So let me just get started here, I want to walk through this. I'm hearing you say that it is very likely that the American taxpayer will be repaid in full from AIG?

The government had nothing to do with what happened in Long Term Capital Management?

I view this panel as an important vehicle through which the American people can gain assurances that this program was necessary and is being conducted in a manner that enhances the welfare of all citizens and not just a chosen few.

So the reason we asked this panel to come is that we wanted to probe that claim.

I understand all this.

Okay, so where do you anticipate between this optimistic view of AIG repaying the American taxpayer in full, and the position where we are today, which is they can't pay the dividends owed.

AIG shareholders----

the American taxpayer ended up in the insurance business here.

Right. Now you say in your written testimony, I've gone through your written testimony, you talk about not having the regulatory tools that you needed during this time period, is that right?

I'm not sure I'm comfortable with, as a citizen, with the Federal Reserve using that power to pick and choose winners.

But--since I see you wince and hesitate on the second number, that is you feel confident about the $83 billion repayment, a little less confident about the $49 billion.

Following the bailout of a 100 cents on the dollar--because the Fed has described and they describe in their written testimony, it was totally binary.