Carl Levin

The participation of key Arab states in the region will be critical to the effectiveness of any international coalition.

The efforts of Senator Portman and Senator Levin, who are co-chairs of the Auto Caucus, to raise this issue

The retiring chairman of the Senate Armed Services committee Carl Levin has said he plans to initiate a review.

There is an awful lot more to be done.

It is a big problem.

That is out of 30 million a year.

This algorithm was not just making changes by itself. It took human beings to make changes.

That is a lot of expertise.

Deutsche Bank entered into a non-prosecution agreement with the Department of Justice stemming from its involvement with abusive tax structures.

The first time that Deutsche Bank communicated the MAPS program to the Department of Justice was in 2012.

To my knowledge, no. However, I am aware that my control functions were in regular conversations with all of the external regulatory constituencies on an ongoing basis.

I do not consider that to be concern about a bank's reputation.

The IRS had spoken, and Barclays said, 'So what?'

I escalated this issue to members of our Executive Committee, Senator.

I would hope that that would be taken seriously, but here is what happened: For 2 years, you continued to sell these basket options.

Now, in November 2010, the IRS issued a generic legal advice memorandum, a GLAM, advising that basket option transactions similar to what Barclays was using should not be treated as an option for tax purposes.

But the point is this structure that you created after RenTec asked you to offer them a structure, this was targeted at RenTec, and you were aware of the fact that it would provide an after-tax benefit like I described.

I agree. So now you are targeting funds, like RenTec--that is the target here--and you are saying that one of the major benefits is that you can convert, to use your words, short-term gains, which are taxed at 39 percent, to long-term…

But in your own words here, you are saying that Renaissance--who I believe is the only user, the only basket option that this was aimed at.

Don't you think that you have a responsibility to determine whether or not you are aiding and abetting a fiction?

You are waffling because you are saying for some purposes it was controlled.

RenTec controls the major activities of Palomino and is exposed to substantially all significant risks and rewards.

Did you tell him that one of the concerns was whether or not there would be a tax benefit under the old structure?

You were very aware of it.

But is this a Barclays document?