You are supposed to be supervisors.

But you are not looking.

I often describe our Federal regulators as the cop on the beat.

either you need to fix it, Mr. Dudley, or we need to get someone who will.

I would like to have a 'yes.'

Based on your responses today, the New York Fed is not there in terms of acting on the issues it identifies.

this shady deal was clearly intended to help Santander evade the regulations, in this case, capital standards, of the European banking authority.

the deal with Goldman was, quote, 'designed to help Santander artificially enhance its capital position.'

The test for safety and soundness is not whether or not the activity is legal or illegal.

I think you should have been investigating a whole lot earlier.

Illegality is not the test. The test is what threatens the safety and soundness.