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'm concerned about the shifts in accounting standards.

What I'd like to start with is I'd like to talk a little and ask them a bit about the role of the regulators in the run up to this crisis.

I don't think I'm hearing an answer though. Are you confident that that has now been accomplished, that the books accurately reflect the commercial real estate losses?

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

But, this is----

TARP has been far from an unmitigated success.

We do not want investors, in the future or these particular firms to live with the expectation that the government bail them out.

But that's three months off. As the banks we're talking about how to wind down TARP.

There must never be a TARP 2.0.

There are, though, real consequences to doing that, because now markets understand that you may, at any point, decide that anyone is large enough and that their debts should therefore be backed up by the U.S. taxpayers.