Listen, I think the financial reform is a good step.

In retrospect, they were inaccurate.

And does that present any conflicts of interest in your mind?

I know Senator Levin just mentioned the fact that I think the credit rating agencies, they played a role in all this, as well.

But the market-making business does not have the same disclosure rules as the other one does.

Well, that was one of my questions that I was going to follow up with, is what are the lessons learned from this most recent financial crisis and what is Goldman doing differently internally now that you have had to go through the bailout…

Isn't it true that you are a placement agent and as a placement agent you have a duty of full disclosure?

And those rules work well, those disclosure rules work well.

I guess really the question for Goldman Sachs is, are there times in which you recognize a conflict?

Is there an established set of ethics in your industry of certain things you have to do or cannot do?

Tell me what you mean, you are not sure.