then make decisions about your competitors who were long in these areas?

You bought puts?

I have never seen anything like it.

Is there a Board process that leads on that? What are the standards? If I go to work for Goldman Sachs, what am I going to hear about ethics when I am hired?

I just have a couple of other questions.

Nobody would do that?

Markets have to have people on both sides of them. My concern is where is the ethical standard on when you expose your position as a market maker.

Is that an accurate assessment of the trading strategy?

To me, buying protection on senior layers of risk means being short.

Well, let me ask you this, if you would. Does it make sense to you somebody would tout a philosophy that says, I am going to take advantage of the knowledge that we as a firm have and make more money for the firm, yet ignore the…