GARY G. MILLER: “On the recent ruling on Basel III, you acknowledge insurance companies are very different from banks, and you postponed…”

But, Mr. Secretary, this conversation is not just about the vulnerability of LIBOR to manipulation, but, in fact, an admission that it was, in fact, being manipulated, that there were false reports being filed by someone who was involved…

Whether you support GSEs or not, if they are out of the marketplace in this market, it could be devastating.

That is a tremendous concern from the insurance industry today, that they are getting into an area the Feds were never authorized to get into.

Yes. I understand that. But did the employees of the New York Fed who were involved in market surveillance tell you of this conversation or perhaps others like it, that it was not just theoretically possible but participants in LIBOR…