So, what I'd like to start with is--I just want to make sure I understand the business model.

You left the equity intact, all of the debt continued to be repaid at 100 cents on the dollar; a far better deal to have been an investor in GMAC than to have been an investor in GM.

Every time I see this softening, I'm really troubled by it.

We are talking about the importance of capital, and that you need more capital, private capital injected in these banks, not more government money in them.

Are the losses now acknowledged on the books of the banks? Are the books of the banks reliable on the question of commercial real estate losses?

What I'm asking about though is the role of the regulators in those concentrations. The regulators had the power to make sure that this didn't happen. What went wrong?

I want to understand it better.

I would like to start by recognizing the Mayor of Atlanta.

Thank you. I just want to stay on time, but I hope we can come back to this.

That's not my concern. You've written it down and it now accurately reflects what the properties were.

Thank you very much.

This hearing of the Congressional Oversight Panel will now come to order.